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

voters democracy is at stake in the mid terms. I'm Michael blarer More and I'm John Stas Showers boards baseball history, the Astros that combine no hitter on the Phillies that tie the World Series than Knicks lost to the Hawks.

That's all s traded. Head on Bloomberg day Break on Bloomberg e Live in 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 Com and via the Bloomberg Business Up and good morning. I'm Nathan Hagar and I'm Karen Moscow and U Stock Index futures are following 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, SNP futures down five points down, futures down twenty six, NASDAG futures down twenty four and the ten year treasury down twenty thirty seconds. He'll four point one eight per set and the yield on the two year four point seven zero percent. Nathan, Karen, we begin with the Fed fueled sell off on Wall Street. The SNP five hundred suffered its worst route on a FED decision day since January one. The index plunged two

and a half percent. As expected, the Fed did raise rates seventy five basis points for a fourth straight time, but stocks sold off. During j Powell's news conference, the FED chair made it clear more rate hikes are coming. It is very premature to be thinking about pausing. So people when they hear legs, they think about the about a pause. It's very premature in my view to to to think about or be talking about pausing our rate hip.

We we haven't. We have a ways to go. Our policy we need ongoing rate hikes to get to UM to that level. The move by j Powell and the FED lifts the benchmark to a three and three quarter to four percent range from nearly zero in March, Well Nathan reaction poured into the FED keeping its aggressive tone. Scott Minored, as chief investment Officer, ed Guggenheim, the message is loud and clear. You know, we're going to keep raising rates until we get price stability, and that's probably

gonna go into and Guggenheim. Scott Minor had said the FED may raise rates significantly higher than the five to five and a half percent markets are expecting in the first half of next year. We also cut up with black Rock senior portfolio manager Jeffrey Rosenberg. The FED does not want to see a replay of what we saw in July. It does not want to see premature financial condition easing on the sign of any FED pivot. Black Rocks Senior portfolio manager Jeffrey Rosenberry sentiments were echoed by

former Philadelphia FED President Charles Plosser. They know they can't they can't just stop because it won't work. It's a story who experience teaches us that so um, they don't have much choice if they really wanted to come yet to Laura inflation. Former Philadelphia Fed President Charles Plaster made the comments in an interview with The Bloomberg's Kathleen Hayes. Not carrying the focus on monetary policy turns to Europe. The Bank of England's expected to deliver its biggest rate

increase in thirty three years. We get a preview from Bloomberg's uin Plants in London. Another day, another jumbo rate hike, a seventy five basis point increase in the key UK industrates is now almost fully priced in by money markets. That would take the base rate from two and a quarter to three, the highest since two thousand and eight and the biggest single hike since Governor Andrew Bailey will give a press conference shortly after the announcement, which comes

at midday. Investors also be watching out for the banks reports on the economic outlook, likely to confirm our session is now on the way. A loss has changed since the last forecast. The beginning of August beached up Government support for household energy bills will restrain inflation over the winter. After April the government is yet as set out as a plan. In London, I'm you in ports Back Daybreak,

are you in? Thanks? In Asia, China has lockdown the world's largest iPhone factory, and Bloombergy Daybreak Asia anchor Brian Curtis has more from Hong Kong, China is not playing games with COVID zero. Authorities swooped in and put the zone around the jung Jo of fox Con plant off limits. It's the last thing that Apple needed, or that fox Con wanted, given the upcoming holiday season. First a COVID outbreak, then an enforced quarantine, and then an exodus of workers.

They literally walked twenty miles to get home or to a train. Some two hundred thousand people work here. It's a stark reminder of the dangers for Apple in a COVID zero mindset. The lockdown runs until November nine, but it could go longer. In Hong Kong, Brian Curtis, Bloomberg day Break, All right, Brian, thank you. In corporate news, big job cuts are on the way at Twitter, Bloomberg News has learned new owner Elon Musk plans to eliminate

about half the social media company's workforce. That's about thirty seven hundred jobs. We get more from Ed Ludlow and our Bloomberg nine sixty news room in San Francisco. Sources say that's the plan. The layoff list will be confirmed Friday and those affected will be informed. We we kind

of knew this was coming, right. We reported over the weekend that manages across product teams have been asked to drop a list of candidates that would reduce headcount by um you know, and Musk has making his mark on this company. Bloomberg's Ed Ludlow says Musk also intends to reverse the company's existing work from Anywhere policy asking remaining

employees to report to officers and Nathan. Job cuts may also be on the way at Morgan Stanley Writers is reporting the financial firm wilst are layoffs globally in the coming weeks. Several stocks are on the move this morning, Karen. Following earning, shares of Qualcom right now are down more than seven percent. The company delivered a far weaker forecast than expected. We get the details from Bloomberg's Charlie Pellett.

Qualcom is the biggest maker of smartphone processors, and it says revenue will be nine point two to ten billion dollars in the fiscal first quarter. Now that compares with an average annalysts estimate of twelve billion dollars. The outlook suggests that the slumping market for consumer devices is eroding even faster than expected. Even before the report, the stock was down thirty eight percent this year, hurt by concerns that smartphone demand was on shaky ground In New York.

Charlie Pellet Bloomberg daybreak. All right, Charlie, thank you. Some other movers this morning. Shares of Alts USA down more than twenty three percent, the broadband of video services providers earnings missing analysts estimate, shares of Roku down twenty The maker of set top boxes consumers used to watch stream services, forecast a wider than expected fourth quarter loss, and shares

of Etsy up ten percent. The online marketplace for crafts and vintage items posted third quarter revenue and gross merchandise sales that top to analysts estimates. Straight ahead, we have your latest local headlines, plus a check of sports, and this is Bloomberg. Karen six, House seven on Wall Street, fifty four degrees in Central Park and overturned vehicleized northbound Nichols Road closed between Furrows Road and the l I E. We're 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. Authorities say they got him. A two day man hunt ended in Newark, New Jersey, with the arrest of the suspects of police a shot to officers Tuesday. Police arrested thirty year old Kendall Howard yesterday, the suspect and the shooting of the two officers while they were serving a warrant swat storming a Newark apartment building, going door to door until they found him and brought

him out. Essex County Acting prosecut to Ted Stephens says Howard will face charges. Mr. Howard has been charged with two counts of attempted murder of north police officers. Prosecuted Ted Stephens says the injured officers are hospitalized in stable condition. The convicted shooter in the Parkland, Florida High school massacre has been sentenced. Bloomberg's Ed Baxter reports Nicholas Crew sentenced for each of the students, whom seventeen for the murder

in the first degree of Peter Way. The court incluses a mandatory life sentence without the possibility of parole. Judge Elizabeth Sharer handing down seventeen life sentences connected to the students involved. Those sentences are to be run consecutively, so seventeen lifetimes in total. There were thirty four sentences in

San Francisco. I'm at Baxter Bloomberg Gaybreak. With the mid term elections just five days away, President Biden is warning about political violence and the speech last night, Biden said voters are choosing tween democracy and extremism and pointed the finger directly at former President Trump. American Democrats Center attacked because the defeated former president of the United States refused

to accept the results election. President Biden then linked violence at the Capitol on January six to the recent attack on how speaker Nancy Pelosi's husband. Former President Donald Trump has settled a lawsuit filed by a group of protesters who say they were roughed up by the Republican's private security guards during his presidential campaign. The two sides settled as a jury was being selected in the New York court room for a civil trial the tales of the

settlement were not divulged. The lawsuit alleges Trump's bodyguards attacked him outside his Manhattan skyscraper in September off as they protested negative comments Trump made about Mexico and Mexican immigrants. Global News twenty four hours a day on air and on Bloombergy Quick Take, powered by more than twenty seven hunder journalists and analysts more than twenty countries. I'm Michael Barren. This is Bloomberg, Nathan. All right, Michael, thanks six o

nine on Wall Street. Time for the Bloomberg Sports upthing, brought to you by Tri State Out He with John stash Ower. All right, Nathan, Astros and Phillies Game four the World Series, the night after the Phillies won with US shut out. The Astros had a shutout, and that's not all they had. They have the pitch from Pressley is swinging a groundball to third. Pregnant has it the throw to first, and that will do it. The Astros even up the World Series with a five to nothing win.

Did I and four of their pictures combined to no hit the Philadelphia Phillies. Yes, Pressley finishes off what Christian Javier started as being at the call. Houston scored all the games five runs on five hits in the fifth and in and the Phils could not touch Javier, who's on an amazing role, allowed only one hit in that start. Versus the Yankees in the ALCS and Xavier's last six starts, covering thirty four innings, he has not allowed to ron.

He's never allowed more than two hits. The only previous World Series no hit of Don Larson's perfect game nineteen fifty six Pivotal Game five. Tonight, Houston's justin Verlands, still seeking his first World Series win. He's oh and six. The x met Noah Synderguard starts for the films. The game will be played while the NFL teams from Houston and Philly also meet at the Garden. Nick's led Atlanta by twenty three and then trailed by nineteen got outscored

seventy nine to thirty seven. The Hawks one nine nine, led by off season pick up Demonte Murray scort a career high thirty six points. The Nets and Kyrie Irving jointly announced both will donate five hundred thousand dollars to anti hate causes. Irving last Saturday, somewhat double down on that posting of an anti Semitic video. He has natalist a statement that said he takes responsibility meant no harm,

opposes all forms of hatred. John stash Netward, Bloomberg Sports, Stephen, thank you, John SMP futures down down nine points, Staff Futures down fifty seven. NAZAC Future is lower by thirty four points. The tenure Treasury down twenty three thirty seconds. Now the yield four point one nine per cent. You're listening to Bloomberg Daybreak and Bloomberg Sports was brought to you by Audie. Don't let someone else drive off in

the Audi model. You've always wanted to 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 and I'm Karen Moscow. And this updates brought to you by Cone Resnick Advisory Assurance, Tax before e s g Reshape Private Equity Investing. Cone

Resne Health clients recognize the opportunities. Learn more at Cone Resnick dot com. Future is lower this morning with SMP future is down fourteen points now, futures down a hundred, nasdack futures down fifty and a tenure Treasury down twenty seconds held four point one nine percent. They yield on the two year four point seven n I'm excret oil down one and a half percent on a dollar thirty seven at eighty eight dollar sixty five cents a barrel.

That's a Bloomberg business flash. Now here's Michael Barr with Moore on what's going on around the world. Michael Karen, thank you very much. President Joe Biden asked voters to consider the future of democracy when they vote in the next mid term elections next week. During last night's speech, Biden nerge voters to reject Donald Trump's big line, denying

is defeat that fuel political extremism and violence. Christian Navier and the Astros Bullpen combined for just the second no hitter in World Series history Houston one Game four against the Phillies five zip to even the series at two games apiece. The NFL's Washington Commanders could be soon for sale. Owners Dan and Tennas Snyder say that they have hired Bank of America Securities to consider potential transactions in the NBA.

The Knickson Celtics lost the Wizards won. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan all right, Michael, thank you. It is six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as we continue to get market reaction to the FED decision and await the next move

from the Bank of England. Were joined this morning by Bloomberg Opinion calumnist Marcus Ashworth. Marcus, good morning. So we got a lot of changes to the FED statement obviously, Chairman Powell now saying rates could go higher than previously expected, though the pace could slow soon. Does anything really change given that the market has been starting to price in slower rate moves from the Fed? Um SI difficult aslant

it does. Things have changed in perceptions change, but the actual reality is no, not a lot of change in the sense that rates are higher. Uh, Pal, I'm looking for the far I actually think we catch has caught a lot of flak perhaps stateside, but you know, as far as handling the markets and expressing what they're up to and why, he does a far better job, I think than anyone in Europe, UK or whatever it does by comparison. So you know, slower, higher, longer is the

three word synopsis. But you know he switched the debate from this sort of short sharp get the great heights in early two. You know you're going to have higher rates for a longer period, but we're not going to go at it quite as man. I think the Bank of England's recent having to step in and defend the guilt market is clearly reverber and through the FED thinking. But they're not. They have not changed their approach in

the broader sense. They've just gone about it in a different way and signaled to that markets to the markets very effectively. Obviously, we saw initial reactions to those wording change with their right to note this king to tightening will have some kicking effect. However, they managed to switch the debate straight back to take away from what would ruin it all, which is markets expressing this pivot and loosening financial conditions is exactly what the FED doesn't want

to happen. Very skillful. I think you raise a question there, I think of FED credibility. Obviously a lot of people think that the FED last credibility with the talk of the T word that we no longer say about inflation. Has the FED started to gain back some of its credibility with the tightening path that it's set out here. I think so. I mean, I mean, to my mind,

I think they've been handling it very well. The big difference here is that a lot of people may say that too many FED speakers and whatever, but they are all pretty much in unison with each other. And that's again the other thing. You don't get that sense from other bank coming on obviously, you'd be that everyone's on the same page where the Fed we do now we know daily said a couple of slightly more moderate things.

Brain art possibly as well, but really it's pretty mild. Uh. And I think that they're showing a united response, and clearly how Powell has phrased it last night was was I think you know a master class. Well, what's the policy path going to do for the economy. And I think now the debate turns to whether the FED is going to be able to achieve a soft landing with this kind of tightening and raising the possibility of slower hikes now while at the same time we're still seeing

this tightness in the labor market. Yeah, and I think sput on there. But the point is is that what what power has basically moved away from a a soft landing and basically saying they're going to have to be a recession. What he's trying to say is we are not going to go out. This is hard to break things as clearly things that broke in the UK we don't want that. We see and hear the warriors and

wobbles in the U S troasury market in particular. That's why it's going to be slower but longer, but probably higher, but I don't sure it will be higher. But the point is is he's having to have his his cake and eat it, as we can often say, out of here, because he's managed to get the effect he wanted, which is to keep bonnels high and not see financial positions loosen, all the stock market to go all sudden on a tear, thinking that it's all over the rates, the rate hikings

turned because that's not what he wants. He wants to keep the mark, get on edge, on point for as long as possible, and when they're ready to slow things down and when they're ready to possibly stop hiking, it will be on the fence terms. And that I think is is police stable. But unfortunately the many of that is probably that there will be some form of recession

in the US. I think about a minute left here, in about thirty seven minutes before the Bank of England decision, you kind of set out the challenge here for the policy makers. What are you looking for? I think they have to do semi five just because the ECB has done semi five. The said done semi five last time around, they went and went fifty. They could a lot of flat from it. Obviously, the world of other problems came in, but I don't think they've got much room to or

desire to do any other than seventy five. There's a risk of fifty. They're gonna have to justify that though, But again I think they probably will be slightly more dublished on the back end as far as Hi raids will go open here and just quickly does the chaos of Rieshi soon act. Picking up the pieces from Liz Trust play into the day's decision for the b o E. I'm gonna say no, it shouldn't do this all the reasons.

I think that's why they want to do seventy five, to make sure that they're sending a message that they are in control and they're doing what they think is needed to be on inflation. On the fiscal side. Now they can relax a bit on but it doesn't it means they could focus that for away from the fiscal concept. Sellu the monetary ways to keeping control on the great to talk with you this morning, Marcus. Thanks for this. Marcus Ashworth, columnist for Bloomberg Opinion. Find his stuff and

I Ashworth go on the Bloomberg terminal. All our opinion pieces are on O, P, I N Go and at Bloomberg dot com Slash Opinion. Looking ahead to the market open this morning, Wall Street moving lower after the route yesterday following Chairman Palace comments. S and P futures are down sixteen points, Dow futures down a hundred eight NASDAC futures are lower by fifty seven points ten, Your treasuries

down twenty three thirty seconds. The yield of four point one nine percent on the benchmark two year yield now at four point seven two British pound ahead of the b o E decision one point one to four five against the dollar. This is Bloomberg Bloomberg Daybreak, brought to you by ancient accountants and advisors, the right fit tax and accounting firm that you need to succeed. Visit the manacion dot com slash v i P to learn more. That's Ancient dot com slash v i P broadcasting live

from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg N sixty to the Country Sirius XM Chado one ninet 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 Nathan Hagar and I'm Karen Moscow.

We are just about three hours away from the Open of US training It's time for the five things that you need to notice start your day. Brought to you by Interactive Brokers ib k R, event Trader offers a new way to trade futures. Use event contracts to trade your opinion on yes or no questions and key CME futures markets. Learn more at event trader dot Interactive Brokers dot com. At first, US futures are lower after a hawk ish FED led to a Wall Street sell off Yesterday.

As expected, at Central Bank raised interest rates seventy five basis points, but stock sold off when Fed chair J Powell made clear monetary tightening still has a ways to go. We still have some ways to go, and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected to move by J. Powell. I'm a FED lifts the benchmark to a three point seven five percent to four percent range

from nearly zero in March. Well reaction poured into the Fed's aggressive tone. Karen I Capital chief investment strategist Anastasia Murosso says traders are left with an uncertain path ahead. Initially, the markets got what they wanted, which is it seems like we are going to slow the path of rating increases. But then in the same breath that your Powell mentioned that we have ways to go before we actually can pause,

and NATS was really unsettled the markets. The hope going into is that we can maybe start to see the beginning of the end of the tightening cycle. We cannot draw that conclusion right now and the stage Mrosa with Eye Capital says, economic indicators show the chances of a

recession around well. Nathan. Former Philadelphia Fed president Charles Plaster says, the probability of the Fed achieving a soft landing maybe slimmer, that that should be very likely, and achieve a sort of somewhat soft landing, it's a very fine you know, and it will take a lot of luck, not just a policy instision, but luck to achieve that. At this point, Former Philadelphia Fed President Charles Plaster says j. Powell should still consider another seventy five basis point hike at next

month's f o MC meeting. Monetary policies from focus over in Europe, Karen and the next hour. The Bank of England's expected to deliver its biggest rate increase in thirty three years. Labor in Asia and Nathan China lockdown the world's largest iPhone factory and chang Zoo area to cut COVID spread. The lockdowns expected to last until next week.

In time, Bloomberg News has learned Elon Musk plans to eliminate about half of Twitter's work for US about thirty seven hundred jobs, and job cuts may also be on the way at Morgan Stanley Ruters is reporting the financial for almost start layoffs globally in the coming weeks. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers. Futures this morning are moving lower and straight ahead. We had your latest local

headlines plus the check of sports, and this is Bloomberg. Thanks. Karen. At sixty three on Wall Street, fifty three degrees now in Central Park. Got an accident southbound New York stayed through way before the Spring Valley tolls. Details coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning. Nathan. The man who auth already said wounded to Newark police officers as they attempted to serve a

warrant was taken into custody Yesterday. Kendall Howard, whose thirty years charged with the attempted murder of the two officers. State Attorney General Matt Platkin provided an update on the officers shot. I had the opportunity to visit with them last night. Thank god, they are recovering and will recover. A g plantin and authorities say one officer was shot in the leg and the other was shot in the next. Tuesday, with just days to go before major midterm elections, President

Joe Bladen is imploring voters to save American democracy. Biden brought up ultra Maga Republicans and mounting concerns over political violence. I believe the voices excusing are calling for violence and intimidation our distinct minority in America. But they're loud and they are determined. Last night's speech came a few days after a man seeking to kidnap house speaker Nancy Pelosi

severely injured her husband Paul Pelosi in their San Francisco home. Meanwhile, New Jersey's governor says it will be a tough fight in the midterm elections. Governor Phil Murphy, you've got the normal reality of a midterm election with an incumbent party in the White House. So you begin in a in a tough place, and then you add to that recovering from a pandemic, inflation, affordability, It won't make the races any easier. Governor Murphy made his comments with David Weston

on Bloomberg's Balance of Power. Former President Trump asked Florida court to shield some of his wealth from the New York Attorney General, who has filed a two fifty million dollar civil lawsuit against Trump and his family. Trump's civil lawsuit, filed in a Florida court, is laden with grievances about a g Letitia James and her investigation of his business. He accused her of making repeated attempts to steal, destroy, or control all things Trump. Get your lottery tickets out.

It's time to play America's favorite jackpot game. This is Power Evolved. The bad news is you didn't win the big one, but the good news is no one else did either. Nobody hit the nobody hit the magic and life changing numbers to win the one point two billion dollar power ball jackpot. That means Nathan the next jackpot Saturday is estimated to be one point five billion dollars.

Could be someone's weekend global news. I have a weekend twenty more hours a day on air and on Bloomberg Quicktake power by more than seven hundred journalist analysts, more than a hundred, twenty countries. I'm Michael Barr. This is Bloomberg Nathan. Thank you, Michael. Just about six thirty six on Wall Street. Time for the Bloomberg Sports Update, brought to you by Trice State. Out of Here's John stash Our.

Athan a World Series no hitter, and it only happened once before Don Larson's perfect game against the Brooklyn Dodgers nineteen fifty six. Yankee stady pitchers don't throw complete games anymore, so it was a combined no hitter. It started with the Astros Christian Javier and ended with Ryan Pressley, just like the combined no hitter the Astro's hat at Yankee Stadium back in June, Astro's blank the Phillies five nothing. The World Series is tied at two heading to Game

five tonight. The Houston manager, it's Dusty Baker that they have a great offensive club over there, and they've got a lot of energy in this ballpark and uh so it's uh man, it's a strange series. I mean they hit five home runs yesterday and then no hits today. I mean, this is a daily game. And the only other postseason no hitter was in that was also a Citizens Bank Park in Philly by Royality against the Reds, where they managed five akre att The garden Nicks were rolling,

led the Ops by twenty three. They got outscored the third quarter thirty two to ten. They had more turnovers than points. Atlanta one one ninety nine, led by DeMont Je Murray's career high thirty six points. He had nine assists, six deals. The Nets and Kyrie Irving will both donate five hundred thousand dollars to anti hate causes. They released a statement with the Anti Defamation League and what Driving said He's learning and is willing to listen. Last week

posted a link to an anti Semitic video. Is Dan Snyder going to sell of Washington Commanders? Their fans are be hoping, so he's hired Bank of America Health quote, consider all options? Do statam sports? All right? John? Thank you? Six thirty seven on Wall Street. Time to take a look at stocks. Some of the names moving in the

pre market. Lots to get to with Bloomberg Radio and TV Markets correspondent Crety Gupta this morning with some of the highlights and low lights from the latest and earning season. And you're starting with a pretty big low light here, Crety. Yeah, a real hit to Qualcom shares this morning. Q c o M is your ticker down but eight point two percent in the pre market. This is the biggest maker of smartphone processors. It's of course in the Apple supply chain,

massive presence in China. When we're talking about just the supply chain issues that you're seeing around the world. They came out and they gave a far weaker forecast than expected. A lot of this coming up from just the macroeconomic slowdown that you're seeing, but really emphasizing the pain of those COVID nineteen lockdowns in China making As you'll remember, just a couple of days ago, we heard about uh the region of China where four to five iPhones are made.

That area completely shut down because the COVID lockdowns in a week. By the way, that there are rumors that this COVID zero policy may abage or at least be considered to to abait at some point. Nevertheless, Qualcom coping with the slowdown in part by freezing hiring. That seems to be the big kind of red flag from a

lot of these companies reporting earnings. Coming from executives during the conference call, they're also talking about a build up of extra inventory, inventory that they're gonna say that they say it's going to take at least two quarters to clear. So that of course something that you're not just seeing the retail space from the chip space as well. Speaking of a retail I guess we've got some positive news on the e commerce side. We did eBay. You know,

I don't know if you use eBay. I have never been. It's been a while, but they are still kicking e b a y is your taker. It's up about four tenths of one percent. Now, this is a company that is really rallying the top end of their profit forecast, exceeding estimates from the street. It's potentially evidence that this is a company, this is an online market ace that could shift to luxury items and refurbish goods. Now, you don't really associate eBay with luxury items per se, but

if you're actually looking at the retail space. Think Nordstrom. Think Macy's are actually thriving because they have that luxury exposure and are catering to a higher clientele or a higher income clientele. I should say so, uh, eBay potentially getting in on that. But it's not alone at seas when you want to watch as well, e T s Y is your taker. It's up about eleven, this one actually climbing on third quarter growth rates in the fourth

quarter guidance. Those numbers just impressing Wall Street across the board and Nathan and throw one more low light at you. Roku shares taking it on the chin. Are okay used to take her down about twenty in the pre market this coming after they report third cor results that miss and issued a pretty scary warning about the ad market.

Full disclosure, Roku's got a weird ol movie coming out tomorrow, really looking forward to and thank you create a Bloomberg Radio TV Markets corresponding Crety cooped up with us this morning. Stocks as a whole taking it on the chin after the FED decision in Sherman Powell's news conference, more losses in store, potentially with SMP futures down twenty one point. Staff futures down a hundred forty three. Nastack futures are lower by seventy five points ten Your treasury down twenty

two thirty seconds yield four point one. This is Bloomberg Bloomberg Sports, brought to you by Audie. Don't let someone

else drive off in the autie model. You've always wanted to visit your local price state autie dealer to get behind the wheel of yours today, or visit Outie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business apt and at Bloomberg Quick Takes a Bloomberg Business Flash and I'm Karen Moscow and futures are following this morning. Let's go to the First Word breaking news

desk for today's morning call. And here's Bill Loney. Bill, good morning, Hey, good morning. Can that's right. US futures are under pressure right now A death futures down a hundred and sixty seven points, subs drop twenty five and as that futures are off by eight, the US ten year old jumps to four point one nine percent. Gold is down fourteen. Oil is in the red and Bitcoin is training higher by half a percent. Hong Kong fell three percent overnight, while European markets are firmly in the

red this morning and back in the US. On the economic Frinday, thirty initial jobs claims at services and Composite p m I s and at ten o'clock factory orders and durable goods orders. After the bellas night, Clawcom gave

a downbeat forecast and regarding earnings. This morning, Signal raised its outlook and Marriott EPs was in line and other news people familiar said that Elon Musk plans to eliminate half of Twitter's workforce to cut costs and wrapping things up, Cognizant was cut the sector perform at RBC Live from the first breaking news vescm Bill Maloney, Karen, all right, Phil, thank you, and to hear live breaking news of your Bloomberg type squawd on your rman. I'll scue you a

w K and 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. There were three more missile tests by North Korea, including a suspected intercontinental ballistic missile that reportedly failed midflight. People in northern Japan awoke to sirens and were instructed to seek shelter. Christian Navier and the Astros bullpen combined for just the second no hitter in

World Series history. Houston won Game four against the Phillies five zip to even the series of two games. Apiece Thursday Night Football, the undefeated Eagles take on the Houston Texans. The NFL's Washington Commanders could be soon for sale. Owners Dan and Tenna Snyder say that they have hired Bank of America Securities to consider potential transactions. NBA at the

Knicks and Celtics lost. The Wizards won Global news twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg car all right, Michael bar thank you.

It is six forty nine on Wall Street and returned to news and Science and Technology Now with a Bloomberg and j I T Stem report brought to you buy New Jersey Institute of Technology ranked a top one hundred national university by US News and World Report and number fourteen in the nation on Money's Best Colleges list. Learn more at n j I, T dot, E d U and here's let's making news and science, Technology, engineering and math.

Big job cuts on the way at Twitter, Bloomberg News has learned that new owner Elon Musk plans to eliminate about half the social media company's workforce, about thirty seven hundred jobs. Musk intends to inform the affected staffers on Friday. Meanwhile, remaining Twitter employees will be asked to return to the office. And China, the National Health Commission says the nations zero

tolerance approach remains a strategy to fight COVID. That comes after unverified social media posts boosted hopes the policy would be eased. Yesterday, China reported the most new COVID cases in more than two months. And nature has given the British government a break. The unusually warm weather in the UK last month brought down the cost of the government's

energy subsidies by almost two ninety six million dollars. The unseasonably high temperatures meant households have not switched on their heating as early as they would in a normal year, and that's the Bloomberg and j I T Stem Report. Nathan, Thanks Karen. We're lie from the Bloomberg Interactive Brokers studios, where it is six fifty on Wall Street timed now

to check what's going on in DC. Some of the top stories in our nation's capital include President Biden asking voters to spurn what he calls Trump's big lie and a speech on democracy. The US Chamber of Commerce defending its CEO midtentions with Republicans, aggressive medicare advantage ads accused of misleading seniors, and Biden's inflation advisors include CEO s

old pals and field hockey parents. Let's bring in Bloomberg Government Congressional reporter Jack Fitzpatrick for more on some of these stories, starting of course, with the speech last night from President Biden that was built by Democrats and the White House as a major address US on democracy. It's something that he's been talking about quite a bit on the campaign trail, and now it sounds like he might be making a closing argument here. Yeah, as we get

closer to the midterm election date. Uh, it's interesting to hear the president focus on this is a closing argument, especially when you had heard I think other instances of Democrats trying to shift towards an economic message. There are Democratic pollsters who have said, uh, shifting toward the economy, what you're going to do to respond to inflation, that kind of thing, and and and that's something that Democrats have gotten on TV with and on the campaign trail.

But this is a a very high profile, uh late speech near the capital, very focused on on essentially January six democracy. Uh. It may run the risk of making it a little unclear to voters exactly what the closing messages from Democrats because it's a bit of a multi pronged approach. But he he definitely wanted to emphasize shortly before the election, just a week now, uh that you know, in races for Congress, for state level secretary of state,

that kind of thing. As he said, he warned of a path to chaos in America, uh and unlawful on American issues essentially around January six, as well as the assault on Paul Pelosi recently. I guess it remains to be seen whether this speech will have any impact on voters, especially since we're already into early voting in many states. But there's also an analysis, uh from Bloomberg News this morning that when it comes to election denial, that's a

message that does seem to be resonating on the Republican side. Uh. Yeah, you know, it's a little tough to predict what this kind of thing is going to do, uh, in terms of the results in in these mid terms. Of course, you know this this is something that can motivate people. Uh, this is clearly Uh, I think would you call a motivation speech rather than just a persuasion persuasion speech. Um, there have been votes cast, millions of vote casts already,

mail in ballots and early voting around the country. But if if you are trying to push turnout late. This is something that a number of Democrats in swing states have brought up, especially when they're speaking to Democrats. Uh so yeah, it's look, the results are, the polling is not looking fantastic for congressional Democrats around the country, But if they're trying to urge their supporters to take this seriously, that seems to be the kind of thing that this

speech is aimed toward. And now there's a little bit of gaming out of what a Republican takeover of Congress could mean if it does turn out that way, tell us about these tensions we're seeing between Republicans and the US Chamber of Commerce. This is a lobby that used

to be aligned pretty closely with the Republican Party, right. Yeah, there there have been a number of instances in which we've seen Republicans kind of move away from I guess what you'd call their their corporate uh, their alliance with corporate America in recent years. Uh. Definitely some uh, some tensions lately as we see Kevin McCarthy and others complaining

about the newer CEO, Suzanne Clark. Axios originally reported that Kevin McCarthy is is telling the Chambers Board UH and its leaders at the state level that uh they would have to replace Clark and have a new se YO. Uh. There seems to be some pushback, uh and and the organization is uh sticking with Suzanne Clark at least, standing

by her initially and saying they completely support her. But there have been comments from McCarthy, uh from UM other members in the Republican Study Committee that about essentially a broader, longer term plan to have a less cozy relationship with the groups like the Chamber of Commerce and essentially corporate America than they did in previous years. And this seems seems to be probably the highest profile, most personal, uh

sort of potentially vendetta within that broader issue. In our last minute here, Jack, I've got to turn to this great story on the Bloomberg terminal this morning about President Biden's wide and rather unorthodox circle of economic advisors. Yes, uh, you know some names you might expect. Obviously, he has talked lately to Larry Summers, that is, um, uh, somebody who has been critical of of uh, some decisions that

Democrats have made. Lately. He's checked in with some of the classic Democratic economic advisors and people who have had a role in uh past past administrations, Tim Geitner, Hank Paulson, that kind of thing. Um, you know, you see a very wide list of names as a president who has um come in with an economic vision to to respond to a certain set of circumstances and then very quickly responding to the unexpectedly high levels of inflation. Somebody who

maybe came in trying to get a little bit of everything. Uh, Marty Walsh, a high profile person from the left. We initially went to but you know it probably a little less from the Wall Street types that some recent Democrats have gone with, I think, essentially to take away a very wide range of voices. Yeah, and the interesting anecdotes in this story as well about the president kind of getting random encounters with people and that sort of feeding

into his economic outlook as well. Jack Fitzpatrick of Bloomberg Government, thanks for this. You can read all about these stories on Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg and one oh five point seven f m HD two futures pointing to a lower open this morning. Bloomberg Surveillance up next, taking you to the Bank of England decision for Karen Moscow. I'm Nathan Hager, and this is Bloomberg