alix: we are 30 minutes into the are 30 minutes into the u.s. trading day. we are shaking off the fed. bad news is good news. higher than expected jobless claims. a less elvish realm powell. first, bracing for big tech. apple, amazon, meta report earnings after the bell after a lukewarm reception from microsoft and alphabet early this week. we preview those numbers. capitalizing on weight-loss loss drugs. the ceo of -- joining us to

discuss demands he is seeing for glp-1's. welcome to bloomberg markets. you take a look at these markets, and really struggling to rebound. the s&p 500 is in the green up .3%. same thing if you look at the nasdaq 100 and all of the big tech. after the fed all of that economic data, a lot of movement when it comes to the bond market . the 10-year treasury yield is quiet but we are well below 4%. almost below three point 9% almost. we will see how low we can go. a little change this morning but we have seen a bum higher in recent days. the vix trading with a 14 handle. have some breaking economic data

crossing the terminal now. mike mckee joins us with the latest. mike: the number for january is 49.1. i think that you are probably too young to remember get smart, the tv show. we can say missed it by that much. the forecast was for 47.2. it's the highest since the last time we were at 50 and october 2020 two. it suggests some improvement on the horizon as do the sub indexes. new orders are up to 52 .5 from 47. production up to 50.4 from 49.9. one down is employment 47.1 falling from 47.5. we have seen that in some regional indexes in the forecast for manufacturing jobs. tomorrow is not particularly great. the other number that everyone watches is prices paid. that goes up. 52.9 from 45.2. we have been seeing prices

continuing to fall, but now they seem to be moving higher. he has been telling us that he thought that we had bought onto, and it looks like we are on our way back up if this kind of momentum can be sustained. katie: i did not get the reference, but i would have been polite about it either way. some of the other data that we got earlier this morning, initial jobless claims coming in higher than expected. how does that set us up heading into the big one tomorrow? mike: it has no relation, because that is from last weekend the end of january. dobson survey is taken during the weekend that includes the 12 of the month. they aren't related, but the question is, do we see the increase that we got continuing going forward, suggesting that maybe the labor market is getting weaker? the anticipation as you mentioned earlier from the economists that we surveyed is that we had a strong month of january with 185,000 jobs.

if you want a nice size and scope statistic the unemployment rate is set to rise to 3.8%, the 24th straight month of two years where unemployment has been below 4%. katie: that is a pretty good one. i'm sure that we will see you very soon. thank you so much. more analysis on what is happening in these markets. we are joined by the value works founder from sunny miami. let's talk about the market reaction to the fed. we saw a big chunk taken out of the s&p 500's rally yesterday and it looks like were taking that back a little bit this morning. how do you read what we learned yesterday and what does that mean for the markets going forward? >> two things that we learned yesterday. one is something that we maybe should have expected, full stop. that the fed isn't in a rush to lower interest rates and to me

that makes a lot of sense because the economy is doing just fine, thank you very much. i don't see why they would be lowering rates. the other thing that we learned is that the markets aren't comfortable with that reality. the markets sold off dramatically on the notion that we aren't getting cuts in march or april. as that sinks in, the 5.5% fed funds could be here for quite a while, yesterday's market action suggests that we could have a hard time moving higher from these levels of the fed is not cutting. i don't think the fed is cutting because they're so much other stimulus in the world. that is why the economy is doing so well. katie: maybe higher for longer. it isn't something you want to scrap at this point. the next few months, sounds like you say if you add it altogether we will be moving sideways from here? charles: a good case is you move sideways. a reasonable case is you give back 5% to 10% from today's

levels over the next couple of months as we go into the heat of a presidential election -- which will be very contentious and concerning for investors -- and you go to an extended period when money is tighter. there is a lot of liquidity in the system and a lot of fiscal stimulus. it is not at all clear that the economy is going to get weaker anytime soon. but that does not mean that the markets do not retrace some of this advance. frankly, a lot of this advance is on some really extended growth names. those names could give back a bunch and the rest of the market could be flat and valuations would be ok. we would be setting up for an advanced down but not in the next two to three months. katie: let's talk about the spiritual opposite of some of the growth names that you mentioned. you are the founder of value works. i'm going to assume that you

like value shares. what actually checks the box for you? charles: for us it is a really important discussion. to us, value means caring about price and looking to get quality assets at discounts of what they're worth. it doesn't mean buying bottom tier companies at low multiples. i think that the strategy of buying mediocre companies at low multiples is really going to struggle for the next several years. what we do as value investors is try to find what we perceive as great, solid growth companies. i perceive micron technology and qualcomm as great growth companies. we get them at very reasonable multiples. i think that qualcomm is really trading at reasonable multiples based on the earnings that came out. micron is too. there are a lot of companies that we believe will be priced as growth companies somewhere down the road but are priced as value stocks today.

i think that the challenge for investors will be picking those individual names that make that transition rather than calling the groups and sectors. katie: what is the first screen that you apply when you are doing the bottom-up analysis and looking for the names to selectively go into? do you go value first, multiples first, or identify stories and see what fits the theme? charles: i look at what is happening in the markets, and i try to make sense of it in sectors and spaces. a couple of years ago the boom was exciting and valuations were rich. over the past couple of years they have eroded dramatically and fallen apart. very few of those companies have not lost 60% from their offering price. in the universe many of them are going to turn out to be stories that never pan out. but there will be a couple that turned out to be leaders in

their industry and really exciting. we are in there. in the financial sector when we have the meltdown earlier this year, plenty of those companies are overextended. on a mark to market basis, mark to market insolvent, first republic was. there are a handful of others that may be. there were some that were not and came down in price as if they were. if you look at it case-by-case, story by story, security by security -- what is fun for me is that for the first time in a long time individual share ownership by the public is going up. investors are confident and likely to own individual stocks. well you may or may not be the s&p, i think that there is a lot to be said for people going out there and deciding that they like a company, they like what they do, they want to be an

owner, investor, and promoter of it. that is an important, positive development. katie: there is a conversation on where that is coming from. if it is a byproduct of investing during the pandemic. we won't have that conversation now. i want to quickly talk about regional banks. you mentioned the meltdown in march of 2023. let's talk about the meltdown we are seeing now, the issues with new york community bank that we saw yesterday. you look at kre, having a little bit of a meltdown today. are you finding selected places to go within that sector? charles: we are short some of those names. we won't talk about those specific names because they are tricky. we think that there is a big challenge for the regional bankers going forward. some of them are trading cheap enough that they are priced to take that challenge, but a lot of them are trading as if nothing is wrong.

their cost of funding is going up dramatically. their ability to charge higher rates for everything that they lend to is really constrained in part because there is so much capital out there in private credit that is not bank-driven. that is compressing spreads. banks don't necessarily have a funding advantage in this environment. i think that as a group there will be a top headwind. i think that is what will keep the overall market constricted. katie: maybe we are seeing some of that play out today. that is charles lemonides. let's look at the stocks moving in the markets. we will do that with emily griffey. emily: your guest said that qualcomm was a buy but their earnings were a mixed bag.

they beat on revenue, they beat on adjusted operating income. they said that phone shipments are getting stronger. they are the biggest seller of smartphone processors are they are facing an inventory problem in their second largest business, chips for connected devices. the internet of things. think smart thermostats, anything connected to wi-fi. they are facing too much inventory in that business. overall the street seemed pretty positive, like your guest, keeping capital markets raising their price target to 180 from 165. they say that the company seems to be turning around from a slowdown in phone and headsets to a recovery. katie: we will see if that translates into a rally after what we are seeing today. let's talk about trains. emily: there is a great article on bloomberg from thomas black talking all about how rail safety is still an issue.

i am looking at norfolk southern because that stock has been underperforming in the s&p 500. they had a trained real meant about a year ago in ohio. this morning the wall street journal was reporting that an investor group led by anchor holdings is taking a large stake in the company. they want to replace board members and the ceo of norfolk southern. the street noted that this activist investor has successfully replaced board members at other train companies. that is encouraging. that stock is up 7%. katie: if i was the ceo of norfolk southern and i saw the stock rallying so hard today my feelings would be a little bit hurt. let's talk about canada goose. emily: they had a good quarter. we talk about, is the economy going to hit a recession? canada goose makes very expensive parkas. the company said that they saw record traffic levels in the holiday season. the stock was up about 10%.

now just about 6%. their fourth-quarter revenue forecast beat estimates. overall, their earnings were positive for wall street. they see revenue for the fourth quarter at 310 million canadian dollars to 330 million canadian dollars with an -- with that beating an estimate of 299. katie: it is a good day for the goose. big tech earnings after the bell. we will preview results, next. this is bloomberg. ♪

katie: apple, amazon, meta, all

of the heavy hitter set to report after the bell. for a look at what we could be looking for we are joined by the bloomberg technology cohost ed ludlow. let's start with apple. it seems like the goal is to really avoid the fifth straight sales decline. ed: the guidance from apple going into the quarter was that sales would be flat. the street was a little more bullish. it was the holiday so it was a good time to buy an iphone. we see 1% in sales. he comes back to china. it always comes back to china. that was the focus in the prior quarter. greater china overall was weak. apple was specifically weak in ipad and mac because we didn't have any new ipads or macs, but we did have a new iphone. the argument that apple made was we are still number one in china from a small phone or handset perspective. now, the question is how does that push them forward through

2024? katie: it will be fascinating to see the commentary. geithner has been the rallying cry for some of the apple bears out there. can we talk about the vision pro? the headsets go on sale on friday. what are we expecting to learn? ed: the vision pro is a $3500 product and you have to accept that in the first instance it is targeting the developer community and is not a mass-market product. there is optimism about the response to it. it could be one of several catalysts through the year. those that are more bullish on the sales side, if they have upgraded their rating on the stock, it has been on enthusiasm for vision pro. i think what ties it together is how investors respond to the next generation apple. apple's metaverse ai play. there has been a lot of negative reporting about the companies who have not made a vision pro specific app. there is a lot to offer from a

software perspective. we want to understand that. katie: what gets forgotten, at least in my circles, is that meta also has headsets, etc. where do they stack up against all of the hype around the vision pro? ed: what is interesting is i am hearing that there has been a lot of enthusiasm on quest 3. it is a much lower price point piece of hardware, around 500 dollars. like the vision pro it is a mixed reality. there is a virtual-reality component where you live within the screen or there is an augmented reality component where you take a projection onto the world around you. the price point is the key differentiator. meta has moved away from the metaverse. it wants to be a part of the ai story. it stays committed to this hardware initiative. remember, the pain of 20 23, that was investors were fed up with the cash that meta was

burning through to fund meta reality labs, facebook reality labs. that is the division driving the growth. katie: we will see what it is like today. you are thinking about the year of efficiency meta delivered a gain of 194%. ed ludlow, i know that you will be busy. thank you for spinning time with us. let's turn our analysis to the regional lenders. the new york community bank is spreading concerns over commercial real estate. the bank had a record one they plunge yesterday after reporting massive credit losses. citizens financial group ceo spoke to bloomberg tv earlier today about the news and how he is viewing the regional bank landscape. >> for the most part everything is in the rearview mirror now. there were a few it eoc and credit rank failures, -- a few idiosyncratic bank failures and things are starting to feel more normal. yesterday's announcement was a bit of a surprise. i think that that's an outlier.

katie: here to help make sense of it all, we have hermann chan of bloomberg intelligence. talk to us about what we learned. how surprised were you? hermann: it was surprising. the dividend was cut to five cents a share. they're talking about growing the balance sheet this year from the loan standpoint. and have targets for capital and liquidity that were a surprise to the street. on top of all of that there were credit quality concerns with some losses in the portfolio with respect to multifamily and office lending. katie: i think that it speaks to the nerves of the market. you look at kre and broad-based indexes and they are down significantly again today. is this an idiosyncratic issue to n.y.c. beat -- nycb or something systemic? hermann: a little bit of both. the video syncretic part is when

they acquired signature bank last year they tipped over the $100 billion asset mark which ushers in higher capital requirements and will require them to undergo the stress test this year. in order to prepare they needed to shore up their reserves, loan loss reserves and capital. that is the idiosyncratic part. the systemic part might be towards office commercial real estate and specific to them they have a big multifamily apartment lending component which is a bit constrained in this current environment with high interest rates and regulations. katie: you mentioned that there are a lot of issues here. quickly, are we going to see other banks pop up with the cre issues? herman: the issue will be an elongated cycle. we could see losses in 2024.

it could happen over the next few years as the loans matured. the other good thing is that banks are prepared because they know that the cycle is coming so they have built up a lot of reserves. the citizen ceo mentioned that things are in the back of you and they have built their reserves. 10% of their office exposure. it is a known threat that is coming. from that standpoint, nothing should surprise the industry on that front. katie: we will see if that logic holds and if we could more surprises. it is great to see you. thank you. still ahead, we will look at the companies making the most social buzz. the social climbers is up next. this is bloomberg. ♪

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katie: it is time now for social climbers, a look at the stocks that are making waves on social media this morning. peloton is predicting another sales decline, throwing water on wall street's expectations for a return to growth, underscoring the fitness company's struggle to recover in a post-pandemic environment. adidas issuing a weak profit outlook. the german sports apparel company says that the valuation of the argentine peso and fx movements will weigh on finances this year. ferrari is expecting earnings to rise on luxury demand. it is reported that the race car driver will join the ferrari for the meal or one season. they have seen quite a dustup in the racing world. i am sure that plenty people are excited about that one. you can follow the latest

company buzz on your bloomberg terminal. u.s. manufacturing might be starting to stabilize according to the latest data. we will get the boots on the ground view from ravin gandhi. this is one bird. ♪ 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

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♪ ♪ ♪ ♪ ♪ ♪ >> there is no digital without chips. everyone speaks about the digitization of the world. a step further, there is no green the yield without chips. it is like the new oil for the world. given some of these geopolitical tensions between the u.s. and china, it has become a necessity, i believe, to be more resilient against these

geopolitical tensions. while finding it out the hard way for the past two years during the pandemic, and what i mean is that we have all seen how key industries in europe and the u.s., especially in the industrial, medical, and automotive sectors have suffered from a shortage of semiconductors. katie: we are about one hour into the u.s. trading day and let's check on the markets with abigail doolittle. abigail: a nice rebound after the worst day for the s&p 500. yesterday the s&p 500 was down the most since september of last year and now it is near session highs. the nasdaq 100 is gaining up even more. after the bell more big tech names are reporting, including amazon and meta. after been down yesterday they are popping higher with amazon

looking to see if the -- what the holiday sales look like. meta is actually modeled for decent growth topline and bottom-line, 20%, more so than the other big companies. one stock that is not popping, is plunging once again, is new york community bank corp. down about 12% today after yesterday's massive loss. over the last three days, down nearly 50% after they reported loan loss provisions of nearly more than half a trillion dollars. they also cut the dividend to build reserves for losses associated with commercial real estate. last year's fear is coming into the picture again today and investors are not liking that. new york community bank corp, and white, it had been the one stock to go above the

silicon bank valley lows. and now it is below the overall etf of a regional banks. finally, if we look at yields, we will see that yields over the past week or so are down having something to do with the anticipation around the federal reserve and maybe a little bit of a safety, haven flight towards havens after the scare around new york community bank corp. and the possibility other regional banks will show the same, though we don't know that yet. katie: full faith and credit of the u.s. is pretty attractive now. switching gears, because we have ism manufacturing that's out earlier today, natalia is here to break it down. natalia: a 15-month high. we saw a big increase in u.s. construction spending and at the same time prices paid were

higher versus december. that suggests some inflationary pressures. let's look at capital spending, because this is another way to look at how u.s. producers see their future. capital spending is still growing, but at a slower pace versus 2023. in 2024, it is expected to grow by 12% versus 15% in 2023. for many u.s. producers there are still lots of uncertainty. inflation is still elevated, pushing them to allocate production facilities or expanded them around the world. one example is gmm nonstick coatings, that produces nonstick coatings for cookware and electrical appliances. it has facilities in china, malaysia, india, and switzerland. they serve around 40 million

customers in the united states. once they produce the goods they need to deliver them to the united states. for many companies like gmm, transportation is becoming an issue as we are seeing that the freight costs keep rising due to the conflict in the red sea. katie: a great set up. we are joined by ravin gandhi the gmm nonstick coating's ceo. it is great to have you with me. i was watching your parents on the program last month and you made the point that you have not seen any supply chain issues from the red sea and other places in the world right now. is that still the case? ravin: no, we have seen increases since our last appearance with what is going on in the red sea. depending on where the goods are originating in where they are

going, in some cases we are seeing 150% to 200% increases in container costs which is bad news for a lot of my multibillion-dollar american clients. we will typically be a producer. i will get my goods to the port and then my clients have to bear the cost to bring the goods, whether it is from asia, china, india, europe, etc. will those costs get passed on? katie: i have to say that on the topic of geopolitical tensions we have to leave. defense secretary lloyd austin is giving an address from the pentagon. sec. austin: i appreciate the good wishes but want to be crystal clear. we did not handle this right. i did not handle this right. i should have told the president about my cancer diagnosis and i should have told my team and the american public. i take full responsibility.

i apologize to my teammates and the american people i want to make it very clear that there were no gaps in authorities and no risk to the department's command and control. at any moment either i or the deputy secretary was in full charge. we have already put in place new procedures to make sure that any lapses in notification don't happen. in the future, if the deputy secretary needs to temporarily assume the duties of my office, she, and several white house officers, will be immediately notified, including the white house situation room. so will key officials across the department. the reason for that assumption of duties will be included in writing. now, i want you all to know why this happened. i was being treated for prostate cancer. the news shook me.

i know that it shakes so many others, especially in the black community. it was a gut punch. frankly, my first instinct was to keep it private. i don't think that it's news that i am a pretty private guy. i never liked burdening others with my problems. it is just not my way. but i have learned from this experience that taking this kind of job means losing some of the privacy that most of us expect. the american people have a right to know if their leaders are facing health challenges that may affect their ability to perform their duties, even temporarily. so a wider circle should have been notified, especially the president. i will take your questions today, but as you know we have an ongoing internal review as well as the dod inspector general review that we fully support. i may have to discuss some aspects later. let me back up a bit.

on the 22nd of december i had a minimally invasive procedure to cure me of my recently diagnosed prostate cancer. and then i hit some bad luck during what is usually a pretty easy recovery. on january 1 i felt severe leg pain and pain in the abdomen and hip. that evening an ambulance took me to walter reed. the doctors found that i had several issues that needed treatment, including a bladder infection and abdominal problems. on january 2, i was also experiencing fever, chills, and shallow breathing. the medical staff decided to transfer me to the critical care unit for several days for closer monitoring and better team care by my doctors. the deputy secretary assumed the functions and duties of my office, which happens when necessary. her senior staff, my senior

staff, and the joint staff are notified of this through our regular email notification procedures. i never directed anyone to keep my january hospitalization from the white house. on january 5 i resumed my functions and duties as secretary from the hospital. i was functioning well mentally, but not so will physically. so, i stayed at walter reed for additional time for additional treatment, including physical therapy for lingering issues with my leg. i am offering all of this as an explanation not an excuse. i am very proud of what we've achieved at the department over the past three years. but we fell short on this one. as a rule, i don't talk about conversations with my boss, but i can tell you that i have apologized directly to president biden. i have told him that i'm deeply sorry for not letting him know

immediately that i had received a heavy diagnosis and was getting treatment. he has responded with the grace and warm heart that anyone who knows president biden would expect. i'm grateful for his full confidence in me. finally, i also missed an opportunity -- katie: you have been listening to defense secretary lord austin -- lloyd austin speaking from the pentagon about his diagnosis of prostate cancer and hospitalization that followed, falling under criticism for failing to immediately disclose that illness and absence to the white house. you can listen to these remarks on the terminal and elsewhere. weight loss medications are seeing unprecedented demand. we will be joined by the ro ceo to discuss how the drugs are impacting his business. this is bloom. ♪

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katie: it is time now for our wall street week daily segment. we have the ro ceo and wall street week host david westin. david, i think that we will talk about weight loss drugs. david: everyone else is, so we might as well. talk about your company and how much of your business is consumed with weight loss and diabetes drugs? zach: they are approved for both. we will talk about that. i will take a step back. ro helps patients achieve their health-care goals and the most effective and convenient way. we have done that for six years by vertically integrating

doctors offices and labs and helped millions of patients. we have been an obesity care for three years and it felt hundreds of thousands of patients start their obesity care and weight loss journey. just over a year ago we launched the body program, high quality obesity care centered around glp-1's. the reason we are talking about it today as we have seen pretty unprecedented demand to ro.com and across the country. glp-1's are satisfying unique criteria that we've never seen before in medicine driving the perfect storm of unprecedented demand that you alluded to. katie: let's talk about supply relative to demand. some of the other suppliers have not been able to keep pace with the demand. they cannot make enough supply. what has not meant for your business? zach: that is a great question. we have seen supply challenges. in may of 2023 you saw a

shortage. one of the first things that we did is we pulled back on advertising and we shifted all of our focus to ensuring that our existing patient population could maintain access to treatment, including a wide variety of things. that included adding additional drugs to the formulary, calling tens of thousands of pharmacies and building up technology to seamlessly transfer prescriptions across the country when we were able to find supply, and recently it has meant adding zipbound at the end of 2023. ro, we see patients across the country of all ages, demographics, and incomes. we actually have not seen, which is exciting, any challenges in accessing zip bound since it launched. we have seen unprecedented

demand and we have seen a spike in interest recently. part of that is likely because of the news or tiktok and the wegove shortages. we continue to add more products to provide more patients options to get seamless access. unfortunately now we are not seeing supply challenges on the zip bound aside which provides a more effective less expensive alternative four-week ovi -- for wegove. david: if i want and need a glp-1 why do i go to ro rather than going to my doctor? i assume i need a prescription anyway. are you cheaper? zach: that has been a question since the day that we started. millions of people have chosen to do so, and i think that the main reason is how long does it take to go to your doctor? the average appointment takes 30 days, people have to take time off work, go to their pharmacy,

and then they might have to drive 30 miles to do all of these different things and take a significant amount of time out of their day. what we see patients value the most is ease and efficacy. they want seamless access to the highest quality obesity care and that is what we deliver. when patients come to ro they can start from the comfort of their own home. they can do it at 2:00 in the morning, on their couch at 6:00 p.m. while having dinner, they can do it on sunday when they see an ad during the football game. it will give us a comprehensive picture of their metabolic health through questions, images, lab tests. a doctor will review that and have interaction with them. we will lay her on insurance coverage. that's a big value proposition that we offer that the in-person provider may not. we have gotten good at everything from benefits to prior authorization. we have layered on everything from data analysis to make sure that we can maximize your

coverage and approval rates and make sure that you have seamless, continuous access. it's a great question. the two things that patients prioritize is ease and efficacy and that something we've been able to provide for millions across the country. katie: i am curious what you think about eli lilly's direct to consumer platform called lilly direct? zach: it is amazing for the industry for several reasons. the first is that it is not just a pharma company but explicitly endorsing telemedicine to have access to high-quality obesity care. one of the differences is, whether that's a pharmaceutical company that offers a directory of services or some of these companies that are dividing the option to employers or insurance companies, is incentive alignment. ro doesn't prefer one drug.

we don't make the drug, we don't prefer one to the other. contrary to may be an insurance company or employer's product. what we are prioritizing is what the patient and provider want. we are trying to relentlessly run after giving patients access to the most effective treatment for them at the lowest possible cost. what you see now is you are actually seeing companies, whether that be a pharma company which is an endorsement of the industry, but particularly company positioning themselves to be for employers. the things that they are advertising is twofold. the first is that they will intentionally put up roadblocks in making the medication harder to access. valid reasons. they are expensive, but that is not patient centric. that is not something that ro does. we aren't intentionally putting

up roadblocks to prevent patients from accessing the treatment. we are trying to do the opposite, making it easier and easier for them to access health care providers and access the treatment that's most effective and clinically appropriate for them. the second thing that you are seeing a lot of companies do that's a differentiator for ro is they're talking about intentional and in mass discontinuation of the treatment. that might be a path for some patients. obesity is such a heterogeneous disease that it deserves personalized care. there is not any evidence that recommends intentional discontinuation of the treatment forever. you do see the patients on average regain weight but you see them lose the underlying benefits that are associated with the drug as well. the biggest difference if you had to chalk it up is that ro's incentives are fully aligned

with the patient and provider and we consistently run after making it easier to access the highest quality treatments, we don't prioritize one treatment and we don't prioritize roadblocks. katie: your business was founded in 2017 with a $17 billion valuation at this point. are you considering an ipo and raising more money? what is the future? zach: the future this year is that we are -- i sound like a broken record, but we are relentlessly running after helping as many patients get access to high-quality obesity care and that is our focus for 2024. david: how much of your business is represented by these new drugs? zach: in the past six years we have helped over 2 million patients and over the last three years we have helped hundreds of thousands of patients start their obesity care journey. katie: really enjoyed this conversation. that is the ceo of ro and wall street week host david westin. who else do you have on the show?

david: we will have a big program. we will have the nobel laureate tell us about what issues are at stake in the election in november and we will have larry summers to talk about the jobs numbers. they come out tomorrow morning. that will be at 6:00 p.m. eastern wall street week tomorrow. katie: plenty to talk about with those two heavyweight economists. this is bloomberg. ♪ j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app.

katie: let's look at some of the stocks hitting 52-we kies today starting with boston scientific with -- 52-week highs today starting with boston scientific. that is good for a 1% increase. merck exceeded estimates 2.6%.

royal caribbean was up. it hit a 52-week high after issuing positive profit guidance. people be cruising, i am not one of them, but royal caribbean currently off by almost 3%. of course, big week and a big day on this thursday with some of those tech names reporting. apple, amazon, meta known as facebook. all of them are all in the green right now. they are hovering close to all-time highs for some of them. it's interesting to see this rally in meta, currently up 2% and outperforming the market. we know that last year was the year of efficiency from meta, delivered almost a 200% gain last year. we will see if zuckerberg and company can continue to deliver. apple and amazon, some of the biggest companies out there. you think about the direction of the market and a lot of it relies on what those three names do. coming up, we will hear from the ceo of qualcomm after earnings

earlier this week. he joins bloomberg technology's caroline hyde and ed ludlow coming up next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

katie: a huge week for earnings and monetary policy. we had the fed earlier in the bank of england holding the rate at 5.25%. it dropped references to further tightening in its guidance. that opens the door to interest-rate cuts for the first time since the pandemic struck. the central bank has stuck to predictions that interest rates will fall to target this spring while warning that price pressures could reemerge. francine lacqua sat down with the boe governor earlier today. >>