sonali: stocks are rebounding a bit from tuesday's slump which means they were triggered by the hotter than expected inflation data, they believe that the fed will hold off until the summer to cut rates. there watching the s&p 500 off of the highs of the day, still a little higher, .2%, a little under point 1%.

nasdaq 100 sees a similar type of lift, the russell 2000, yesterday, this is an index that had its worst day since 2022, you are seeing it on the rebound , 1.3% on the day, bitcoin, back above 50,000, now at more than 51,000. and a lot of love, for percent higher. incredible inflows into the largest of the five bitcoin etf's yesterday. when you look at the yields, this is where the story has been, flat-footed, 18 basis point move in to two year yield, you see the jump higher and we are still higher than we were to start the week in the highest levels of the year, you are seeing cooling of about 10 basis points, two year yields, back below the 460 level hanging out around 57.

-- 457. you see the housing recovery, why is it so important shelter costs were among the biggest rises we saw when it came to the inflation data which we saw a day ago and remember, with the market anticipating ever higher rates of the two year yield going higher and the 10 year, the 30 year as well, that spells bad news for mortgages ahead it will talk about how they volatility is impacting the broader market, joining us is bloomberg abigail doolittle and the cohead of derivative strategy at susquehanna and i am so curious, when you watch how much rate markets are repricing, how much our underlying equity and options markets repricing on the back of that? >> we are not seen as much volatility on the macro level. when you see a movie like you saw in the move index like you mentioned, we are seeing a lot more of the violent moves on the

individual names. big said 15, that is not really something to write home about, makes me think that we will be starting to buy here, you are seeing a lot more action under the hood. >> great to have you here in person, we have been speaking for years and you are one of the preeminent voices in the market, that is wild in terms of what sonali was talking about and with that, going to it, we have had signs of the vix, higher on days where the s&p 500 was higher in recent weeks, the vix creeping higher into yesterday, what does that tell us? >> we have been talking about for a couple of weeks now volatility works both ways, we are seeing demand for upside options in the market, for a number of reasons. first of all, it has worked. some people have been caught flat-footed, they are not as long in the market as they would like to be, they use options as a limited risk way to get into

the market. everyone wants to get in on a i names and the biggest names out there. the upside option of buying has increased the demand for volatility which is increasing the vix. we are not surprised to see the vix move higher. >> though saying the vix were saying it too early, we have seen this massive earnings in arm holdings, the real driver was them having an announcement about a contract for their ai ip, they are the third company behind nvidia and amd to have a chip. that stock is up more than 40% from trough to peak and back higher today, there is some interesting call action and folks have not taken profits. what are they waiting for? >> when something happens like a stock is breaking 100%, we will see a ton of near-term's options -- near-term options. a ton of 2026 combine, that is a

frustrating idea that we think arm over the next couple of years could be something like nvidia, if that happened in a couple of days. we would expect this happened way sooner than i thought, let us monetize this huge option position, we have not seen it yet, i do not know what they are waiting for a if they want exposure in the stock, some of the more interesting option trades we are looking at as opposed to just the near-term stuff. >> a pretty incredible movement on a bullish sentiment. who new seeing that kind of love? >> anything related to ai, before we went on, we went asking about if we are seeing protection at all in the magnificent seven type of stocks. we are seeing investment in upside wing options come another 10% to 15% higher in the next month or two, we are seeing much more demand for that. any opportunity or a selloff like we saw yesterday to sell

some downside puts we are seeing that as well. the less concerning euphoria on the macro level we are seeing pockets of it on the micro level. >> speaking of the magnificent seven that brings to mind the lack of breadth we have had in recent year to date, last year, two years, those big tech, getting the love, everybody has wanted to see value start to dissipate in the end of last year there were laws around that. how are people hedging? where are they so confident in the big tech names? is that such a crowded trade? is that such a crowded trade? while investors want to protect the in some way? >> i think they are doing that through the options where maybe you are not quite as long, the underlying stock, and you are buying upside calls so that in case, you do not want to be the last one to buy the stock and explain to us. i was the last one in before it

sold off. if you say instead of being the last one to buy the stock, i will buy some upside calls, that way in case this run continues, i do have exposure. if not, the most i can lose is the cost of the upside calls i bought. in some ways the upside call buying is hedging yourself from going all in on the underlying stocks that have made such a big run. sonali: we were talking about the vix riding higher, nothing to cry home about, but does it signal more awkward movement in equity volatility? >> i think so, to your first point, we will want to see any kind of this is not a selloff, and he selloff is over, i think the demand for options continues to increase the reasons that i said, we continue to see positioning for upside options, a demand for options, and demand

for volatility. it continues to creep higher from all-time highs. >> everybody is talking about how we have correlations and dispersion, really pretty low, sticking to the idea that there is a lot of macro fear, are you seeing any signs of that changing? >> i do not think so, we were seeing that the mag seven are selling off, they can rally a little bit, it almost seems like the low correlation is so prevalent that one sector in the mag seven has been causing the spotlight but the sectors are moving in different directions, we have not seen a sign of that now. we tell our customers we do not know when that is going to change comical when it does you want some downside. sonali: too much optimism for me to sit and sleep calmly tonight. where are you saying the most negative sentiment? >> that is a good question

because i am not necessarily seeing any kind of aggressive negative sentiment. that is probably a decent sign that maybe there should be. there is a giant fiscal position -- vix call position, we think a lot of that is probably a hedge. there may be some reasons for investors to think about at least having some protection. calls can give you that option as well if you do not have the underline. sonali: chris murphy and abigail doolittle, thank you for taking us under the hood of this market. bristol-myers squibb and its debt offering gathered over $85 billion in demand. we will talk more about the credit markets very shortly. stick with us, we will talk about public credit and private credit, laura holson joining

us from newmarket capital about these invigorated debt markets. this is bloomberg. ♪

sonali: this is bloomberg markets, thanks in parts to the inflation numbers, the global bond rally started in december, now has been wiped out. the decline fueled by the hope that if they would cut rates early this year and even as bond returns take a hit, understand that persistent flows keep pouring into credit funds and it keeps corporate bond spreads tight. argus joins us to cover his credit -- our guest joins us,

they cover credit. you see global credit investors, looking at treasuries and other government bonds, wife treasuries so excited about broader fixed income and corporate bonds? >> it is a really interesting dynamic that is playing out right now and essentially there is an demand for the yields that corporate debt is offering. even though the spread is really tight, for a total return fire it is very attractive compared to what they could have gotten a few years ago. investors are now positioning themselves with the expectation that the fed will eventually cut rates. maybe not in march, but it is imminent down the line. we want to allocate the corporate bonds because when they fed does cut, that will be good for corporate bond returns. sonali: you came out with the story about bristol-myers

squibb targeting a bond sale, we have found that they had gathered over 85 billion in demand for $13 billion bond sale. how remarkable is that kind of demand? >> that is really strong demand and underscores this theme that the demand in this market is insatiable. to your point about there being losses in treasuries, if you look at total returns on credit there are losses too. last year they were on track for the third year of total return losses until november and december when they gained about 8% on a total return. all of the return that investors god came in the last two months. we are down again, no matter what happens it does not seem like it is stopping anybody from allocating to corporate bonds. sonali: do investors also have the same type of demand for bonds that are not as strong or investment grade? >> there is still relatively strong demand for the healthier the credits. double b's.

there has been a strong pipeline of needs in the elaborate finance markets to refinance debt and adjust their pricing on certain things but we have not seen the m&a bid pick up like it is starting to do corporate bond market. >> the m&a bid is fascinating you think airbnb and uber coming to work with buyback plans and you see many corporations using the bond market to finance those buyback plans. you have a sense of what investors prefer whether it is buybacks were m&a at this point? >> i think that buybacks could be in the short term a little bit of the credit negative, investors want companies to be shoring up their balance sheets right now. a recession is on the table and it is still the base case for some big banks even if it is shallow. investors would prefer or that they shore up their balance sheets a little bit more. we have seen in earnings that has not stopped companies from

announcing buybacks and funding them in the debt markets. sonali: brilliant reporting, that is olivia. in private credit the latest data from streets says private debt funds returned 2% and it is the second straight quarter, $1.7 trillion industry has beaten it the of fund returns it will return this with the new mountain capital coo of credit. they have risen money across private equity and at least credit strategies, thank you for joining us, you have talked to us about the reopening of the fixed income markets and the public fixed income markets, how does this change the dynamic for private credit after we have seen such a golden age start to come to the surface to mark >> ? >> we joked internally, the reality is somewhat removed from private credit as when this includes the loan market and higher market. we do not view the reopening of

those markets is necessarily -- we really think that over time, there is high growth potential. sonali: let us get your mic fixed, we will take a quick check on the market as we wait for your mic to be usable! we will have use a handheld mic for now. while we are waiting for that we are looking at the s&p 500 that is up about .3% on the day and again, we are looking at starting to take a lower road here, volatility into these markets. there watching the two year yield -- we are watching the two year yield losing steam, we can bring you back in i believe. we are looking at these private credit markets and asking so many questions and watching the volatility in public markets as we have been talking about. is this something that the private markets are immune to? >> i think that is one of the

benefits of private credit, the fact that when there is volatility in the public markets, the private credit markets have remained open and i think that is one of the reasons why private credit has been able to gain so much market share over this more volatile period of time. sonali: when you are thinking about the future now, money is poured into the asset class, coming into record amounts, record funds being raised, is there enough opportunity to put that money to work? >> there is, again, i think a lot of it has been because of the public markets have been closed even with lower m&a volume. private credit has had enough good opportunities to deploy capital. as the public markets reopen, i think we will need to see an increase in m&a volume to ensure sufficient activity for both private and public credit markets to deploy. sonali: i am looking for a dose of reality on what default rates start to look like. you cited the last 24 hours the markets recalibrate their

thoughts and where rates are going this year, suggesting higher for longer. what else breaks in this environment? do default expectations also change? >> if we are in higher for longer environment, it is the borrowers that we lend to on the higher wire act that they need to make sure that they are generating sufficient cash flow. it comes down to what kind of borrowers are you lending to? are they defensive? are they a cyclical? the things we look for, they position us for borrowers who can sustain in the higher for longer environment. sonali: investors across the world were shocked by inflation data, are you saying that kind of inflation and potentially even more trouble ahead was inflation data coming in for companies who are looking to you for new borrowings? >> again, it comes down to the industries and the sectors that you focus on, there are some sectors i think are more

predisposed to tougher going city the high inflation environment, there are other sectors that are inherently more resilient and are not quite as exposed to inflation, the tech enabled businesses, the more services type businesses, those are the types we focus on. sonali: there is a perception that bigger is better and in many cases bigger is better and you saw agencies in the last year, and condemn some of these large club deals saying that bigger is riskier in these private credit markets. you have a sense we can find the most safety for the return you are getting -- do you have a sense where you can find the most safety for the return you are getting? >> the fact that private credit has extended into the larger borrowers is a function of the growth of the industry, growth begets growth as of the industry has gotten bigger we can support larger and larger borrowers, i think all else equal, larger tends to be safer. this because you have more room for error and not every little

thing can impact the underlying credit performance. that being said, first and foremost it is credit. you want to lend to the highest quality experts in the highest quality businesses within the sectors. sonali: thank you for your time and bearing with us, that is new mountain capital coo of credit. the latest 13f filings we have gotten today, a peek into the hedge fund industry. this is bloomberg. ♪

sonali: this is bloomberg markets, it is time for the wall street beat. we see what is buzzing in the world of banking and finance, we are joined by our hedge fund reporter for a look at the 13f filings which are trickling in. we know that these are snapshots from the most recent quarter, it has been a wild since we knew

exactly what has happened between these funds and their positions, it gives a window into what they are doing and let us start with one of the larger tiger cubs, they are back on the market? >> they reduce exposure to the market, that means things are getting crazy, they have been inching back in and we see more of the market exposure. we are seeing some interesting new buys and sells, they are taking an interesting stake in salesforce. a sizable position. they took 29 new stakes and you are seeing some information in the portfolio, this takes that they had sold for companies that were not big in many ways. sonali: what are you looking for in the market? are there any large funds you are looking for? >> the stock picks, the tiger cubs, green lights, a lot of these guys who rotate in and out

on a quarterly basis in a significant way. big players when it comes to technology and the ai. a longtime bull in a custard technology, you see it with new video being the biggest holding, i am curious how big stock pickers are thinking about tech names and ai. sonali: fl and she only terminable -- flng go on the terminal, across the landscape so far, we are talking about hedge funds, there is some big news out about element capital. >> element bringing asset size down, they want to have better returns, keep in mind this is a fund that has has three years of negative returns, they have not lost money before then, they are having record losses. they are giving money back, you are seeing their size impact their performance and their

traits as well too, this idea of a fund wanting to return capital or wanting or thinking they are too big or impeding performance is a thing and you do see them, many funds wanting to get smaller to gain a share potentially. this is a sizable find, there were $18 billion, many years ago, they are not tiny. sonali: thank you so much for keeping an eye on everything in the hedge fund universe. we will talk about nvidia rises on wednesday to overtake alphabet's market cap as a magnificent seven carries equity markets. we are watching the equity markets come back after taking a hit on fed inflation data. a lot of bullish sentiment on the market, not incredible volumes here. .3% we are looking at the s&p off of the session highs, still indeed, green on the day. we are looking at crude, looking lower, some cooling of inflationary forces, you see how that looks throughout the week.

a lot of economic data head throughout the week, stick with us, this is bloomberg. ♪

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markets. notice get a check on the markets's midday. s&p 500 getting a live, up .4% on the day. the nasdaq 100 almost up .1 .5% on the day. -- 1.5% on the date. an index hit hard, getting a lift again today, nothing greater than bitcoin, 4.3% rise on the day, surpassing the 51%. 51,000 level. prospects for the s&p 500 beyond

tech, megacap's are improving as it means the end of a profit slump. it is peeling in comparison to the magnificent seven which is changing in meaning every day. abigail doolittle explains. >> everybody wanted to see if that will move into other sectors beyond the magnificent seven and that is not from a standpoint of stock performance, but from an earnings standpoint. the top seven had 56.6% earnings earnings, of the mag seven, up about 29%. the rest of the index actually came off of the loaves were negative growth, down 2.5%, overall we are freeing other sectors in the earnings recession over all up to 6.5 percent, are we going to see that expand? let us put that together, over the last year, look at the communication services index and the indexes flying high, 40 5%,

and all sectors are created equal, they do have some sectors over the last year there are down including energy down 8% and real estate being hit by some of the regional bank woes, down 5.7% and fears around a commercial real estate market period. the question is are we going to see investors moving to some of the other sectors? i have been hearing folks saying that we will see a rotation into value, led check in on how the is looking. we go into the bloomberg terminal we see not so much, this is value versus growth and you can see growth absolutely dominating the value not doing well, at the end of last year there was the big talk about value is going to have a renaissance, take a look at this year, not so much. sonali: i have been waiting for value to come back half of my life it feels like, let us discuss this with mandeep singh, and michael casper, i feel like every time i talk to you you have all of the cool statistics about what is going on inside of

these earnings seasons, more than halfway through, what are you finding? michael: we are on track for six eps growth in the nasdaq 100. a lot of the beats are coming from our year-to-date leaders like discretionary, industrial, and financials, all beating at the highest clip. on the price reaction side, to these beats have been driving to the hype in the markets. sonali: the price reaction has been out of control, uber one of the best performing stocks on the day and really overshadowing the numbers you saw from lift. when you look at how investors are reacting to the first buyback plan, how do you expect them to keep on holding on to the capital return story for companies like this? mandeep: across the board you are seeing that element of cost

discipline. it started off with meta's efficiency across the board with every tech company and even marketplaces like uber, luft, we are emphasizing free cash flow, companies that were not profitable or emphasizing free cash flow and doing a buyback. what it tells you is tech clearly is showing a lot of operating leverage, the question that remains is how strong will the consumer remain. what we have seen so far is companies that are exposed to an enterprise tech spending have done far better than the ones who are exposed to consumers. especially on the hardware side because we are waiting for the cycle to play out. services has been a bit more resilient. the big question is when will that consumer cycle happened? sonali: certainly, the inflation data, the data we saw this we came after the quarter ended. how do you take into account how

any potential struggles for the consumer might start to impact this equity market? michael: one way we look at inflation is the difference between a cpi and ppi. cpi is the price that companies are charging and ppi is the input cost. we are in a favorable environment for our margins and large caps with ppi trending lower and cpi quite a bit about it. that is a bit supportive. in terms of the consumer, we are seeing that when we do our deeper dives into the consumer sector. you have amazon and tesla driving a lot of the growth in consumer discretionary. the other stocks in consumer discretionary, notably cheap as we are hinting at before. sonali: some of the companies did have major news today, uber, you look at the market, the biggest gainers and it is nvidia, it is still meta, are you surprised by these price reactions?

there are some people worried about bubble territory here. mandeep: look at what the market cares about right now. the incremental revenue from generative ai. it is the disruptive technology that everyone is focused on and companies like microsoft have quantified the revenue impact. four billion-dollar upgrade for just the tentative ai and copilot business. nvidia, we know it is a 60 billion-dollar data center business growing at a healthy 40% clip. when you hear numbers like that and the fact that this is going to be so disruptive, i am not surprised that investors are willing to pay up for it. when you see arm going up 100% in four days, you take a pause and you try to reassess. how much are the estimates going to go up? probably not in that vicinity and investors are not up for future earnings and that can be a concern after a while. sonali: i can talk to you about evaluations and whether they're in a bubble territory but it does beg the question about

where value lies in this market, where does anything that is not a large magnificent seven company lie? talk to us about the russell. does it sustain any growth here as the market may be starts to add a little brats? -- bredth. michael: large caps over 80%, plenty of time to change the narrative, so far, the earnings season and the small-cap space has been disappointing and we are on track for 1.7 percent revenue decline versus 1.8% at the beginning of the season, not much movement there, only a small percent of companies beating in the small caps space. trading in the russell 2000 has been off of hopes that everybody is hoping for, there can be some sort of breadth coming out of earnings season, a huge boost to sentiment. sonali: both of the bloomberg

intelligence, could not get a better roundup of what is going on in this earning's season. another conversation, lyft shares, even after a typo that sent shares soaring. we speak to the ceo. this is bloomberg. ♪

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earnings report for lyft which report is highest in what ridership ever in 2023, an error in the original press release said the company expects margins by 500 basis points, sending shares up by 70%, the number is actually 50 basis points, the ceo spoke with bloomberg technology about the error. >> is 100% safe, hundred percent safe, the team is taking this incredibly seriously and you have to understand we go through hours of double checking before something like this goes, it is an unacceptable error and it is on me. i am the ceo, the buck stops with me. the team is taking a super seriously. >> i know that you want to be talking ultimately about how you are seeing growth in the business and i am sure that is something that in a way, the salt in the wound is greater because you had a great story to tell and i got marred by this ever. people are saying they have never seen anything like this in history. what would you do differently in the next earnings?

how can you make sure that investors feel confident in the statements you put out to them in the future? >> i would look at our record, look at the growth, the fundamentals of the financials and to be clear, this was a bad error, it was 10 in a press release. -- one zero in a press release and we corrected it. it is not about the mistake, it is how you correct for it and we corrected within a moment and we took a deep process drive including having our own internal audit team looking and figure out how we can make a mistake -- not make a mistake like this again. sonali: caroline hyde joins me now, the interview, my bad, he says, at the end of the day it did rise 67%, still up on the day, did some of this overshadow the earnings report?

caroline: yes, analysts are saying this is showing real supply tailwinds and they are getting good drivers back in place, they need to see execution for fiscal 2024. this is the story that no one will stop talking about. until the next earnings season, the fact that it was just in one press release, this was in several documents, it shows you that this is a real difficulty that ultimately the ceo is taking incredibly seriously and he is taking ownership for it and you have the cfos, the own job is not at risk, i wonder whether there will be shareholder pushback. algorithms and indeed human investors did send those sure is of significant the after hours, did anyone lose money? sonali: this was an awkward day all around the board for lyft, you had to overcome in, lyft's earnings and asked that they had their own buyback plan, how much of that throw a wrench in the

excitement around lyft's results? caroline: uber's numbers were so overwhelmingly positive and they come out and they have a narrow investor meeting and they are giving $1 million back in share buybacks, they have cash they can put to use in the best of the shareholders right now. lyft is carving its own path, notable analysts are saying they are so customer obsessed and driving up their own bookings, up 17%, a company that sadly, because of this overshadow of what happened with the zero in the by hundred basis points, it had a great story to tell to the investor base but it is being overshadowed. they are persuading the street that they are covering themselves, they are offering women and non-binary passengers the chance to match

with drivers that match. it is a way of traveling, they have managed to show a differentiation for the time being. sonali: if you are looking at this from the outside or inside of the company, thinking for the competition, is this a matter of lyft efforts to find become more like uber? or lyft doubling down on what it knows best? saying since you in certain areas because lyft is focusing on one strategy so much more intensely? caroline: i have been sticking to their knitting, they do bikes, i do the bikes, it is often via lyft. they have decided that they are not going to go international and they are focused on the u.s. and they are focused on riding and they will not be diversifying for the here and the now. you will see the question we put two of them is what if you are being bought? m&a has been rife around lyft

after it has been underperforming while uber is going great i will pick up the phone, but for now, i'm not being bought, and focused on delivering for the consumer and the previous numbers showed they did just that. sonali: the stock is up on the day, an expensive target. we thank you for your time and the wonderful interview. it is valentine's day, cocoa prices are near all-time highs. we dive into the very sweet, rally. that is next. ♪

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as a shortfall gripped the market. >> the sugar fund trades under the ticker cane. it focuses on sugar. since the pandemic, prices have risen and have recently climbed to $.25 a pound as dry weather could hurt the product. chocolate, although the price is near a record high, the valentine's day commodity is set to be even more expensive this year as sugar supply issues linger and weather patterns good worsen -- could worsen the deficit. inflation had a sweet returns on sugarcane, outperforming the s&p 500 and the commodity index. cane has $20 million of assets, it is very affordable. 29 basis points. investors should be aware of heartbreak, cane gets a red

light with warnings for alternative tax treatment and potential future of costs. sonali: analysts at citigroup say the cocoa futures could pay between $7,000 to $10,000 a ton of west african supply continues to deteriorate. we will discuss with one of those analysts, what exactly is driving prices higher at the end of the day? >> it is a classic agricultural 101 story of a supply shortage in west africa you have ivory coast ghana and nigeria. these three countries represent 70% of global cocoa production. right now, we are seeing production declines and downgrades of at least 500,000 tons with no immediate response to increased harvest from the rest of the world within other west african nations. in that context, you need to see

demand disruption. that is starting to play out since the middle of 2023, admitted this meeting roddick cocoa price rise that is up over 100% year on year. the demand destruction has not been sufficient enough yet. we have to see that play out further to get cocoa bean prices lower again. this year in 2023, 2020 four crop season we expect cocoa production will be down 10% year on year, the lowest level since 2016, on the other hand we only see demand contracting right now at 5% or 6%. sonali: it is not like oil where everybody needs to drive a car or fuel their homes, how do you think about the dynamics of demand when it comes to cocoa? especially because it is something that people love. it is not as necessarily expensive when you go to the grocery store to pick it up, what would bring more people to be spending more and cocoa at this point? >> that is the debate in the

industry right now, for sure we do not think of cocoa as a core staple commodity. we would gasoline were corn or -- like we would corn or gasoline. it is a seasonal luxury about halloween, christmas, and easter holidays and so forth. i think the key question here is what can the consumer handle after three back to back years following the pandemic of sharp industry price rises have averaged double digits. is there going to be pushed back? in that context, the processes themselves that are buying the beans and converting them into products, butter is a fact has to appear in chocolate, they are facing rising cocoa bean

costs, are they able to continue to pass that on to consumers? or will they not have enough industry cover and they will need to cut back on cocoa intensity? use other methods such as using other fats, dusting products with cocoa? using more alternative costs, inputs, such as more caramello and so forth? the beginning of the segment you noticed that sugar prices are also high, this is an environment for costs when it comes to confectionery manufacturers. sonali: you said it in a number of other commodities and products, many of which have been experiencing inflation. and then there is a classic issue of americans pocketbook, not be able to spend five dollars or $10 at the grocery store, how does broader inflation lead to more inflation in commodities like this? >> cocoa is not going to be the

primary driver of headline inflation. when you think about food and energy that will be much more phenomenon of oil, prices, i think staple grains such as corn and soybeans which are natural feedstock into other processed goods and ingredients, feedstock into meat and dairy production, cocoa is here in isolation. the reason it gets a lot of attention is i am sure just like yourself, a lot of your audience members really enjoyed chocolate and cocoa products. it is something that sticks out like a sore thumb when it is sold as you are at the checkout counter. sonali: that is the future to strategist at citigroup and i hope you are able to buy tons of chocolates on this valentine's day. before we let you go, take a quick check on the markets, the yield moved downward. not quite as stunning as the right higher, we saw a day ago, we are seeing the two year

yield, down almost 10 basis points on the day, we were barely able to break below the 460 level and we are at 455. 465 yesterday. the market recalibrating a lot of expectations of where eels are heading, the expectations for the first big rate cut of the year have moved out into further this summer, again, we have economic data, a lot of earnings, the s&p 500 so far reacting pretty positively, about one half of 1%, the bloomberg dollar cooling along with the yields, down about .2%. your crude also taking it lower, lower by 77, around a 7695, down 1.2%, on the day, we will keep an eye on these yields and broader markets for you. a single stock stories are having a lot going on in money being handed back to investors

in the form of buybacks and dividends. stick with us, that does it for bloomberg markets. happy valentine's day. i hope you have a great plan ahead with your loved ones. this is bloomberg. ♪

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