[captioning performed by the national captioning institute, which is responsible for its caption content and accuracy visit ncicap.org] >> on this tuesday, may 14. here are the top stories we're following. coming in hot, producer prices jumped by more than forecast raising the stakes for the cpi print. flying the mortgage wean norwegian skies. c.e.o. bjorn larsen join us about the future. and tech veteran patricof talks about his quest to live to 114 years old and primetime partners. his early sage vc funds working to improve the quality of life for older people.

i'm katy grindfield in new york, welcome to "bloomberg markets." markets blowing past what we learned about ppi in april. take a look at big tech. i'm going to go ahead and call that unchanged wobbling around we haven't seen that big leadership from big tech that we've gotten used to over the past few weeks. it's been a different story. and meanwhile, small caps at the russell 2000 right now, really lead the way. currently up by more than 1%. 1.2% at the moment. we'll see how long that lasts. but for this moment, small caps are your big winners. home depot though.

posting weak result this morning for the sixth straight quarter as the housing slump hits the home improvement retailer and shoppers hit pause on renovations. bloomberg's john e.d.'s joins us with all the details. what went wrong in the biggest way for home depot? >> well, it's really the macro factors. it's the comparisons really with the strength they had during the pandemic when everybody was, you know, buying big-ticket items to improve their homes that they were stuck in. now they don't need anymore at the moment and that's really hurting home depot. the company is reasonably well run. so it doesn't seem like it's a failure on the part of home depot's management more just again, these macro factors that

they have to ride out and hope for better days for the end of the year. katie: given that it is macro factors, how does that bode for lowe's, for example, reports next week? john: well, one thing with lowe's is that they are more exposed to that do it yourself market than home depot. home depot gets about half of its revenue from professional, you know, professionals like contractors and so, lowe's might struggle even a little bit more as that do it yourself consumer pulls back in the face of this persistent inflation. katie: lowe's due to report next week. our thanks to john edwards. let's take a broader look at these markets. we're going to do that with jeremy bryan manager and jeremy, you highlighted home depot along

with wal-mart as some of the stocks that you're keeping an eye on to really get a sense of where the consumer is and with that in mind, where's the consumer? jeremy: yeah, i think it was honestly on your program that we saw the data that showed that lower income consumer on the s&p 500 companies that reported was amongst the most talked about subject during earning season. so there's clearly some concern about it and home depot, obviously, a little softer than expected. so from that perspective, i'm interested to see what wal-mart has to say because what i'm interested on is is the consumer changing their spending or are they just cutting back altogether, right? because inflation, we all know with regard to we've seen it in the restaurants. the restaurants have said lower income consumers hit their endpoint, if you will, to a certain extent. my question would be are they transitioning that span towards

just eating more at home or those kinds of things or is this just a general cutback that's saying that prices are too high and we can't handle this anymore? so home depot doesn't give you a tv example of that. obviously numbers are softer. so you're doing different things. but wal-mart will be the bigger category in seeing how their numbers are holding up compared to some of the more concerning numbers. katie: sounds like you're still looking for that tradedown trade, really looking toward the chain and trying to identify who wins as people cut back and trade lower. jeremy: yeah. yeah. i would like to see where that is to be completely honest with you. now, honestly just more of a general trending too. our opinion is always that the consumer spending is the lifeblood of our economy that's how we keep the engine going. so if they're not spending on anything, we're seeing consistent pullback, that's going to have ramifications

across the board whether that's jobs, whether that's other things and i think generally the markets, too. so from our side, we really want to know what that consumer is doing. are they pivoting spend or are they cutting spend if and we're paying lot of attention to that right now. the restaurants are softer than we had anticipated coming in. starbucks was a bad report. mcdonald's was softer. yum was softer. these kinds of things. chipotle was great, which creates at a little bit of a dikemy. from -- dichotomy. are they spending other places than restaurants now and wal-mart is just saying we're cooking more meals at home and wal-mart's going to do just fine as a result of that. katie: and you can definitely add starbucks to that list when we're talking about soft reports. have you considered looking at the other end of the scale? because the narrative that always comes abound is discount and you take a look at luxury,

for example, in periods like this. jeremy: yeah. certainly. it's more resilient spend. and then secondly, i want to understand a little bit more of the mass consumer base just because the pop laws is much -- populous is much higher there. there's a certain component that will spend no matter what. that's an interesting opportunity that you say higher end is fine and they're going to continue to spend. our side from an economic perspective and just trying to understand what's going on in the overall market, we're much more concerned about that mass spend and what they're doing just simply because we think it has greater ramifications for other segments and for the economy in general. katie: yeah, definitely a better read on the mass population like you said the lifeblood of this economy. i have to ask you about game

stocks. it's actually halted for volatility as you would expect. it was halted when it was 272% higher. it posted 74 m.p. higher a.m.c. and some of those other mean names also participating today. what do you make of that? is there anything we can extrapolate of what's happening with those buzzy corners of the market into the broader psychology of investors right now? jeremy: my short answer is no. my longer answer is this is to a certain extent t mania. it's beanie babies. it's not an area where there's any business fundamentals that go into his thought process at all. it is purely short-term game that people play. but you can get very rich or very poor playing that short-term game. we choose not to. the nice part about what we do and when we talk about things if we're talking about business fundamentals, we're talking about the economy, we can choose to just ignore that area. we're lucky enough that we can

look at companies and we can look at what's actually going on and over longer periods of time can make assessments. this is coin flip to us it's really, really difficult to give a stance either way. so our stance is just to ignore it and don't take part in it. katie: i'm curious what you make of it. i was on radio with tom keene this morning and he was grilling me over whether this was healthy for the markets and my perspective was i don't why it's unhealthy necessarily. when you see something like this, does this give you any pause over the health, the functioning of these markets? jeremy: not one bit. not one bit. it's a side game. it really is. it's a completely different animal from what 99% of the investing community is actually trying to do. so it's not unhealthy and it's not healthy. it really is just a completely different animal. so from our side, we can't really take any takeaways from something that is completely

different from what we're trying to do as investors and companies. it has much more to do with people who are trying to make short-term profits, you know, very, very short term, try to get, in true to get out do, the things, trading that we just fankly don't pay a ton of attention to but i also don't look at any harbinger of doom. it just is what it is t a side show and it's not people like me are going to do with their money over longer periods of time. katie: i'm going to privilege him that answer tomorrow when that craze continues. our thanks to jeremy bryan of gradient investments. we do want to bring you some breaking news and that is from federal reserve chairman j powell. he is speaking at an event underway. he said that the labor market is gradually come back into better balance we're going to bring you all of those headlines, our

coverage as we head them. let's take a look at what's moving markets right no with isabel lee. >> the amazon chief is stepping down. he took the reins three years ago and inherited the job who became the c.e.o. of the entire company. and so let's start with adams. adams was c.e.o. since 2016 and before that, he was the right hand man. so he's not now the company and he is stepping down but matt is not new he joined zoom in 2025. that's two -- amazon in 2005. and why is this important? it is the most profitable unit of the company. and people from closely watching who will next lead it? because they want it to continue growing. but i guess there's like good news because earlier this month, the unit did post its strongest sale and this shows that it's recovering from a slump. katie: interesting to see the

stock reaction. up 1% even though not a new phase two amazon. tell me what's going on with alibaba. >> it's not going well. ref phew was better than estimates but it was the cloud division that was underwhelming. net income was worse than expecting so investors are watch the results as it lose its market share to its rivals and because it's one of the largest companies in china and many people see it as barometer of the chinese consumer health. and we know that hasn't been good so far. the chinese economy has been struggling to gain traction ever since they shut down and this is after the chinese regulators have really cracked down on the health of the tech sector. so this is a space that people are watching. i would be remiss if i didn't mention 10 cent had better earnings. so tale of two companies. katie: absolutely. let's also end on a down note

and talk about wal-mart. we were talking about it with jeremy bryan. they report next week because shares moving lower today. >> it's because of a news that's close to many people. they from asking people to return back at the office, remote workers. and employees in smaller offices like dallas, atlanta and toronto are being asked to switch to bigger hubs that includes san francisco and arkansas. wal-mart is the world's largest retailer and of course the biggest private employee the u.s. if wal-mart does something, chances are people will be looking at it. but this isn't new. people have been coming back every day. you and i are here almost every day. katie: our reality may be a little different there. let's go back to some of those headlines crossing from fed chairman j. powell speaking at pan event. the labor market, his comments there. he said the labor market coming back gradually into better

balance. still labor shortages in many industries but a better balance overall. signs of gradual pooling and rebouncing there. when it comes to inflation, those are the big ones. he expects congratulations will be back down on a monthly basis but his confidence not as high as it was in the first months of 2024 and that the fed needs to be patient and let the policy work. so we'll continue to monitor those comments from jerome powell. we are at the q&a session of this event in amsterdam. coming up on this program, flying the norwegian skies. we'll talk to the c.e.o. of norse atlantic airways next. this is bloomberg. ♪

katie: well, the low cost airline norse atlantic airways reporting a 97% year-to-year jump in revenue as well as 83% increase in passenger. hear for more, we have the aerial's c.e.o., bjørn tore larsen let's start with the details there. those are some big numbers you put up. what drove the strength there? bjørn: well, i think our network is very popular among our customers and we have become a very u.s.-centric airlines. so in summer, we are more than anything else, a new york-based carrier, flying to six different destinations in europe, doing a double daily to london, flying every day to paris, rome. so these are popular destinations and a lot of people have discovered that norse has a great value.

the value is exceptional. i think that is sort of plays into those numbers. katie: yeah, absolutely. with the cost of airfares these days, i would imagine anything low cost is very hot right now. but let's talk a little bit about your network. like you say, you travel between new york and europe as well. are you expanding that network or just focusing on your existing routes right now? bjørn: for the summer, we concentrate on the existing routes. we also fly from l.a. and orlando but it's really what has proven to be a recipe last year, doing more of that this year. in the winter, we do more of the warm weather flying. but summer is really strong. katie: i want to talk a little bit about your fleet. you have bogey 787 -- bogey 787 dream liners. can you talk about how you're feeling about your fleet?

has that changed your thinking? bjørn: not at all. we're grateful of boeing and it's a great product. now they had a couple of sort of very negative issues in the past and they have dealt with it, taken it very seriously. so we are 100% confident about the boeing dream liner. it's the best aircraft in the sky. katie: there you go. would you think about an airbus? bjørn: that reduces our cost to have better offering and right now, there's no better aircraft on the dream liner so much there's not much to pick from. katie: have you thought about expanding your fleet? bjørn: we are thinking about it but we are counter cyclical. and right now, there's a shortage of aircraft and it's too expensive for us. we'll be the but be patient. katie: let's talk about the

future. you're in slab collaboration with advisors. you've been talking with two larger airlines, a major air lynn and the or one is medium sized. are you still talking to them? bjørn: we are. we are in talk with two airlines and it's a little different type of discussions we have with them. there are still hot discussions and we are far advanced. but typically, the last few percents are the few percents that takes time. so we hope to have something to announce the market within a few months time but i can't be too specific about it. katie: so within a few months, that sounds like the timeline? bjørn: at least for the announcement. and then of course, depending on how the deal would be. it would be something that required regulatory approval or things like that. they tend to live a life of their own.

talks are ongoing. katie: it is impossible to get a deal done and as you end these advanced talks, how much does that factor into your conversations? how do we make sure this actually get overs the line? bjørn: well, i think we're a different kind of talks. one is sort of a type of corporation where there would be very little regulatory approval and other talks could be including some investments on one of the sides and that might require regulatory approval and we know america's not easy but it's not easy in europe nowadays. several airlines are trying to take over others. and they have been going through a very bureaucratic and long process. katie: >> prickly, too. and i'm curious. what would your ideal deal look like? are we talking about a material ownership stake here? are we talking about a minority stake, a partnership? i mean, what structures are in discussion? bjørn: anything from zero investment but a great commercial agreement to a minority stake is the most

realistic scenario given regulatory approvals and also given sort of what i think would be ideal. we are open to any kind alongs it springs value to our shareholders and is good for our customers. those are some sort of what i think would be most realistic. katie: with any deal, what kind of markets would that open you up to? bjørn: that depends on who we're doing the deal with. katie: you see what i'm trying to do the deal here, yeah. bjørn: we three factors and mainly two. one is will a deal give us bigger revenues? in other words, corporations. will it enable us to reduce the cost or will it open doors? give us traffic rides that we otherwise would not have? so those three are the main factors but i can't be more specific than that. katie: it sounds like we need talk again. before we let you go, you told us that your goal was to be profitable for all to have 2024. is that still achievable? bjørn: yeah.

it's still achievable. and q-1 was on verge. so i think we are heading in that direction but a lot of things can happen. so we can't give any promises but we're aiming for it. katie: hope to see you again. our big thanks to bjørn tore larsen of norse atlantic airways. this is bloomberg. ♪

katie: let's go back to those headlines that we got from federal reserve chairman j. powell. of course, speaking at an event in amsterdam. the ppi reading quite mixed. he said that the fed would hold the policy rate where it was as

he acknowledged that housing rates were a bit of a puzzle. he said that the first quarter the united states it was notable for its lack of further progress on inflation. of course, saying that we did not expect this to be a smooth road but these were higher than i think anybody expected and that means the fed chief as well. how markets are reacting to those comments from the federal reserve chief. right now, you have stocks extending their gains. the s&p 500 currently higher by about .3. you can see the nasdaq 100 was unchanged about 26 minutes ago. not any longer. higher by about .3%. small caps have given some of their gains but higher about 1%. to the bond market. yields lower on the day which is interesting. ppi, you think about powell preaching patience when it comes to the rate outlook but yields lower. coming up, we have famed infer

alan patricof. there is an $8.3 trillion opportunity in longevity tech. we speak to him next. this is bloomberg. ♪ avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it.

katie: gamestop and amc seeing a turbocharged rally that started monday after roaring kitty, the man who started the meme stock revolution, posted for the first time in almost three years. joining us for his perspective on meme stocks and a lot else, alan is the prime time partner co-founder, the predecessor of what is now aipac's partners. i have to ask you about meme stocks. we have a more substantial discussion to get to. given we have many more market cycles, what you make of the likes of gamestop and amc?

alan: you know, we have been through this before. someone comes back after three and a half years, the stock is up 77% and it has nothing to do with the stock itself or the performance of the company. reminds me of trump, true social, the activity of that stock with no basic underlying fundamentals. the market gets hysterical. it's a psychological, based on the whims of a lot of people who want to play the market and go one way and another. we will see it, i guess i halfwit -- no way of knowing, i don't follow it, but i assume the reaction on the downside was the same as people stepping back on the crypto stock, what happened to the fundamentals.

we see it settle down. i would say that this is something that where someone else needs to play in that game. katie: and to your point that the downside could be just as dramatic, we have seen that. dizzying boom and bust. let's see if this goes according to script very let's talk about traditional tech and artificial intelligence. i know that you have made the point that ai is the most dramatic innovation you have seen and i am curious where we are in the investment cycle. is it still the picks and shovels, nvidia's of the world that people should invest in, or have we moved beyond that to look at the ultimate users of ai and that is where the opportunities are. alan: i couldn't agree more with your last comment. i think it is the people who are going to use ai in its various

applications, medical, educational, supply or whatever else, i would say ai -- you are right, i have commented on this -- i think it's not the same as a meme stock. when you have companies overnight worth anywhere from $3 billion to $100 billion without any yet strong fundamentals with the possibility of competitors being on the side, seeing at any moment, without people understanding the costs structures, to me, this is from my stand oink, i like to sit on the sidelines. i would much rather be, as you say, the picks and shovels. i would rather be with the companies who can take this incredible development of machinery and artificial telogen's and apply it, improve costs structures and productivity, where it has

enormous applications. from that standpoint, i think that ai is just, just beginning. we haven't even seen what the future can bring. bring for it. in terms of the platforms being vulnerable to market hysteria also? i would like to wait for some fundamentals. katie: interesting. sounds like from your perspective it is in the early innings. i'm curious, how long is this timeline? when would you become triple venturing out of the picks and shovels, the company powering the ai boom into the end-users of ai? alan: well, a little confusing, your russian. the people who are the end-users are using ai -- katie: to put it in a different way, industries that could be disruptive, health care for

example, is that a theme that you are in testing and right now? is that a theme that you are waiting to hit? alan: you don't wait for it. you have to assume that the companies waiting in the area, the benefits of that technology will show up sooner rather than later. i definitely think that we are just beginning and that this will unfold over a long amount of time. it is not going away in the short term. it's a long-term play. i think you can understand how people are using this tool and what impact they expect to have, monitor it and see if it really has that effect. katie: another long-term play is primetime pout -- partners. i believe that you have turned 90 this year. you are planning to live to 100, you say. my plan as well. looking at the admission statement runtime partners on

your website and it's to redefine age and quality of living for prime time adult. sounds like it goes beyond longevity and getting people to live longer, it's about the quality of life there living as well. alan: we don't invest in anything that requires fda approval, but all of these medical, science, they have fda accreditation, increasing the quality of life. we have invested in companies we haven't even bought of. like on the west coast, there's a company called isaac health. on the east coast, both companies are trying to help people who may have neurological forms, in one way or another,

consuming, related to depression, alzheimer's, genetic, nero, neurological diseases, to be able to anticipate these earlier, taking some perhaps preventive or earlier steps that we wouldn't otherwise. it's all on a telemedicine basis, that's a perfect sample. we've got a profile companies dealing with older people and then making their lives more comfortable. we have a company called safe ride, which sounds like over on the surface, but when you think about it and you are older and not in great shape, you want to make sure that someone is taking you to the doctor and that they pick you up on time, they take you carefully in the vehicle, that they drop you off and pick you up after whatever it is you are doing the medical episode,

not emergencies or ambulances, but with a 99% reliability, you can get that with a regular ride service, those services are provided by the help plans. whether it is isaac, safe ride, everything is compensated in some way back to the health plan , medicare, medicaid, everybody want to keep people out of the hospital. that is the major objective of anyone in the health care business, because it is so costly to be in a hospital. anything you can do to prevent a day and the hospital is worthwhile. katie: unfortunately, we have to leave it there. have to have a bigger conversation about this at some point. there is a bigger discussion on longevity and quality of life that we have to put a pin in for now. that was alan patricof, primetime partners.

we want to bring you back to the fed event, jay powell making headlines as he speaks in amsterdam, saying that trade policy is a hot political issue and not the job of the fed. not controversial to say big deficits should be dealt with sooner rather than later. we will of course continue to monitor the event and bring you headlines as we have them. let's take a look at how the markets are reacting with abigail doolittle. abigail: mixed markets at the moment, s&p 500 turning down fractionally. if it has to do with powell comments, i'm not so sure about that. equal index less weighted towards tech, outperforming slightly with the nasdaq 100 about to follow the s&p 500. take a look at where we had the big outperformance. the russell 2000 up. a lot of it has to do with the meme rally. meme stocks on the day, gamestop

is 100%, double on the day after gaining 74% yesterday. amc, soaring of course on the possibility that roaring kitty, whose name is i believe kevin or keith, a big part of the meme rally, maybe i gave the stock second -- may be eyeing those stocks once again. nasdaq 100, tech heavy socks, looking a bit heavy. let's take a look at the chart have looked at before, it's looking more heavy. the long-term range with pandemic rally down into the 2022 lows, it's reversed with a counter rally and it appears as though this is going to be the bigger part of a downtrend before the last high in a convincing way. bearish divergence and a set of lower highs telling you that

this rally, what could it have to do with? let's bring it back to jay powell, not so much about trade in the fed not being involved in it, but rates on the year her stunning over the last year, year-to-date, putting it down to liquidity conditions and pricier tech stocks, katie. katie: thank you so much. coming, fiscal challenges on the campaign trail. scott bessent joins us next. [speaking another language] ♪ should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management.

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abigail: you are looking at a live shot of the principal room. coming up, and interview with john waldron at 4:30 p.m. eastern. this is bloomberg. katie: time for our wall street

week conversation. earlier, janet yellen said that the renewal of the tax cuts and jobs act will add $5 trillion to the deficit. david westin spoke with scott -- alan patricof --scott bessent yesterday about whether that calculation is correct. scott: i assume that yellen is using cbo scoring and that is static. that is without any cuts. that is the current spending. you know, i recently met with the cbo director. had done some of the numbers myself. i think she is overstating it and is just -- what she didn't say is they won't raise taxes on anyone who makes under $400,000.

that has worked for me, too. i can guarantee you that yellen and the biden administration do not have cuts in mind. i think that the trump administration would have lots of cuts in mind. david: a trump administration, assuming he's reelected, would it be only cuts or only tax enhancements at all? and you get to where we need to to get our fiscal house in order without some taxes? scott: look, i don't think -- if we go back to 2017, i don't think we need to increase anything from their. i think that what we need to do is a lot of deregulation. if i look back and think about the difference between trump 1.0, before covid, and the first three years, 3.5 years of biden, it's two separate visions of how to deal with the economy.

trump 1.0 was a demand shock from tax cuts met with a downward supply shock or upward supply shock that put downward pressure on prices, so you didn't get any inflation. demand shock with a supply that pushed back. with the biden administration you had demand shock massive government sending constraining supply with all of the new regulations. so, that is why we keep getting these continued bursts of inflation, it's why inflation has been so hard to tank. david: we asked paul ryan if we could get to where we needed to fiscally just that's. he thinks that a lot of the debt is from health care. do you? do we have to get title for in

order to get to where we need to go? scott: there is talk and congress about getting more authority to states for medicaid because of the lopsided policy where the governor determines the spending where the federal government has to make it up. it's a very different from state to state. this idea of more state sovereignty in terms of large grants down to the states could maybe even save one trillion over 10 years. david: we talked to steve mnuchin last week and he said that as bad as the fiscal situation is, don't expect donald trump or joe biden to talk about it on the campaign trail. not popular. do you think we will start to hear from one of the candidates about the problem fiscally? scott: like i said last time, i think that president trump is focused on this and he

understands 7% deficit is not sustainable and the frightening is a 7% deficit is something we have never had or, during peacetime, or when we are not in a recession. i think that you are going to hear from him on that, because it is a winning position. david: you refer to inflation, something that we follow every day, we hang on every data point when it comes out. last time you were here you said part of the problem was the marshmallow test that jay powell failed. that last december he said they would cut before they raised and that it loosened financial conditions. since then, the markets have gotten over the possibility of this year, yet i haven't seen financial conditions tightening. why haven't they? scott: for whatever reason, chair powell keeps talking about cuts. even at the last press conference he says he still

believed the next move would be a cut. i actually think that chair powell and janet yellen have both hurt president biden's reelection chances by using financial conditions last november december, where we got a real acceleration economic activity and is worse for consumers. we have gotten a lot of real acceleration of inflation that has now put the fed on pause. probably through at least september through the end of the year. katie: that was scott bessent, t-square group founder cio and ceo. david, good to see you in studio -- in studio again, back from milken. his view on overseeing things when it came to the deficit, what did he have to say about trump elected affecting the deficit? david: it's interesting, both

candidates want to address it without that's. no one wants to talk about cuts, that gets painful. you heard him talk about dynamic scoring. that's a euphemism of growing our way out of the problem. i asked him actually how much growth we need and he said 2.5% to 3%, which you know is above the historic and how can you get there through deregulation? that is what they think, they need to unleash capitalism and that will save this. katie: i'll have to apply dynamic scoring to my own life as well. you brought this up with steve mnuchin, talking about deficits is not really a winning campaign strategy. i wonder will actually hear anything about it on the campaign trail. scott:'s -- david: steve mnuchin didn't think either candidate address it. when you get together to elect

someone, you want to know what they are going to do and if this is such a pressing problem, we would all want to be able to talk about it rather than someone taking over. paul ryan thinks that the next president face a debt crisis. that would be a shock. katie: not sure if we will get that level of substance in any of the public debate, but we will see. great conversation with scott bessent. who else is coming up? david: tomorrow, paul, investment anchor is sort -- extraordinaire, coming up on wall street week. katie: a lot to look forward to. next to david westin. this is bloomberg. ♪

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katie: time now for social

climbers, the stocks making waves on social media this morning. first stop, meme stocks are surging again, a turbocharged rally that started monday when you kill, known as roaring kitty, returned to social media after a three year hiatus. he's back, whatever that means. next, buzzfeed is making the rounds after providing a second-quarter revenue forecast with a drop in growth. earlier this year, remember they cut 60% of their staff, eliminating their news division in 2023. finally, tesla hired back some of the almost i've hundred members of their supercharging team that elon musk dismissed last month. his decision to fire the team stunned of the broader sector as super chargers were seen widely has their crown jewel. maybe a bit of a reversal going on right now. but you can follow the latest company buzz on your bloomberg

terminal and we want to get a wrap on the headlines from the federal reserve chairman, jay powell, speaking at an event in amsterdam, saying that overall fed policy is working and that demand for workers is cooling substantially when it comes to the labor market. he also referenced non-bank lending, saying that it has been going fast, that it is the job of the fed to monitor non-bank lending carefully and you can monitor that in real time at live go on your bloomberg terminal. you can see how it is working its way through the markets right now. the s&p 500 is higher, but not by much, higher by 1/10 of 1%. the nasdaq 100, big tech stocks, it's the same story, up 1/10 of 1% or so. small caps, still in charge. the russell had been up 1.2% an

hour ago, but that feels like a long time ago. coming up, "uber technology." that does it for "bloomberg markets." i'm katie greifeld. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh

>> from the heart of where innovation, power, and money collide, this is "bloomberg technology," with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed: i'm ed ludlow in san francisco. this is "bloomberg technology." caroline: coming up, the amazon web services ceo is stepping down from the job. details to come. ed: openai unveils an update as google kicks off