Bloomberg Daybreak: November 23, 2022 - Hour 2 (Radio)

Colorado nightclub has a court appearance today. I'm Michael barr More Ahead, I'm John Stashon sports, Ben Simmons returned to Philadelphia. The Sixers beat the Nets, the Rangers beat the King. St John's beat Syracuse in overtime. That's all straining. Ahead on Bloomberg Daybreak on Bloomberg. He Living Free 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. Old on Bloomberg Radio Dot Carmen the Bloomberg business Side. Good Wednesday morning. I'm Amy Morris. I'm Nathan Hagar futures are holding study this morning. We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes during the trading day. On Bloomberg, S and P futures are up three points down, futures up twenty three, NASTAC futures are higher by three points.

Sen Your treasury is up one thirty second. The yield three point seven five percent, yield on the two year four point five two percent. I'm x screws down one point six percent, down a dollar twenty eight at seventy nine dollars sixty seven cents. A barrel comex skull down one tenth percent or two dollars thirty cents at seventeen fifty two fifty announced Amy Nathan will have more on the markets in a minute, but first, the latest on the fallout from f t X. The founder of the

collapsed crypto exchange is now apologizing. We get the latest with Bloomberg Steve Rappapord, Good morning, Steve, Good morning, Amy and Nathan. In the Mia culpa two employees disgraced ft X founder Sam bankman Fried said he'd didn't mean for any of this to happen and he would give anything to go back and do things over again. The crypto exchange went belly up about two weeks ago, fueled by a credit squeeze, virtual coin sell offs, and what bankman

Freed calls a run on the bank. He also disclosed collateral crashed by fifty one billion dollars as ft X spiraled. Bankruptcy proceedings so far paint the company with poor record keeping and other questionable practices. Live in New York. I'm Steve Rappaport, Bloomberg Bay Break all right, Steve, thank you. The collapse of f t X shocked much of the financial world, including Cathy Would. The Arc Investment CEO, says the exchange clearly lacked oversight. The fact that so many

people were completely fooled um is quite shocking. And you know, I think he had this aura around him or something that caused people to to to ask fewer questions than might otherwise have been the case. Cathy Would made the comments in an interview with Carol Master and Tim Stenovic on Bloomberg Viz this week. Catch the show live on YouTube weekdays from two to five Eastern. Another major story where a following comes from overseas Credit Sweets warning of

a massive fourth quarter loss. Let's go to London and get the latest with Bloomberg's You in Parts, Good Morning You in Good Morning, Amy and Nathan. Credit Swiss clients pulled as much as eight billion dollars from the bank during the first few weeks of this quarter, underlying the ongoing concerns over the bank's restructuring efforts after years of scandals.

The Swiss Bank is warning today it's facing a loss of up to one point six billion dollars for the final three months of this year, and in China, the company is said to be acting at least a third of its investment banking workforce. Credit Sweet shares currently down almost five percent in London, I'm you in Parts Bloomberg day Break, are you in Thanks? Job cuts are continuing here in the US as well. The latest in HP, the tech company says will eliminate as many as six

thousand positions over the next three years. HP says declining demand from personal computers is cutting into profits and ethan. Twitter has also been cutting jobs sharply ever since the Elon Musk took over that company, and now we're learning it has lost more than half of its in house lawyers. Bloomberg's Ed Baxter has that story from our nine sixty news room in San Francisco. This includes several senior attorneys, and it raises some concerns about the depth of legal

knowledge that remains with the company. Bloomberg sources say this leaves only Head of Litigation James Baker and international legal chief for Gina Lima in leadership roles in the department. There is enough concern that, the sources say, there may not be enough legal expertise remaining in house to know which outside law firms are handling certain matters in San Francisco. I'm at Baxter Bloomberg Daybreak, Thanks Ed. We're three weeks

away from the next decision from the Federal Reserve. Central Bank officials are speaking on policy. Kansas City Fed President Ester George says significant US household savings can have implications for how high rates need to rise. While high savings is likely to provide momentum a consumption and require higher interest rates, it's certainly positive that we see that these

households are wealthier, less financially constrained, and better ensured. But that said, reduced inflation will mean we have to incent saving over consumption. Kansas City FED President Ester George made the comments in Santiago during a panel discussion hosted by the Central Banka Chile. We have a slew of economic reports this morning, more than usual ahead of the Thanksgiving

Day holiday. We get a preview now from Bloomberg Economics correspondent Michael McKee, who can't have a holiday until the data dump is done. Seven different indicators will be released on Thanksgiving Eve. They vary in importance. The capital goods section of durable goods orders represents business spending trends, so that will get attention. Wall Street watches jobless claims as sort of a canary in a coal mine for the labor market, and the Fed has made a big deal

out of the University of Michigan's inflation expectations numbers. Slightly less important mortgage applications and new home sales. We know higher interest rates are crippling the housing markets. Of interest will be whether home prices keep falling. The S and P Purchasing Managers indexes will be overshadowed by next week's I S M report, and, barring surprise, the minutes of the FEDS November second meeting won't likely add much to

the rate outlook. They're three weeks old and almost everyone on the FED has offered their views since that meeting. Michael McKee, Bloomberg Daybreak, All right, Mike, thanks, and other news. This morning, violent protests broke out of Apple's main iPhone making plant in China. Hundreds of workers at the Fox con factory battled security personnel after almost a month of

tough restrictions intended to quash a COVID outbreak. Videos show hundreds of workers breaking out of dorm rooms at the facility today, and Disney set for a major box officer to turn in China. Sours to say it will release its latest Avatar film on December six. That would be a big lift and a key market for Disney. Previous blockbusters have been denied entry amid deteriorating relations between the

US and China. And we're watching earnings from deer across the Bloomberg minal Amy, the agriculture equipment maker, is raising its forecast for next year more than an analysts expected. SMP futures are higher by four points, staff futures up twenty five NASTAC futures higher by five points straight ahead, your latest local headlines, and the check of sports. This is Bloomberg, all right, Thank you, Nathan, six oh seven

on Wall Street. Now, let's bring in Michael Barr with more on what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. Authorities in Chesapeake, Virginia are investigating a mass shooting at a walmart last night. Six victims were killed. Police spokesperson Leo Kazinski says several others are injured. It's sad, you know, we're a couple of days before but Thanksgiving holiday, I mean, anytime this is said, I mean, it's just it's just

just a bad time all around. You know, it's just for everybody involved, you know, especially the victims, Like this is a horrible Police spokesman Kazinski says it's believed there was only one shooter, who was also dead. The FBI is now assisting in the investigation. The alleged shooter is facing possible hate crime charges in the fatal shooting of five people at a Colorado Springs gay nightclub. He has

a court appearance today. The suspects defense team is Lee Anderson Aldrich, but they have listed him as non binary. New York Governor Kathy Hokell signed two pieces of legislation and trying to prevent hate crimes. Hocal says it aims to educate people about what is considered hate speech and how that speech could potentially turn into violent acts. Ordinary New Yorkers are out there seeing the same thing. I

want them to be part of our team. I want others to come with that early warning system when they see this or they hear someone in their schools saying something. This is what red flag laws are also all about. One bill that Governor Hocal sign requires people convicted of a hate crime to undergo hate crime prevention training. Governor Hokel has also signed one of the most restrictive laws

in the US on regulating cryptocurrency mining. The bill triggers a two year moratorium on new permits for crypto mining companies that are powered by fossil fuels. New York City Mayor Eric Adams unveiled new plans to close more streets in Midtown Manadano traffic in December. Adams says one part calls for a section of Fifth Avenue to be closed completely to allow holiday shoppers to walk about but this

cab driver says, that means less room for cars. But I think it's horrible to close it, because you're just gonna create great luck everywhere else. You know. It's like it's like it's like having a blood clock over here. Meanwhile, millions of Americans are hitting the roads for the Thanksgiving getaway today. Nearly fifty five million Americans are expected to

travel at least fifty miles from home. An accountant who handled the tax returns of some of the Trump organization executives told a jury that Donald Trump reported a total of about nine hundred million dollars in operating losses over two years. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and antally to more than twenty countries.

How Michael barn this is Bloomberg game. All right? Thank you, Michael, Now for the sports report, brought to you by Price State Outy. Here's John's dash our all right, Amy. The Philadelphia seventy six ers took Place Simmons with the first pick of the draft, and Simmons became an all start for them. But things went sour, especially in the playoffs. Trained last season to Brooklyn. Last day, his first game back in Philly, he got booed. He said he expected

the booze to be louder. He played fairly well eleven points eleven assists, though he was held scoreless in the fourth quarter as the Sixers beat the Nets one fifteen to one oh six. Philly was without its stars. Center Joe l emvied he had been very critical of Simmons at the end of his time there. Rangers continued the road trip in l a down tune up in second period. They scored three in the second, the game was three three in the third. Jat Sinjin far corner set play

the license score Chris Pryder. They worked on that for a couple of years. We've seen it from time to time at it pays off as a banta. Jat set the puck in far side prior to gains the guy seat and beats Peterson. The Rangers go back off t Yes, being the New York aadic Rider added an empty Netta. Rangers beat the King's five three plate tonight in Anaheim.

Devils Tonight host Toronto, New Jersey. Win would be a club record fourteen win in a row like the old days of the Big Yet St. John's and Syracuse in Brooklyn, they went over time the Red Storm one seventy sixty nine. They're now six and oh Giants late today for Dallas Big Game tomorrow, both teams seven and three Giants, having

won in Dallas in two phousand sixteen. Bloomberg News reported last summer the Glazer family was considering still in at least a minority stake in their ownership of Manchester United, the Premier League family now admits the air quote exploring strategic alternatives. Their ownership has been criticized by fans of the team. John Stash were Bloomberg Sports team all right, thank you, john S and p Futures two points higher, del Futures up thirteen, Nasty Features down five. This is Bloomberg.

The Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive off in the outie model you've always wanted. Visit your local try state autie dealer to get behind the wheel of yours today, or visit autie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business Out and at Bloomberg Quick Tape, he's

a Bloomberg business Flash, Nathan Hager. Futures are holding steady ahead of the latest Fed minutes and ahead of a slew of economic data this day before Thanksgiving. We checked the markets every fifteen minutes during the trading day on Bloomberg SMP futures are up a single point right now, DALT futures up ten, NASAC futures are lower down by one point ten. Your treasury is down one thirty second. The yeld three point seven six. You'ld done the two

year four point five three. Nim X screwed is down two percent now down at dollar sixty four seventy nine dollars thirty one cents, and barrel comex skull down two tenths per cent or two dollar sixty cents at seventeen fifty two. Twenty announced the year a one point zero three one six against the dollar. The yen one forty one point for three. Deer shares are something we're keeping an eye on now. With a profit expected to search to a record next year, Soaring farm profits continue to

stoke tractor demand. The world's largest maker of agriculture Machinery says NIT and net income for the fiscal year will be between eight and eight and a half billion dollars. That's after Deer reported fourth quarter earnings that beat the average analyst estimate. That's a Bloomberg business flash. And now here's Michael Bart the quorum. What's going down around the world. Michael Nathan, thank you very much. Seven people, including the gun men, are dead and several injured in a shooting

last night at a Walmart store in Chesapeake, Virginia. A statement from Walmart says it is praying for those impacted and that it is working closely with law enforcement. Ukrainian authorities saying overnight row an attack has struck a hospital maternity ward in southern Ukraine, killing a newborn baby. The baby's mother and a doctor were pulled alive from the Rebbele. In the NBA, the Nets lost in the NHL, the

Rangers won at the World Cup. Four games are on the slate today, including Morocco and Croatia playing right now. It is nil nil. Global News twenty four hours a day on air end on Bloomberg Quicktech, powered by more than twenty seven under journalist analysts in more than a hundred twenty countries. How Michael Barr and this is Bloomberg Amy, All right, thank you, Michael. It is six nineteen on Wall Street Live from the Bloomberg Interactive Broker studios. This

is Bloomberg Daybreak. Credit Sweets warning of a massive fourth quarter loss. We want to talk about that now. Bloomberg's Charlie Wells joins us from London. Charlie, good morning to you. Thank you for taking the time with us. Credit Sweet says it expects losses in wealth management and in investment banking. What is going on and how damaging is this? Amy? This is not good and it is very damaging. Credit Sweet has in how having a horrific it just really

cannot escape negative headlines. That actually last month it announced a turnaround effort, and part of that effort was to retreat from Wall Street, to back away from investment banking, and really to lean into wealth management, into private banking. And so what we're seeing today is massive outflows of money from wealth management at Credit Sweee, and that bodes very poorly for this turnaround effort, at least at this point. Massive out blows because of the lack of trust what's

the issue. Trust really is a big part of it. So we are seeing, um, you know, the bank, excuse me, try to regain some of this trust. There was a point earlier in the autumn when Credit Squeeze had a lot of social media rumors circulating around it. It It was almost treated as a meme stock, and some of that negative narrative really seems to have taken an impact on the way that clients felt about their money in this bank. Earlier this morning, we were talking on Bloomberg Radio about

the extraordinary general meeting in Zurich. What are some of the beams to consider from that? Well, the big theme here really is to think about existing shareholders in this bank. So just this morning we are seeing that share price hit a record low. That is not going to be

very good news for these shareholders. But the other huge theme that they're really thinking about is dilution, because in order to turn this bank around, one thing that they're going to need to do is to raise four billion dollars and they're going to do that by issuing potentially by issuing new shares to large investors, but also to

give the rights offering to existing shareholders. Now, what that does is it potentially it potentially dilutes the value of these shares by up to about a third um and so that is not going to bode well for these existing shareholders. But proxy advisors have been saying that shareholders should vote in favor of this development. That's Charlie. Is this a symptom of trouble with other banks as well as this isolated credit suites, what's going on throughout the

industry as a whole? That this is happening. I mean, that's a really good question because it sounds like really bad news. And when we think back to the financial crisis, you know, we think of a layman and we think about the contagion that can come um from you know, financial difficulties at a single financial institution. Now, what executives have made really clear is that this is not a layman moment. The bank is capitalized in a healthy way.

It's a capital ratio is very healthy. Um. So this doesn't necessarily speak to you know, broader problems in the banking industry. And actually, when you look back to earnings from banks in the third quarter, they were doing pretty well. And so there are some themes here that are very much unique to Credit Suite, which you know has really suffered blow after blow, scandal after scandal in a way that other Wall Street giants just have not. Because this

does not seem sustainable. I'm curious what happens next and what you are going to be watching for. We have about a minute here, Yeah, so really what we you know, most immediately want to see how these shareholders vote today that um has been that meeting has been going on for a few hours now. UM. You know it is expected that they will vote in favor of this four billion dollar capital increase, but you know, on a day like today, you know, expect the unexpected. But we should

be hearing about that soon. In the longer term, I think something that we really need to focus on is is this turnaround strategy strategy that was announced just a few weeks ago, is that going to stay the course or will it be changes? Those outflows of assets are very concerning two banks, and the last time that has happened, it seems like there was a bit of a strategic shift as far as that capital raise that could put this today. This news could potentially bring about a change

in strategy, but that remains to be seen. When you talk about a change in strategy. We have another minute here. When you talk about a change in strategy, are you talking about in personnel or in restructuring. There's you know, there's a lot that that could potentially be done. I mean when we think about restructuring, when we think about talent. Credit Sweez is a bank that has been you know,

losing staff left, right and center. Um, they are planning on, you know, significant layoffs through to the tune of nine thousand people. Um. So you know, is there room to maneuver there? I'm not sure because costs are so important to to nage up this time as well. But I think what this really comes to as well is cultural change. So what's at least striking about Credit Sweets. They didn't need to take a government bail out during the financial crisis.

That may actually have encouraged risk taking that you know, was unhealthy for the bank, and that cultural change is something that they will probably need to focus on very seriously. All right, Charlie, thank you very much for bringing us up to date on what's going on with Credit Sweets. We're going to continue to watch this with you. This story is not over yet, and it's going to be interesting. To see how it plays out, especially as we approach

and get into Charlie Bloomberg's Charlie Wells. Thank you for taking the time with us this morning. Let's check the futures markets now S and P futures up three, DAL futures up twelve, Nasdaq futures up five. Ten year Treasury unchanged, the yield at three point seven five percent. Two year yield at four point five three on Wall Streak. Now still ahead on Bloomberg Daybreak, We'll check the markets and we'll bring you the latest news in business, economics and finance.

Stay with it on this Wednesday morning. This is Bloomberg Bloomberg eleven three oh weather, mostly sunny. We're going up to fifty five degrees today with clear skys tonight down to thirty five and then for Thanksgiving Day, mostly sunny, fifty degrees crimecasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Elving Freon to Washington, d C. Bloomberg to Boston, Bloomberg one oh six, one to San Francisco, Bloomberg sixty to the country Sirius XM Chad A one

nine and around the globe. The Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm Any Morris, I'm Nathan Hagar. We're about three hours away from the open of US training. Time for the five things you need to notice start your day. Brought to you by Interactive Brokers. Their clients are in interest up to three point three

three on the idle cash and their brokerage accounts. Visit ib kr dot com slash interest rates to earn more Up First, the founder of the collapse crypto exchange f t X is issuing an apology. Bloomberg Steve Rappaport joins US Live with the latest Morning Steve, Good morning, Nathan and Amy. In a letter to employees, Sam Bankman Freed expressed regret for his oversight failure, adding he wishes the

company had done many, many things differently. The disgraced ft X founder described the perfect storm of credit squeezes, virtual coin sell offs, and a run on the bank that brought the crypto exchange down two weeks ago. Bankman Freed also disclosing the company's collateral spiral to nine billion from sixteen billion. Dollars live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, thank you, Steve. And another major story we are following comes from overseas credit Sweets warning

of a massive fourth quarter loss. The Swiss Bank says it will base a laws exceeding one and a half billion dollars for the three final months of this Year's all that's happening overseas, Amy, there were viol in protests

at Apple's main iPhone making plant in China. Hundreds of workers at the Fox con factory battled security personnel after almost a month of tough restrictions intended to quash a COVID outbreak, and Nathan Beck here in the US, Bloomberg sources say after recent job cuts, there may not be enough in house legal expertise at Twitter to know which outside law firms are handling certain matters. Even so, Elon Musk still has his fair SHAREFF supporters, including Arc Investment

CEO Cathy Wood. Various metrics that you can count daily, they have been going up dramatically. So I know a lot of people who decided to quit Twitter because they didn't like the censorship and so forth. That was going on, so I actually like what he's doing. Cathy Wood with ARC Investment made the comments to Bloomberg Business Week, which you can catch weekdays at two pm Wall Street Time

on Bloomberg Radio and streaming live on YouTube. And turning to the economy amy, Kansas City Fed President Esther George says one thing that could push the Fed to keep raising rates is high household savings in the US. Certainly positive. We see that these households are wealthier, less financially constrained. But that said, reduced inflation will mean we have to incent saving over consumption. Kansas City Fed President est George

made the comments in Santiago, Chile. We could get more clues on the Fed's rate path, and the rennutes from the latest FED meeting come out this afternoon at two pm Wall Street Time. That's the five things you need to notice start your day. Brought to you by Interactive Brokers. SMP futures are higher by three points now, Dawn futures up four teen, NAZDAC futures up eight points. Straight ahead your latest local headlines in the check of sports. This

is Bloomberg, all right, Thank you. Nathan sixty three on Wall Street. We bring in Michael barn Out to tell us what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. Virginia police said seven people, including the suspected gunmen, are dead and others are wounded after a shooting at a walmart last night. Chesapeake Police spokesman Leo Kazinski was asked whether

the shooter was killed by law enforcement. I don't believe so, but I can't say that for sure, so that's still being part of the investigations. It's all because it all happened very very quickly, very dynatic, a lot of a lot of people involved, a lot of officers the government is believed to be an employee or former employee. The Virginia shooting comes three days after a person opened fire at a gay nightclub in Colorado, killing fine people and

wounding seventeen. Meanwhile, the suspect and that deadly attack at a club q and, Colorado Springs is set to face a judge today. A family friend says twenty two year old Anderson Lee Aldrich was bullied as a team. New York Governor Kathy Hokel signed two pieces of legislation into law and trying to prevent hate crimes from taking place. Governor Hokel says it aims to educate people about what is considered hate speech and how that speech could potentially

turn into violent acts. We can ignore that there's been a loss of civility and respect of individuals, and that has been the collateral damage. One measurable require people who were convicted of a hate crime to take a training course on hate crime prevention. The Supreme Court has cleared the way for a House committee to get Donald Trump's

tax returns. Bloomberg's d Baxter as the story. This covers six years of returns as it goes to the House Ways and Means Committee, High Court issuing no explanation or any public descent. So now the I R s is free to provide the returns and could do so immediately. The committee will want to act expeditiously because the Republican majority, in particular Kevin McCarthy, has said that he will kill

any such investigations. The committee, in its arguments, said it needed returns to consider potential legislation and oversight on presidential compliance. In San Francisco, I'm at Baxter Bloomberg Daybreak a Texas judge says she will not lower a nearly fifty million dollar punishment against Alex Jones that a jury handed down earlier this year. It was ruled the info Wars host spreading false conspiracy theories about the Sandy Hook Elementary School massacre.

Since that August trial in Texas, other judgments against Jones in Connecticut I stacked up to a staggering one point four billion dollars. Twenty children and six adults died in the shooting. On December fourteen, twelve, Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. Amy, all right, thank you, Michael. John. Now that the sports

report brought to you by Try State Autie. Here's John stash Our. Thanks Amy. Ben Simmons acquired last season by Brooklyn, but he didn't play until this season, and he wasn't playing well, nothing like what he did most of his time in Philadelphia when he was an All Star, until he regressed at the end of this time. They're lately encouraging signs for Nets fans. Simmons just had a twenty two point game, and last night he made his return to Philly in a six ers one fifteen to one

oh six victory. After I thought, I'm been a good place, you know for me to come in here and just play basketball. Um, I'm happy. I'm doing what I love. So to be out there and have that experience was amazing. Obviously it wasn't the result we wanted, as Freshening to lose um a game like that, but you know, um, I think it's a good step forward. Let's play tonight

in Toronto. The Rangers will be an Anaheim. They won last night in l A. They beat the King's five to three, couple of third three goals for Chris Cryer at Barkley's overtime in the final the Empire Classic in St. John's beat Syracuse seventy six to sixty nine, Andre Kurblo twenty three points of the Red Storm. We're now six and oh. As the Jets trying to decide whether to keep Zack Wilson as they're starting quarterback the previous Harold and Young Jets QB. Sam Donald is gonna start Sunday

for Carolina at the World Cup. Right now, Croatia, who lost in the Cup Bottle four years ago, still scoreless with Morocco. They're well into the second half first of four games in Qutar. Germany and Spain both have their World Cup openers coming up. Meanwhile, Christiano Ronaldo confirmed he is leaving Manchester United and the team appears to be for sale. Bloomberg News had reported back in August the Glazer family would sell at least a minority state. They

now admit they are open to selling. John Stasward, Bloomberg Sports, All right, thank you, John. It is six thirty seven on Wall Street. Time to take a look at stocks and some of the names that are moving in the pre market. And for that we are joined by Bloomberg Radio and TV Markets correspondent Createy Gupta Created. Good morning, what you got? Good morning? Well, I'm actually gonna perhaps follow our sports report and talk about the investment reaction

to the news. Uh, Josh has talked about Manchester United shares jumping as much as eleven percent in the pre market. Your takers m an you on that news and it's interesting because it comes on the heels of kind of a sad but perhaps overdue announcement um on Christiano Ronaldo and simply a very public um saga between the club and him as well. It looks like he is going to be leaving the club. That was a believe announced

yesterday after they reached a mutual agreement. But it's enough that plus the news of a partial sale, is enough to actually push the shares higher as well. So m A and you shares were up about eleven percent in the pre market. They have now paired those games to about eight per cent. Amy. I don't know if you're teering for any particular team this World Cup. I've got Spain winning the whole thing. I'll go with that doesn't pop hop onto my onboard, I'm on board. There's not

the only one moving though. Of course, Tesla is always in the news, and want to certainly keep watching. T s l A is the taker. Shares shop about one point six percent in the pre market. Do keep in mind it is a low volume and you're probably going to see that across the board today in today's trading session.

But this is actually coming after an analyst upgrade City upgrading the e V maker to neutral from a cell say that the near term risk reward in Tesla shares looks pretty balanced following a year to date pullback of more than fifty percent, So a little bit of bottom feeding there for that specific company. You remember, it actually does move the entire index. Tesla is at the end of the day a heavyweight, but has really been exposed

to the Twitter drama. This idea that as Twitter shares move higher on the Elon Musk deal before it was taken private, Tesla really got punished the idea that Elon Musk split attention would really harm the company. Nevertheless, looks like up one point six percent, covering around a hundred and seventy two dollars per share. And of course, Amy, it is Black Friday on Friday coming up, and keep thinking Today's Friday. It's not no we do. I think everyone's just ready for a little bit of a break.

But Nordstrom shares are really going to be in view along likes of Macy's, Target, etcetera. But take a look at this this morning. J w N actually down and under pressure just shy of ten percent. This comes after they reported late Tuesday about some earnings numbers. Those earnings are still rolling out they're saying that basically, gross margin trailed the average analysts estimate. Basically they're not able to make enough return based on the supply chain issues, based

on the consumers. The idea of having higher prices but less volume is also something they certainly talked about. They did, however, reiterate their full year outlook, so let's see if they have some good numbers to report on Friday. All right, Thanks so much, Bloomberg Radio and TV Markets correspondent Creaty Goopta always a pleasure. Thank you for joining us Creaty looking at stocks as a whole ahead of the open.

The SMP futures up for Dell futures up thirteen, NASDAT futures up fifteen, Tenure treasury down, the yield at three point seven six percent, the two year yield at four point five much more still to come on this Wednesday morning edition of Bloomberg day Break. The Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive off in the Audi model you've always wanted. Visit your local try state autie dealer to get behind the

wheel of yours today. Visit autie Offers dot com for more information. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Cricktake. This is a Bloomburn business lash. I'm Nathan Hagar. Futures are holding steady before the pre Thanksgiving economic data feast. Let's head right over to the First Read break news desk for today's morning call. Here's

Bill Maloney. Good morning, Bill, Hey, good morning Nathan. You His features are quiet right now at death futures of eighteen points, sesames gained four and NAZAC futures are higher by fifteen. The US ten year old at three point seven six percent, Gold is down two, Oil is under pressure, but bitcoin is trading higher by two point seven percent. Japan rose point six percent overnight, while Europan markets are

also quiet this morning. Note that Creates Sweets forecast a fourth quarter loss of one point six billion back in the US on the economic Fronday thirty Durable goods orders and initial jobs claims, a November p M I s and at ten o'clock Michigan sentiment and new home sales after develops to night. Hp INK said they will cut

up to six thousand jobs over three years. After profit and guidance Smith's estimates and regarding earnings this morning, deer Beat estimates, wrapping things up over at City Group, Metronic Whiz cut to neutral and Tesla was raised to neutral. Live on First to Breaking News Desk on the Maloney Nathan, all right, Bill, thanks to you live breaking news over your Bloomberg type squawk on the terminal, s q U A go, that's a Bloomberg business flash. And now here's

Michael Barr with's more on what's going on around the world. Michael, thank you very much, Nathan. Police say six people have been killed after a shooter opened fire at Walmart in Chesapeake, Virginia. The assailant is also dead. The shooting came three days after a person opened fire at a gay nightclub in Colorado late Saturday, killing five people and wounding seventeen. One person is dead and fourteen others are injured in bomb

attacks in Jerusalem. The explosions hit two bus stops. In the NBA, the Nets lost in the NHL, the Rangers won at the World Cup. Four games are on the slate today, including Morocco and Croatia, who are playing right now. The game is nil nil at Soccer Talk, Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist analyst and more than a hundred twenty countries. I'm Michael Barr,

and this is Bloomberg. Nathan. I cut that in the net. Michael, thank you. Or at sixty line on Wall Street. Let's turn to news and science and technology Now at the Bloomberg n g I T STEM Report. Here's what's making news in science, technology, engineering and math. Falling demand from personal computers will mean layoffs at HP. The company will eliminate as many as six thousand jobs over the next three years. HP makes most of its money selling computers.

According to industry analyst Gartner, global PC shipments plunged almost twenty in the third quarter. New York Governor Kathy Hoko has signed one of the most restrictive laws in the country on regulating cryptocurrency mining. The bill triggers a two year moratorium on new permits for crypto mining companies that

are powered by fossil fuels. New York has become one of the biggest crypto mining hubs after China band crypto mining last May and Miami Dade County in Florida has asked a federal bankruptcy court for immediate permission to end its naming rights deal with f t X and strip that brand from the arena where the NBA's Miami Heat play. The county owns that arena. Negotiated the naming rights deal with the collapsed Crypto Exchange. A hearing set for the

middle of next month. For now, ft X signage remains on the building and its name has not been changed. And that's the Bloomberg n j I T STEM Report. Amy, all right, thank you, Nathan. We're live from the Bloomberg Interactive Broker Studios where it is six fifty 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

Congress feeling the pressure to intervene in a possible rail strike. Also, lawmakers might soon get their hands on Donald Trump's tax returns, and House Democrats are weighing term limits for top members of committees. Want to bring in Bloomberg Government reporter Emily Wilkins for more on these stories. Emily, it is a holiday shortened week in d C, but that is not stopping the flow of all the stories. Let's start with the railroad. What is the status with that negotiated deal

between the railroad and the unions. For a while it looked like it was a done deal. What happened well, or if you remember back in September, things were a little bit rocky. And so what Congress did is this said, Okay, you guys can have more time between the unions and the railroads. Remember there are twelve unions and they've got

to come to an agreement with the railroads. One of the big concerns for a lot of the railroad workers is time off, knowing when they'll be able to take time off, being able to take sick days to go get medical help when they need to. But that's been really difficult for the railways to to negotiate. And so at this point we are looking increasingly in danger of

a strike next month. Uh and that strike could lead to further inflation before the holidays, could mean that Christmas presents are late, could mean that people are having trouble getting around. Uh. So there are lots of groups, the Chamber of Commerce, the Consumer Brands Association, National Grade and Grade and Feed Association, all urging Congress to step in and prevent a rail strike. However, Democrats have been really

hesitant to do that. Of course, President Biden has frequently shown his support for unions, as have Democrats, and they want to be seen as on the side of the workers here. At the same point, you know, Democrats have been grappling with really high inflation and they certainly don't want that to get worse just before the holiday season. Um. So it really remains to be seen. But but we have to kind of set um start, start setting that alarm again for when we are counting down to a

potential strike, um into the deadline for an agreement. All right, We're going to continue to watch that. That's also coming up pretty quick in the next few weeks. Now. The Supreme Court meanwhile, emily cleared the way for a House committee to get six years of Donald Trump's tax returns. This has been a very long time incoming. How significant is this move, Well, I think part of the significance is going to depend on what's actually in those tax returns.

Certainly it's a huge one for Democrats after a three year battle. You've had a lot of members of Congress who have said that the public deserves to see Trump's tax returns, that they deserve that transparency out of someone that they've elected president um And I think it's going to be down just a question of what these committees decided to do on the I R. S can give Donald Trump's tax returns, six years of them over to the committee immediately, The committee could release them, they could

review them. But whatever they have to do, they have to do it pretty quickly, Amy because they only have a couple of weeks left in session to really get this done, and they have a ton of other things going on, and so I it's a it will be interesting to see how Democrats use the tax returns once

they get them. And I think, of course the big story is going to be what is actually in the tax returns and what does that tell us about former President Trump's business dealings and any potential national security concerns that might be in there. And you cover Congress, Emily, I was wondering if there was anything specifically you would be looking for or watching for, especially if lawmakers are able to get their hands on this during the lame

duck session. I mean, I think it's it's really comes up to lawmakers right, because they know that they don't have time to say pushed through major legislation on that that you know is actually going to be able to probably get through both chambers. I think Democrats will probably take some time to actually look over the documents, see

what's their way, their options. I think there were probably going to see a different response um if we see something particularly concerning within the tax returns versus you know, just seeing a tax return where there aren't a ton of red flags. Um. And so I think we're just very much watching next steps from the House Boys and Means Committee, from Chairman Richard neil Um as far as what they'll be doing in the next couple of weeks. All right, we'll be watching it with you. Now you

have a story on the Bloomberg terminal, Emily. House Democrats looking at term limits for their top committee members. Why so, this is actually something that House Republicans have had in place and have had in place for a while, and the ideas that it allows sort of a talent to continue to rise within the party. That you don't have a situation where you've had someone be chair of the committee for a number of decades and then you've had

members who really have been able to move up. Remember that being chair of committee, it's one of a few ways that if you're a member of the House you can get real power. You can help determine what legislation moves, what that legislation looks like. It's a very powerful position to be in. But you have a number of Democrats who have served for you know, eight, ten, twelve years and they've never gotten their shot at actually having a committee gavel. And right now you're seeing a lot of

churn in Democratic leadership. You're seeing four Speaker Nancy Pelosi, Steady Hoyer, Jim Clyber, and the big three all stepped down, and you're seeing a new generation of leadership rise up. And so some Democrats are hoping that this is the year that they can get some term limits for committee chairs.

There have also been a couple of proposals but out there that would suggest term limits and then um if someone wanted to continue to serve in the chair, uh, Democrats could vote to allow that person to stay or not. I will know more after Democrats UM hold their leadership elections formally as well as a vote on the rule the week after Thanksgiving, and briefly Emily. We only have about a minute here, But our Democrats behind this, are they united? Because people don't like it when you take

their toys away. I would kind of I kind of think there's some pushback here. There is definitely pushedback. I mean, this is certainly not a done deal. Um. It is something where you are seeing a push from a lot of younger members, but a lot of committee chairs, you know,

have definitely pushed back. A lot of them. They waited their turn to get this role and are and convincing argument in the past has been that a lot of black and Hispanic and Latino members they had to wait to get their committee gavels, and now they're saying, you know, we're finally here. We waited, we we put in the years, and now you want to take our gavels away from us. Of course, some of those chairmen have been in the position now for a number of years, so I think

it'll be interesting to see how that argument evolves. But but this is certainly not not a done deal, um. But it is an interesting idea that could shake up power a little bit in d C. We're gonna watch it. Yeah, there's a lot of shaking up going on on Capitol Hill. We're gonna keep watching that with you. Thank you so much, Bloomberg Government reporter Emily Wilkins. Always a pleasure. And you can read more about these stories on Bloomberg dot com

or on the Bloomberg terminal. And a reminder for you, you can follow all of the latest on Bloomberg Radio in Washington Bloomberg one and one oh five point seven FM. HD two. Futures are higher on this Wednesday morning. S and P futures up five points, DAL futures up thirty one, Nasdaq futures up nineteen. Much more still to come on this Wednesday morning on Bloomberg Radio, Bloomberg Surveillance with Tom Keene and Lisa abrama Witz is coming up next, along

with Nathan Hagar. I'm Amy Morris. This is Bloomberg