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

election results of the Troy State area. Plus North Korea has fired a suspected ballistic missile. I'm Michael Blare more ahead, I'm John Staatefower and sports a third period rally for the Islanders, debat the Rangers, the Devils one again, the

Knicks play the Nets tonight. That's all straight ahead. On Bloomberg Day, Rake on Bloomberg he Live in Freo, New York, Bloomberg one, Washington, d C, Bloomberg one or six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x M one nine team and around the world on Bloomberg Radio Dot M and via the Bloomberg Business. Good morning. I'm Nathan Hager

and I'm Karen Moscow. Ustock Index futures are lower this morning, and we checked the markets after the mid terms of SMP Future is down about eight points down, Features down ninety two and nasday features down twenty ten year Treasury down to thirty seconds. You have four point one three, Nathan. Oh, yes, Karen, it is all about the mid term elections this morning. While the GOP has made gains in the House, control

of the Senate still hangs in the balance. Amy Morris begins our team coverage from the Bloomberg newsroom in Washington. Democrats are keeping the balance of power in the House closer than anticipated. As for the Senate, it might be a while longer before the results are clear. We do know Democrat John Fetterman defeated Trump backed mem At Oz for the Senate seat from Pennsylvania with fifty percent of

the vote. Oz got forty seven point six percent. I never expected that we were going to turn these red counties blue, but we did what we needed to do. Georgia may be headed for a runoff. Democrat Raphael Warnock with a slight edge over Trump backed Herssel Walker forty nine point four percent to forty eight point six percent, and the count was delayed. In Arizona after tabulation machines

went down. Democrat Mark Kelly currently holds a lead over Republican Blake Masters fifty stye percent, and Nevada is expected to go uncalled until later in the week because of delays from counting mail in ballots. In Washington, I'm Amy Morris Bloomberg Daybreak. All right, Amy, thank you all. Taking a look at some other key Senate races. Trump back Republican j D. Vans defeated Democrat Tim Ryan for Ohio Senate.

He won with fifty three percent of the vote. New Hampshire Democrat Maggie Hasson be Republican Don Bulldock for that state's open Senate seat with fifty four percent of the vote. Colorado Democrat Michael Bennett got the vote to keep his Senate seat over Republican Joe o'della, and North Carolina Republican Ted Bud edged out Sherry Beasley with nearly fifty one percent of votes. Meantime, in Wisconsin, the race too close to call. Republican senator Ron Johnson leads to Democrat Mandela

Barnesty points six percent to forty nine percent. That's of the vote counted, and we have results from a handful of races for governor as well. Karen, Let's begin in New York, where Democrat Kathy Hokel has defeated Republican Lee Zelden. Bloomberg's Michael Barr continues our election team coverage live in New York. Michael, thank you very much. Nathan. Democrat Kathy Hokel has become the first woman elected New York governor, winning the office outright. Hokel took over in one when

former Governor Andrew Cuomo resigned. Hocle defeated Lee Zelden, who ran a campaign focused on fear of violent crime. She thanks the porters last night. I want to speak directly to New Yorker's tonight. You major voices heard loud and clear. Hokel got nearly fifty three percent of the vote. Zelden

received just overent. However, Zelden is not conceding. And other races called by a p for the Senate, Chuck Schumer beat Republican challenger Joe Pinion fifty six percent in Connecticut, incumbent Democratic Governor Ed Lamont, the Republican challenger Robert Stevanos, U S Senator Richard Bloemhal won his re election over

Republican Leora Levy percent in New York. Michael Barr Bloomberg Radio, Karen Nathan, all right, Michael's thank you well the Parry governors who have eyes on the White House for victorious last night. Republican run de Santis in Florida and Democrat Gavin Newsom in California both handily won re election to Santa's feat Democratic challenger Charlie christ garnering sixty of the vote. In Florida, I believe the survival of the American experiment

requires a revival of true American principles. Florida has proved that it can be done, and that victory speech from De Santis did not mention Donald Trump or speculation that he'll run for president. In California, Newsom easily defeated his Republican challenger, Brian Dolly, with almost sixty of the vote. Overall, Careen, there were thirty six races for governor this year. Let's get more on those highlights now Live from Bloomberg's John Tucker,

Good Morning John, and Nathan. Democrats pulled out wins in some key states. In Michigan, Democrat Gretchen Whitmer defeating Republican Tudor Dixon with fifty three percent of the vote. Democrats John Shapiro wanting in Pennsylvania, beating Republican Doug Mastriano withcent of the vote. Wisconsin, incumbent democarrent governor Tony Evers got fifty one percent of the votes to win over Republican Tim Michaels. Colorado's Democratic governor Jared Poulis garnered fifty seven

percent of the vote to beat the Republican heideganal. In New Mexico, Democrat Michelle LeJean Grisham beat Republican Mark and Chetty with fifty two percent of the votes. Illinois g JV. Prisker defeated Trump back Republican Darren Bailey with fifty fo percent of the vote. In Georgia, Republican governor Brian Kent got fifty three percent of the vote to beat Democrats

Stacy Abrams. And finally, a key governor's race yet to be decided in Arizona, Democrat Katie Hobbs currently leads Trump back repl booking carry Lake fifty one point three percent to forty eight point seven percent. Just under sixty one percent of votes have been counted so far. Karen, Nathan, Sorry, John, thank you all. Overall, it was a historic night at the polls. More women than ever ran for governor, more Black women ran for Congress, and more LGBTQ people vied

for a spot in the House or Senate. As you mentioned before, Kathy Hoco became the first woman elected governor in New York and Massachusetts. Maria Healey will be the first woman elected to serve as that stays governor, and Democrat Westmore will be Maryland's first black governor. And Republicans Sarah Huckabee Sanders has become the first woman elected to serve as governor of Arkansas. Abortion rights around the ballot

in several states as well. Karen, California, Michigan, and Vermont all voted to enshrine the right to abortion in their constitutions. On the flip side, Kentucky and Montana have measures on the ballot to limit abortion access. Votes on those initiatives are still too close to call. Currently fifty two and a half percent of voters in Kentucky have said not to limit abortion access, with eighty six percent of the vote counted. The trend is similar in Montana. We're nearly

fifty three and voted not to live in abortions. Just votes are counted there. And in the interrance of transparency, we should note that Michael Larr Bloomberg, the majority owner of Bloomberg Radio parent Bloomberg LP, was a major donor to Democratic candidates and causes this election cycle. Straight ahead your latest local headlines plus a check of sports, and this is Bloomberg. Thanks gain Karen. It is six oh seven on Wall Street where forty degrees in Central Park.

Michael bars back with what else is going on in New York and around the world. Michael, thank you very much. Nathan. Taking a look at other local races and results, Republican Tom Kane won the house race in New Jersey seventh Congressional district, beating Democratic incumbent Tom Melanowski came got fifty two percent of the vote. Kane, a former state senator, narrowly lost to Malanowski in a house race. Also in New Jersey, Democrat Mikey Cheryl won another term in the

US House, beating the GOP's Tom the Groot. Cheryl received fifty eight percent. Democratic Representative Josh Gottheimer beat Republican challenger Frank Pallatta. Gotdheimer received more than fifty four percent of the vote. Taking a look now at more races in New York, Republican Nicole Maliatakas has one re election to the House in New York's eleventh Congressional district, after defeating Max Rose. She gave a victory speech to her supporters

last night about to retire. He was a valerie. Perhaps you were able to retire. Aliatakas got sixty two percent of the vote. Democrat Alexandria Ocassio Cortez has one another House term, easily beating her Republican opponent, Tina Forte with more than seventy of the vote. Some House races in New York are too close to call. Republican Marcus Mullanaro and Democrat Josh Riley are in a tight race for New York's nineteenth district, separated by just one point two percent.

Molan is currently in the league. Republican Michael Lawler is slightly ahead of Democrats Sean Patrick Maloney in the seventeenth district. They are separated by just eight tenths of a percent. In Connecticut, it is too close to call for the House seat between Democratic incumbent Johannah Hayes and Republican George Logan with count it, it's Hayes to Logan at forty. There is another story that is important that we have to tell you about. North Korea fired a short range

ballistic missile toward waters off its east coast today. According to Japan, the missile flew about two fifty kilometers. It apparently landed outside of Japan's Exclusive economic zone, and there have been no reports of damage. Global News it was twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven under journalists and antalists in more than one d twenty countries. I'm Michael

barn This is Bloomberg. Thanks Michael six cent on Wall Street Town for the Bloomberg Sports update, brought to you by tri State out He here's John Stesshion. All right, Nathan, there are three New York Area hockey teams. Two are hop the Rangers are not. Blue Shirts lost their third arrow at the Garden. The Islanders rallied for three third period goals to win four to three, and they've now

won seven of their last eight. The Devils have won all of their last seven of division, leading ten and three three to home went over Calgary, and the Devil's doing this without goalie Mackenzie Blackwood. He's gonna miss three to six weeks knee injury, and their big off season pick up Andre Polot is out eight to ten weeks injured. Drawing Nixon nets tonight at Barkley's first meeting of the season, the Kyrie Irving suspension continues. Irving met yesterday with NBA

Commissioner Adams Silver. It was said to have been a productive meeting. Just as Jacob gram made his free agency official, the Mettrs said to have begun talks with his agent, Anthony whoso may stick with the Yankees. They tendered him a qualifying offer so he could stay. He'd make about nineteen and a half million if he leads as a

free agent. Yanks would get a draft pick compensation. College football play after many stop born this way, Georgia, Ohio State, Michigan TCU all Board nine and oh Tennessee lost to Georgia fell from first down the fifth. Alabama lost at L s U and dropped the ninth, and Clemson lost at Notre Dame and went from third down to tenth. Indianapolis Colts just made the coaching change and now they have said that thirty year old Parks Fraser will call

the plays Sunday. He was the assistant QB coach. He's never before called plays. John Stashar, Bloomberg Sports, Nathan John, This red headline just a crossed the Bloomberg terminal. Facebook parent Meta Platforms confirms more than eleven thousand job cuts and the hiring freeze through the first quarter. Meta shares up three point four percent in early trading. This is Bloomberg. 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 price State Audie Dealer to get behind the wheel of yours today, or visit Audie Offers dot Com from more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Atland at Bloomberg Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow and we are watching shares of Facebook parent meta platforms this morning. They

are currently up about three percent in early trading. Chief executive Mark Zuckerberg saying the company will cut more than eleven thousand jobs in the first major round of layoffs in the social media giants history. The reductions equal about pent of the workforce. Meanwhile, futures are now little changed following the mid terms. SMP futures again that will change now features down sixty five and nasdack future is little changed. The decks in Germany is down about half percent. Ten

year treasury down to thirty seconds. You have four point one three percent, may yield them a two year four point six six percent. Nimex screwed oil is down half per cent or forty five cents and eighty eight dollars forty six cents of barrel Comx goal down two tenths per centers three dollars at seventeen twelve eighty and ounce.

The euro one point zero zero five nine against the dollar, British bound one point one four six two, the n one forty five point six one, and Bitcoin is down more than five percent at seventeen thousand seven hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much, Karen. Many votes are still being counted from Tuesday's mid term elections, but Republicans are still favorites

to take back the House. Speaking at an election night event in Washington, d C. House Minority Leader Kevin McCarthy was very confident, thank you to everyone who voted Republican for the very first time. Democrat John Federman will be the next Senator from Pennsylvania, meeting as a Republican opponent. Dr memidaz Federment addressed supporters in Pittsburgh overnight, describing as

campaign six months after he suffered a stroke. This campaign has always been about fighting for everyone who's ever been got knockdown, that ever got back up. Democrat Cathy HOCl has become the first woman elected New York governor, winning the office outright. Hokel took over here one when former Governor Andrew Cuomo resigned. Hocal defeated Republican Congressman Lee Zelden, who ran a campaign focus on fear of violent crime. In Texas, Governor Greg Abbott fended off a challenge from

Democrat Beto O'Rourke. Governor Abbott addressed supporters pointing to border security as one of the main issues driving votes in his state. Abbott also says we must never forget our schools are for education, not indoctrination. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than under journalist and analysts more than twenty countries. I'm Michael barn This is Bloomberg, Nathan. Thank you, Michael. It's six twenty on Wall Street Line from the Bloomberg

Interactive Broker Studios. This is Bloomberg Daybreak and for more post election analysis, We're joined live by Wendy Schiller, director of the Topman Center for American Politics and Policy at Brown University. Professor, It's always great to speak with you, particularly after an election day. And I think we heard from Republican Senator Lindsey Graham last night saying this doesn't look like a red wave to me. What does this

election look like to you? Professor? Good morning, Athan, Um, it looked people are gonna find a surprising, like a pretty normal mid term election, because in midchem elections, people take their anger frustration against the Party of the White House, where you know, owns the White House, and they go and they're mobilized a vote to sort of send a signal saying we don't like what you've done and we

want you to change. What's interesting here is so many races dependent on individual candidates and really were state specific. So you saw in places where governors did well as long as they lifted up the Senate candidate. I think you make that argument. In Pennsylvania with Fetterman and josh A. Piro ran for governor, you know, he kind of he won big, and I think that had to have helped betterment.

Even in our little state of Rhode Island, we had a governor that won by a much bigger margin than people expected, and the Democrat eked out of victory in the congressional district where he was expected to lose based on polling. So some really traditional electoral dynamics at play here,

party machines, organization, turnout um, and individual candidate quality. Uh So, given the inflation numbers and the perception that the economy is bad or that it will get bad, you know, that's something else we can talk about Um, you would have expected that problems do better. And in some cases it looks like either the individual candidate or the reputation for what the Republicans would do once they captured Congress

got in their way last night. Now, it's interesting that you framed this is a normal mid term election result, because I think we've talked before about the last few election cycles. You think about former President Donald Trump, former President Barack Obama two years into the their terms. Uh. Former President Obama at the time called the result against the Democrats then a shellacking. We didn't get that this time. No, but but think about that. You know, you're mentioning really

key points in political history for the United States. Plus, of course New Kingbridge is a big victory capturing the House in the Senate, but those are some those are big, big mid term election waves. And so this this, I mean, you would think that the Republicans should have done better. Uh. And they're probably gonna win the control of the House, but not by a lot. And we know that when majorities have narrow when parties have now majorities, it's tough

to govern and tough to get things done. Uh, and usually embolden some wing of the party left or right. So that's going to be tough roads from McCarthy. Uh. And so you look at it. But what I mean by normal, I mean the fundamentals of American politics and you know, the idea of democracy dying. Some people are very concerned about voting rights and turn out. Uh. And we saw that for the for the majority of election deniers at the highest level. We still to wait for Arizona.

You know, they were rejected by voters. So I think that's a really important thing and big turn out, right, and we are still waiting for a concession as well from Republican Lees Eldon, who was backed by former President Trump in New York. And you mentioned the race in Arizona as well. Do you have any lingering concerns that we could see a fight over election integrity in some of those closely watched races. Sure, I mean I think

where we won't see that is Georgia. There may be lawsuits, but we've seen Kemp and Rapsonsburg as a team before in um most certainly defending the system. And so since Kemp won by a big margin, I can't see I can't see Georgia being nearly as contested. But Arizona, you know, looks very dacy, I think in that respect, and well and Donald, that's how a bad night. In other ways, may it made a lot of games in Nevada over the years in terms of their their voting strength. It

looks like those games have disappeared. It looks like that both the Senate and the governor's seat are going to go Republican. We don't know quite yet. And Arizona has always been sort of a deep red state and sort of purple, and now it looks like it's sliding back to rhet So I think there are a lot of races in those pick up states. I think for Democrats recently in presidential elections look much diicier for four On the other hand, Michigan held their governorship for the Democrats,

and Wisconsin and Pennsylvania. Uh, And you know that that tells you something about just how contested American politics is. And rather than being depressed about polarization, we can also look at it saying that we're vibrant, were competitive, and for the most part, most of the electoral results will be accepted peacefully. And I think that's a very key takeaway from this election. Now we're speaking with Wendy Schiller, the director of the Topman Center for American Politics and

Policy at Brown University in Rhode Island. You know, the morning after any election, Professor, we think about what the mandate is for either party. When we have this kind of narrow result for Republicans and a better than expected result for Democrats, even if they go into a divided government here, what is the mandate for either party? I think the mandate comes from looking at independent voters and how they visit ibk R dot com slash interest rates

to learn more. Up first, Republicans made gains in the House this mid term election cycle, but control of the Senate hangs in the balance. Democrats flipped a key Senate race in Pennsylvania, with Democrat John Federman defeating Republican memit Oz has always been about fighting for everyone who's ever been knocked lockdown, and Democrat John Fetterman, who has been recovering from a stroke, one with fifty point one percent

of the vote. In Ohio, Kare and Republican j d Vance defeated Democrat Tim Ryan for a Senate sea garner percent of the vote. Democrat Maggie Hassant got fifty when you Hampshire Senate seat over Republican Don Bulldock. Meanwhile, Wisconsin,

Wisconsin's too close to call. Republican Senator Ron Johnson leads Democratic challenger Mandela Barnes with fifty point six percent and it's still too close to call as well in Georgia, with Democratic Senator Raphael Warnock leading Republican Herschel Walker with forty percent of the vote. Well, New York, Nathan Democrat kathycho Hoco was elected governor, which just under fifty three

percent of votes. You made me the first woman ever elected to is the governor of the state of New York and New York and Democrat Cathy Hokel defeated Republican Lee Zelden, who has not conceded the race. In Connecticut, Karen Democratic Governor Ned Lamont won fifty five percent to beat Republican Bob Stefanowski. Democratic Senator Richard Blumenthal beat Republican

le Or Levy with fifty six percent. And Florida Nathan Republican Rhonda Santas defeated Democrats Harley christ I am honored by your support and I look forward to the road ahead. Florida Governor Rohnde Santa secured close to sixty percent of votes.

In California, Governor Gavin Knewsom handily be the Republican challenger Brian Dolly, garneringty percent of votes, and the Democrats on other governors, Racist Karen Michigan's Gretchen Whitmer defeated Republican Tutor Dixon with fifty In Pennsylvania, Democrat Josh Shapiro the Republican Dogmaster j with of votes. And Wisconsin's Democratic governor Tony Evers won over Republican Tim Michael's garnering of the vote.

And Arizona's governorship is not decided. Nathan and Democrat Katie hobbs Ley's Trump back Republican Kerry Lake to tally there. And we want to tell you this in the interest of transparency. Michael R. Bloomberg, majority owner of Bloomberg Radio parent company Bloomberg LP, was a major donor to Democratic candidates this election cycle. And that's the fine things you need to know to start your day, brought to you by Interactive Brokers. But we're also going to add them

Meta Platforms. That's the parent company of Facebook has confirmed job cuts of about percent and let more than eleven thousand of employees. Go CEO Mark Bozuckerberg is also saying that they're cutting discretionary spending and extending the hiring freeze through the first quarter. And we're looking at meta platforms and early trading this morning. It is up three point three percent right now. Looking at futures this morning, they're little change now. It's in P futures, Nasdack futures, both

little change now. Future is still lower, down about seventy ten year treasury down one thirty second yield four point one three percent, in a yield in a two year four point six six percent, and I make screwed oils down seven tenths of a percent. Straight ahead your latest local headlines plus a check of sports, and this is Bloomberg. Thank you. Karen sixty three on Wall Street forty degrees in Central Park got a crash blocking lane on the

westbound Belt Parkway at Lefford's Boulevard. Michael Barr is back with Morrow What's happening in New York and around the world. Good morning, Michael, Good morning Nathan. Taking a look at other local race results. In New Jersey, Republican Tom Kine won the House race in New jersey seventh Ggressional district, beating Democratic incumbent Tom Malanowski. Came got fifty two percent of the vote. Kane, a former state senator, narrowly lost

to Melanowski in a House race. Democrat Mikey Sherrol won another term in the US House, beating the GOP's Tom de Groot. Cheryl received fifty eight percent. Democratic Representative Josh Gottheimer beat Republican challenger Frank Polana. Gotddheimer received more than fifty four percent of the vote. Taking a look now at more races in New York, Republican Nicole Malaitakas has one re election to the House in New York's eleventh Congressional district after defeating Max Rose. She gave a victory

speech to her supporters last night. Retire able to retire, valiatak has got sixty two percent of the vote. Democrat Alexandria o'cassio Cortez wins another US House term, easily beating a Republican opponent, Tina Forte, with more than seventy Democrat Kim Jeffreys beat his GOP challenger Uri Devenski with more than seventy two percent of the vote for the House. Some House races in New York are too close to call.

Republican Marcus Molinaro and Democrat Josh Riley are in a tight race for New York's nineteenth district, separated by just one point two percent. Molinaro is currently in the lead. Republican Michael Lawler is slightly ahead of Democrat Sean Patrick Maloney in the seventeenth district. They are separated by just

eight tenths of a percent. In Connecticut, it is too close to call for the House seat between Democratic incumbent Johannah Hayes and Republican George Logan, with counted it's Hayes to Logan at forty nine and other news outside of elections. South Korea's military says North kree Of fired a short range ballistic missile toward waters off its east coast today. According to Japan's defense minister, the missile flew about a

hundred fifty five miles. It apparently landed outside of Japan's Exclusive economic zone, and there have been no reports of damage. 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. Michael Barron, this is Bloomberg, Ain't it appreciated? Michael? Thank you? Six thirty six on Wall Street Time for the Bloomberg Sports Up. They brought to you by Tri State AUTI with John

stash Hour. All right, Nathan Nixon Nets tonight at Barkley's Nicks coming five and five. That's four and seven, two and one since the Kyrie Irving's suspension. That has at least two more games to go, maybe longer since the Nets laid down those six requirements that Irving must meet before the suspension is lifted, although the Celtics Jalen Brown, who is the VP of the Players Association, said the union is going to appeal what the Nets are doing.

Irving did meet yesterday with the NBA Commissioner Adam Silver. It was termed productive. There's nothing new on the Nets reported plans to hire m A. Eudoka as their new coach. He's currently suspended by the Celtics. There has been criticism of the Nets if they did indeed hire Udoka, and they could be having second thought. Jacque Vaughn is the interim coach for Now at the Garden third period rally by the Islanders. They beat the Rangers four to three.

Brock Nelson the time goal and then andres Lee they go at goal. The Islands won seven or last eight. Devils have won seven or row and Nko Histler goal third period to beat Calgary pret two. Odell Beckham Jr. Hasn't played this season, said who have now recovered from the torn a c L he suffered while playing for the Rams and last year's Super Bowl. There has been talk of a possible return to the Giants, but Cowboys owner Jerry Jones said Beckham would look great with a

star on his homers. One Bloomberg Sports smith John, thank you. Six seven on Wall Street. Let's take a look at stock some of the names moving in the pre market this morning after election Day. We're joined by Bloomberg TV anchor and markets correspondent Danny Berger. Of course, we're not just looking at election results, Danny, We're watching the continued big tech layoff blood bath. Now we got meta platforms confirming big job cuts coming. Yeah, exactly. It's it's about

of the workforce that's over eleven thousand jobs. UM and this comes off the back of roughly two weeks ago met A results that were much weaker than expected. Shares have been down a lot, so I should say UM shares are up almost three percent this morning, and it does come. It's just sentiment is so negative around them. So you know, any bit of positive news, if you can call this positive UM is likely to account for a pop um. Speaking of accounting, it was remarkable Zuckerberg

in this statement when he announces these job cuts. To apologize, he writes, I know this is tough for everyone, and I'm especially sorry to those impact did. I want to take accountability for those decisions and for how we got here. So some major cost cutting going on with again letting go of about eleven thousand folks, and it's really, again just big tech grappling with the fact that their model needs to change. It's no longer growth at any cost.

They're getting slimmer and focusing on profitability. And to some extent, I wonder if we could sort of say the same thing about Disney after the earnings there and thinking about whether the streaming model needs to change well for them, I mean, I think we can absolutely see some parallels there because they're also talking after last night results that

fell short of expectations. UM Disney talking about looking at reducing expenses, not necessarily firing people, but you know, reducing expenses does sometimes lead to that, UM, but looking at things like marketing, UM, perhaps pulling back on spending there so UM larger programming. They had a lot of expenses when it came to that, the cost of a global expansion of Disney plus so all of that meant that

there were more than expected losses at the companies. Direct to consumer ARM theme park smount was also weaker, So all of that came together UM to punish Disney shares. They are currently down about seven and a half percent pre market, only about thirty seconds left. And I hate to put you on the spot, Danniel. We help me understand this Binance ft X thing, all right, don't think I can do it in thirty seconds. FTX liquidity crunch. So Binance, another exchange comes over, say that they're going

to rescue them, They're going to take them over. But the main story here is just fears that crypto is very vulnerable. There could be meltdowns, there could be contagient So all of those crypto stocks under pressure this morning. You stuck the landing. Thank you, Danny. As always Bloomberg TV anchor Markets correspondent Danny Burger keeping on top of those individual movers for us this morning. Looking ahead to the market open this morning after the election, investors might

still be digesting the results. Here we've got mixed action right now with U s and P futures down just three points, so little changed. DAL futures down seventy. Nasdaq Future is now swinging between gains and losses right now, little change to the downside. The tenure Treasury is down to thirty seconds, you old four point one. Much more mid term analysis. Next with Bloomberg Washington correspondent Joe Matthew. This is Bloomberg Bloomberg Sports, brought to you by Audie.

Don't let someone else drive off in the Audi Model. You've always wanted to visit your local Tri state Audi deally 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, Bloomberg Business Out and at Bloomberg Quicktape is a Bloomberg Business Flash and I'm Karen Moscow. We continue to watch shares and meta platforms that more than three

and a half percent. You have executive Zuckerberg saying the company is gonna cut more than eleven thousand jobs in the first major round of layoffs in the social media giants history. U Stock Index futures meanwhile, they've been jumping around to bid US and P future is now and done about five points. DAL futures down eighty three and

as deck futures that will change. The decks in Germany's down half percent ten, Your treasury that'll change at four point one two percent, and they yield on the two year four point six six percent. Nine nex Screwed oil is down eight ten percent or seventy five cents at eighty eight fifteen. A barrel comic gold down a quarter

percent or four dollars at seventeen twelve an ounce. The Euro is at one point zero zero five seven against the dollar, British pound one point one to four six two the end one forty five point six six, and bitcoins falling down five and a half percent. It's seventeen thousand, six hundred fifty dollars. That's a Bloomberg business Flash. Now here's Michael Barr with more on what's going on around

the world. Michael Karen, thank you very much. Control of Congress hangs in the balance, as Democrats have shown surprising strength defeating Republicans in a series of competitive races. Democrat John Letterman flipped a Republican controlled Senate seat that is key to the party's hopes of maintaining control of the chamber. It is too early to call critical Senate races in Wisconsin, Nevada, Georgia, and Arizona, which could determine the majority in the House.

Democrats kept seats and districts from Virginia to Kansas to Rhode Island. However, House Minority Leader Kevin McCarthy believes the GOP will say control. In Texas, Governor Greg Abbott fended off a challenge from Democrat Beatto or Rourke. Governor Rabbit address supporters, pointing to border security as one of the main issues driving votes in his state. Where any f Congress fall short, Texas must continue our unprecedented efforts to secure our border. Abbott also says we must never forget

our schools are for education, not for indoctrination. Democrat Letitia James has been elected to a second term as New York's Attorney General, and office she has used to pursue former President Donald Trump and a list of other powerful targets. James defeated Republican Michael Henry, a queen's lawyer who was endorsed by various police unions. Voters in battleground Michigan have enshrined abortion rights in the state constitution, joining Democratic California

and Vermont. On election night, Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analyst more than a hundred twenty countries. Michael bar this is Bloomberg Naked. Okay, Michael, thanks SERI are live from the Bloomberg Interacted Broker Studios where it's sixty nine on Wall Street. It is time to check what it's going on in d C. As it always is, but particularly after a mid term election,

it is particularly apt to do just that. So let's check in with Joe Matthew Are Washington correspondent, host of sound On on Bloomberg Radio. This morning, after that red wave didn't quite materialize for Republicans, Joe I saw the hashtag red trickle trending right around the time I attempted to go to sleep, which hasn't really happened yet, but yeah, that does seem to be the the narrative coming out of the night. And I do want to just sort of warn everybody that there's a lot of stuff that

has not been called yet. It is looking like the House will turn Republican, but yeah, not really in a wave projections of DEM's losing. You know, forty seats does not seem to be in the cards. Here in Virginia is a pretty good example of that. Some of the the cross currents that we saw last evening, a win for Abigail Spanburger, a race that we spent a lot of time talking about, beat yes Lea Vega in the seventh district. This was considered a bell weather for the nation.

And we added another one as well in Jennifer Weston that's the tenth district of Virginia, Northern Virginia DC suburbs, beat the Republican Hongkow. But there there there were some losses as well, a pretty big one in fact, as Elaine Lauria, the congresswoman on the January six committee lost her seat to State Senator Jen Kiggins. So two out of three ain't bad. I think it's the way Democrats look at this, and that is a bit of a

model for the nation. Well, what does the message that Democrats take away from this when they have a little bit better result than they expected and Republicans do look like they're going to be heading towards a narrower majority in the House than a lot of the pundits had expected. Joh, Well, it's a little bit difficult to start the post mortems yet because we have so much yet to learn. There's

there's still so many races to call. We don't really know what's gonna happen with the Senate, but I do think you know, look, it's not gonna be a reckoning for posters necessarily, but we have to come to grips with the fact that we're not sampling people the way that we need to be. And a lot of that could be young people who were motivated by issues that went beyond the scope of the economy and inflation and

so forth. And so we saw, you know, there there there was some mobilization around issues like abortion, like cannabis rights that was on the ballot in a number of states, and the Senate is still up in the air here, and it could be a month before we find out who controls the chambers. So we want to be tempered in the in our attempts to analyze what happened last night. Arizona is still up in the air, Nevada is still

up in the air, and Nathan so is Georgia. And right now Raphael Warnock and Senator uh and in herschel Walker both have less than fifty percent. It is entirely likely that goes to a runoff, so we could in fact wait a month before we know who owns the Senate. You know, in the last few years, Joe, there's been such a tendency to sort of nationalize these races when we think about control of Congress, that sort of thing. Did this come down to more local issues in this cycle?

It again a little bit difficult to say there. Look, there was a lot of crossover in major issues across UH, a lot of congressional districts here, and you know, I don't want to take away from what was actually a pretty good night apparently for Democrats here. In a message from Joe Biden in the midst of historic inflation and a war in Europe. Like you don't need to go

through this whole list for you here. Uh that that you know, maybe some of the other approaches on the Republican side, particularly candidates who were embracing denialism and did not accept the results of the election. To take a look at Carrie Lake out in Arizona. A lot of fun people thought you would crew was to victory. She is still down in a race that is not called down by at least a full percentage point, and she was calling for election fraud investigations before the race even

closed here. So there is a lot for us to figure out and a lot of voters to talk to to understand what actually motivated them to vote. Yeah, and uh, you know, not to get too far ahead, but actually I'm about to because Santis had a really good night beating Charlie Christ handily in Florida. Arguably former President Donald Trump, who were still expecting to make some kind of announcement next week, did not have as good a night. What's

the landscape for? That's fair to say. I look, and I don't know if that gives Rohn de Santis an upper hand in a race like that, it's very unclear that he could beat Donald Trump, for instance, in a primary. It's unclear donald Trump scares him away if he does

in fact announced next week. But you know, it was not lost on us that people in the crowd at the De Santis victory rally, we're cha thing two more years as he took victory of the big victory lap last night, because a lot of them would love to see him go on to Washington and be the president. Uh,

this is gonna take some time here. As Donald Trump calls him run to sanctimonious, they clearly don't love each other here and realize that they may in fact being a contest someday or might you know, block one or the other out here. I just I think that one's gonna take some time. But that's part of the motivation, Nathan of Donald Trump announcing as early as next week

is hope is to clear the field. Only about a minute left here, Joe, and of course market participants are trying to digest these results as we're still trying to figure out exactly what they're gonna be. What are you gonna be looking for in terms of policy going forward with the potential for a divided Washington. Returning, well, you know, we talked a lot about gridlock yesterday. Gridlock is good.

Wall Street likes this idea. We're not going to probably see a lot of major pieces of legislation flying out of a divided Congress if in fact that's how this lands. But the majority would be so slim in this case for Republicans in the House that there are a lot of questions about whether there's numbers to codify same sex marriage and a law to find an expanded child tax credit. What will happen when it's time to fund the government.

Maybe Democrats and Republicans have some motivation here, since no one's gonna have a real mandate to actually manage this fiscal cliff before we have to get into that next year. So there are a lot of big questions about the way a Kevin McCarthy, assuming he's the next speaker, would handle this. I would still expect a lot of investigations, though, a lot of hearings probes into the Biden administration. Get

ready to hear a lot about the Hunter laptop. Let's hope you get some rest before sound on five pm, Ball Street Time, hosted by Bloomberg Washington correspondent Joe Matthew, Joe, thank you, Karen, all right, sounds good, Nathan, thank you.

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futures this morning are moving lower. S and P futures are down about eight points right now, dal Future is down Naughty two and NASTAG futures down fourteen tenuere Treasury little change yield four point one two per cent, and straight ahead it is Bloomberg Surveillance there in Washington, d C. They'll have much more on the mid term election results. That's Tom King, Jonathan Farrell, and Lisa Abramowitz and for Nathan Hager. I'm Karen Moscow, and this is Bloomberg