tv Bloomberg Markets Bloomberg January 26, 2023 1:00pm-2:00pm EST
>> stocks back in>> the green, making a comeback led by the mega cap tech names despite socioeconomic data. "bloomberg markets" starts right now. green on the screen when it comes to the equity market. the s&p 500 higher by 5/10 of one percent. this is not how the day started. apple, amazon, microsoft, with tesla and a mind blowing earnings story. the 10 year yield of course looking at 348. yields are up three basis
points. you are seeing a selloff in the park -- bond market. tells you the inverse correlation of last year has broken down a little bit. the dollar index, following the message from yields, up to tenths of 1%. even in the face of the marginally stronger dollar, strength in the commodities space as well. of course has markets digested today's round of earnings and the economic data, blackstone president john gray spoke earlier on bloomberg about his biggest concern. take a listen. >> the main risk that exists is the economy decelerating as a result of this fed policy. i think they will take rates to the low fives and hold it there for a while. the medicine takes time to work through the system. i think cumulative deceleration is probably the biggest risk. kriti: like i said, a ton of economic data to digest.
who better to do it with them and along. this is something we started to see earlier than the day with the market sentiment. complete turnaround, we will put that in the earnings story but give us that initial take that you got on the data. how damaging is it? >> lately there has been a lot of optimism about soft landing but the eco-data shows that there is a significant deceleration in economic activity in december. despite the overall pretty strong headline forging growth, what it is telling us as we came into new year was that consumption was slowing pretty dramatically and that it is also services consumption that has been slowing. kriti: let's talk about the inventory story. feels like that is where we are starting to see more of a build. anna: that's right, we think that the stalking of inventory has been underway -- stocking
of inventory has been underway since last year. very slow signs. by the middle of this year we would see the inventory process be over and there would be less momentum for goods price disinflation after that. kriti: at the end of the day, it comes back to what the federal reserve thinks of all of this. you are way ahead of the game when they called the 5% peak terminal policy rate in july of last year. some other people were weighing in on that policy. mohamed el-erian writing for bloomberg opinion that it is true that the fed is walking through a dark room but it is also true that the fed time is of the essence and they don't have the time they wish to regain credibility with a larger than -- expected increase next week. the consensus in the market is 25 basis points is what we will get next wednesday. agreed? anna: i agree.
but i also agree with what he said, that this is what the fed should do, hiking back. i agree. in terms of what the fed will do is they will hike by 25 phipps. the pce inflation data we are getting tomorrow will show that for the first time in many months the fed underestimated, or overestimated, inflation. pce data tomorrow will show that the fed was expecting too high of an inflation at the end of last year. that actually gives room for the fed to downgrade the pace of the rate hike to 25. that is what the market thinks as well. kriti: is there a surprise effect the fed needs to consider? the idea of going so strong on not feeding the volker era, do they need to put their money where their mouth is for lack of
a better term and hike more aggressively? anna: yeah, so this is precisely the reason i think he made a good case for the fed surprising the market. however i think chairman powell did lay out his attitude towards risk management in a speech last fall. at the time he said that if the fed is faced with uncertainty, and we have uncertainty right now, balanced risk between upside and downside inflation risk. when faced with uncertainty, the fed will move gradually, not shock the market. kriti: certainly something that we will be keeping an eye on. anna will be joining us for the fed coverage next week as well. but for today, american airlines has become the latest airline to beat estimates with higher fares, boosting fourth-quarter revenue. the same cannot be said for the likes of southwest, who took a massive hit after their holiday
travel meltdown. here to digest all of it is george ferguson. george, two different airlines, two different mary ness messages. george: -- airlines, two different messages. george: they are connected to some degree. the southwest problems during for cube was the american airlines pickup. american airlines reported very good numbers today and i think some of that will fall away as we get into the new year. i mean we are already there but as we get earnings for the new year and southwest right sizes and doesn't spill as many customers. that's part of what's behind it. the other part of the story is that across-the-board the board in the airlines we are seeing airlines with premium services outperforming low-cost or budget airlines and that is part of the
american and alaska stories. to the degree that you are offering business-class or premium economy seat, more of those flyers are returning. some of them are coming down from private aviation and there is strong demand there, despite inflation challenges. they are giving a real tailwind to the full-service carriers of alaska. talking about southwest specifically, they were one of the first to turn cash flow positive again after the covid demand hit. how much of this recovery story is due to the investment they need to put in their technology as a first-half story for 2023. george: i would expect southwest will see a strong recovery in demand for their line. they treated customers well. some of this will spill into one q and two q but as the year goes on, flyers, the memory is always
a bit short. typically they go for the best iced fair and southwest can find a way to do that well. they have great policies like bags fly free, no change fees. that all works for them. but really the trend we are seeing is that the latest to recover markets are performing the best and improving results best at the airlines. what do i mean by that? overseas, europe, something that has just been recovering for the back half of 2022 with some of the best pricing coming out of those markets. asia is still yet to recover. we are seeing the best prices in those markets. business is coming back, some of the best pricing in those market . premium still sees customers jumping in and bouncing back from what they missed during pandemic. they are willing to pay what it takes to get into those premium
seats and that's the tailwind. the airlines catering to those segments will be doing the best here. kriti: how much does the cargo plane on the story run american operations? >> cargo has a great tailwind is fading. revenue flowing through their is starting to diminish. kriti: certainly something that we will keep an i on. george ferguson, thank you for your time and perspective. time for the first word news with mark upton. mark: top house democrat hakeem jeffries says he's open to talks about federal spending with speaker kevin mccarthy but he wants to see the republican proposal for reductions and the commitment to take the possibility of defaulting on u.s. debt off the table. jeffrey's it says that democrats will oppose cuts to social security, medicare, and veterans benefits, but says he is developing a very positive and were looking relationship with
speaker mccarthy. canada is nearing a decision to send a number of leopard to tanks to ukraine -- leopard two tanks ukraine. the number under consideration is a 4-6. canada also announced they would purchase a u.s.-made air defense system known as the heir to defense surface missile system to ukraine. asia's richest person is fighting back. the business empire he controls is considering legal action against activist investor hindenburg research. they accused's business of market manipulation and accounting fraud. his empire lost $12 billion in market value on wednesday. he says these assertions of accounting fraud are devoid of fact. close to one in five workers
artfully check out on the job and employees since that they are -- and employees sense that they are being treated fairly is plummeting. gallup found the share of u.s. employees engaged at work declined for the second straight year. a second survey found fewer than half of workers trust their organization to give them a fair shake. global news, 24 hours a day, on air and on bloomberg take powered by 27 hundred journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪
kriti: this is "bloomberg markets," i'm kriti gupta. supply chains have been a major obstacle to the global economy and it is looking to get back on its feet. looking to make major improvements, a former texas hometown of mine is my key rail hub and we are lucky enough to have the mayor on our show. matt harper -- mattie harper joins us. let's start there, the amount of attraction fort worth is getting right now we already know was a
big operator when it came to railroads but is now a major player for defense as well. talk to us about that. >> supply chain issues are affecting the entire country and we have taken the approach of working with private sector to bring it all home. you mentioned our proximity to the rail system. we are home of the nsf rail. what does the future look like in technology innovation and transportation? honestly, no one is doing it better than here in fort worth, the hillwood ross perot company. private public partnership devoted to attracting businesses for future innovation in transportation in texas. right here in fort worth. synergy is happening. top-notch companies rethinking the way to be will move goods and people across the country. everyone from the autonomous trucking country, the two simple , and google drones, all situated here.
north texas continues to be one of the fastest-growing regions in the country so it makes sense that these companies want to pilot these opportunities here. danielle: we're going to talk a little bit about infrastructure. with all of this growth in fort worth, it must be causing strain on the infrastructure. what lands do you have to alleviate some of those concerns? mattie: great question. ninth -- usually muni bonds are not a sexy topic but you have to town -- stay on top of your game. the pay really close attention to fiscal health. our municipal bond rating really reflects that. we just passed a bond where 66% of that was mobility infrastructure. we are one of the fastest growing cities in the country. it has a immense responsibility to keep people moving across the community. we have to the property tax rates low. in texas we are a two-legged
stool. no income tax. just sales and property. but you have to make that investment return to your taxpayers. we do that by working with private sector partners to build major -- infrastructure. we are proud of our relationship with tech stock and other cities across the metroplex to make sure that we are meeting the needs of the growing demand on our highway systems and pivoting to what public transit looks like as well. kriti: what does that then mean comes to something like issuance. do you guys have any plans? mattie: we have a solid path every four years. we are 14.7 five cents on the property tax rate, keeping the yield to $137 million for 2023. it keeps us current on the current bond debt obligations. we are more conservative than other large cities when we look at the debts we want to incur about being forward and progressive when looking at the
infrastructure the future needs. this is community centers, parks, libraries, open space. all the things a thriving city with a high quality of life would have but working with our financial team to do it in a responsible way. danielle: given all the infrastructure needs that fort worth and other cities in texas have, four major wall street banks are not able to participate there because of laws passed during the legislative session last year. is there concern that limited competition could increase costs on texas borrowers? mattie: there should be a concern and i have talked closely with the larger banks that have been affected by the legislation and taken the tactic of having this conversation with our statewide leaders to make sure that we are making the right changes so that we are not penalizing the large banks that have made really sound investments in growth and infrastructure and recognizing i want to stay out of the politics of that, that's not my job as mayor of fort worth.
there's been a lot of tussle among the state leaders but it is important to use my voice with those banks you mentioned to make sure that their story is told. at the end of the day it affects the taxpayers and the residents of the thriving city and if you can't partner with those banks you affect the capital stack. there are ways around it. kriti: speaking of the tax story, we know tax credits is one of the major reasons you are attracting a lot of that business. tax relief is going to be a major consideration in the session this time around. how will that help your residence? -- residents? mattie: great question. we are fortunate, looking at a $30 billion surplus in the state of texas. half of your tax bill is your school district taxes. that's where the bulk of the conversation will be. buying down the maintenance operation side and making sure that we are funding public schools but putting more state money in so that local property tax can go down.
in the city of fort worth, 26% of your property tax bill comes to the city. your return on investment as police, fire, mobility, services, i could go on. the reality is that families are hurting. sometimes it keeps people out of buying a home altogether and i'm glad that the statewide leaders are looking at it in a bipartisan effort. it will be easing -- easy. it's complicated. our job is to advocate on behalf of governments across the state to tell our story. i'm optimistic that we'll get this right but they have to get it right for other future sessions and we won't always have this type of surplus. danielle: i want to shift gears and talk about air travel. dallas-fort worth is one of the busiest airports in the world. how is the city dealing with this intense rebound in air traffic. mattie: we are the third busiest in the world.
millions of travelers come through here to connect. this is a co-owned airport with the city of dallas. i'm a proud board member and this is one of our reddest assets leading to long-term -- greatest assets eating to long-term success. dfw -- leading to long-term success. we have led the way when it comes to expansion efforts across the u.s. i'm bullish on the future of dallas-fort worth because of dfw airport and the proximity. you can fly almost anywhere in the world direct. we are home to american airlines. proud to be there hub here. more good news coming to the airport. kriti: mattie, we have to talk about the politics at play. especially mayors reaching out to the president to do with the influx of migrants from the southern border. we are getting comments from the mayor of miami to the mayor of texas, brownsville. one of they doing and what is
your cash what are they doing and what is your relationship -- doing and what is your relationship with the federal government? mattie: we have not seen that influx in the latest push across the border. that is for a variety of circumstances. i know that sister cities in other states have seen it happen . at a financial level, our faith-based communities and ngos do an amazing job caring for those most vulnerable, including our migrant communities. we are in constant talks to prepare for the what if a what would happen. the reality is we have a broken immigration system and the mayors in cities across the country are absorbing the problem. i hope to see a bipartisan solution in washington that addresses these issues while paying close attention to what's happening at u.s. cities. in fort worth we have to be prepared to any moment to receive migrants.
the same as if you are on the coast and needed to prepare for emergency management. it takes close relationships. as far as the biden administration, for me personally they have a great team for outreach to make sure we have our needs. we have an excellent delegation in washington. congressman kay granger, now the appropriations chairwoman, we work closely together for the needs of fort worth. senator cornyn, i have a great relationship with him as well. i'm optimistic. it's our responsibility to work in a bipartisan fashion to get things done for our cities. kriti: a conversation to be continued. mattie parker, danielle moran, thank you as always. inflation may be easing around the world ahead of next week's ranking decisions. unique problems, we will dive into it. stick with us. this is bloomberg. ♪
kriti: this is "bloomberg markets," i'm kriti gupta. we are talking about central bank decisions coming next week but a lot of this is going to be focused on the boj. inflation is easing but for them there is still a lot of pressure on the yield cap. they did not change it in their last decision but look at the 10 year swaps that are pricing way above yield cap. the new one is really signified by this yellow line and it speaks to the pressure you are seeing in the bank of japan. question, what will the pressure due to the yield cap and the buying domino effect. that's something we want to keep an eye on of course going into next week. coming up on the show we get more reaction to today's mixed report. chief economist over at state street global advisors joins us to talk about how important the data is and whether the market
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john or lick -- jon erlichman: welcome to "bloomberg markets." kriti: green on the screen, looking out higher by five tents of 1%. we started the day off lower but we had a complete turnaround picture that was rescued by earnings and a little more optimism in the tech space. nevertheless, the bond market not really helping or hurting the story. 345 on the 10 year yield, only higher by one basis point. yields were higher by almost
seven. the volatility was very much in play. the dollar followed and you saw that marginally, 1/10 of 1% stronger in the greenback. how much closer do we get to $100 oil? nymex crude. jon: we are watching the energy stocks, but you also mentioned that keyword of earnings as we continue to chew through the tech excitement led by tesla today with a call from elon musk to possibly see upwards of 2 million tesla vehicles sold this year. those shares are up 10%. not all tech stocks are along for the ride. ibm's casual concerns seem to be front and center for 2000 23. southwest is still working for the holiday headaches in that's impacting the profit picture for the current quarter. we will watch them over the course of the first quarter and just a reminder of what's going on in the housing market and the knock on effects, sherman
williams, huge player in the paint market is down 8% right now as you see less demand coming out of that part of the economy. jon: certainly something -- kriti: certainly something we will keep an eye on. economic data is also playing part in the trading. earlier in the u.s. gdp report we have the prospects for the economy in the year ahead. take a listen. >> we are teetering towards recession. the fourth number looks good teetering against that backdrop of the stronger rise in the third quarter but when we look at what's happening with the consumer, the backbone of the u.s. economy, we are seeing a clear loss of momentum. jon: ok, and economists opinion there. for insights on how treasury markets are reacting, let's bring in liz mccormick, our chief correspondent for global macro markets. liz, you have been listening to the mood on the bond market for weeks here.
in terms of the buzz that you were seeing today, what would you say it is? liz: listening to lindsay, she's right, bond yields are up a little bit today. the gdp data was better than expected. jobless claims were a little bit stronger in the economy than expected. i think overall the bond market beyond today's move is leaning hard into the recession coming, right? 10 year yields, if you look at them they are way below the highs of 1.3% from october of last year. the bond market is seeing a bigger picture saying that all the fed tightening, like you mentioned, housing, it's slowing down and leading out of recession for sure. kriti: tell us what exactly the bond market is pricing in here. cuts down the road possibly, but is this the action that you see if you are staring down the barrel of a recession? liz: historically if it's any
kind of recession, the fed pivots, right? they are in a bit of a quandary now. we are above the target and fed officials have been adamant, going about 5% and staying there for some time. they said they are not cutting this year. but they don't seem to buy it, right? there was pricing in the marketplace where inflation fell fast. inflation will be such a problem in the fed is going to have to turn and do what they usually do when the unemployment rate gets too high. we will see the end of the year. jon: we certainly will. against that backdrop, as we get ready for the next fed decision, what do you think the bond market is going to key in on? liz: we were talking earlier with some folks about this.
every word jerome powell says, right, some folks in d.c. were saying look at this statement. they might have to adjust it a little. the market will have to see if there is wording in the statement that changes regarding slowing down or stopping. how strong is jerome powell in the press conference trying to hammer home again that it looks like we won't be cutting this year? that's with the bond market is looking for on wednesday. kriti: liz mccormick, we thank you as always. before we continue the conversation we are getting breaking news on salesforce ready to discuss appointing new board members. shares are off 1.3% on the day. this is a company in talks to bring on arnold donald, former ceo carnival and mastercard. the chief financial officer there with the independent director, according to our sources.
potentially discussing the possibility of giving a board see to the value act capital management ceo mason morgan. these people have not confirmed this, it's all private information at the moment that it is being welcomed by the stock market right now. sales market -- salesforce shares are popping and we will keep an i on that story. for now, let's go back to the eco-story. that was driving markets this morning at 9:30 a.m. for more insight on the economic data in the fourth-quarter gdp report, who better to talk to them simona mocuta at state street. simona, thank you as always. we heard moments ago that the bond market is pricing the in. is it fair to say that the bond market is right about the direction of the economy? simona: i think there are
different interpretations. it doesn't necessarily say that we are headed into recession but it is telling us that inflation is taking hold and coming down and is perhaps more about what then follows from the fed standpoint and the fed funds rate standpoint. so, i think that is the true debate going on right now. it's not what the numbers are, but what they mean. jon: here in canada this week we saw the bank of canada signal that they were going to pause on rates from here. as for pivots we don't seem to be hearing much north american talk of that, yet. looking into the back half of this year given the economic backdrop, do you see the idea of a fed cut as a realistic one? simona: i do and we have been making this point for some time. it's not an issue of the fed giving up on battling inflation or, you know, issue of the
economy weakening so much and the labor market deteriorating so much that it necessitates action. it's more about inflation data improving and improving to such an extent that at the end of 2000 23 with the headlines cpi numbers around three or possibly below that, the fed might be asking does, does it still make sense to keep this about five? i think it's more a question of how tight, you know? there is a lot of emphasis right now to make sure that we are sufficiently restrictive. is it possible that what is sufficient now becomes excessive later? kriti: simona, one of the big fears or i want to say ptsd that the fed seems to be having is not to repeat the volker era, something the chairman has spoken vehemently about. is that still a risk here? simona: i think you have to have
that in the back of your mind as a possible risk, but alan stand assessed against the data evidence at hand, right? what are we seeing that wage inflation? clearly a peak. needs to be forward progress with initial moderation. what have we seen with expectations? again, the same idea. you want to see further moderation beyond the. right? to the extent that those two bits of data remain anchored, you want to remain mindful of the risk but not the excessively undue worries. kriti: simona mocuta, thank you as always stake from elliott
investment management. it wasn't clear what kinds of requirements they had or what kind of changes would be made. i wonder if board members are an early sign of the elliott footprint. jon: well the reporting by our bloomberg team points to the idea that the team at salesforce is working on refreshing the board and has been for several months. that's an excellent point, when you have activists knocking at the door and can ramp up the pressure. the other reality is this company got very big over the last decade. you and i have been talking about the tech layoffs. salesforce had 8000 job cuts recently as they look to retool. they digested a lot of big tools . slack among them. now you have questions about the economy. we just talked with simona about that. potential changes coming at a time when big technology
companies have some big choices to make. kriti: salesforce is no longer just a cloud computing type of company anymore. they do a lot of different things, speaking to the diversity of background when it comes to the players they are considering, here. the former ceo carnival and mastercard, potential independent investors, and the value add ceo. jon: and if in this environment right now you are messaging to wall street there is a warm reception. fortunately our unfortunate eight, with anything involved with all scott's. we have heard a lot of these announcements between salesforce, google, facebook, or amazon. you are talking upwards of 40,000 to 60,000 my office from some of the biggest buyers out there and some of that news has
been well received because of the hiring boom we have seen in the last decade. kriti: and we have to keep an ion whether or not this is just a tax story or something affecting all of them -- all of america. will she lay keep their rates unchanged -- chili keep their rates unchanged? stick with us, this is bloomberg. ♪ .
political leaders are aware of the fiscal austerity and advantages of this. even in a socialist country like brazil or some of the other latin american countries, we expect extremes to be last -- less than the past in terms of policy. kriti: this is "bloomberg markets." you were just listening to morgan stanley investment management saying that a decade of investment in emerging markets has begun, leading to one of the richest countries there, chile, pressured by double-digit interest rates. today at 4 p.m. shery ahn will be live in santiago with a preview. first off, amazing, so glad we can have you reporting on the ground. let's talk a bit about chile's economy. are we expecting a pivot from the central bank? what do you think?
>> we are watching the forward guidance very clearly because we saw the last time they met at the central bank really wanted to send a message that they wanted to keep the rates high until inflation is back towards a trends and target of 3% that we are nowhere near that. we are talking about easing inflation to 12.8%. that's the highest in decades. no wonder we saw the bank raise rates over 1000 basis points since 2021. we are expecting them to hold rates after their second meeting, the highest since 1998. there are concerns that the economy could take a hit. we are talking about the central bank expecting the economy to shrink this year. chile to be the only south american economy to contractor this year. we are seeing measures from the government and i'm here in front
of presidential office. we have seen the president with his leftist administration trying to help the poor and middle-class. with a $2 billion social aid package. some still fear that that will actually really fuel more patient pressures. -- more inflationary pressures. jon: it's amazing to watch the story of an economy go from robust, potentially, and the political turmoil you have been highlighting in part of that or because of that economic uncertainty. shery: we have seen since 2019 mass protests, chile not being the same again. we are talking about the focus on social and economic equality. really, a lot of dissatisfaction with the government and the state of the economy. now we have continued to see the government try to rewrite the constitution. they failed last year because
chileans thought it went too far . this week the congress has approved more members on a committee to outline the new charter. we are expecting to see something of a political consensus over last year. perhaps that is why markets are becoming more optimistic about chilean assets, now. jon: really helpful context. thank you for your reporting. tune in for that exclusive interview with chile's central bank governors tomorrow on bloomberg. we want to get to some breaking news. details tied to potential imf funding for ukraine. the international monetary fund is exploring and multiyear aid package for ukraine that could be worth as much as $16 billion to cover those war efforts. whether the program is ultimately implemented could hinge on a range of conditions, including endorsement from g-7 nations. time for a quick rake.
when we come back, the tuesday trade swings and halts at the stock exchange coming back to a manual error. that story, next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh
jon: this is "bloomberg markets ." time for today's for what it's worth. our number is 250. 250 stocks, morgan stanley to mcdonald's, caught up in the chaos this week when a technical glitch briefly sparked wild swings on the stock exchange. turns out an error by a staffer at the backup data center in chicago was to blame. to get more perspective on this, catherine doherty has led the reporting on this. thank you for the time as always. navy you can walk us through what you learned. catherine: tied to what you just
mentioned, this backup data center ironically disrupted the new york stock exchange. we saw a big fallout immediately in tuesday's open because this backup center was left on when the primary center located in new jersey was supposed to take over, it didn't register the opening option. why is that important? that's the time that prices are set specific parameters. parameters were essentially thrown out the window. prices were swinging all over. many of these stocks actually halted because of the volatility. i went through and called traitors and the exchange and everyone i could to figure out what was actually happening on both the fallout and the reaction. and the cause, to. it was a human error. it was something that had to do
with the system being left on and a human had not turned it down or shut it down overnight. kriti: catherine, what do we not know here? katherine: the biggest is costs. reputational costs, not a good day. a huge mistake. they are now talking to lawmakers, regulators, trying to explain exactly what happened. the next thing coming to fruition is the actual claims that are being submitted as we speak. friday, tomorrow, is the deadline, three days after the event in which organizations can submit the claims. these are costs investors could have potentially lost because of the disruption. we are going to have to see how those all add up and how much nyse might be on the flip -- on the hook for. they have about $500,000 they
have set aside for events like this. maybe they take additional costs or parameters to cover some of the losses. that really is the next big question that needs to be answered. jon: every trading day, the floors are ready for whatever the session brings. as you made those calls and spoke to the different guests, what did you generally hear about this incident? katherine: in general at first it was surprised. many folks were just trying to digest what was going on. then it was the why. the stock exchange had put out updates throughout the day and eventually many of these trades were canceled because of the wild swings. they were able to identify which trades were far outside the parameters will really set and essentially they were declared null and void. so they could move on. then what we had to see was the tate where the trends are normally displayed, the prices
had to be updated. you had to take off the canceled trade so that everything, and this also i have to mention, went on to other exchange venues and those were affected as well because of the new york stock exchange glitch. kriti: something that we will be keeping an eye on. katherine, thank you. john, we have to talk about this market action. the s&p 500 is in the green, the nasdaq is outperforming. a complete turnaround from what we saw earlier in the day. i can't quite make sense of it. is it all earnings? is some of it eco-data? what do you think? jon: today you had a soft landing scenario playing out in the first minutes of the day with a positive reaction reminding us that while we are watching for peak inflation and fed pivots, the
idea of growth hanging in there is a story line for 2023. kriti: certainly something we will keep an eye on if it holds to the end of the trading day. stick with us. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business:
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romaine: the s&p 500 holding above the 4000 level. decent earnings providing support for this market on this day. romaine bostick alongside katie greifeld, kicking off to the close. katie: it looks like the s&p 500 more muted. the nasdaq 100, big tech back in charge. romaine: we talk about the levels of support. the s&p 500 remains above the nasdaq 100.
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