>> 38 minutes into the u.s. trading day. here are the top stories we are following. location, location, location. blackrock and citadel backing the texas stock exchange to challenge the new york duopoly. urging london listings to switch to u.s.. we will discuss. a tough time for farmers with farmer income forecast falling 26% this year. chapters a has found a sweet spot with so-called hobby farmers. we will check in with the health of rural america. boeing goes to space.

the long-awaited spaceflight blasting off at 10:52 a.m. eastern this morning. we will bring you coverage when the time comes. i'm katie greifeld in new york. welcome to bloomberg markets. looking at markets, some green on the screen. you can see the s&p 500 up by .2 percent. looking for action, take a look at big tech, the nasdaq higher 5.7%. give big tech a leading the rally and all the while volatility draining from the vix. if you can see the vix at 813 handle, below 13 earlier today. right now, green on the screen but we have breaking ism services data, michael mckee

joins us with the details. michael: interesting to see the reaction because the ism services index comes in higher and up from the prior month. we are at 53.8, from 49.4. the forecast was 51 .0. instead a big improvement. and at the same time prices paid falls, and employment is a bit of a disappointment. 47.1. the forecast was 47.2. the new orders index improves, 54.1 from 52 point two. when you look at what is going on with the ism numbers you have to ask the question, is this economy slowing significantly and the fed should worry or is the economy growing at a reasonable pace and normalizing. katie: it will be interesting to

hear from the fed. jerome powell at the june fed meeting. tomorrow, the jobs report coming up. we had adp and how does that set us up for tomorrow. michael: tomorrow is jobless claims. everybody wants it to meet friday because that is a big number. it is looking like the consensus is 185,000. now that we have the ism numbers and adp numbers that could change between now and friday but no change in unemployment at 3.9% and no change in average hourly earnings. this may not be a dispositive report for the fed. everyone will turn to the cpi next wednesday. katie: breaking news, it is only

wednesday. devastating. let's turn this conversation over to katie kaminski from alpha simplex. let's talk about what we have learned because we have gotten a lot of data so far in the three days of this week when you add it together, you think about the big rally in the bond market. what do you make of it? katy: june has been a huge shift in sentiment. we have seen, even though some data is positive like to see some indications today, manufacturing data earlier this week but the biggest thing we have been watching is the synchronous moves in the commodity markets and how much of an impact we have seen in the fixed income market. it does feel a little like we are seeing a shift in sentiment that could indicate there are things we need to think about and worry about that i wasn't worried about until this last

week. katie: we have been so focused on inflation and for good reason but wasn't the focus shift from worrying about inflation and crash -- price pressures to than worrying about growth in the market. katy: our narrative has been higher for longer and the equity markets being disconnected with that narrative. anything -- any time we've seen bad news the equity markets have thought of that as a good indication that we will get a cup. now we see concerning news, we are seeing the opposite, risk often behavior which means the market has shifted much more to worrying about demand and the consumer and worrying about if we get cuts, will it be enough and that is where you see the equity markets taking a downturn in the last couple of days. katie: do you think that is fair? would you lean against that or maybe being cautious here it

makes sense? katy: yes i do and i wouldn't have said that a week ago. you've seen the market try to reprice commodities and the commodity moves in particular was something that health of the higher than longer -- for longer narrative and now that we are seeing data that looks like maybe the consumer is getting tired and that makes me worry about how much demand destruction we might have and whether or not we have issues with growth and that is something i wasn't as worried about until i saw such we speak -- extreme moves reacting to the data in a very different pattern than earlier this year. katie: how do you build a portfolio around that? you have a unique process that view. when you look at the asset classes and the same fear about demand destruction and with the economic backdrop looks like, where is the best place to place your bets right now? katy: right now it may be a

shift from tides and so you may start to see short positioning in the commodity markets and you might also need to think about cross section across equities and which markets with transports and utilities struggling in the relative sense and relative value positioning and equities but also a pivot and some key asset classes, a weaker dollar, potential short positions in commodities we haven't seen for quite some time and also thinking about whether or not the probability of a challenging market environment such as a harder landed -- landing than what we expected could be feasible. that's what i would think about, increasing the probability we could have a challenging market environment for equities going forward. katie: is that the green light to go a long duration. i speak to bond folks and the narrative is you have to have a talk -- tough stomach to go out the curve and why bother when you can get 4.5% or 5% and

assured end of the curve. if we are heading into demand destruction, cooling growth, is it worth going long? katy: at some point i am going to say yes and the market is indicating that to some degree. if you take a quick look at the pivot in fixed income, i know signals are short and higher for longer is a theme in trends we have seen but it will be interesting to see the tomorrow ecb meeting and watch data come out and see the probability of potential cuts increasing. if that is the case there would be an eventual shift toward long duration which could be a good play if you are concerned about hard landing or a scenario where we have deteriorating growth area -- growth. katie: so we may get there with the longer duration bets at some point. you were talking about relative plays you could make.

we had a guest on earlier who said it is hard to bet against the magnificent seven right now, the big tech names that broadly showed up during earnings season. how are you wrestling with the fundamentals versus valuations right now? katy: the challenges you have seen in massive divergence in trends in the strong tech names and they have been the ballast of the market. if you look below the surface you are not seeing as much potential and seeing that even today when you look at how the nasdaq is recovering so much stronger than that russell or s y or other broad indices. it will be a question of how long can we keep the narrative and is this a new normal where we have that sector of the economy coming ahead and other sectors struggling.

it will be a continued theme we make continue to second-guess but you have to watch earnings next season and continually look at the data and see eventually if the magnificent seven feel some of the challenge. katie: is it worth buying protection? you don't see it in the vix but traders are paying to hedge against s&p 500 downside. if you look over the next couple of months, is that a hedge were making? katy: you consider the market isn't doing that to some degree. look at how much movement you saw in fixed income. that is an indication people are shifting sentiment. so you could also consider more explicit hedges on this type of scenario but as people pivot more risk off they are redirecting the portfolio to be more prepared for the potential

for a harder landing or the inability of cuts to deal with deteriorating growth and issues with the general consumer. katie: that is a good place to leave it. always great to speak with you. really appreciate your time. that is katy kaminski of alphasimplex. we are going to check in with bailey lipschultz. happy wednesday. bailey: i thought it was tuesday. [laughter] best performer, hp enterprise, all-time high, up 14%, beating expectations and analyst meeting -- saying the ai driver is raising those results. it seems like a solid beat of her company that 18 months ago was one of those stocks investors were debating around how could they capture ai

enthusiasm and it seems like when you look at the chart, doing very much that. katie: let's talk another having a good day, crowd strike. we have seen of hearing but a solid up. daily: beating expectations and delivering a boost for guidance. we look at crowd strike, the stop felt almost 10% last week when salesforce reported results that took a lot of the wind out of the software narrative. when you look, it looks like a strong result and analysts calling of the ability to generate significant return revenue, free cash flow relative to what wall street is looking for. they are up four point 5%. i like to keep things relative but still below levels of the week ago. katie: let's talk about dollar tree. interesting review going on right now.

bailey: underwhelming results but considering spinning off through potentially an ipo family dollar which has been struggling when you look at results and ability for this company to execute. some analysts casting it as a quote unquote to problem child. also dollar tree announcing plans to cut nearly 1000 family dollar stores, trying to reshape the business. the stock is down more than 2.5% , and down close to 18% year to date. investors want to see the company do something new to draft shares higher. katie: always great to see you. coming up, wall street heavy weights planning a new exchange to take on new york's dominance. the details coming up. this is bloomberg. ♪

katie: blackrock, sit it out and other investors backing an upstart texas exchange to challenge new york dominance.

pessimists could say this is a long shot in the lone star state. how hard is it to build and launch an entirely new exchange? >> they have to get approval from regulators so they will file with the sec and once that gets done they have to gain momentum and see the trading start to happen. whenever you have a new exchange, what needs to happen first is the volume increases and that incentivizes investors in market makers throughout to that exchange. if there is increased liquidity, that means there will be better pricing more often and that is why some in growing their own liquidity have been able to keep dominance and volume high over time. katie: it is a good point. it is all about liquidity and also on the timeline, a lot of steps. it is interesting to see this because you know very well there is a bit of an ipo drought,

volumes very muted. when it comes to the texas stock exchange, what is the potential for the business and what they are targeting? katherine: it seems like they are targeting corporations that would go to nasdaq and may be frustrated with rules and regulations and compliance. think about the nasdaq board diversity program that might limit some that don't meet the threshold for listing on nasdaq. they still want to go public but don't meet the threshold, they might choose the texas stock exchange and that is what this business is targeting. they want to be an open venue and has less rules and restrictions than nice and nasdaq. they are going to promote themselves as the welcoming texas state it is welcoming to companies that might not want to go through the hurdles they would see in new york.

katie: this news is interesting but also our the backers, sit out in black rock among them. what could be their part. are they starting to hedge? this is not the first time we have seen citadel and the like back them. they and other big banks backed a new exchange that is still in play and they are taking market share from some of the big incumbents. we have seen the futures exchange launching later in futures but a big plate for participants that might just want more choice and there is also sometimes a financial incentive when you are a backer of the exchange and you might get more of the ownership in the exchange if you send more

volumes to the venue. katie: it is going to be fascinating to follow and i'm sure it will keep you busy. some investors, activist investors, encouraging overseas companies to switch to u.s. exchanges and pursue of better returns. for more, let's bring in one of the authors. what is the logic? >> the very simple basis is valuation. if you look on a price to earnings basis, the ftse is lagging by half of what the s&p is a trading at. so investors say valuations will be beneficial. there is the argument that liquidity in the u.s. market is just what katherine just said, liquidity is almost the most important thing when it comes to trading. the most important thing here is that it is not just some, but a

host of act -- investors asking for companies to consider at least try to figure out whether the u.s. is actually a better option. katie: if feels like we have some success stories. cr h we have spoken to the ceo on this program and it is true when they switched their listing to the u.s. the market cap definitely expanded. crystal: there is logic for that. crh already has revenue and customers are in the u.s. and have contracts from revenues coming from the u.s. continuously. that was another reason for them to come. that is obviously a problem for london to deal with. katie: let's talk about london because it lost its crown as the biggest market in 2022. now activists pushing to get companies to list elsewhere in

the world. what does this mean for london? crystal: it is a huge headache and will be the government priority to pressure companies and bankers, lawyers as well as offering incentives. not only do you have to improve your exchanges, there will be tax benefits and other incentives to keep the home grown within the country. and with the election coming up in july, whoever is winning will have to figure this and make sure the capital is staying within the u.k.. katie: it will be interesting to see how this transpires and if it comes up closer to the election. i really appreciate your time. still ahead, taking a look at the companies making the most social buzz in aren't social climbers segment up next. -- in our social climbers segment coming up next. this is bloomberg. ♪

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katie: time now for social climbers, stocks making waves on social media. campbell's soup meeting expectations, strength in meals and beverages offsetting weakness in snacks. prices hold steady for the first time in three years. investors may be hallucinating over the supposedly psychedelic renaissance. companies having a bad trip after an experimental drug failed to get fda approval to treat post-traumatic stress disorder. we have champion, the iconic sportswear brand that dominated

in the 1980's has a new owner and authentic brands. hanes brands is selling the business for $1.5 billion rate authentic brands looking to expand into the fast-growing sportswear business and other names in the portfolio include forever 21 and aeropostale. you can look on your bloomberg terminal. let's look at the markets one hour in. the s&p 500 building on gains and may be getting a lift from the economic data we got at the top of the hour. you only have three of the 11 sectors in the green right now. consumer staples the biggest flagger and tech is the big winner today. you can see that in the nasdaq 100, currently up about 1%. it definitely helps you have nvidia up over 3% right now, definitely helping to lift the tech benchmark. coming up, as farm profits fall,

tractors continues to grow. the president and ceo joins us next. this is bloomberg. ♪

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to buying gold, which will provide you with important, never seen before facts you should know about making gold purchases u.s. money reserve is one of the most dependable gold distributors in america. katie: one hour into the u.s. trading day, let's get a check of the markets with abigail doolittle. abigail: the s&p 500 up for a fourth day in a row. a solid gain of 4/10 of 1%. the tech heavy index doing better a full percentage point up for a third day in a row. almost up 2%. not so shabby at all. the bank of canada did cut rates , the u.s. dollar against the

canadian dollar. take a look at the action in the yen. the yen by 1%, 9/10 of 1% sort of adding to this risk on mood, the yen a haven currency to the fact it continues to sell off that is supportive of the risk on move. the reaction we saw initially from bonds to that ism number coming in at 53.8 versus the survey at 51 in the prior month of april below 50 so we are back in expansion. yields going higher and now basically about flat. interesting to see if this turns into a fifth down day in a row and finally oil i believe we have some data coming out right now but oil not reacting all that much. down 4.3% per u.s. stockpiles thought to be high going into

the report. opec-plus not so long ago indicating they have a plan to halt the production cuts. katie: certainly a tough couple of days for oil there. we want to switch gears now because it's been a tough time on the farm. farmer income forecast falling 26% this year, that's cost companies to cut their profit outlooks. let's take a look at how it's affecting retailers. we will do that with the president and ceo of tractor supply which is a u.s. based company that sells farm supplies, tools and fencing. it's great to see you in person. it's a tough time for farmers. obviously crop prices have been falling pretty substantially hitting the likes of deer but not so much tractor supply. >> tractor supply caters to a different customer base than large-scale agriculture farming. certainly that has some halo effect on the communities we

serve but we really serve that hobbyist farmer, that so-called gentleman farmer and a new cohort of millenials who have migrated into rural america and the last four or five years and taken up many of the hobbies we cater to that we call life out here and from our perspective rural america is thriving, vibrant and doing incredibly well. katie: i said the phrase gentleman farmer in our morning meeting and i thought our team thought i was joking. it's a very real category, but even said it's a tough time for those farmers maybe not for the gentleman farmer but even still the u.s. consumer has been faring with very high inflation, higher price levels in the last few years for quite a time now and we've seen a tray down across industries. i'm wondering, are you worried some of that tractor supply customer base could migrate to a walmart for example. >> our consumers -- customers

continue to be engaged in our business, in general they spend and are very healthy. we cater to a demand driven business so it is animal feed and dog food nearly 50% of our business when you look at it holistically. and those drive footsteps into our stores. market-leading pricing on that. animal feed 2020 5% market share in the united states our customers own land, they own their homes prayed they have animals and pets. a tendency to not overspend in good times and typically not underspending bad times, just kind of paste in their approach to life. we reported our q1 results with a positive 1.1% comp and our business continues to perform very well. katie: we have seen time and again americans are happy to spend on their pets and animals and that's benefiting your business. i'm curious what you are pricing

and promotion strategy looks like right now and if you change that heading into the summer months. >> we are an everyday low price retailer prayed we don't promote things like our animal feed, chicken feed, livestock feed. during the pandemic we took the opportunity to eliminate virtually all the promotions in our business and stops doing print ad marketing. converted that the digital, video or tv and have not reinstated those print ads. we have one year we do want black friday and by nature that's reduced promotional activity seeing a little bit in the pet industry manufacturer sponsored promotion activity for the most part we have remained. >> tell me about your loyalty program because you lowered the limits there. how are those changes impacting that program? hal: we have 34 million members, nearly 80% so it's a larger vibrant and robust program

driving significant growth, it is a tier-based rewards system. great retention on it. nearly 80% of our customers retain themselves from one year to the next in terms of being active. that middle tier and high tier driving behaviors. we are now focusing a little bit on that lower tier. reduce the threshold a little bit. reduced our rewards redemption areas as well and we have been very pleased with those results. neighbors club program is a core foundational element of our business model. >> when you take a look at what people are spending on, your customer base, what categories do you see the most activity in. hal: it's kind of both sides of the spectrum. we see demand for the feed and food in consumable products we sell, those transactions.

we are also seeing big ticket very strong. this year we've come in with riding lawnmowers, very strong you tv's, minibikes, golf carts all those sorts of things. gun safes and grills. literally on both sides of the spectrum we have seen strength. katie: i want to talk of the share price because you recently hit an all-time high and then you got some valuation concerns i feel it when i asked ceo's whether share price they say they don't really look at it but how are you thinking about how far the stock is, over the past couple of months or so? hal: if i step back, is only for stocks that have averaged 25% growth rate -- growth rate in their return. we are one of those for bread amazon, apple and monster beverage as being the other. we have a long-term track record of share price appreciation and the last 2, 5 and 10 years similarly.

we are very long-term focused. we are strategic initiatives. serving our customers, certainly looking at some of the day today movement in the stock, but really focused on the long-term share price appreciation. we have had a good run and are focusing on driving that. >> whenever a ceo tells me they don't look at the share price i say really. but that makes a lot of sense. great to speak with you, hope we can do it again. our thanks to the ceo of tractor supply. coming up the starting bell is starting to sound for m&a activity. the deals landscape with the evercore chairman emeritus. this is bloomberg. ♪

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coming up an interview with the hpe ceo. this is bloomberg. abigail: time for -- katie: time for our daily wall street week conversation. we are looking at a corporate deals are being affected by increased deals and higher uncertainty. david westin spoke with the evercore chairman emeritus about the current status deals. >> we are in a period of returning activity so if you look in the u.s., announced transactions in the first five months of the year are about 40% of last year. the last two years have been low activity driven by predominantly uncertainty rather than economic uncertainty because that is the

enemy of m & a activity and if you look back over the last 45 years, back to 1980, m & a has been categorized by five to eight year up cycles and two to three year down cycles. we are at the end of the two-year -- two to three year down cycle and the beginning of what i expect would be an extended period of increased activity, 24 being better than 23 and 25 being better than 24. >> we pay a lot of attention to the fed. the beginning of the year there were something like six rate cuts priced in. now we are down to maybe one. does that affect them doing deals. >> it really doesn't prate what they care more about is the availability of debt capital rather than the cost prayed i think we're at a period now where the cost of debt capital,

of the risks are asymmetric. the risk that it goes up is lower than the risk that it stays where it is or drifts down , so that is off the table today in terms of transaction activity. economic uncertainty and political uncertainty now are not unimportant. in having people think hard about whether they do transactions. david: when you talk about the availability of capital or credit you would've thought 500 basis points would dry up a fair amount of that. we had a lot of people coming into the market. what is the situation the supply and credit for deals. ralph: supply of credit today is probably as good as it's been at any point over the last four or five years. the reason is number one bank loan activity has been relatively low. so they are actively seeking the

opportunity to deploy capital and then you of course have this massive growth in the alternative banking system, so-called private credit where massive amounts of capital, that market today is in excess of $1 trillion. it's not levered generally and so there's a huge push on the part of those who fundamentally alternative asset managers to push out that credit, so right now you have intense competition between the traditional banking system and the alternative banking system and whenever there's lots of supply and limited demand, prices go down. david: private credit people say we are lending more we are much more careful about it. we put more restrictions on it. is that true in your experience?

ralph: no. [laughter] to be honest, i think credit, there is this thing called the credit cycle we have heard about for many years and there are times like right now where people feel some amount of pressure to put assets on the books, whether they are private credit or banking and that tends to weaken a little bit the underwriting discipline. thrown away because i think we all learned from 2008 that discipline and credit is really important. but i recall once when i was at blackrock we were hired by xerox to make a decision about what they should do with their insurance business and one of the things we did is we visited five of the smarter people in

property and casualty business. one of whom was warren buffett. we flew out to omaha and we met with him and he talked about the property and cash business. he said i've bought every single one of my underwriters a golf club membership and the only thing that i do is i tell them when they must use their golf club membership and when they cannot. and his point was there sometimes when the underwriting cycle is really bad and i want you all to play golf and there are times when it's really attractive and that's when i want you to not play golf and write lots of policies. bankers and private credit do not have that same luxury. discipline not in major ways, but in minor ways, ebbs and flows. katie: that was the evercore

chairman emeritus and wall street we coasted david westin. tomorrow we will be joined by bill daley the former white house chief of staff. i take a quick look at these markets and we had a rally on our hands. the s&p 500 higher by 4/10 of a percent or so but it's big tech. you can see the nasdaq 100 higher by more than 1%. a lot of those gains being driven by what we are seeing in nvidia continue to power ahead and that's dragging up both benchmarks higher. volatility continuing to fall. the vix currently below 13. that does it for bloomberg markets prayed i'm katie greifeld. bloomberg technology is up next. ♪

caroline: i'm caroline hyde in new york. ed: i'm ed ludlow in san francisco, this is bloomberg technology. caroline: we are counting down to the launch of the boeing star liner in cape canaveral. they will be the first to travel aboard the so-called space taxi and this launch has been plagued by problems, delayed twice due to a number of technical glitches. the cat -- the craft key to nasa's plans to take crew to and from the international space station a lot is riding on this. ed: boeing has been working on star liner since 2014 when nasa first awarded the contracts as part of the commercial crew program. and it's massively behind schedule. seven years delayed.

we may finally be here and the important context is in that time the contract was awarded to spacex who had flown nasa staff to the iss nine times and four private missions and you can see how far behind boeing has fallen. caroline: let's talk about what we are seeing on board at the moment. veterans, both of their third time going to the international space station. sunni williams, barry whitmore. can you tell us more? ed: williams, a hugely experienced astronaut. first time in 26 -- 2006 through 2007. a number of spacewalks. butch, 178 days in space, he will be at the commander of this mission. it is a different system to space x. it's a very different system. they have side boosters, a main booster, and then the capitol

star liner on top so there's a lot here that is not as tested as thoroughly, but we are getting close to this happening and i have been skeptical that we would get here given the multiple delays even in the last month alone, but star liner looks clear for launch. >> seven, 6, 5, 4, 3, 2, 1. ignition. and lift off of star liner atlas five carrying two american heroes drawing a line to the stars. >> commander calling down to mission control in houston the spacecraft is began rolling and its navigation and control officer in route.

>> star liner passing through the point of maximum dynamic pressure where the forces of air friction are highest. ed: we have passed through the moment of maximum aerodynamic pressure or stress on the complete craft. 1.6 million pounds of thrust generated by the main booster and on the side of that the

two-sided rocket boosters and that's the next thing that will happen. at the two minute and 22nd mark, though solid rocket boosters on the side generating 348,000 pounds of fraud -- thrust each. we continue on our journey relying on that booster for about two minutes or so. caroline: we will keep an eye on star liner but also talk about united launch alliance who is providing the rocket and this is ultimately two working seamlessly together here. ed: the atlas fire -- atlas five system is flown 100 times, the majority of that under the ula umbrella prayed a lot of the setback is the integrated system. what i believe we saw there was a separation of the solid rocket booster, but this is the first time we have had serious human

spaceflight under the ul a umbrella with atlas five and it's part of a much bigger integrated system. the shares up 3/10 of a percent. i'm not sure what you would expect maybe a relief rally, maybe not because how many years behind schedule we are and how any billions of dollar overbudget we are. it's an important milestone for that system, we had the context since 2014 when nasa awarded the dual contracts to space x and boeing, space x has made this routine and gone through it many times. caroline: let's look at some of the differences in terms of the nuances of how the flight is approached. we are not seeing a usable rocket and indeed a small amount of size differences. ed: they are very different launch systems. falcon 9 has a fully reusable

booster. there are ways that are similar. the total thrust at sea level of falcon 9 is about 1.7 million pounds bring the total combined system of cst 100 is about 1.6 million pounds of thrust. they will travel or similar -- similar top speeds. on its way to its next stages of separation we are traveling maybe 17,000 miles per hour's similar to falcon 9. falcon 9 does not rely on those additional side boosters or the two additional solid rocket boosters like the cst 100 system does. there are additional stages of separation. i want to make sure we get this right. four minutes in and the next key milestone is that the main booster will cut off its engines and from there, the secondary stage separate from the main booster. caroline: ultimately waiting for that four minute 34 mark.

four minutes 32 seconds in and it seems to be going smoothly and much to the relief. take a look. that was the separation correct? that was the atlas centaur separation. about four minutes 50 seconds in. >> that is basically the second stage booster pulling away from the main atlas booster in a stage called atlas booster engine cut off the next big sort of milestone isn't about 10 minutes time i would say where star liner, the capsule on top will separate on and send those two astronauts on their way. it is incredible the images we have seen, space is hard and boeing has come in for a lot of criticism. it's $1.5 billion over budget.

the stock basically flat. everything is nominal. it's going to plan and we finally got here. >> space is costly. and we want to go to someone who really understands the intricacies of trying to work with private and public integration of getting more humans to the international space station. senior fellow, former white house director space policy, a nasa executive. i don't know who would be more perfect to weigh in. thus far this is going successfully. how important is this to the u.s. space ecosystem. >> it is critically important. we are seeing the success of this launch so far we continue to lead as a nation because we are no longer in a space race we

have over 90 space programs globally. so continued leadership is important for the u.s. to keep our edge and continue to pioneer. this is a beautiful site frankly. ed: you contributed to dozens of different nasa missions. since 2014 when nasa first awarded those contracts must -- much bigger picture of the program it's been super frustrating to see bowing take 10 years to get to this point. space x x has pulled ahead massively. how will that have gone down inside of nasa? how is the agency can be viewing this moment? ezinne: there's a lot of celebration and relief. you are seeing the resilience of scientists and engineers over a decade and one of the critical skills and engineer has is the ability to