sonali: let's get started with a check of the markets. we are on a green day with the s&p 500 barreling toward session highs of almost eight tens to 1% on the day. and even bigger move in the desert -- nasdaq 100 snapping three days of losses and big tech firms up about 1.5% on the day. an even bigger move in the philadelphia semiconductor index. 2.2% higher on the day. even the russell 2000 up on the day. not quite as much. about one half of 1%.

i want to look outside the equity market. there are a lot of interesting process moves, including a two-year yield at 458 on the move. the direction of yield has been lower heading into a critical jobs data on friday. the 10-year yield about a flat move here, except for we have seen directionality in different directions between the two and 10 year. think about crude. the move has been more stunning than the bond market in the last couple of days. down to $69 but it's flirting with $68. then there is the yen. we will talk about this more in the show because we have seen it strengthen significantly. the bond market in the u.s. reacted to it but will it keep reacting? rounding the outlook for the jobs report. optimism and disinflation. potential rate cuts next year played a big part in the recent stock rally.

those hawkish signals from the bank of japan created so much cross asset volatility. traders are awaiting the jobs and fomc and a lot of attention will be on the boj. matt horn bok expense why. >> we do think that boj brings to a close both its yield curve control policy as well as its negative interest rate policy in january. the question for markets and what happens with dollar-yen thereafter is how much rate hikes can the market price in for 2024? our view is the bank of japan will raise rates at some point in the year. there is a lot of debate about that and how these markets go. you give the market and inch and it will take a foot. we are trying to figure out the appropriate amount of risk premium for the bond market the price in for a continuation of rate hikes. how easy it will be for the bank of japan to deliver those rate hikes. sonali: let's talk for those

moves with bloomberg's ira jersey. when you think about this potential end to this negative interest rate policy how much of an impact could that have across broader markets? ira: japan is in a much different situation than core europe or the u.s. nonetheless, they are probably going to hike and probably going to reduce or remove the yield curve control constraint that has been on call for the last couple of months. as they do that you will see more volatility in global government bond markets. it will not necessarily be sustained. today is a perfect case of point. the 10-year treasury yield had sold off by about eight basis points. now we are back to unchanged before the end of the day. i think they will create volatility but it's going to be a little more dependent to the japanese markets and it will be for the broader global rate story. sonali: speak to that more here.

you were joking that is like the bond market cared for a minute and then he gave up caring. when will it start caring once again? ira: it cares once again when we have an idea about what the boj's reaction function is. if the bank of japan says we are eliminating yield curve control completely, that will have probably 10 or 15-basis point move throughout the bond markets. people will settle down and say what does this mean for the funnels of the u.s.? -- the fundamentals of the u.s.? investors are buyers or treasuries. there's a concern at the margin there will be less demand when the government is continuing to increase its supply of treasuries outstanding. i think that is where you wind up getting some concerns. in places like core europe, the deficit situation is not nearly

as bad as the u.s. you could have a differentiation between the reaction in the different markets based on the supply-demand dynamics. the place it does affect is france, because japanese investors are pretty big buyers of french government bonds over the last few years. that is somewhere you can see french spreads widen to german spreads. sonali: ira jersey, thank you for your time. turning to our wall street beat, as part of a letter to investors kkr season upstate ---- improvement in the overall quality of the junk bond market will help that market prevent a wave of defaults. the situation allows for some opportunity for kkr. they say one thing the global financial crisis taught us is when investors are paralyzed by fear they often offer overlook opportunity. the opportunity cost of this oversight can be very painful indeed. let's discuss this with joel

shaw. what is shocking is to hear of private credit investors save the default rates will take up more in private markets. joel: the junk bond market has gotten higher-quality in the last decade. a lot of them have moved into leverage loans were lower rated loans has been rising. that has moved into private credit which is where the risks now are. kkr points out the risks are among the smaller companies, which tend to be able to access private credit easier than the leveraged loan market or the high-yield market. sonali: on one hand you see kkr diving into riskier opportunities and they are expecting a mild recession into next year. broadly how are investors weighing the opportunity to start to buy in versus prevent losing some money here? jill: if you are a credit investor you are balancing the

risk of defaults with the foam -- fomo of returns this year. what happened was returns of over 10%. you have to navigate this. what a lot of people are doing are paying high quality and making sure they are staying in the higher-rated names. at the first sign of weakness they are selling. sonali: very cool. jill, thank you so much and we will be following your coverage. i will speak tomorrow with chris sheldon. up next, anne clarke wolff discusses her market outlook. a tricky thing for the markets. that is up next. this is bloomberg. ♪ ♪

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>> i think a lot of sponsors overpaid for assets the last couple of years. the air is slowly coming out of that balloon. i think you can question some of the private market valuation multiples. buying it six times, we tend to see multiple expansion when we sell. i don't have the concern for our business. sonali: this is bloomberg markets. that was apollo's matt nord on bloomberg surveillance this week. the cost of borrowing so high and valuations under pressure there are real worries about the revival of the deal market. everywhere from the private equity industry to the ipo market. we will discuss this with anne clarke wolff, the founder of independence point advisors. anne, there is a great hope investment banking will bounce

back in a massive weight in 2024. that the private equity industry will be a big part of this. can they make hope into reality? anne: great question. there has been a lot of focus on it in the finance environ. there has not been much about necessity to return capital to investors. most of the private equity firms have been holding onto their portfolio companies for seven years compared to five years. they are running out of time. while there is a lot of talk about how selective they are being on what they are buying, they will become sellers. one of our productions is 2024 will be a massive year of private equity private equity m&a out of this . sonali: even if they have to sell, kkr predict a recession next year. are they going to be selling into markets that are not quite favorable? anne: strategics are in great shape. corporate america took advantage

of the low rate environment which is why we have not really felt the pain of the rise in interest rates yet. they already make up about 50% of the m&a activity. clearly the private equity committee will hope they will fill the gap. there is also a lot of new money raised that has not been deployed either. there will be pressure, which we think requires differentiation. it ties into one of our core themes. esg became a bad word in 2023 or bad letters. we think it is an opportunity to actually differentiate yourself side deal and pointing out sustainability is actually quite sustainable because it focuses on de-risking revenue growth and reducing costs. sonali: we will get back to the esg theme in a minute as well as valuations. there is another exit issue here, the ipo market. there is this grand hope that the ipo market will come back next year. what does it look like? anne: it is a scary number that

in 2023 only 2% of exits were through ipo. if you think about it we are working off of a backlog of ipos people were contemplating as far back as 2020. i don't think it will be reality that the ipo market is going to be able to absorb and certainly not absorb the valuations people have in mind. we clearly are in the optimist camp. once we get to april and people have the financials to go ahead and test the ipo market you will clearly see more activity in the 2023. we need the ipo's to perform. there's been a lot of conversation that has been challenging on the few transactions. anybody who needs an exit is going to need as many different creative options to how to position what they want to accomplish. sonali: another talk of the town is the big venture investors watching 90% right downs --

writedowns. how much do they need to correct before investors are exciting from buying in and benefiting from the upside? anne: a related point is anybody who raised money in 2020 and 2021 waited as long as they can before having to confront this question. they don't to give up the hope on the valuations. we are starting to hear people running out of cash. i think you will see 2024 will be the pivotal year of either companies will vanish, have to be dramatically written down, and the smart ones will realize the valuation hopes you had have to be adjusted for the new reality. it will put even more pressure on some of the testing the water conversations the banks do to make sure we actually deliver an ipo market that is sustainable and works. sonali: you mentioned the word earlier, a dirty word. the bankers have stopped saying it. esg. why would that be a competitive

advantage and your when it has not been this year? anne: it's been interesting and disappointing that like many things politics and put his asian has led people to suddenly -- politicization has led people to use it as an excuse. the leading companies who have always seen the benefit. you saw coca-cola declare, novartis declare this. if you embedded these concepts and how you run your business and that can be risk mitigation, which is clearly relevant and the climate conversation, we are big believers that diversity is not a convenience. it is actually something that makes companies better and the data tends to approved that. if we can move people back from moving away from value preaching and focus more on financial fundamentals that the fundamental demand from investors has not changed. they want to see their investing in line with their values.

the funds flow will create the opportunity for the companies who can explain how they have an impact story that is relevant. sonali: how has this impacted your business? you are notably one of the few investment banks run by a woman. when you started the business back in 2021 there was a lot of talk about solomon sisters coming to wall street. has it made any difference to have a woman-run firm with a diverse set of executives? anne: i would say the dealer has benefited in over $200 billion in underwriting activity where we have had companies ranging from ford, walmart, the big banks have endorsed and supported us incredibly early. part of why they have done that is they see the authenticity in our mission. it is not just that i'm a woman owner. it is we are 80 plus percent diverse. what they also are not saying is it's about exceptional talent, it's a coincidence they are diverse. sonali: how difficult is

the talent story going into next year? every single arrival is gearing up in a hiring plan and saying their pipelines are building to record levels. how do you compete with that? anne: there's been a seismic shift in investment banking as an industry. the big banks i had the privilege to work for over a large part of my career are in a really bad situation right now. they are spending more time in washington than with their clients. i think that trickles down through the population they are developing. when we talk to our interns and we have put 80 students through a program to give them their first exposure to wall street and finance, they did not grow up in greenwich, connecticut. they are from across the country. they don't think of investment banking as their destination. when they realize the work we get to do with the amazing companies they look at it in a different way. i personally think wall street will see a decline in banking population. he has spent the last five years

overly focused on tables. never -- no one said what was the client outcome. clients are ready for something different. we are giving them something different in many ways. sonali: you have an investment banking committee. the holidays are coming up. there have been a lot of layoffs. what does it look like into next year? do you think there will be a job market at scale rather than these boutiques hiring one-off mds? anne: what i have learned and i wish i had learned earlier in my career was the importance of building your personal brand incredibly -- and credibly. the bankers who invested in expertise, a clear point of view, say something that may not be as obvious to a transaction in the near-term. they will always have an opportunity at a variety of firms. what we have not seen a lot reported on is the jobs that are going away are going to wait

either because of the emergence of the private credit market. we are being -- automation. our view is that talent is going to flock to where they can succeed. we made a controversial decision that wall street does not have to -- main street and wall street don't have to compete with each other. my most talented people are based in salt lake city, austin, colorado springs, atlanta. in an industry where clients want exceptional advice, there's a benefit to realizing forcing people into midtown manhattan five is a week may not necessarily capture that entire differentiated set of talent our industry needs. sonali: onto a new year and a new way of doing things. thank you so very much for your time. independence pointe advisor ceo anne clarke wolff. still ahead, conversation with the firm's mac selection -- mac

x levchin. that is next on bloomberg. ♪ from our vantage point, we see opportunities. as a top-ten real estate manager, we harness the power of a 360° perspective, delivering local insights and global expertise across public and private equity and debt. our experienced team and vast network uncover compelling opportunities giving our clients an exclusive advantage. principal asset management. actively invested.

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sonali: this is bloomberg markets and i am sonali basak. max levchin, data and ceo of a firm -- affirm says the world of buy now pay later finance from us is to be an alternative to high interest credit cards satellite, debt. here's part of my conversation with him. max: i find it flattering that someone at the top of a bank in america sees us as an important competitor. it's a statement about the idea we are evolving. a cup of coffee that is a model that will go away over the next years. that is good news writ large. sonali: do you think the model creates new risks to an industry

that it may be underappreciated from the get-go? max: the model creates risks for credit cards. frankly, that's a good risk that i am happy to add fuel to that particular fire. you should not revolve on a cup of coffee. you should not feel you have no idea when you will be out of debt. by now pay later and affirm are the protectable outcomes product that's an alternative to the complete the unpredictable version that is offered to you by traditional credit card issuers. sonali: you are kind of leading this hard charge it seems to kill the credit card. where does this come from and you? -- in you? max: i'm not trying to kill the credit card. i think there are folks for him credit cards are perfect. a lot of them live on the coasts, make six or more figures

in salary and really enjoy their airline miles and perks and benefits, etc. i think a tremendous number of people in "normal america" -- i grew up in central illinois. there are plenty of people who revolve -- half of this country revolves around $5,000 plus. we would be a financially healthier nation if we knew how to borrow intelligently and not overextend ourselves. it is not a quest against something. it is a quest for healthier financial lives for everyone who does not live in new york and los angeles and san francisco. sonali: sally bakewell covers us now who covers the firm closely. it was by now pay later on top of credit card debt. credit card debt has ballooned past $1 trillion. what are the reg of the tory risks given that all of this has compounded since then?

sally: the cfpb when it came out with its report about the industry which had grown rapidly, it pointed out concerns like these uneven and confusing disclosures that come with the industry. this was another way for consumers to overextend themselves and get into more debt. there are notches concerns from a regulatory point of view. they are worried that anything -- it's another concern. sonali: it did come up that the congressional hearings as well, there's a benefit that firms like affirm our feeling and that's the crisis the banks have faced. how much more other regional banks worrying up -- warming up to the model that they can become the balance sheet? sally: we just heard from max levchin.

they see themselves as the viable alternative to the credit card which is complicated for a bank try to build its own credit card business. the buy now pay later gives you more control in a way. you know when your outlay is at the beginning. you don't have a revolve or those complicated schemes of interest. for all banks generally they are facing this competitive threat. he heard jamie dimon label affirm that's one of the biggest threats for it to watch. sonali: how thanks to sally bakewell. michael interview ayres tomorrow night at 8:00 p.m. new york time. coming up, bank of america sonali theisen discussing market structure that has been a very challenging as of late and 2024 trends to watch in the bond market. big-name bonds of next. this is bloomberg. ♪

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jon: welcome to bloomberg markets. sonali: we will do a quick check before we get started. we are snapping a sea of red. s&p 500 up .7%. we are near session highs. 10-year roughly flat on the day, shaking off concerns about how the bond market reacts to any move by the bank of japan. we will talk about that. the u.s. dollar still weaker on the back of the same questions. crude, really stunning moves the

last couple of days. now up above $69. now up about 20%. -- .2%. sonali: we are seeing -- jon: we are seeing the outperform for the technology sector today. both are ai related. you have got amd with plans to take on nvidia and a deeper fashion. investors like what they are seeing in terms of the game plan. shares are up more than 8%. along the leaders board for the 100 is alphabet outperform today, up about 5.5%. we have this ai model that has been well received on wall street. those two names have been flexing muscle on this thursday. i wanted to look at the gaming industry by comparison for a couple of other movers today. we were talking a little about gamestop yesterday heading into the quarterly results. investors are trying to make sense of this plan that would see some of the company's funds

used towards ryan cohen, the activist investor turned ceo. investing some of that money possibly in stocks. we will see how that plays out. within gamestop stores people want to play take two's latest installment of the gta franchise. now we have the big youtube trailer out there. it's a big expectation. however, it seems for some of wall street they thought it might come a little sooner in 2025. a bit of cautious trading on what has been a hot stock. sonali: when it comes to bonds, tomorrow's jobs day by give a reality check to traders who powered a ferocious rally and the bulls of the data will provide fresh evidence of a booming economy. jeff sherman talks about the trading action. jeff: we were excited about the rate moves upwards and is been this fomo trade on the way down. people hated bonds all

throughout the summer. once he got a little bit of a rally you see a lot of people piling in. sonali: let's discuss this with bankamerica's global head of for key trading in markets strategic investments sonali theisen. can't say that without laughing little bit. a sonali wall street takeover. it's a good time to talk about bonds. there are concerns when i think about the bond market and liquidity. the idea we have seen such exacerbated moves. how worried are traders being caught off sides given one piece of data can send the market soaring another way? sonali t.: it is certainly true that investors and traders have a lot on their minds as we go into year end. traders are taking views on the shape of the curve, thinking about rate hikes, rate cuts, windows may happen, geopolitical risks, the u.s. election upcoming, credit dynamics. there is no shortage of things. i think our role is market makers is to provide liquidity

in all of these scenarios. traders are looking for that steady provision of liquidity, prudent risk management and that is what we are working hard on each day and the tools we build to do that really help us do so. sonali: those are factors that set us up into 2024. we are near the end of a rate hiking cycle. what are the biggest drivers heading into next year? sonali t.: whatever may happen, the market may go up or down but without the ability to recycle risk through the ecosystem is what i think everyone is so focused on. what we are seeing is the expression of macro views becoming more and more important, things like fixed income etf's continue to grow in dominance. portfolio trading. both are up double digits in a umn volume year-over-year respectively. we had an incredible year and portfolio trading come up triple digits. clients want the ease of access to expressing a view. that is what will be a dominant factor for us to consider. jon: over the last couple of

days in washington there's been a fresh conversation around the regulatory environment for the banking sector. i'm curious. how does policy ultimately impact activity within the fixed-income world where you sit? what is the impact in terms of activity when it comes to the new regulatory reality? sonali t.: there is a lot going on and the regulatory space. if you look at the treasury markets, there are a number of things out there. we may see a proposal for central clearing as soon as the first quarter of next year or treasuries and repo. this proposal to introduce transparency for on the run treasuries. there's a lot happening around margin and provisions -- margining provisions. there is a lot on the radar. this'll be an important trend for us to look at for next year. the important question is how all the rules, a lot and proposal right now, how they are going to be of limited?

the topics of leverage, of capital provision in the markets, they are all in play but i think the ultimate goal is to make these markets work better, faster, more efficiently and we will have to see how these get implemented into the markets. the other area that will come in to play in march of 2024 in the u.s. is t plus one settlement for u.s. securities. that may have application to the fx market, etc. you have shorter settlement windows. there's a lot that is happening in our world. we are building all the tools to be able to service those efficiently. jon: i was mentioning the broader stock market today there is yet again a conversation around ai. within every industry we are trying to figure out the impacts. what are you watching closely? sonali t.: the world is becoming more data-driven than ever. we are seeing an acceleration of the implementation of automated

strategies into our market-making. there is components of machine learning and natural language processing that are already embedded in the workflow. as a complement to erica on the consumer side of the business at bank of america, we have a chatbot on the trading side that is connected to our proprietary data sets and gives on-demand answers to questions to are traders from the data we have internally. we have embedded machine learning to a number of our algorithms . weare seeing those really help us with the risk recycle through the ecosystem. we have the largest trading day ever in terms of volumes in our investment grade algo. some of these components of machine learning and natural language processing are helping us along the way. sonali: that is fascinating. how big was that? when was it? there has always been a sense that automation has taken over equity markets. when will it change fixed income markets and scale? is it happening? sonali t.: i would say it's becoming this hybrid

marketplace. we are building a quantitative overlay to everything that we do. we are making sure humans are in control. we are setting the dials. when we are looking at what risk we would like to put on, how we would like to think about that and factors, they can adjust the dials. whether it is by sector, rating, maturity, etc. humans can look at it and manage the risk and say this is what i would like to position myself as. the computers go out and help us aggregate the risk or awfully the risk or recycle that risk as well into an etf structure. all that environment is being built. at the center of it are humans making decisions. i think that will continue. sonali: humans are making decisions enter at the driver seat. there's a sense that genitive ai could be this big wave change, a game changer in fixed income. is it any change of the ai of tomorrow than the ai of today? sonali t.: genitive ai, i think that's a different all of wax.

what we are talking about has but implement it are predictive tools that work on the data that we have. genitive ai and creating new content, there is certainly proof of concepts that are in play. whether that will infect affect the investment decisions any time soon, i'm not as certain that will happen in the very your future. there is a lot of constraints around how we do that. ultimately, we need to understand what underlies and underpins decisions. i think that will be a longer journey. something we will probably be talking about for the next two years. jon: it feels that way. great to get your perspective. sonali theisen joining us. bank of america. we will take a quick break and talk more about the retail sector. canada goose ceo continuing to roll out new stores and markets. there are some headwinds for the consumer. we look at some perspective on that growth plan coming up next. this is bloomberg.

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jon: this is bloomberg markets. time for our stock of the hour. we are talking retail. canada goose, that stock has been finding its groove recently. it has struggled over the course of the year. but toronto-based company quickly has been doing beyond its signature coats. it is opening more stores in countries like the u.s., china and japan. given some of the recent economic worries, we caught up this week with the ceo. i asked about the company's growth prospects. >> i'm very encouraged.

traffic in our stores is up. people are engaged by our brand. they are coming into our stores more than the ever did in the past. consumers are interested in our proposition. we see that in the number. jon: this is now a global brand. obviously, you are continuing to grow substantially in north america. you have operations that are growing in china as well. how would you characterize that market right now? dani: china is doing really well. starting in november overall, not just in china but i would say it's leading the way. in november, things have started to really pick up. through black friday as well. and that weekend. we performed -- i was very satisfied with how we performed.

a weekend does not make a quarter or year but it's a good trend. jon: you spent a lot of time preparing for that to find the right partner for a market like that. what if you learned from that experience so far? dani: china was interesting. china was the first market we ever entered. most other markets we entered as a wholesale relationship first and eventually converted that to the director consumer market. in china, we went as dtc first and open our own stores. we run china. we have an office in hong kong and shanghai. staffed by local people who understand the market and understand how it works. that is why we have been successful there. we celebrate it are five-year

anniversary in china. it was very well received. we have learned is important to customize products and have special products for the markets. it's important the markets run locally. it is important we cater specifically to the market. we like to be like that wherever we are. any country we are in we represent canada, and unofficial ambassador around the world. we are proud of that. we are also in the location we are in. we -- a store and shanghai will look different than a store in paris because they are different places. jon: dani reese. this is a company that has been continuing to focus on that global story. despite the fact we have all

these obvious questions about where the economy goes from here, what the consumer outlook looks like, you talked about the stores opening. expanding into other products. everything from footwear to knit wear. sonali: how much do they need to do that? that luxury jacket market is quite a heated one. everything from norwegian will, i -- wool, a longtime wall street favorite. those canadians know what they are doing with the jackets, jon. jon: it does get a little chilly up here from time to time. that will ultimately be impacted. whatever else they roll out will be impacted by what they are seeing in the stores and what they are hearing from the consumers so they stay competitive with other players. sonali: coming up, more about a different industry. the crypto industry. do kwon will be extradited from montenegro. this is bloomberg.

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jon: this is bloomberg markets. time now for today's for what it's worth. do kwon will be extradited to the u.s. in connection with the $40 billion crash of his terra crypto token. kwon has been held in montenegro since march. he vanished from singapore. he has denied committing fraud. we know that there was a desire in both the u.s. and south korea to see him stand trial. that has complicated decks tradition process. sonali: we will discuss all of this more with hannah miller. you have been watching this really closely and we have been

talking about it a lot. how big of it is a deal to see this moment? hannah: it could be another major crypto trial in the u.s. as regulators try to rein in the industry. we just had the high-profile trial of sam bankman-fried. we also saw the arrest of binance ceo -- former binance ceo. jon: in terms of the gymnastics involved with this, the complicated process of this, what do we know about how complicated it has been behind-the-scenes? hannah: it's been very collocated behind the scenes. do kwon's high-profile and south korea as well. they have skin in the game here. i think would have loved to have him extradited to south korea. with this report it looks like the u.s. is a leading contender here. we could see another crypto media circus. sonali: speaking of the circus, talk us through with the expectation is for the months ahead. hannah: there are multiple

trials slated in the months ahead in the u.s. for high-profile crypto executives. do kwon could be one of these. it will be interesting to see how this plays out. the crash of the terra linda stablecoins l -- luna stablecoins set off a ripple effect that saw many companies file for bankruptcy. there are many in the industry who want to see what plays out here with the allegations against do kwon. jon: i want to stay on the crypto subject but broaden things out to what we heard yesterday from j.p. morgan's jamie dimon testifying before the senate banking committee. had some harsh words for the entire crypto industry. we will play that sound. >> i have always been deeply opposed to crypto, bitcoin, etc. criminals, drug traffickers, anti-money laundering, tax avoidance. that's a use case.

if i was the government i would close it down. jon: i asked anthony scaramucci to respond to diamon's comments. >> i'm confident that jamie with the reglet tory environment is a little more sanguine will change his tune. i understand his position and where he's coming from. he wants of regulars off his back. the follow-up question should have been, mr. diamon, how much money have you guys spent on researching bitcoin? you are putting out these very bullish comments from your research department at j.p. morgan. jon: what is your take on that, the balancing act for the bank executives right now? hannah: i think jamie dimon, his sentiments reflect what a lot of people feel about the crypto industry. that does not change the fact there is a lot of institutional interest still in bitcoin. there is expected approval of a bitcoin etf. in the next few months that has helped bitcoins price rise over

the past few weeks. there still is a lot of optimism and hope for the industry even as you have these banking executives speak out against the digital assets. sonali: how much of this is talking book? does the banking industry care how much the danger crypto poses/ -- poses? hannah: the banking industry is not without its. own crises silicon valley bank early this year really sent shockwaves throughout the finance, including in the crypto industry. it will be interesting to see how things play out. we have many regulators calling for the crypto industry to be buried -- reined in and for executives to be taken to task. jon: one of the things that scaramucci noted was he felt we did not see a strong reaction in the price of bitcoin to those jamie dimon comments because people are to a certain degree taking that kind of language with a grain of salt at this

point in time. i guess perhaps as well because there is that growing conversation around institutional interest coming from bitcoin etf launches potentially heading into next year. hannah: yeah. people are seizing on hope within the crypto industry. there is resilience here. a lot of hope pinned to that etf. they are going to ignore these kinds of criticisms. there are still people investing in crypto companies, cryptocurrencies. there are projects building both here and abroad. i think 2024 will hold a lot for the unit three overall. jon:. thanks for your perspective anna miller joining us from san francisco. staying on the subject of technology we have seen some outperformance today from some of the ai leaders, names like amd and alphabet. that played a role in helping the broader equity story. we had that great conversation with sonali theisen earlier about the increasing influence

of ai on wall street which sounds like that is a story we have to continue watching. sonali: pretty fascinating. it is not like all of ai is still getting a lot of bid here. it is genitive ai that is the new story in town. we were watching the s&p barreled towards the days highs. up by about .8%. the nasdaq 100 move up even further. this is the snapping days of losses. a little bit of a relief to the market here at a time where we don't know what jobs look like tomorrow. jon: that will be key to watch as we head into the end of the week of trading. we are taking look at that crude chart. the quote. up about half a percent. the energy stocks broadly speaking have been struggling of late. we will watch those market dynamics. for sonali basak, i'm jon erlichman. this is bloomberg. ♪

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>> tech stocks rally. treasury bonds rest and crude oil sinking to the longest slump of the year. your bloomberg headquarters in new york, i am romaine bostick. >> i am scarlet fu. look at equities right now and the s&p 500 breaking out from two weeks of fairly modest moves thanks to big tech. it is up .8%, the biggest advance in about three weeks, well above 4500, and of ours, the magnificent seven is the big reason why. that group up more than 2%, led by alphabet after it release