katie: 30 minutes into the u.s. trading day. here are the top stories we are following. jp morgan warns the potential for volatility is high but cpi and the fed rate decision landing tomorrow. the options market braced for a one percent swing by friday. ai for everyone else. apples modeling including a partnership with openai inspired a tepid at best reaction from investors. commercial versus consumer ev sprayed the differences in ev adoption with the ceo which develops and manufactures commercial vehicles.

welcome to bloomberg markets. take a look at markets at this moment and there is read on the screen. the s&p 500 lower by half of 1%. similar story if you look at big tech. down 4/10 of 1%. we are on hold until tomorrow when we get the big events of the week. in any case you look at the market right now. a little bit of a rally building. the 10 year lower to the tune of -- let's turn to the economic landscape because a small business optimism improving to its highest level this year. the latest sentiment index climbed by little under 1% in may to 90.5. for more on what the fed is

going to do with this let's go to bloomberg's mike mckee to break it down. put some context behind those numbers because it seems like good news. mike: it is for small business owners and the economy. they are not making a case for a data-dependent fed to cut interest rates. that is the highest headline number of the year. economists had been looking at the small business numbers and said small businesses fading so that's a reason to cut rates. but not only is the headline higher. take a look at what's happening with hiring and prices. hiring is up and a hiring intentions are up and the intention to raise prices unchanged still at an elevated level. at this point the small business people are thinking we probably don't need to have rate cuts because they are also saying only 3% are saying they have a problem accessing credit.

that means the fed has to figure out what to do. they are knocking to move rates tomorrow but what are their forecasts going to say given all of this good news. are they going to raise their gdp forecast, their unemployment forecast in their pce inflation forecast. they did last time they made these summaries of economic projections in march. do they go higher? gdp at this .2 .1% is there forecast for already higher than that estimation through the second quarter. and now the world bank today raised its forecast for u.s. gdp growth to 2.5% this year. so it's beginning to look like the economy is knocking to cooperate in slowing down enough to get any kind of definitive fed word on when they might cut rates. >> you think about what we learned about small business optimism today you think about the economy overall.

are you able to make the case that small businesses and really it seems like corporate america in general consumers have gotten used to higher rates? >> they are used to higher rates but the biggest thing is most people, businesses and consumers turned out their debts before when the financial crisis and the pandemic brought rates down to nothing because most people have mortgages that are under 3% or 4% so they don't want to move and businesses have very low debt carrying costs so at this point credit is not having the impact on anything except maybe new home sales or repeat home sales. but not much else. >> mike mckee i will see you in about 24 hours time so i will let you go for now. that's bloomberg's mike mckee. let's bring this to the markets because joining us now we have the all spring investment senior

portfolio manager. let's start on that thought. you think about the economy right now the fact we've been living in this higher for longer environment for what feels like a long time. on the cusp of the fed june meeting how rate sensitive is corporate america and the economy overall now. >> clearly not that very sensitive is mike point out. consumers and business in the last decade refinancing locking in those very low rates. particularly long-term rates so they are really not sensitive to increases in short-term previous cycles. and we've only had one negative quarter in the beginning of 22. so it doesn't look like there's a recession. it looks as if the economy will chug along at a modest rate and inflation looks like it wants to say a little bit higher than the fed's 2% off the break. i think the fed is flummoxed because the market isn't doing what it should do according to their rulebooks. >> i see here you take a look at

the economy and basically that even with cuts this economy could continue to advanced and i think about the fed's perspective. should we be talking about hikes whether or not you see that as a possibility, should we be talking about hikes here? >> i think to me it's really rather mixed picture and frankly i don't think a quarter-point lowering of rates will really have any impact material impact in the real economy. especially because the economy has not proven very sensitive over the last couple of years. whether they do or they don't i don't think that's really very much a determinant for stocks. the economic outlook looks stable maybe even improving. that says to me the stock market has the ability to continue to move up for the rest of the year. >> let's talk about that a little bit more. that's basically what i've been hearing.

regardless of what the fed does the lines are probably get a move up and to the right. i'm going to go back to a note that dropped yesterday saying gaming out the different scenarios. if we don't get a fed cut this year she sees the risk of the s&p 500 declining. which seems pretty dramatic when you look at the levels we are at. walk us through your different scenarios here. what is your base case expectation at this point? >> it's pretty hard for me to see even an 8% decline in the standard & poor's unless there's a material change in the economy. we are going to move along at an 8% to 10% annualized rate of increase for the standard & poor's over the next six to 12 months. typically an election year is a good year for the market. the first year of the presidential term is weaker. but we are long way away from

that particularly when you look at the economy and i don't see any sector that's particularly suffering, vulnerable and will likely rollover and make the economy tumble into recession. i think it's more of the same. people hoping the market will go lower so they can jump in with the cash they did not deploy over the last couple of years. >> it sounds like that dip a buying impulse is still there. >> yes and particularly if you look at the 10 year treasury to me it looks like it is in the trading range of 4% to 4.5% and that's a low hurdle for equities to equal or do better. you really don't need very much earnings growth in order to give it a same total returns and treasury. we think stocks are still likely to continue to outperform especially when i feel people still have money on the sidelines, that they kept on the sidelines looking for that recession that had been predicted for the last couple of

years it just hasn't happened. there is still money on the sidelines that could come in throwing in the towel or if the fed cuts rates saying this is a good opportunity. we think this is firepower that will take the market higher. katie: just quickly before we take a break i'm curious when it comes to income you mentioned dividends for example. are you basically saying you don't need to go into the bond market to find those income plays that if you look at dividends now that scratches that itch. >> dividends are basically above average. 1.5% for a typical moderately growth the stock may be .5 to 3% for a yield oriented stock that doesn't have a lot of upside. so you have to look at total return for stocks. it's a mistake to say a dividend yield of 1.5% will provide much support if the economy would go. we think it's in good shape so

we think those will continue to move. that's why we think you're better off in equities. it's really knocking to be the basis for much return for an equity investor. >> total return not just price. stick with us we will take a look now at what's moving underneath these markets. we will do that with abigail doolittle. on the topic of returning cash to shareholders. abigail: gm just approved a $6 million buyback that they had approved last november and they also raise their dividend in the first quarter so investors love this weather you call it financial engineering or it's the strength of the business you could say it's both because the profitability there saying is why they are able to return this cash, they are also saying the growth in their electric vehicles all of this is the stock up over the last year really pretty healthy. >> continuing that run today. bitcoin is coming off ties and you see that in coinbase. >> it keeps trying to take out

$70,000 per bitcoin but that resistance level is very strong getting bounced back down so the buyer is not willing to take it above those levels so coinbase and the other crypto stocks going back down. those investors can complain that much over the last year coinbase up more than 372%. one thing i would say about coinbase and bitcoin with the talk over the last few years of the vix being broken sometimes bitcoin in the crypto space acts as that risk on risk off barometer so i would say today with bonds higher and stocks down. bitcoin down it confirms the idea is that risk. >> the purest measure of risk appetite. pimco out with a big warning about u.s. regional bank failures. haven't heard something like that in a while. >> this is really interesting so

it's all about the commercial real estate low up that we've been waiting for. it hasn't quite happened. this is the space we been following over the last year and it went from a debate over the fact it was going to happen it could lead into everything and now some people are saying it's knocking to be so bad. there's so much dry powder on the sidelines. others are saying it's early innings. saying there's going to be uncertainty around the fed and when higher rates are prevailing , valuations on properties go down, defaults. they think it will blend into the regional bank. one of my sources believes, he said this a year ago that there could be a big problem with regional banks. more than what people are expecting. katie: abigail doolittle really appreciate that. let's talk about what's coming up next because apple it's a bit of a delayed reaction but apple extending gains around 3.4%

higher after the tech giant introduced its long-awaited new ai futures yesterday. we will discuss that next. this is bloomberg. ♪

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who wants to come see the future?! get your business online in minutes with godaddy airo >> apple's shares hitting a record high up more than 3% as cap trading kicks off after the tech giant unveiled a suite of new features including a partnership with openai which is the maker of chatgpt. let's get more with jackie who is that apples conference yesterday and what's the consensus here? is what we learned yesterday about these ai futures? to investors and analysts think that's enough to spur a upgrade

cycle? >> it depends on who you talk to. if you been following bloomberg coverage you know a lot of what was announced we've already had the scoop on. mark gurman reported a full preview of apple intelligence and so as i was sitting there in cupertino yesterday there was little that actually surprised me. what investors will get excited about is its new rebound series. this is what caught people's i. we all felt a bit disappointed by the digital assistant for years it hardly understands you. but apple is emphasizing this new intelligent version of siri can better understand what's going on in your screen. it can give voice commands and understand more conversational language. this in turn allows it to take actions in the apps on your behalf's. on the whole we are some of the ai features like summarizing your text and webpages, current transcribing audio, does that

move the needle? it's hard to say at this moment. but the long-term place it's with that digital assistant longer-term. katie: again a delayed reaction, but still positive right now. who didn't have a positive reaction is elon musk threaten to ban apple devices if they integrate openai at the os level. >> we know he tweets what he wants. if we look at what they said with the guards to privacy. here is where they emphasize just because they have this relationship with openai does not mean privacy ether was an priority goes out the window. people have the option to opt in or out of when siri asks you a question and then it goes to chatgpt. not everyone has to opt in. it is not shipping off data to openai as well. so there's a real difference between the concerns elon musk is outlining here, how that

actually materializes we think the operating system that openai has some access to. it's hard to say what exactly he is targeting here but for anyone who knows apple products you know privacy is the major focal point of what makes them such a trusted source of devices. >> great reporting this week. really appreciate more of that this morning. let's go back, apple shares higher right now. they've been the laggard of the magnificent seven so far year-to-date. let's talk about tech here because at this stage of the game when tech is so big it such a heavy weighting it feels like you can't necessarily ignore it. how do you think about tech in light of valuations right now? >> i think valuations are rather reasonable considering the growth that many tech companies

have looking forward not only high secular growth and cyclical but also compared to the rest of the economy. especially an economy that's good to be growing at one -- sectors like tech have a lot of drivers like artificial intelligence will frankly continue to be outperformer's. we think it is a little bit volatile except for nvidia names have taken arrest here. we think it's the place to be for 24 and 25. katie: basically the narrative there is the fundamentals justify the valuations when you look at it through that lens if i'm understanding you it looks reasonable. margaret: yes, or certainly in the range of average historically. particularly because we have other trends and automation. re-shoring of tech. just the components of it going

up. we think there still a big long-term secular story across the economy so we think they will still have surprisingly good earnings and better than the average company in the rest of the economy. we think it's a sector to stick with. >> tech and ai in particular going into every product we use. how do you invest around that if you look at the rest of the market and other industries. how far can you follow that narrative? >> at this point it's still pretty early because there's a lot of excitement and exactly how much artificial intelligence will contribute to the bottom line especially when you balance against capital expenditures in order to achieve the ai, we think the jury is a little bit out. the general picture of tech we can see is going to be a good investment and we pretty much like it across the board. >> how good is good. when you thing about the index

level are we talking high single digits or double-digit returns when you look at the scope of the year. >> even if so far this year for the first quarter profits are up about 10%, and that was made up of some sectors a lot better. some sectors a lot lower. but if you say technology revenues and earnings in that eight to 10% would be much lower than they've been for the past couple of years. that still says valuations are reasonable and i think that would be above the average earnings growth compared to typical s&p company so that's why we think may be a will a price-earnings compression as we look into 25 with salo rated growth we've had this year. but when the fundamentals are strong it's hard -- where else can you go. >> definitely feels like an all

weather bat here. some of those return measure levels certainly better than cash. i am curious so clearly you like tech but where are you avoiding right now? which parts of the markets are not worth playing in? margaret: real estate is an obvious sector where we don't have any exposure to the financial sector on balance has been a little bit disappointing except for a few names so we don't see if the market will do better, of the economy will rebound. we think other sectors are more sensitive and have more opportunity. we think utilities are not really going to share too much in the hype over data centers so we are pretty uniform on utilities. katie: maybe that story a little bit overblown when it comes to utilities. always great to speak with you. our thanks to margie patel.

we will look at the companies making the most social buzz in our social climber segment up next. this is bloomberg. ♪ wealth-changing question -- are you keeping as much of your investment gains as possible? high taxes can erode returns quickly, so you need a tax-optimized portfolio. at creative planning, our money managers and specialists work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com. creative planning -- a richer way to wealth. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. you don't have to worry about things like changing tax rates

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>> it's time for social climbers. a look at the stocks making waves on social media. spotify will introduce a new premium plan later this year according to a person familiar with the matter. it would cost at least five dollars more per month and include better access to audio and tools for creating playlists and managing song libraries. an fda advisory panel and recommending u.s. regulatory approval. analyst cheered that recommendation calling the unanimous panel vote later than expected. golden goose and its shareholders are seeking to

raise about 560 million euros in the luxury sneaker brands ipo. this gives them an implied market value of his much is 1.9 billion euros. bloomberg reported golden goose could be valued at 3 billion euros. you can follow the latest company buzz on tren go on your bloomberg terminal. take a look at these markets we are still lower right now if you look at the s&p 500 down about 3/10 of 1% or so. the nasdaq 100 clawing back here but underwater around 2/10 of 1% even though apple shares are at an all-time high rising about 3.4% to a fresh record for the stock it certainly felt like a while. your big tech benchmark lower on the day. that's even with 10 year yields lower. a bit of a rally in the bond market may be giving some breathing room to some of those big tech stocks. coming up, the u.s. continues to

lag behind the world when it comes to adoption. we will speak to daniel burrell. this is bloomberg. ♪ ♪♪ i earned my degree online at southern new hampshire university. after i graduated, i started a new job. i was finally able to realize my purpose and passion in life. pursuing my degree gave me so many opportunities to grow. don't just think about yourself. think about the lives that you can really change. snhu laid the groundwork. i am doing what i've always wanted to do. if i was back at the beginning, i would choose snhu all over again. ♪♪ her uncle's unhappy. i wou i'm sensing anall over underlying issue. it's t-mobile. it started when we tried to get him under

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>> ree automotive looking to reignite transportation. is technology up until like a telik affect commercial fleets across the globe and working with names such as u-haul and airbus. from what we are joined by daniel barel, ree automotive ceo. tell us a little bit about your technology and the chassis you produce. >> we are a tech company in essence, and automotive tech company. we build software defined vehicles, commercial vehicles used by the world's largest fleets. when i talk about software

defined, means by wire. we have eliminated all the mechanical connection if you like between the wheel and other components comestibles find the vehicles and allowing them more benefits like better safety, better efficiency, utilization. we have been doing this for almost 10 years now. >> what are the benefits of moving to that versus maybe the traditional car with an axle, etc., where everything is connected? how does that impact performance and how it feels when you drive it? >> two very good questions. the first is all the benefits, computers. it is more accurate. it is safer. it has more redundancies. better economics for the fleas using it. they can make more money on each vehicle. how is it to drive them? it is quite amazing. they perform better. from the hundreds of test drives we have done with leaders of the

industry, they say riding in our trucks is like driving a midsize suv. >> for example, u-haul, the partnership you have. u-hauls are often driven by normal people, your average person on the street. reading through some of this, do you need special training to operate these vehicles if you go and write u-haul for example? >> no. you drive it like any other truck. those we work with, basically drive it like any other truck and the feedback is similar to any truck. no special training. >> talk to me about how ree automotive fits into the commercial ev landscape. i was reading to your recent earnings call and you called it a go to market strategy of complete not compete. you're not exactly taking share necessarily from some of the other commercial players. >> we are not. we think it needs to be a group to make the transition to electrification. the only way to do it is working

together. we have developed the capability to work with others as opposed to competing. we have three ways to bring our technology to market. one, full flag oem and you can buy our trucks. second, just by the chassis and build the truck on them if you like. or we work with other oem's which are supposed to be competitors but we are not competitive with and we give them our technology for them to implement in their chassis. >> what is the bigger part of your business right now, selling the full vehicles? getting orders for the full vehicles or just the chassis which kind of looked like the skateboard of the car? >> they do look like a skateboard. quite cool. we are selling trucks. we are the first ever to have the certification on the -- people been trying to do it for decades. it is like how airplanes fly. there's no mechanical connection. it requires at least two very skilled people to fly that.

tons of redundancy and the cost is enormous. we're the first one to take that technology, bring it into an upper like you asked that everyone can drive, and a much safer and reliable way but without any special training. i think this is key when you want to adopt new technology. by being the first, it is on us to bring it to the market. we developed it, certified it, now giving it to the world's largest fleets to completing others. >> i want to talk more about the strategy. you mentioned some of your big partners. is the strategy to service as many different fleas or when it comes to what you're prioritizing, are you prioritizing sending units to maybe a couple of your partners, a select few partners? >> the long-term goal is to be the intel inside for automotive. that everyone will be using our tech. we're on the path to do so.

in the short term, of course we prioritize our customers and we usually prioritize them according to maturity level in terms of being ready to adopt ev's. it is not apples to apples. you have to have the know-how, etc. not everyone is fully ready. when was the of fleet for example like pinsky who are committed and doing amazing on electrifying their fleet ready to adopt, then we will prioritize. >> let's talk about ev adoption overall. the u.s., it feels like we have lagged behind the rest of the world when it comes to personal ev demand -- i think that has disappointed a lot of the list forecast. the narrative is commercial ev, that industry is faring a bit better. but how does the commercial ev landscape compared to the rest of the world, for example? >> first of all, said brightly it is different commercial ev's and passenger ev's.

it is driven by commitment of fleets to go carbon neutral and have pledged. second, with a lot of incentives by governments, for example. we are just starting to see the adoption in the commercial vehicle market for electrification were passenger vehicles are a bit more saturated. the demand and commercial vehicle has just started. you are correct, the u.s. is slightly behind. but i see this as a huge opportunity because now we are ready. we are ready as of january this year when we reached certification and able to start providing vehicle to customers. this is the time for us, the perfect for for us to grab the opportunity. i am happy it is opening up and enormous in terms of the market. >> still a bright outlook when it comes to the commercial u.s.

ev market. i do want to talk a little more about your business. you are based in tel aviv. you think about the post october 7 world, what has operating the business look like? >> it is challenging, it is. i can't say we are not affected. we have made several changes over time. it is been going on for quite a long time. for us at ree automotive, the majority of our headcount is outside of israel. we have a big presence in the u.k. and the u.s. so the development and manufacturing is done in the u.k. and u.s., less affected compared to others. but it is tough. there were days where we were having to run to shelters 6, 7, 10 times a day. like in a meeting now, you ask people on zoom, sorry, can you come back after 10 minutes?

then run back. of course, having to send our guys to the reserve forces. i think we are doing a good job in terms of discipline come still meeting our targets even though those challenges and we intend to keep on meeting our targets. >> it is great to meet you. our thanks to daniel barel of ree automotive. i have an hour into this u.s. trading day, let's get a check on these markets. we will do that with abigail doolittle. it seems like we are having some technical difficulties. we are going to come back to abigail in just a little bit. coming up, major media executive is interested in buying paramount's parent company. we will discuss the details with aragorn at the university of michigan school of business, next. this is "bloomberg." ♪

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>> time for our daily wall street we conversation. media executive and bain capital said to be teaming up to by the parent company of paramount. they are considering offering more than $2 billion for national amusements. we have erik, professor at the university of michigan ross school of business as well as wall street weeks david westin. this is a messy one. david: you need a scorecard. erik, first of all, we hear about edgar from bain. how many people are bidding and maybe more important, what are they bidding for? >> they are bidding ultimately

for paramount. it is a complicated ownership structure that we can get back to. how you get ownership of paramount. but that is what they're trying to get. paramount is not just paramount movies. it is also cbs and a bunch of cable things. who exactly actively bidding? we are not totally sure but so far we have had guy vance, which is david allison of oracle fame, apollo made sort of a run at it. there was talk that david from warner bros. discovery made a run at it. there are multiple players. who is the lead horse at this point? it is not entirely clear. >> we are also talking about sherry redstone and basically the board and then everyone else come all the nonvoting shareholders. it is very complicated deal we have been tracking the past several months. when it comes to the nonvoting shareholders, who is looking out

for them in this process? >> lawyers. there is a duty that sherry owes the debt she owes it to all of the shareholders. because she calls the shots, she can decide yes or no. she has to be careful to be fair , to run a process that is fair to the nonvoting shareholders. if you go online and buy a share of paramount, you are buying a share that has no votes. all of the votes are in shares owned by a group that ends up being controlled by sherry. so if the nonvoting -- people like you and i, if we own shares of paramount, our protection is the threat of lawsuits that say you lined your pocket at our expense and we are going to go to court and rectify that. >> given the possibility of litigation, and we seen were

courts have been upset with what was done, how do they protect themselves? by they, not just sherry redstone, the board, maybe a special committee of the board -- you are the various players that need to protect themselves to make sure it is fair? >> think of a bunch of groups. think of the management team, the office of the ceo with three people so the senior officers, the directors, and then when deals are being done, directors usually say, we have a special subcommittee of directors who will run the deal and report to us. they and sherry have the fiduciary duties. what they do is they run the fair process. they run a process where they can show, look, this process not only was fair, this process was designed to get the highest reasonable value for all shareholders. what value we ended up getting

is whatever we ended up getting. but david, the focus is on the process. what the court looks at is not the dollars and cents. they don't want to second-guess that. but they will second-guess the process. so did you fully inform all of the shareholders whether they vote or not? did you kind of trying to get people to compete and give the highest bid? was that bid composed in a way that made sherry and the other shareholders fairly? it is all about documenting a process that is reasonably designed to get the highest value for all shareholders. >> on the emphasis of their process here, of course how the bid is actually being formulated and how it goes through, but let's talk a little about how you assess value here. because we're are talking about national amusements, which controls paramount, and the bids coming in from paramount, but

you're also bidding for national amusements. how do you come up with the fair value for a company such as this one structure this way? >> that is a good point. the more complicated the ownership structure and the more complicated the deal, the harder it is to compare apples and apples because you are not comparing apples and apples. and requirement is you get the highest value. which doesn't even mean the highest price. maybe the highest price is somebody you don't think will close the deal because they can't raise the financing they need or they can't close the deal because of antitrust concerns. when you have a deal put together with this many complications, comparing them is really tough -- which is why the court is going to look and say, let's look at the process because we can't actually tell whether this complicated bit is worth more than that complicated bid but we can understand your process. david: this is a media company the last time i checked and the

media overall is in a lot of turmoil. devaluation valuation is all around. we are not -- how does that figure out assessing the valuation? bear in mind, we have a private company that owns controlling interest in a public one. >> public company, paramount, which is paramount cbs. it is hard to value those assets because the value of those assets is changing. crown jewel is probably cbs the network, but those networks are probably declining in value stop the cable channels are probably declining in value. streaming is changing the value of the old assets. so how do you value the assets? how do you look to the future and say, going forward for the next five to 10 years, what are the actual value of these assets where we know that those values

are changing, we don't know how fast or deeply? we don't know what paramount can do to change things. they said in the recent annual meeting, we are going to cut $500 million in costs, investing content. but even if this was a simple deal structure, what is paramount worth? that is a tough question. katie: you wrap these moving pieces and his complicated structures and what does your gut tell you about how this plays out? what is your best guess as to what the process actually ends up looking like? >> i will venture that there is a 50% chance nothing happens. that in the end, sherry says this is too much, i will just give the company, i will build its value and i will sell it in two or three years. because the value of this company is really gone down. this company went public about three years ago at $85 a share and today, oh, wow, it is like

$20. she might just keep it. if she doesn't come i suspect it goes to sky dance and allison because they are the furthest along in the process. katie: that was certainly be one of the biggest twists of all if she does not sell in the end it all. erik gordon, appreciate your time today. thank you to erik gordon of the university of michigan ross school of business. david, who else is coming up? devon: mark, the head of fearless fund. the court of appeals and the 11th circuit has just had cannot give out grants to black female business owners because it violates the civil rights act, believe it or not. we will talk to her about that case. katie: looking forward to that. our thanks to david westin. this is "bloomberg." ♪

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katie: abigail doolittle is standing by to check on these markets. abigail: it is interesting because the phone we were talking about earlier, it has alleviated a little. we were talking about bitcoin being down and bitcoin crypto

can be almost -- when it is down, it is risk off and hire it is risk on. the s&p is down from the worst day in the month of june. we are seeing a pretty decent bottom here, almost a little mini intra day v. we have a new record high on the shares of apple. my gosh come up or than 5% on the day. yesterday, the stock sold off more than 1% on the news that came out of the worldwide developer conference on ai, the partnership with openai. maybe a little underwhelming but investors seem to be changing my mind today. we will take a look at whether that will continue or if this is some interesting activity on the part of buyers who may be looking to sell soon. morgan stanley saying recent data breach, essentially -- it was isolated and has been resolved. eli lilly earlier today, had been up sharply.

it has been up or than 4%. the fda panel said there all summer strike is effective and it should be -- alzheimer's drug is effective and should be approved. tesla down 2.6 percent. jp morgan sang the robotaxi haven, while they are having the event in august to announce the concept, maybe even an app, unlikely to come into any real fruition for a couple of years. let's turn back to apple since it does have such an influence on the market. this is a really interesting chart. it is a little busier than i would like. you can see the last year, trading in this range between 165 and 200. when it goes down, the rsi comes out of overbite territory. take a look at this move right above resistance. the question is whether it will hold based on the rsi. the rsi is trying to calm up. -- come up.

it could be a rare triple top, less likely it is that exact pattern but it does seem more likely the stock goes back down into the range. the bull is trying to not do that today. i want to keep an eye on it in a big way. katie: thank you. on that note, take a look at other stocks hitting highs and lows. apple was hitting a high. general motors also at a high after nancy plans to buy back up to $6 billion of shares -- announcing plans to buy back up to $6 billion of shares. let's talk about the lows, when he's hitting a low amid heightened competition -- wendy's hitting a low amid heightened competition. diageo hitting a 52-week low. shares down by about .6%. coming up, we have laura martin. she joins bloomberg technology

next. that does it for "bloomberg markets." this is "bloomberg." ♪

>> this is "bloomberg technology." caroline: i'm am caroline hyde. ed ludlow is off. coming up, we will bring you the full recap from apple's annual developers conference as shares rise to a record filling the companies event. we will break down, from elon musk as he says he would ban apple devices from his companies of