Bloomberg Daybreak: November 30, 2022 - Hour 2 (Radio)

Congress was to prevent a possible rail strike, and Disney says management and strategy changes could come at a cost because suspicious powder was found in the New York Midtown hotel, Whilst the same sex marriage bill head to the House after Senate passage. I'm Michael barr More ahead, I'm John standards fours easy win for the Knicks, Islanders lost, eh, John's one in the US advances at the World Cup.

That's all straded ahead on Bloomberg Daybreak on Bloomberg he Live in Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x AM one nineteen and around the world Old on Bloomberg Radio dot Com and the Bloomberg Business app. Good morning, I'm Nathan Hagar and I'm John Tucker. Bloomberg Daybreak being brought to you by b n Y Balance.

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 moving a bit higher this morning. It's six oh one on Wall Street, and we checked the markets every fifteen minutes during the trading day. On Bloomberg, SMP futures are up six points, Staff futures up fifteen,

NASTAC futures are higher by forty points. The ten Your Treasury is up four thirty seconds the old three point seven two percent yield on the two year four point four seven percent. Nim X screwed is up two point four percent at eighty dollars nine cents of barrel, and comex golds up a half percent at seventeen seventy ounce. John and Nathan, we begin with a highly anticipated speech by the FED chair j Pal. It takes place right in the middle of today's trading. I just get a

preview from Bloomberg Economics, corresponded Michael McKee. When the Fed Chairman speaks, he usually moves markets, Probably not this time, though investors have firmly priced in a half percentage point increase in the Fed's target rate, and none of the Fed speakers in recent weeks has taken issue with that. What j Powell may want to do is set some guidelines for the new FED guidance on rates coming December fourteen.

There's general agreement among policymakers the ultimate level of the target rate will be higher than their last forecast of four point six percent. Markets now see it at five. Pouell could offer guidance on whether that's about right and about how long it would take the Fed to get there. Michael McKee, Bloomberg Daybreak. All right, thanks Michael, and Bloomberg Radio and Television will bring you live coverage of Pound speech this afternoon. You can catch that around one thirty

pm All Street Time. Go ahead of the speech, John, we continue to hear tough talk on interest rates from Fed speakers. Let's get the latest live with Bloomberg. Steve Rappaport to morning Steve, Good morning, John, and Nathan St. Louis. FED President Jim Bullard estimates an interest rate of at least four point nine percent would be needed to bring inflation down next year, but former New York Fed president and Bloomberg opinion columnist Bill Dudley predicts an even higher

rate in the short term. But I think once we get you know, five and a quarter, five and a half, and they felt the relent, they'll just stid sit there and wait for that restrict of Montreal policy to slow the coming down generate more slack in the layer market. The FETE is expected to announce another rate hike next month. Live in New York, I'm Steve Rappaport Bloomberg day Break. All right, thanks Steven, and let's turn to ecoic news. Out of Asia. Data show COVID restrictions are continuing to

hamper growth for the Chinese economy. At Bloomberg Daybreak, Asia anchor Brian Curtis has more from Hong Kong tough COVID restrictions on consumers and businesses. Weight on activity. The official p m I fell to forty eight this month. That's the lowest reading sents April, and worst than the estimate of forty nine in the Bloomberg survey. The non manufacturing index declined to forty six point seven from forty eight point seven. You know over that was also lower than estimated.

About a quarter of China's total GDP is said to be affected by COVID lockdowns. Brian Curtis, Bloomberg day Break and Brian, thank you. In China maybe starting to adact a softer stance on COVID restrictions. Stories of people who survived infections are popping up in state run media. That's something that hadn't been published previously. And local governments are now vowing to prioritize the public over COVID control. And The People's Daily, a mouthpiece for the Communist Party, is

urging citizens to take responsibility for their own health. And it's the last trading day of the month. And November was pretty good for Chinese stocks listed in the US the rough. If that level holds today, it would be the best month ever. It's also been a good run for global bonds. They added a record two point eight trillion dollars in market value in November. All right, let's turn to politics now. John Congress is moving quickly to prevent a possible rail workers strike. We get the details

from Amy Morris in our Bloomberg Washington newsroom. There will be two votes in the House today. The first vote is on a bill to avert the strike by passing the tentative agreement. The second would be an up or down vote on whether to add seven days of paid sickly for railroaders. Lawmakers are reluctantly intervening to avoid what would be a devastating blow to the nation's economy if the supply chain of fuel, food, and other critical goods

were disrupted. Once it passes the House, the bill heads to the Senate for consideration. The deadline foreign agreement is December nine. In Washington, I'm Amy Morris, Bloomberg Daybreak. All right, Amy, Thanks. Also in Washington today, lawmakers are getting a visit from Apple's CEO Tim Cook, where it's only plans to meet with top Republican lawmakers, and Bloomberg's Ed Baxter has the story.

The aim, according to Bloomberg sources, is to forge ties with GOP leadership ahead of the party's take over the House next year. He has scheduled sessions with Republican representatives Jim Jordan, darryl Issa and Kathy McMorris. Rogers, Jordan and McMorris Rodgers are likely to share top committees overseeing the tech industry. When the GOP does take over. The meetings were likely scheduled before the exchange of messages between Cook

and elon Muska Twitter. Several conservative Republicans, including Jordan's, have been very critical of Apple, and Jordan has become a Musk supporter in San Francisco. I'm at Baxter, Bloomberg Daybreak alright, and thanks in The shakeup continues at Disney after Bob Iger's reinstatement of CEL, the company now says changes to its management and strategy could come at a cost more

from Bloomberg stud Prisner. Returning CEO, Bob Iger recently told staff he's considering changes to the company's management structure, and a regulatory filing shows plans may include modifying the way Disney releases and exhibits movies and TV shows, including the platforms for initial distribution. As a result, Disney says once determined that changes could result in imparament charges. Changes in consumer behavior favor online platforms. However, streaming services are struggling

to turn a profit. Last year, Disney lost four billion dollars on its online TV businesses. In New York, I'm do Prisoner, Bloomberg Daybreak Alright, Thanks a lot, and ahead of the cashop and on Wall Street, futures for now in the green, the down futures up nine points SMP in many futures six points higher. That's of about two tents of a percent right now. And then as they emnid futures up thirty seven points, a rise of three tents of percent. You're listening to Bloomberg Daybreak and it's

now six or seven on Wall Street. Let's bring in Michael barn now to find out what else is going on to New York and around the world, John, thank you very much. New York City Mayor Eric Adams is directing police and city medics to be more aggressive about getting severely mentally ill people off the streets and subways into treatment. Adams says, that's the case, even if it

means involuntarily hospitalizing some people who refuse care. We can no longer deny the reality that untreated psychosis can be a cruel, in all consuming condition that often requires involuntary intervention. The mayor's announcement was condemned as wrongheaded by some civil rights groups and advocates for the homeless. The NYPD is searching for a man who got into the park Hyeh at hotel in Manhattan and left behind a suspicious white

powdery substance. Police say departing guests dropped a hotel room key on the street, and someone snuck into the unoccupied hotel room and spent the night. A cleaning worker reported being sickened by the substance left behind in the room. Assistant Chief James McCarthy of the NYPD fight uproble and swapped various surfaces of the room, which initially indicated that it was there was a possible trace of amount of explosive substance. Assistant Chief McCarthy says the powder tested negative.

The Senator has passed landmarked bipartisan legislation to protect same sex and interracial marriages. Senate Majority Leader Chuck Schumer. What a great day, What a great day. The bill now goes to the House where it's expected to pass. Demonstrations took place in New York City to support protesters in China against rigid zero COVID policies. I am seeing Chinese people stand up for themselves. How I wish them the

best in their fight for freedom and democracy. Demonstrations took place near New York City's Chinese consulate and also at Harvard University. Closing arguments are slated for tomorrow involving former President Trump and his company's criminal fraud in the tax case. Long time Trump Organization finance chief Alan Weislberg testified in the case that prosecutors say involved avoiding taxes on company pay perks, including an apartment and luxury cars. The Christmas

Tree lighting is tonight in Rockefeller Center. Last night, members of Congress gathered to light the Capitol Christmas Tree. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than journalists and antalyists more than a hundred twenty countries. Michael bar this is Bloomberg, John Michael, thank you, and he's six till Street. It's signed out for the Sports report being brought you by a Trice State out of good Morning, John stanns morning,

John rayre laughter for the next. In Detroit, forty point first quarter, they scored at least thirty and other three. They won by thirty one forty one ten. Julius Randa led the way thirties six points and they played thirty one minutes and Dallas Luke Dons at forty one points a triple double. The man has been Golden State. They defending NBA Champs just to and ten on the road. Islanders lost in Philadelphia three to one. St. John's easy window er l i U in the Red Storm now

eight No, it looks like a long season. At Syracuse, the Orange is three and four. They lost by twenty nine in Illinois. It's the last weekend of the college football regular season. Georgia, Michigan, tc U, and USC are all playing conference championship games and if they win, they'll be the four teams in the playoff. The committee has them as the top four. Ohio State after the lost in Michigan drop from second to fifth. Giants getting healthy at the right time, big games if they want to

make the playoffs. Starting Sunday against red hot Washington, and the Giants could be getting several starters back from injury, including rookie tackle Evan Neil and rookie tight end Daniel Bellinger. Has the US World Cup team gets ready for its games Saturday morning against the Netherlands. All eyes on Christian Polistics. Pelvis suffered a contusion in the collision with the Iranian goalie as he scored the only goal in that window. We're on ballistic post and don't worry. I'll be ready.

As US teammate is Eunice Musa and brings a lot to the team. Great guy off the field, very good, nice guy. And then on the field everyone everyone sees his brilliance. Um, he's the right time, in the right space. So I mean, um no, very very happy that he's my teammate. It's a young US team and Musa is the youngest. He was born in the Bronx and yesterday he played on his twentieth birthday. John Stashar, Bloomberg Sports. John John, thanks very much and handed the open on

Wall Street. Dal futures they just turned red down. Free points has to be e many futures four points higher and the instant futures are up thirty points. You are listening the Bloomberg Game three and the Bloomberg Sports Report, brought you by Audie. Don't let somebody else drive off of the Audie model. You've always wanted to visit your local trust Audie dealer to get behind the wheel of yours today, or visit Audie 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 Tape. This is a Bloomberg Business flash. Nathan Hagar futures are edging just a bit higher this morning. The dollar is slipping ahead of Fed Chair Powell's speech this afternoon. We checked the markets every fifteen minutes during the trading day. On Bloomberg SMP futures right now are up five point, Staff futures up ten, Nasdaq futures higher by twenty nine points.

The tenure Treasury is up four thirty seconds the old three point field on the two year four point four seven percent. Nimex scruge moving higher, up two point six percent, or two dollars five cents, eighty dollars cents of baril for West Texas Intermedia now comex stoled up a half per center, nine dollars twenty cents at seventy nine announced. The euro one point zero three five zero against the dollar. The yen is at one thirty eight point nine three.

Bitcoins up two point six percent at sixteen thousand, almost sixteen thousand, nine hundred dollars. That's a Bloomberg Business flash. And now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Nathan China's ruling Communist party has vowed to resolutely crack down on infiltration and sabotage activities by hostile forces. The statement follows the largest street demonstrations in decades over strict anti

virus restrictions. The House will vote next week on the same sex marriage bill the Senate passed yesterday with bipartisan support. In the NBA, the next one, the Warriors lost in the NHL, The Islanders lost the Bruins and Capitals one at the World Cup. The US now faces the Netherlands Saturday. After beating around one nil 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. I'm Michael Barr, and this is Bloomberg, John, Michael, thank you, six nineteen on Little Street. We are lying from the Bloomberg Interactor Broker's studios. This is Bloomberg Daybreak fed Share Jerome Powell discusses the economy and labor market during an event hosted by the Brookings Institution in Washington, and investors are looking for any hint of a moderation in interest rates. Let's find out more

from Bloomberg's Mike McKee. He joins us this morning from the Nation's capital. UM. FED members haven't speaking lately. I'm not sure Mr Market has been listening, Mike. When it comes to the fedch here, Jerome Powell, they kind of have to listen, kind of sit up and take notice. Yeah, it's like you're all box your ears. UM. I don't think Jay Pal is gonna box anyone's ears today, but he would like to sort of stop a slide in financial conditions that has gotten underway in recent weeks as

markets have improved a lot. The interesting question is why markets have improved a lot. Do they think it's because the FED is going to suddenly start cutting rates because we're going into recession, or do they think that inflation is going to come down faster? Uh. Fan can't do anything about what Mr Market thinks, but they can give

some guidance as to what they think. And I think I think that what will probably see today is Poul reiterating as you mentioned, what a lot of other FED officials have been saying lately, we may do a fifty basis point move, which is slightly lower than the seventy we did the last four meetings. But we're not stopping yet. We're gonna keep raising rates. So, uh, keep your sheet belts buckled. What's your definition of a pivot? I think if I were defining it, it would be the FED

would stop raising rates. We'd be into a different regime a hold hold rates for ex period of time around than just slowing the pace of increase to fifty basis points, because that's still that's still a lot. I mean Historically, uh, those a fifty basis point move was considered rare. Now for some people in the markets, that's considered the Fed turning dove. Yeah, slowish, slowing the pace is a doubbish tone. That's kind of a that's a new take on things. Um,

does Jerome Pale have to torpedo the labor market? This is a speech that is also going to take up the the the labor market as well. Right, Yes, he's say speaking on the labor market very timely, since the jobs report is on Friday, we get the Jolts report later this morning, which he'll have in hand when he speaks, And that's been the fed's fundamental argument that the labor market is so tight because there are so many jobs open, that they don't have to torpedo the labor market to

get where they need to go. They need to unemployment a little bit higher as demands slows, but they don't think they need to go anywhere near recession levels. Now the jury is out on that. History says they can't do it. But history has been no good guide to where we are coming out of this pandemic. So educated, where is the inflation coming from? What's the source? Well,

it's widespread, and that's the fans problem. Now. Originally it was in the so called transitory areas UH used cars, airline fares, things that had been repressed during the UM pandemic, and we're in short supply and therefore the price went up. But then it started to broaden out. We got the

energy shock from the Russian invasion, we got UH. Basically the service industries for the most part, everybody but particularly shervis industries had trouble hiring workers, so they had to raise pay or offer bonuses, and they raised prices to accommodate that, and so it's been a broad base change and that's that's the feds frustration is the some of the tools that well, they have only really the one tool of raising industrates don effects of that doesn't affect energy.

Isn't going to significantly slow hiring UH in the case that we're seeing now where it's a shortage of workers as opposed to UH slowing of demand. What's the market betting on the terminal rate? Where when they're going to stop raising rates? And does J Powell today have to adjust that view for the markets? But I think he'd like to adjust the view. He's been saying it since the last press conference on November two, that the terminal rate is going to go higher, and the market has

pushed it up to roughly five percent right now. Some members of the Fed thing that need to go a little farther than that five and a quarter percent to five and a half percent. But I don't think anybody at the FED is locked in on that yet. I think five percent they would tell you they're pretty much locked in on, and they'll get closer to it at the next meeting. But beyond that, it will depend on

the evolution of the economy. And I think Powell will make the case that we're not where we need to be. We will be going higher, but we can't put a number on it yet remind everybody where we are. Since we're so data dependent, what is the data telling us? Lightly? Data telling us lately that the economy is still in pretty good shape. I mean, we do get a new jobs report this week. Indications are it will still reflect strength in the labor market and that has contributed to

strength over all. That and the cash cushion people built up during the pandemic have provided a cushion to demand. People have been spending down what they have and they also been spending their newly higher paychecks, and that's keeping things going. We're seeing reasonable retail sales, they haven't significantly dropped off a cliff, and we're seeing companies continue to spend. Michael Supplies appreciated. Bloomberg's Mike McKee joining us line from

Washington this morning and Bloomberg Radio and TV. We'll carry Jerome pal speech live that starts to right around one three walls free time. You're listening to Bloomberg day Break and day Break brought you by the Jewish Communal Fund j C f's Doughtter Advice Fund is the smart at tax efficient way to manage your philanthropy. Open to j c F now to lock in a two tax deduction.

Visit j c F n Y dot org. Broadcasting live from the Bloomberg Interactive Brokery Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg No. Sixty to the Country, Sirius XM to the one ninet and around the globe the Bloomberg Business at and Bloomberg Radio dot com. This is Bloomberg day Break and A six thirty on Wall Street. Good morning, I'm John Tucker. I'm Nathan Hager. We're about three hours from the open

of US training. Time for the five things you need to know to start your day. Brought to you by I b k R Investment in Eiser switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at ib KR dot com slash r I A we await remarks from FED chair J Pal Right in the middle of the trading day. Bloomberg's Michael McKee has more on what to expect which j Powell. Do the markets get.

Do they get the one who came out on November two at the end of the last FED meeting and was hawkish at least that's how his remarks were interpreted. Or do we get kind of the Fed speak that we got out of the minutes last week. Probably he's going to lay the predictor for a fifty basis point move. Bloomberg's Mike McKee says. Powe will also discuss the labor market ahead of Friday's jobs report. Bloomberg Radio and Television will bring you j Pal's full speech live around one

thirty pm today, will Street Time and Nathan. At the same time, we continue to hear hawkish remarks coming out of the Fed, and Bloomberg Steve Rappaport joins us live with the tails on that. Steve, Good morning, Good morning, John, and Nathan St. Louis. FED President Jim Bullard says even higher rates are vital to further combatant inflation. He estimates a rate of at least four point nine percent in the short term, but a former FED colleague thinks that's

not enough. Former New York Bed President, then Bloomberg opinion columnist Bill Dudley predicts the Central Bank will pause to assess the situation once interest rates reads five and a quarter to five and a half percent. Live in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you. Turning overseas now, we may be starting to see a

softening COVID stance by the Chinese government. Stories of people who have survived infections are popping up in state run media, and local governments are vowing to prioritize the public over COVID control, and the virus restrictions continue to hurt China's economy. The latest pm I did it came in at its lowest reading since April. The Non Manufacturing index also dipped, and it's believed about a quarter of China's total GDP

is impacted by the COVID lockdown. Back here in the US, John Congress is moving to prevent a possible rail workers strike. Senate Minority Whip John Thune of South Dakota discussed President by an urging Congress to intervene. It's something that the President needs to own. The Presidential Emergency Board, which he created, came up with a series of recommendations, and that is what everybody sort of agreed upon, with the exception of

one union. So we would like to see them resolve it without having Congress have to act send a minority with John Thune made the comments on Bloomberg Sound on which air's weekdays at five pm. Wall Street Time on Bloomberg Radio. That's the five things you need to know to start your day, brought to you by Interactive Brokers, SMP futures up four points, staff Futures up one, NASTAC Futures up twenty nine points, straight ahead, your latest local headlines,

and a check off sports. This is Bloomberg. Thanks Nathan wall Street. Good morning. I'm John Tucker. Let's get an update on news from around the world, and New York came for that. Here's Bloomberg's Michael Barnes, Jeahn, thank you very much. Sair. New York City plans to hospitalize more mentally ill people, even involuntarily. Mayor Eric Adams says it's a push to remove them from the streets and subways. If severe mental illnesses causin some went to be unsheluted

and a danger to themselves. We have a moral obligation to help them get the treatment and care they need. Mayor Adams says they will focus on action, care and prevention. However, the mayor's announcement was condemned as wrongheaded by some civil rights groups and advocates for the homeless. There was a strange hotel bomb scare in New York City yesterday. Police say someone snuck into an unoccupied hotel room at the

Park Hyat and spent the night. Then a cleaning worker reported being sickened by what was described as a suspicious white substance left behind in the room. In my PD Assistant Chief James McCarthy, the family had five keys and they believed one of them them must have dropped and he picked it up. Assistant Chief McCarthy says there was a brief evacuation of the floor of the hotel. However, the NYPDS has all tests for negative of the powder.

Police are now searching for the hotel intruders, suspected to be a homeless man. The Senate pass legislation to enshrine federal protection for same sex marriages with a bipartisan vote. Senate Majority leader Chuck Schumer said the issue is personal for him, as his daughter and her wife are expecting a baby. That child will now grow up in a more accepting, inclusive, and loving world, a world that will honor their mother's marriage and give it the dignity it deserves.

The bill heads back to the House, where it's expected to pass both keepers founders. Stewart Rhodes has been convicted of seditious conspiracy for a violent plot to overturn President Joe Biden's election during the January sixth Capital Riot. The chairman of the House committee investigating the Capital assault said the panel's final report would likely not be released until late December, shortly before Republicans take control of the Chamber.

It's an effort underway to bring together Holocaust survivors and their children. The New York Base Center for Jewish History is launching the DNA Reunion Project, offering DNA testing kids for free through an application on its website. 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 this is Bloomberg. John Michael, thank you very much. It's six thirty six

on Wall Street. Time for the Bloomberg Sports Report, being brought you by your trying State Alley dealers. Check in now with John Stashower. Thanks John. Just what the Knicks needed after a couple of tough losses at home. A trip to play one of the NBA's worst team, the Pistons are five and eighteen. Knicks in Detroit won one to one than Julius Randall scored thirty six. Knicks continue to be better on the road than at the Guarden. Islanders lost in Philadelphia three to one. St. John's Bet

l i U by twenty seven. The Red Storm off to an eight n OH start. The College Football Playoff Committee has its top four as Georgia, Michigan, TCU, and USC all four play conference championship games this weekend. Encouraging news on the Giants injury front. As many as six Giants who have been out could be returning for Sunday's game with Washington. The US advancing at the World Cup and three games really allowed one goal and that was

a penalty kick. There was one nil over on on the Christian Polistic goal where he got injured didn't play the second half. It's a pelvic contusion, polistic poster that he'll be ready to play Saturday's Round of sixteen game against the Netherlands. US has only reached the quarterfinals one since nineteen thirty this Tiger Woods withdrew from this weekend's World Zero Golf in the Bahamas with a foot injury. He detailed his plans for the rest of his golfing career.

The goal is to play just the major championships and maybe water two more. That's it. I mean, that's physically, that's all I can do. And I told you that guy's in the beginning of this year too. I mean that's I don't have much left in this leaf. So um gerel for the biggest ones and hopefully you know, and livening catches on the bottle and I'm up there in contention with a chance to win that I remember

how to do that. Who wasn't able to play three of the four majors in john Sparish, I weren't Boomberg Sports John all right, thanks a lot. John is now six thirty seven on Wall Street, and it's time to take a look at stocks. Some of the names that are moving in the pre market. For that, we're joined by Bloomberg, Radio and TV markets corresponded pretty gooped, it is it me? I mean, have you noticed the number of cyber breaches lately? The number of fishing attempts that

I get is another increased think it's just you. Um, I've certainly felt like there has been increased. But look, this is part of the technology, it's part of the evolution, and it's something that's really pulling ahead cybersecurity stocks. So I think that's what we're stocked with. Crowdstrikes specifically, so they would be higher the cyber security stocks because of all this. Yeah, because they're more in demand. But then you look at CrowdStrike, what happened, Well, crowd Strikes c

r w D Folks is your taker. If you look at the pre market is tumbling and really taking a hit, as much as twenty percent in the pre market. This comes after they came out with a revenue forecast that missed their estimates. Now this is really interesting because the background I think is important when it comes to a

lot of these cybersecurity stocks. Remember a lot of the adoption was really picked up post pandemic and that's really where you saw not just people going into cloud services like Microsoft, like Amazon for example, but really hopping into cybersecurity as well, because now they have an infrastructure that needs to we'll be protected for like better term that even that got amplified and magnified in March with the

war and when the war in Ukraine began. Russia has a is a known expertise for a lot of like cyber attacks for example, so post war in Ukraine, these were the stocks actually performed really well, in line with likes of Locky Martin Bowing, a lot of your traditional

event stocks. This morning, though tumbling, Like I said, revenue forecast missing their estimates, and they said it's a slowdown and annual recurring revenue, basically saying that people aren't going to spend as much on cybersecurity as they have in the past two years. But I would say it's kind of meant to be almost you kind of see a little bit of a pull back anyway, and spending across

the board and CrowdStrike is no exception. I'm getting the feeling with the futures at least that we're kind of on hold this morning. Would you agree with that assessment. I think we are on hold this morning, up only two tenths of one percent. The real game change is going to be a Chairman Pal speaking at about one thirty pm UM, and that could change everything from cyberstocks to you have to like torpedo the market's given the financial conditions. I don't think he has to. I think

it'll probably happen anyway. UM. But I think every time Chairman Pal speaks after every FED meeting, what you see is that it's a complete You have this kind of immediate, volatile market reaction, and then within twenty four hours the entire thing reverses because everybody else is waiting for a pivot. Whatever that means. I mean, I think I guess maybe if you want it bad enough, it'll manifest. Who knows we're wishing for it. Bloomberg Radio and TV Market squaresponded

Kritty grufta, what is it pleasure to see you? Thank you for being here? Down futures right now? Uh, fourteen points higher, the SMP EMNI futures up just seven, and the NASTACK futures are thirty nine points higher, and you are listening to Bloomberg Dame break. Yeah. The Bloomberg Sports Report brought you buy Audie. Don't let somebody else drive

off in the Audi model. You've always wanted to visit your tr tri state autie dealer to get behind the wheel of yours today, or visit auti Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business App, and at Bloomberg Dictake He's a Bloomberg Business lash, Nathan Hagar. Future is moving a little bit higher as we wait

for what Chairman Powell has to stay today. Let's head right over to the first Word breaking news desk for today, the Morning Call. Here's Bill Maloney. Good morning, Bill, Hey, good morning Nathan. That's right, a modest bid to the U S futures right now, deaf futures of twenty four point sesamees game eight and n as that futures are higher by forty four. The US ten year old at three point seven three percent, Gold is of ten, oil is in the green, and bitcoin is trading higher by

two point six percent. Hong Kong jumped to point two percent overnight, while up markets are also trading in the green this morning and back in the U S a busy day on the economic front, that a fifteen a DP employment change, at A thirty Q three g d P at ten o'clock pending home sales, and at one thirty Powell makes his presentation. After de Bellus night, crowd Strike reported shares a plunging twenty pre market and net

app slumped after guidance missestimates. In deal News, Horizon Therapeutics disclosed talks with mgine, Santa Fee, and J and J and Another's Disney said that Higer strategy changes could result in impairments. Wrapping things up, crowd Strike was cut to hold over at Steephole live from the First Breaking News desk on the Maloney Nathan Okay, Bill, thanks to you get live breaking news over your Bloomberg type squawk on the terminal s q U A go, that's a Bloomberg

business flash. Now here's Michael Barr with one. What's going on around the world, Michael, thank you very much, Nathan. The Senate pass legislation providing federal protection for same sex marriages. All Democrats present and twelve Republicans supported the measure. A new Alzheimer's drug like Kennamab is showing positive results slowing cognitive decline in early stages of the disease. Experts say there's reason for optimism and caution as there were side

effects amongst study volunteers in the NBA. At the next one, the Warriors lost in the NHL, the Islanders lost bruins and capitals one at the World Cup. The US now faces the Netherlands Saturday. After beating around one nil Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan. Thank you, Michael. It is

six forty nine on Wall Street. Let's turn to news in science and technology now. The Bloomberg n j i T STEM Report is brought to you by New Jersey Institute of Technology, ranked the top hundred national university by US News and World Report and the number one public university in New Jersey by Forbes. What will you make at n j I T. Learn more at n j i T dot edu. Now here's what's making news in science, Technology,

engineering and math. Three Chinese astronauts have doctored their country's space station, bill overlap for several days with the three member crew that's already there, and expand the facility to its maximum size. The six month mission will be the

last in the station's construction phase. It's third and final module doct earlier this month, one of the last steps in China's effort to maintain a constant crude presence in orbit, NASA is canceling a plan to satellite that was going to intensely monitor greenhouse gases over the America's NASA says it's geo carb mission, which was supposed to be a low cost satellite monitor carbon dioxide, methane and how plant life changes over North and South America, was being killed

because of cost overruns. And here's a change from the tech world. Amazon's cloud unit plans to add employees next

year and keep building new data centers. It's assigned a tech hiring freeze elsewhere in the company has not derailed investment plans for its most profitable business, that's the Bloomberg and j I T Stem report, John Nathan, Thanks to London, we are lying for the Bloomberg entry had to broker studios where it is six fifty on Wall Street, and that means it's time to check what's going on in d C. And some of the top stories in our

nation's capital include election day on Capitol Hill, congratulate leaders say they're gonna active Evanda rail strike to Senate, to Republicans edging away from Trump ahead of and the January six Panel unlikely to release a report until late December. Also, President Biden's first state dinner is gonna pair mcrown festivities and tens. And let's take a deeper dive into some of these stories this morning with Bloomberg Government reporter Emily Wilkins.

I'm going to turn to again thanks for being with us. UM Election Day on Capitol Hill. Who's doing day electing? So this is going to be a huge day for our House Democrats. They have been led, obviously by Speaker Pelosi for well over a decade now, and today there are going to lacked new leadership. Um, it's not going to be too much of a competition, a little bit more of a coronation. Uh, We're going to see Hakim Jefferies, a Congressman from Brooklyn, assumed to that top spot. He's

running uncontested. You're also going to see Catherine Clark of Massachusetts p Aguilar of California's step into the number two and number three positions. This, of course, comes after Speaker Pelosi announced that she would be stepping down, that she would not run for leadership again, even though she will remain in Congress. Last night, she was bestowed the title of Speaker Emeritus. You're also going to see Jim Clyburn, who was a member of leaderships stick around, but he's

leaving the top three. He's going to be helping out as assistant Minority leader. Uh to these this new generation that comes in, and it really is a generational shift. I mean, the three folks who are leading House Democrats

right now, they're all in their eighties. This new generation that's coming in is about thirty years younger on the whole, and it just signals a sort of next generation shift for Democrats trying to make sure that they are continuing to appeal to younger members, to a younger face, and also simply the passing to the guard that that has to happen, you know in these parties every once in

a while. What don't we know about Hakim Jefferies? How different is he from Nancy Pelosi, and of course he's gonna have a different title because the Republicans will will be taking over. He will he will be minority leader, which to be fair, Pelosi was too for a period of time. Obviously, certainly he hopes to one day become Speaker and it would be historic he would become the

first black Speaker of the House. UM. Today, this election, he is one step closer to being the first black member to represent to leave one of the major parties in Congress. UM. So certainly it is it is a historic day. UM. Jeffries, he's currently called a conference chair and that just really means that what he has done over the last couple of years, because he's really worked

on just trying to keep House Democrats united and together. Um. You know, he's been able to work with the more moderate members of his party, the more progressive members of his party. Um, He's he's been able to really sort of bring everyone together and very very much seen as a unifier candidate. You know. Obviously, the trick with Democrats is that they always called themselves that big ted party.

They've got so many members, so many ideologies. Jeffries has tried to work to make sure that he has allies in every corner of the party. Well, let's move on to this potential rail strike. How comfortable is Congress intervening. I mean, they've done this in the past. It's been a while since the last time they interviewed in something like this. But which what's the situation. Well, no one's got the warm and fuzzies about what Congress is going

to be doing here, particularly Democrats. I mean, they've pitched themselves as pro labor, pro union, and now what they're basically doing is kind of telling the union, Hey, you know, you can't have your strike. We're gonna pass this uh disagreement that you don't necessarily want. And the way that they're sort of trying to soften the blow is, at least in the House, you're going to see two votes.

Number one a vote on making sure that that contract gets into place, the number two of votes saying that real workers should have not just one paid sick day, but move that up to seven. Um. And this is something that you're Biden and Democrats are really caught between a rock and a tough type place here. They certainly want to be seen as pro union and pro labor.

Um but on the other hand, they know that if there was, if disagreement was to not be ratified, that would have major impacts for the economy, major impacts for un employment, and so that's why they're moving as they are today. I think. Of course, then the bigger question becomes in the Senate. If they and wind up getting it through there, you would need that sixty vote threshold. So you're not just gonna be able to move it with Democrats. You're going to have to see some Republicans

join them on it. There's some confidence that can happen just because of what the stakes are right now, but we are expecting to see at least a couple more of the more progressive Democrats say that they just can't support it and then need that Republican support to get it over the finish line. The next story, you gotta imagine that Donald Trump is feeling a little lonelier of

this morning within the Republican ranks. Yeah, Trump, you know, it's it's kind of been an interesting relation to see the relationship with him and the rest of the Republican Party posts the mid terms, and certainly there were really really major concerns that came after Trump was seeing dying at Mara Lago with a known white nationalists, as well as Kanye West, who's also recently found himself in some hot water given comments that he has made that has

publicly denigrated Jews. And after this, a number of Republican leaders have come out have said that Trump, you know, should not have dined um with a known white supremacist. Um, that he should have distanced himself from him. Uh, you're seeing this both from Mitch McConnell obviously the number one Senate Republican, as well as John Thune, who's the number two Senate Republicans. So really sort of seeing senators trying to put some distance between themselves and Trump over this

particular incident. Also interesting. UM. I was chatting yesterday with a number of Republicans, including Marjorie Taylor Green, who said that she did speak with Trump after he had this controversial dinner and that the White House is going to be not necessary, not the White House, but rather Trump's folks are going to try and make sure that they are vetting people more before they allow the former president to sit down and have dinner with them, like dining

with Marjorie Taylor Green. UM, Emily, I'm just kidding, Bloomberg Government reporter Emily Wilkins. You can read more about these stories on Bloomberg dot com or the Bloomberg Ternal Reminder. You can follow all the latest on Bloomberg Radio in Washington. That's Bloomberg at one oh five point seven FM HD two. Thanks,

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