>> we had 30 minutes into the trading day. here are the top stories we are following. baltimore bridge disaster. investigations still underway after a bridge collapsed after colliding with a ship. what are the best ways to play the artificial intelligence crazy? we will ask kim boca. and housing market check. finally ticking higher but most still face affordability issues.

i am katie greifeld in new york. it taking a look at markets at the moment. we are looking to snap a three-day losing streak. currently hired by about .4%. big tech is the underperformer with the nasdaq currently flat. relatively small moves relative to the rest of the market. small caps are leading the way. currently at about -- currently up. six construction workers are left for dead. cargo is being diverted to other ports along the coast and maryland lawmakers are pushing for an aid package to help rebuild the bridge.

>> it is a huge impact for the country. it is impacting that farmer in kentucky and that auto dealer in michigan. it is imperative that we get this bridge rebuilt. it is not just about how we are supporting maryland. it is about how we are supporting the american economy. >> kailey leinz joins us at the latest. at this point, this is a recovery mission. >> absolutely. we were talking earlier this morning and when asked what his top priority was today, he said recovery, but he is wanting to provide closure to the families whose loved ones were plunged into cold water yesterday when the vessel collided with the bridge. that is the effort underway today. about four hours into that now. the ntsb is also planning to

board the vessel today. there is a team that will be investigating what exactly happened on board and the moments leading up to and culminating in this. the team has been able to secure and should be able to provide them with information. it would mean interviews of those on board, looking at the owner and operator as well. this is likely to be an extensive effort. there is a massive amount of debris, but also the bridge is in large part submerged. there will be effort to get all the debris out. keeping in mind that this harbor is crucial for import and export

. as well as commodities. there is no timeline on how long it could be to get the port reopen. we construction of the bridge is expected to be a long and expensive effort. >> it will be interesting to see how that will move through congress. thank you so much. reporting live from baltimore. reporting on the implications, we are joined by jonathan, the ceo of transfixed, a software company that helps shippers and carriers become more efficient. the notes that you sent to our producers, you wrote that timing is critical for impacted shippers. why is that? >> first i want to mention that our thoughts are with the

families whose loved ones are lost or missing. in a disaster like this one, the bridge that collapsed in philadelphia last year, the first 24 hours are critical. everyone in the industry has to think about what are the other options available than this specific route and how do we keep freight moving? >> let's talk about those options. it has been suggested that maybe this is not as debilitating as it could be because you have philly and more folk more by. what are your clients thinking about? >> as of right now, we are not seeing an impact, but the port is also closed. there is less freight movement. others are trying to understand

where it is coming from and how do they get their final destinations. once the port is we opened, not having the bridge might have a significant impact, and we will have to plan for that and have to understand a clear path of when the bridge will be done. >> let's talk about the timeline. we did hear from president biden yesterday saying that the aim is to get the port running as soon as possible, but they need to clear the channel before traffic can resume. what are you and your customers modeling for when it comes to the length of time this passageway could be closed? ? modeling a lot of different

scenarios, but there is significant amount that we can understand traffic patterns over time. what is the most ideal of eval around the bridge to get to our destination? it is a lot of modeling between bouts as time moves and builds up. >> what is the potential impact when it comes to trucking, for example? >> that is what we made me focus on. we focus on trucking. the last 24 hours, we have seen in impact. the next 24 hours will be as important and like mentioned before, when the port is we

append, understanding what bottleneck will be created will be crucial, but we will not know until we know. >> how are you thinking about what short-term looks like? i assume we are talking about months there. >> the timelines are long. we need to understand what the government is going to do and their plan. we have to plan like this is the status quo and how we are going to move on from here. this bridge in particular was hauling a lot of diesel fuel. now we have to understand where else the fuel go through and if there will be an impact on that specific commodity.

>> supply chain issues are something that the broader public has become very familiar with and having an interesting conversation, this situation could lengthen supply chains. they have become more flexible coming out of the pandemic. maybe that would blunt some of the impact. >> that is absolutely correct. ai has made its way into our industry. as we are becoming more technologically advanced as an industry, we can see a path where we are becoming more and tumble in these situations. if this happened between covid, i think it would be a lot harder to handle, but we are used to

being temple. there is a new crisis happening too often. that is what we have to do we use a lot of very advanced tech to get through these times. >> we really appreciate your time. bob is going for gold. introducing a new credit card made from 10 caret gold. this is bloomberg. ♪ [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something?

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>> robinhood. you probably know them as a trading platform. the gold card will offer 3% back on all purchases. joining us with more is in though. is this diversifying revenues? ed: robinhood is trying to break away from what is known for reedit is not the first time they have entered into a new product. they have done retirement account. this is interesting. it is on all categories. how often do they discuss their credit card perks? look at the marketplace and they will offer fuel, groceries and travel. i'm interested to see how robinhood sustained this. >> absolutely.

most people do not talk about those days. that is a different conversation. when it comes to the credit card , they actually bought a credit card issuer. >> it was a piece of business just south of $100 million. the cofounder was integrated into robinhood. robinhood made him the gm of the credit card business and i'm interested in how this works. you go into this legacy at and there is a separate part for a standalone version of it. they are setting up virtual cards as well with temporary numbers. this is secure and a flexible

way of spending. if anyone has been on social media, they are making a big deal of it. gains of about 2%. >> you have a great interview coming up with the ceo of robinhood. give us a preview of what you will talk about. >> we do want to know how they sustain and fund this. you're are often a large financial institution aching money elsewhere. it is the first time i got to speak to him and i cannot resist the urge. i had to ask about it. >> really looking forward to that conversation. do not go anywhere right now because we had a great conversation with ken forrest.

the cio and founder joining me right now. it is great to have you with me. talk about markets at this juncture. it does not feel like anything is happening, but what is the next catalyst you are paying attention to? >> this is a tread water sort of week. cannot trade on until monday, so it will be upward biased the next couple of days because we have treated lower ringgit i'm glad personally to see the small caps coming back. but i think we are looking for that catalyst, which has been the fed, but we are moving now into the other parts of the year. we do have to get through earnings season in april, but it does not feel like companies

have been changing that much. it will probably reiterate what we heard in the first quarter. >> it feels like we do have some idiosyncratic's tories to go off of. i have had a ton of conversations about small caps this week, which speaks of the fact that it is a tread water week. i am hearing a lot of bullishness, which is interesting to me. we have seen a lot of cuts get priced out of the market. we see these smaller companies with smaller balance sheets and i would think they would struggle in this environment. >> even the hope of the fed cutting mates would accelerate these companies. that could be a little bit of it. there are high quality companies in that bag and if you look through there and find them, you could find a real treasure.

i think a lot of people make the mostly faulty assumption that because a company is small it only works in the geography that it resides. that is wrong. a lot of the companies that we like and the cat have global operations. they are just niche players. i do not believe all companies are created will. you really need to dig in there. you can find some gems. >> you can. i'm wondering what the mindset of a all caps investor is printed are you trying to become large-cap mid-caps someday or is that too reductive? ? make a deduction year. i sorta -- with that being said,

yes, and large-cap companies and small-cap companies my look for exactly the same things. it is usually a process around product creation. it is called product marketing and small companies can have these and big companies can have these. market cap companies of any size can not have this. but depending on who their customer is is really essential. that is what kind of gets you in the stock -- in the spotlight for me. >> looking for the rising stars. maybe it applies here as well. let's talk about one of the biggest companies out there, nvidia. you make some interesting points that nvidia can charge a premium . they are in such high demand as an investor, maybe there are

better places to look. >> i was a software engineer before i got into this. if you told me i would be talking about the culture of companies, i would have laughed because i did not think that way. but culture matters. the dna of nvidia is to make leading-edge products and charge bleeding edge prices. i do not believe that they will ever back off of that. maybe if ac -- ab if a ceo change happens. but we think that they can scale up what they already have. they have always had great graphics processors, which is essentially what nai chip is an we think intel can benefit by being the maker of whoever designs them. we think that as the buildout continues that more and more

companies will then data centers specifically are going to watch their budgets and come down the budget scale, and maybe companies like intel and amd will be able to prosper. >> when it comes to playing along the theme in general, it is not just the chipmakers you should be looking at. there is data and it needs to this somewhere. >> this is why ai has not taken off in the past. someone was worked with neural networks, the root of the ai that we are talking about, it has to have a lot of data. we did not have the right data, back in the day, but now we have tons of data and it will be used by ai, and it has to be stored

somewhere. you have to do all these processes, and it uses data. we like micron because of its non-volatile memory. weaver rewarded recently because they said, this stuff is selling like hot cakes. i believe it is largely because of ai. >> we are talking about tech and ai. that consumer discretionary spending, begot through retail earnings and they were a little bit mixed in the same way that you are looking for gems when it comes to the small-cap. >> sure. part of the reason i'm always encouraged about looking at consumer discretionary is that we get bored, even though we like to shop someplace, we kind

of get bored and we move on. i'm always looking for a company that is drilling their clients and customers. urban outfitters, you can give me a big eye roll on that one, but there are three brands. and then people in anthropology that skews to a higher income client. the two that are skewing have been on fire. they have been doing really well and we think that because they are bringing in a new president that this company may be able to grow even more than they have been in the recent past. >> we always enjoy speaking to you. still ahead, taking a look at

the company is making the most social buzz today, up next. this is bloomberg. ♪ investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

>> time for social climbers. a look at the stocks making waves on social media. gamestop is dropping like a rock. it is cutting jobs as it tries to contend with week spending and increased competition. getting cooked by climate change , the toronto retailer will cut 17% of its corporate workforce sales, thanks to unseasonably warm temperatures in the u.s. finally, h&m reporting today. it is making a lot of buzz. you can find the latest on your

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katie: u.s. mortgage applications fell .7% last week according to the mortgage bankers association as high rates keep the buyers away. for more we are joined by abigail doolittle. abigail: this shows us the pain we are seeing as rates are relatively high. going back out of the great financial crisis you can see in terms of these mortgage applications, the purchases at relatively low levels but look at the pandemic trying to go back towards pre-financial crisis levels and now we are back towards the lowest levels we have had. as you were mentioning, higher

rates keeping some purchasers out of the markets. that said, delinquencies are also low so it's not necessarily a dire situation if we go back to the great financial crisis we can see delays coming out of it as mortgages were made on terms that were not really appropriate , tons of delinquencies in early 2020, a similar story but we are low so this is some measure of the market. finally relative to making a mortgage payment if we go into the bloomberg terminal what we will see here is the average three year mortgage payment of 20% down is in this range, the weekly earnings flatlining a little bit of a tough relationship given the fact that has spiked so much. katie: for more on the housing market let's keep this going with the ceo of online real

estate firm redfin. great to have you with me. i want to get to the dynamic of the housing market. let's start with the national association of retailers. a class-action settlement over agent commissions which theoretically should lower the commissions paid. do you think this will change the experience of buying and selling homes in the u.s.? >> it could. the jury is still out on how enforceable that settlement is so it's hard to say on one hand the courts and regulators are trying to insist buyer should be able to hire their own agents which would put pressure on the fees paid, on the other hand the industry is looking for other ways to cooperate so we do not know yet how the rule changes will be enforced. the changes are supposed to go into effect in july and so far we have not seen much change in the amount of pay offered to a buyers agent. katie: do you think the

settlement goes far enough? glenn: that's an interesting question. the real challenge will be if the settlement can be enforced. katie: the jury is still out on whether it can be enforced but let's say it is. do you think it is significant enough to really change the day-to-day dynamics of the housing market specifically do you think it will change seller or buyer behavior? >> i think if regulators in the courts require buyers to pay we will see the same you already see with a listing agent. the average commission in the united states could go down. more people may sell their home directly to a buyer without even involving an agent. so it could be a significant change. it depends on whether the settlement can be enforced, if regulators take further steps,

there are still many open questions that have to be answered, but it could be a significant change and i think what would happen is people selling their homes have more money in their pocket from the proceeds of the sale. katie: would love to pick up this conversation as we get more details. let's talk about the dynamics of the housing market. supply has been the conversation , this reel under supply structurally speaking. we saw a little bit of an uptick if you look at the data recently. i'm curious do you think that that is sustainable? glenn: we will see. demand from home sellers to put their property on the market has been higher than we expected. so far own brokerage we have a 33% increase in people asking to sell their home across the industry. a 50% increase in the number of listings hitting the market. for years the market has been

inventory constrained so even as rates went up and buyers receded we didn't have enough homes for sale. we are getting more on the market it's not because there's been any easing in rates. it's been a byproduct of people wanting to move on. there really put off their plans and 2023 but i think it is hard to do that for a second year so we are talking to more people who say they have to move. the problem is homebuyer demand is relatively flat. some of that is because home affordability is at a record low and some is because there is so much anxiety about what is happening in the industry the people are still trying to process that. katie: it's a conversation of course about interest rates, but it is also about human psychology. there's people who have been wanting to sell their home waiting for so long and just need to move. are there people on the others who need to buy who been waiting around for rates to drop and get

a bit of relief and this translates into sales volume. glenn: absolutely, that the bigger societal problem that there are so many folks who are coming-of-age wanting to buy a house. they are 31, they are ready to have children, and yet they cannot afford it. i think the real issue is that young people today are being shut out of the american dream. we haven't figured out how to build enough housing to make affordable housing a reality. the real pinch point in the market is homes below 500,000 dollars, that's where investor activity is extreme, supply is low. you see an all-time high in the number of investors buying properties just because the market favors the cash buyer so strongly. i think there is a real issue that society is freezing up that people cannot move to where they want to move. they cannot start a family and

make the plans in their life they want to because of this housing crunch. katie: let's talk about what those millennials are doing instead. they are renting their homes if they cannot buy them. are you seeing any trends when it comes to home prices versus rental prices. glenn: if you look at asking, what people are paying when they move into a new place, there has been some softness there because even though we are supplied constrained on the purchase side that's been less true on the rental side. so many buildings are opening they are scrambling to fill those and so there is some easing on the rental side which may be behind why there's easing and purchase demand sometimes when they get to high people are forced into buying a home and think this doesn't make any sense. i should just pay my mortgage instead of my landlord. there is less pressure on those people right now because rents

aren't going up as fast as they once were. katie: it comes back to the math of the monthly payments and which of those numbers is lower. we are having this broad brush strokes conversation, are there individual markets or regions that stick out as outliers. glenn: a market like austin, texas is going through a massive change so home prices have not softened. we've been inventory constrained so normally when sales volume plummets you also see a softening in prices and we have not seen that except in a place like austin, texas. it's a fairly small market boom and bust. so many people moved to texas. some of this is a return to office, some is a realization about how high property taxes are paid most of it is the price just went up so fast in austin and now they are coming down and it's wreaking havoc on the people who live there who have always lived there to see prices

go up that much and now to see them come down. katie: always fascinating to talk about what's happening in the housing market. our thanks to glenn kelman. an interesting comparison about the rental market versus the actual homebuying market. let's get a check on these equity markets with abigail doolittle. abigail: overall looking at smaller moves. the nasdaq 100 down less than 1/10 of 1%. these are the futures. overnight for the most part during the asian session higher we've seen some cooling. some of this could have to do with consolidation if we look at the movers beneath the surface. apple after a lot of bearish action and headlines around the iphone relative to shipments out of china you can see up 1.4%. the stock in a correction from its december peak.

to the downside though one reason we have the nasdaq 100 dragging is nvidia down 2.5%. i think it's that robust rally some of that strength coming off the froth summer talking about and that may be the case right now about 1.4%. when we put this together with the nasdaq 100 the technicals this chart really appears as though it is bearish. we have looked at this before and now it is starting to do something you do not want a chart to do. you can see the nasdaq 100 daily chart widely trading. here's the big rally out of the october trend. not quite parabolic but steep. why using a trendline -- you can see that when the trend is breaking, that's happening here. the nasdaq 100 going into a sideways trend suggesting we could see some downside ahead.

another reason to believe that, look at this bearish divergence across the board. that momentum indicator a series of lower highs telling you the recent ones are spot on less enthusiasm than last year. it's not a good situation. this chart does suggest that maybe some of this froth many people are talking about could come out at some point in the coming weeks or months. >> sounds like people are tired with less enthusiasm. thank you so much. coming up we will be joined by the president of spelling college -- spelman college. this is bloomberg. ♪

abigail: this is bloomberg markets. you're looking at a live shot of the principal room. galaxy digital founder joins bloomberg tv at 11:30 a.m. new york time. this is bloomberg.

katie: time for daily wall street week segment. we are looking at the state of higher education. specifically it spelman college. dr. helene gayle and wall street week host david westin joins us now. i know you're interested in the management of universities. >> we hear so much about student debt i wonder how this will all work out. thank you for being with us. give us this perspective from your students point of view, how do they afford college these days? the price has been going up and we seen the debt has been going up as well. >> thank you very much it is such an important question. spelman college is a private college and so different than public institutions. we do not have access to some of the resources you might have at a school that had a large state

appropriation. there are probably two or three ways in which you can have an impact, getting more scholarship support broadly, 40% or more of our students are pell eligible. they come from the low economic status families and do get pell grants to the federal government dollars, they have been increasing so we hope that our nation will continue to be generous when we think about federal support for college education. the other way is obviously for us to be able to raise more private dollars to be able to get scholarships and it's one of the things that's my highest priority could to continue to work and get the kind of resources into our endowment so that we can provide more scholarship aid to our students upwards of 75% of our students

get some sort of financial aid either through federal dollars through our own institution, through corporate sponsorships, etc.. we have to continue to think about how we make that scholarship support available. we also help students with work-study programs which are also incredibly important. the biggest thing is costs continue to go up. supplies continue to go up. what we need to pay our faculty and staff to be able to meet the needs of today's world. while it is hard to contain the cost i think is a lot more we can do to provide support so that our students do not graduate with huge debt all while they are trying to start families and start a career, buying their first homes. that is my priority number one. katie: let's talk about the cost you are facing on your end.

we have conversations about tuition and people say how can it be so high. spelman cost close to $15,000 a year for on campus tuition but what costs -- >> that is all in including room and board. katie: tell us about what cost rises you are dealing with on your side of the equation and how you basically get at that tuition level? >> we are very tuition dependent so although we have tried over the last few years we actually did a resetting of our tuition to actually decrease it a few years ago and now steadily are adding small increases over time to keep up with the costs. they are just the cost of supplies, the cost of meal

services, the cost of paying our salaries so that we can continue to have the kind of excellent professors and retain them and the excellent administration because the cost of living is going up for everybody and we have to be able to keep pace and of course for academic institutions, human capital costs are the largest portion of our expenditures. that's a big part of it. we live in a world where we are continuing to have higher and higher rents, higher and higher overall living expenses and we have to be able to keep pace with that. >> we talk about expense but also investment and it's been long thought a college is an investment. i wonder the payoff for spelman students as they graduate. what's the job opportunity situation and is it shifting the curriculum to make sure they are in demand in the job market. >> yes, yes and yes.

we are proud we were rated this year u.s. news & world report as the number two school for social mobility. that means our students actually get a good return on their investment. they go out and they do better, they have great economic futures and they continue to have more opportunity. we put a big focus on making sure that our students are career ready, and going on to graduate education if that's what they choose. we work closely throughout the school years to give them those skills not only the technical skills but also the soft skills that will make them very marketable in today's world. we have a program that is obligatory for our students which is a career readiness program that is already shown

throughout the country and different schools how much being part of that program and learning those job skills makes them so much more marketable. it's a big focus for us and we know we've been able to do a good job and as you mentioned it so important we are looking at the skills but people will need in today's job market. artificial intelligence as an example. our students have to understand new technologies if they will be ready for tomorrow's job market. we want to give them those kind of skills, core skills that will allow them to be marketable not only for today but far into the future. david: i want to ask about the decision on admissions. particularly you as the head of perhaps the most prominent hbcu. how is it affected the admissions process? >> i think it's too early to

tell, that's a recent decision but i think we have seen increase in our applications over the last few years and i think it is -- some of the impact of the supreme court decision. but i also think it is the years that came before the post george floyd black lives matter, i think that has changed the way young people feel about being in an environment that is nurturing , that they know they are valued, that they see people that reflect who they are, understand the cultures they came from so i think we are seeing across the country increases in applicants to hbcus and i do think the supreme court decision had a chilling effect whether or not it's had the time to have a practical impact. but i think it has had a chilling effect on students and feeling like they want to be in a place where they feel they are welcome, nurtured and are able

to authentically be themselves. katie: we have to leave it there but appreciate your time this morning. president spelman college. who else do we have coming up? david: we have the head of the business roundtable who will talk about a view from the sweet -- c-suite. on friday we talked to glenn hubbard and he's good at talk to us about a progrowth strategy and whether we have one. that's coming up on friday. >> a lot to look forward to there. thank you to david. this is bloomberg. ♪ investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price,

we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

>> let's take a quick look at some stocks hitting highs with disney hitting a 52-week high after they raise the price

target to hundred $40. the stock has seen a raft of upgrades. merck also hitting highs after winning u.s. approval for a new treatment that targets a rare form of high blood pressure. you can see merck share celebrating their up about 4% or so. taking a quick look at the markets. it is quiet. the s&p 500 currently up about 3/10 of a percent. different story for big tech. the nasdaq 100 down 1/10 of 1%. small caps leading the way here. the russell 2000 up to the tune of 1%. coming up, we have the ceo of robinhood who will join ed ludlow next but that does it for bloomberg markets. this is bloomberg. ♪

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>> from the heart of where innovation, money and power collide in silicon valley and beyond this is bloomberg technology with caroline hyde and ed ludlow. ed: i'm ed ludlow in san francisco. this is bloomberg technology. we get the outlook for technology stocks with denise of fidelity as risk on bets take hold we are trading in the green. plus we will discuss the state of retail trading and beyond with vlad as the company expands into the credit card business. we