matt: clear are 30 minutes into the trading day. here are the top stories we are following. nvidia bounces back after three days of losses. wiped out $430 billion in market cap. not so fast. michelle bowman warrants of upside risks to inflation and says now is not the time to cut rates. taking stock of whole food. the company ceo talks inflation concerns, expansion plans and more later this hour. stick around for that important interview. ♪ i am matt miller in new york standing in for katie greifeld who is down and the bloomberg invest conference if you want to tune into that. live go on your terminal.

we are looking at the s&p 500 gaining only about .1% right now. nvidia is honestly a big help, up .3 -- 3. 3.25%. the euro right now down against the dollar only about .3%. it has been in the 106's in the last couple of sessions. there is concern global investors are warning eu officials to reassure investors they have their finances in order before the snap elections that start on sunday. the first round of voting in france and they will finish on july 7. we have consumer confidence data crossing the terminal now. let's go over to michael mckee, chief economics and policy correspondent to get the details. michael: we have a little bit less confident consumer out there today. the conference board's numbers for june at 102 for the headline, which is higher -- 10

0.4, which is down from 101.3. the present situation is 144.5. the expectations number, 73, a little bit lower. the big number in the consumer sentiment index, the confidence index is jobs. we were talking about mary daly warning maybe on a plumbing goes up. the number of people who say jobs are plentiful has gone up in the report. the number of people who say jobs are hard to get goes down. i have one more chart to throw at you. the consumer confidence numbers versus inflation. a lot of talk about whether we are facing inflation and the fed is behind the curve. while consumer confidence stirs inflation for the most part, it only drops right before the recession begins. if you look on the right-hand side, we are not anywhere near that kind of thing.

one thing that is interesting is if you look at the recession of 1991 and 1992 -- 1999, that is the tech recession. the bubble bursting. maybe we face a similar situation today where everybody was confident because the tech stocks were going up. matt: i remember that. mike mckee, thank you for joining us, bloomberg policy and economics correspondent. let's turn to the markets. joining us now is stephanie guild, robinhood financial head of investment strategy. great to have you here to talk about what we have seen in the past few days. nvidia, drop, drop, drop. i'm guessing investors, retail investors who are waiting now see this as a sign to get in there. stephanie: when you look at the robinhood investor index that tracks what customers are doing, nvidia is a core position in the top 10. we see customers trading around

their core positions. when it goes up, they tend to trim and when he goes down they tend to take opportunity to step in a bit more. my guess is they are probably doing the same for nvidia. matt: people talk about it as the most important stock in the world. there was a split.does that make it easier for retail investors to get indoors the market now where it is easy to buy fractional shares? stephanie: we have fractional shares and you can buy them at other places. i don't think a split is meaningful in terms of investing but it's a positive sign. it sends a positive signal. matt: what about the ai theme in general? we talk about the consumer and inflation in the fed and the macro issues. they don't seem to affect the ai thing. it won't matter if a consumer decides to install a pool or not. ai is here and it's going to be changing the way we live and work. stephanie: if you think about the market and look at the s&p 500, the top 10 names that are

driven by these tech names including nvidia makeup probably the highest concentration they have in a long time. 38%. i think it is 37% after yesterday. the nasdaq index as well close to 60% in the top 10. the names are driving the market. the market is still dealing with two different narratives. they have the traditional narrative of inflation. what is the fact going to do and the consumer going to do? are we heading for recession? which i don't like to say very often. matt: do you think we are? stephanie: i don't think so but it's something you have to watch. you have to watch the job market to tell if were heading for recession and what it feels like for the everyday person. what it feels like for the investor is different because it's driven by this tech super cycle and how those come together is what the market is also grappling with. matt: we have seen the everyday person not putting as many pools in winnebago's.

are you worried about the high-end consumer? inflation has hit and will be very painful to the lower couple of quintiles. the high-end consumer apparently going to walmart to save money instead of 80 whole foods. stephanie: i saw that in the earnings report. companies are listening. the consumer fatigue.. no matter where you sit on the income spectrum. it's exhausting and not really about so much of how much is inflation going to change. i think it's more about how does it feel and the consumer is more discerning. you have seen companies listening. you have target. you have mcdonald's. you have these companies saying i'm looking for ways to provide better value to the consumer to keep their businesses going. i think that will help bring inflation down. matt: no longer ratcheting up prices. you think inflation will continue to soften. are you optimistic for cuts? does that matter? stephanie: the fed will cut at

the end of this year. they will continue in the next year. i know the fed expectations from last week where 1% next year and 1% the following year. i see a world where they cut for a little while and they stop. i think the neutral rate of interest based on the research we have done is around the 2% mark. i don't know if the fed has to cut that much to make it feel in-line. matt: nobody in the market expects us to go back to nerp. it's not going to happen. let's talk about where you would be investing or if you would be putting money in your work. we have gone up 50% so far in this bull market since the drop in the beginning of 2022. do we continue to run up? our valuations feeling stretched to you? stephanie: in some places they are and expectations can get ahead of themselves. i'm looking at something like

micron to tell where we are, especially in this period. this time period between earnings seasons can feel stressful. the market can feel soft in the short-term. if you look over the last 30 years, september has always been the worst month. we have this joke amongst my teammates. instead of sell in may, sell in july and come back in september. i think for the long-term investor i think we still have very strong growth ahead of us. it doesn't mean we can't have corrections sometimes this year. matt: one of my viewers was riding in. why don't i just sell stocks now? i'm up 14% year-to-date. i don't want to deal with the stress around november. i did not ask about september. on the other hand, the average bull market going back to the 1950's is doubling more than one inch percent gain. you could lose out on a lot. stephanie: the market is made to

make new highs over time. one of the most famous investors peter lynch did say preparing for a correction has probably lost people more money than the correction itself. i think for the right time horizon i don't think you need to worry about it. four short-term, if you're investing for the next six months, yes, you have to worry about the volatility. cash is offering a pretty good return these days. matt: you are still bullish and still in and you think inflation will cut, at least a little bit. the market will continue to run higher. are we going to see this broadening out that everyone is waiting for? you mentioned 10 stocks are 38% of the s&p. are the 493 doing ok? stephanie: i think so. there's a lot of opportunity. i feel like i have been waiting almost my whole career, except for the first five or six years of it. it's a stock pickers market. even if you look beyond the 10,

there are tons of opportunities. we have looked at companies that are not only in the growth space but also profitable value stocks now. i think that is where you have to start saying, ok, if the fed does cut and we have the soft landing which i think is a probability, where would you put your money? probably in some places that have been hurt by high inflation and high interest rate environment. matt: stephanie, great having you in the studio. stephanie guild of robinhood financial. let's look at what's moving market with emily graffeo. emily: you said it. the most important stock in the market in your opinion is nvidia. it is stabilizing after that $430 billion market cap wipeout last week. the drop pushed it last week into a technical correction. that is when a stock drops more than 10%. analysts at oppenheimer point out nvidia is trading above its

50 and 100-day moving averages, which according to the folks at oppenheimer means the longer term trend for nvidia is still pretty strong. most analysts would agree with that. very bullish on the stock. you want to look no further than the etf market to see how much the stock in the moves here are really whipped song investors. there's an etf, the 2x leverage nvidia. it saw a record weekly inflow last week. investors poured over $700 million into that etf. on monday, the fund dropped 14% because we were seeing weakness in nvidia and that is giving the magnified move. it has been a ride. investors have not sold, they are hoping the etf is going to rebound. so far that has been a wrong way but for those traders that got

in last week. matt: you are looking at the gap as well. what's going on with the owner of banana republic? emily: that stock is seeing a turnaround according to the endless raising their price target and upgrading the stock to a buy. joanna kimsey sees encouraging signs of a transformation at their namesake brand and she seemed more sustained growth at old navy and athletic. it was raised to $30 and $28. this follows last month low earnings for gap. comp sales beat and all of their banner brands. the stock is up 185% over the last 12 months. i don't know if you looked at their website recently with their advertising but they are trying to transform the namesake gap brand from something you associate with jeans and sweatshirts to a more fashion forward brand. they brought it zach pozen and put it anne hathaway in a gap dress on a red carpet event.

that is what the endless are bullish about, this transformation that gap is undergoing now. they recently brought in a new ceo who is furthering the transformation. matt: the stock we have been talking about a lot for the last 16 hours, pool. emily: those shares are down 10%. this is a distributor of swing pool supplies. -- swimming pool supplies. we are learning about the macro story this company is telling us. the sales for pools are trending down about 6.5% in 2024. the company has seen new units down 15 to percent -- 15% to 20%. remodeling activity down 15%. the signal is that less people are remodeling their existing pools and not buying new pool projects and new pool supplies. according to some that signals

some weakness in the consumer despite what may be gap is telling us. matt: i was talking with abigail doolittle about this. does that mean people are deciding not to get pools, or maybe they already got pools because demand was pulled forward by the pandemic? emily: they were so many projects during the pandemic. how often do you remodel your pool? it's more of a maybe every 10 year ordeal. matt: emily graffeo covers stocks for us and looking at the movers of the day. coming up, the bloomberg invest conference is underway. we will bring conversations from the leaders in asset management, banking and wealth. this is bloomberg. ♪ >> this will anchor a lot of discussions -- i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights,

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matt: boeing cannot stay out of the news. it's offered by spirit aerosystems in a mostly stock deal for the latest. let's get to benedikt kammel in berlin. when was cash people were happier. spirit aerosystems is now down. benedikt: everyone wants cache of the don't want boeing shares right now. boeing is a troubled company. they don't have the cash. they are losing a lot of cash. they lost about $4 billion in the first quarter. they warned they will lose a similar amount in the second quarter. you see about $8 billion in cash rushing out of the company. they have changed their tune and reconsidered. we are hearing they are now offering more in equity for this one. it's not a happy marriage. this is one company kinda being forced to buy the other. spirit needs the deal as much as bow windows. -- bow windows.

-- boeing does. boeing realizing they needed to take control of the key supplier. this is inherently value destructive deal. they will have to spend money and take on the debt. that's another $4 billion on top of that. they might be able to fix the company longer-term but that will take time. matt: airbus, boeing's chief rival was literally decimated in paris trading today, down almost 10%. i guess investors have not gotten used too the idea it will be harder to get parts and they will not be able to sell as many planes as they thought. benedikt: he was a real bloodbath today on the stock side. 10%. p saw it ripple through the industry. if you look at the companies that work closely with airbus, saffron and francie makes engines. rolls-royce and the u.k. they were all down. some analysts shocked by this.

what we saw was an across-the-board reduction in airbus's targets. they will produce fewer aircraft. they will have less cash. they will have fewer earnings for the year. really an across-the-board kitchen sink type of revision of their earnings. as you said, this has a lot to do with the supply story. they don't have the kit to make the planes or the engines or the aerostructures. they don't have seats and tables i go into the interiors. all those things are creating a very toxic cocktail for the company and it will take time to get out of that. the ceo told us this will be something for the next two to three years to get rid of. matt: thanks so much for joining us. benedikt kammel out of berlin. let's take you live to the bloomberg invest conference where todd foley is speaking

with our own sonali basak on the state of the equities market. todd: the ability to be on the front foot is very different than when management and ownership are completely disconnected. take the median, for example. a24 is a company we founded in 2012. two years ago, they were the first studio to ever clean sweep all big six of the academy awards. best picture, best actor, best director, best supporting actress, best supporting actress. they clean sweep all six. they are significant on by their founders. -- owned by their founders. they are in a position to figure out how to use ai in order to make our content faster, better, quicker, cheaper. at the same time they have the credibility to bring the actors and actresses with them on the

journey. let's face it. it's coming. you have to be able to figure out how do we win collectively in this journey. if you look at what's going on in large publicly traded media companies, and i think they are on the back foot playing defense because management and ownership really don't wear the same hat. they have a very disconnected view of the world. sonali: you are saying this make the difference in terms of how they invest in technology? todd: it makes a difference on whether they are on the front foot or back foot and how they come to grips with we have to embrace this and figure how to tackle it and figure how to do it so that we are all going to be on the same page going forward. the reality is, it is coming. if you look at insurance and how it will affect insurance, processing of insurance, call centers.

we are using ai in all of our call centers to serve as our insurance policies. it's a better experience. we used to have to monitor calls to figure out how the call center operators were doing. how many calls can you actually monitor? 50 basis points of all the calls. now we basically get full transcripts of every call when you hear tension rising, your hear certain words it automatically kicks the transcript to a manager who can then decide. wells was happening his every call center employee would have to give a summary of the call so they would have to take the call, write down the call, the description of the call and as you can imagine no call ever went wrong. sonali: i want to switch gears and talk about sports. you were really a pioneer. you are seeing more private equity executives on their own or through their funds into the sports world.

through everything you have learned let's talk about the teams you have. what is the future of the dodgers? sonali: i think we are scratching the surface on what the dodgers can do. if i had to bet, they would be the first team to hit $1 billion in revenue. we have a global franchise. matt: that was the elders industries ceo talking a little bit about a24, ai and the dodgers. you can watch in real-time on your bloomberg terminal. live go on the terminal. we will look at the companies making the most social buzz today. social climbers is next. this is bloomberg. ♪ ♪ o happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future.

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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. matt: time for social climbers,

a look at the stocks making waves on social media. carnival cruises on social media after it raised its annual profit forecast for the second time this year. the cruising giant is banking on higher prices and strong demand. solar edge looking more like a black hole sun. the solar equipment maker announcing one of its customers has filed for bankruptcy. it's a customer that owes $11.5 million. the world's biggest record labels are suing two ai startups saying they are training their models on massive amounts of copyrighted music. they are seeking damages that could amount to billions of dollars. you can follow the latest company buzz on the bloomberg terminal. tren go on your bloomberg. whole foods continues to expand its daily shop concept. the ceo joins us next. katie greifeld will be right

back here in the anchor chair. ♪ [laughter]

katie: welcome back to "bloomberg markets." let's get back to what is happening in these markets. we will do that with abigail doolittle. abigail: we will look at whole foods because we do have some exciting nonsense coming out relative to their new -- the whole foods daily market shop. there is one already been announced on 3rd avenue but they have confirmed there are two new leases. these stores cater to the fast-paced urban lifestyle. i was at whole foods last night. all of these locations here in new york will also have the juice and java them as well. one concern around food i also felt less then food inflation.

it is pretty interesting. if we break up the food component, what you take it home and eat out, you can see in 2022, a big peak. growth is less than 1.6%. it much more dramatic stop we are back down. as for whole foods relative to some of the other food stores out there, whole foods is part of amazon. using the bloomberg terminal, maybe 3% 5% of revenue overall. compare it to the stock performance sprouts, sprouts is having a bounce back this year. they had some difficulties. amazon of a healthy 23%. take a look at the other grocery stores, down about 90%. albertsons, one of the big ones, down 14%. amazon, not so shabby. katie: thank you so much.

it is hard to extrapolate out the whole foods foods performance from amazon's stock performance itself. definitely see the point. let's keep this conversation going with jason buechel, the ceo of whole foods. it is great to see you. >> happy to be here. katie: let's talk about the whole foods market daily shop, your version of the convenience store. talk about the initial rollout what locations you are starting and. >> we have the first store in the fall in the upper east side with two more stores coming to manhattan. we are also confirming we have five stores in york city coming after the very first store. this store will be approximately 10,000 square feet plus or minus depending upon the location so about a quarter of our traditional whole food market store. our goal is to make it easy for customers to do a quick shop, grab and go food. the juice and java program is a

quick way for customers to get the essentials they need on the go. if you look at manhattan, it is difficult to add an entire new whole foods market store in a location and it is a multiyear project. some cases, 6, 7, 8 years. here we can get a side quickly with 10,000 square feet, opening quickly, and serve some of the unmet needs of our customers. katie: spaces definitely commodity. a bite-size version of whole foods. what is the difference between this version -- the whole foods market daily shop and the 365 stores you had a couple of years ago? >> the 365 store was much larger and really aimed on the value customer. it ultimately was extending to different spectrum and trying to expand our customer reach. one of the things that became part of amazon, we were able to reduce -- price. we did not feel a separate format was needed. this is taking the very best of

whole foods market, adding it in a smaller version as you were saying. our goal is to make it easy for customers to get in and out. the columbus circle store, it is a really large store. the customer wants to just grab a few items, this daily format will allow customers to get in and out quickly. the same time, can go to one of our other stores and do a full shop when you have a chance as well. we see a lot of customers shopping across both performance as we go forward. katie: the daily shop, sound like the format is the differentiator. it seems like the prices themselves will be similar to the full whole foods? >> yes. we will have roughly 50% of the items we carry in our store, less facings, but the essentials for everyday grocery shopping will still be made available. folks talk about it be known convenience -- being a convenience shop, but this is a convenience plus. the essentials for grocery and a kind of on the go food,

beverage, etc. a good way for customers who are in a hurry and still want to eat the high quality products we carry at great value. katie: i hear what you're saying, i appreciate the clarity this is different from the 365, once were bought by amazon eradicated the need for that lower-priced year. that being said, are there any lessons you took away from the 365 experience, applying it to this rollout? >> absolutely. one thing we focused on, ways we can simplify some of our experiences. these stores will not have some of the same full-service models being smaller. we took lessons learned from the experiment with 365 >> katie: we've been talking about pricing. i want to talk about it a little more because inflation come even though the rate of inflation has cooled down, the level of prices is much higher, especially on essentials such as food. i'm wondering if that is worked its way into the whole foods psyche? whether you have lowered prices or how you try to adjust around

the reality that inflation has been so hot for so many years? >> one thing we're really proud of this year, we have reduced across our average store 25% of prices. we really honed in on what we call our opening price point items, many being our 365 items. we reduced over 880 prices across price points and helping make our source more accessible to more customers. we have increased the number of promotions across the store and made them a deeper discount. what we're saying is customers reacting to it. double digit growth in sales of promotional items as well as double-digit growth in the units we are moving on the promotional side. customers are reacting, which is great. the other thing we really looked to provide for our customers is some of the prime benefits. for all of our items on sale, you get an extra 10% off and special deals throughout the week as well. on tuesdays, for example, half a dozen offerings including a rotisserie chicken two dollars

off. on fridays, get a $12 one topping pizza. it is a great value for customers. we were talking earlier about eating in home versus out of home. when you look out of home, that is where the prices are really going up. we want to offer great opportunities for families across america to be able to have delicious food, healthy food at a great price point. our goal is to continue to invest to make sure our customers are taking care of. katie: interesting to hear you've seen such traction when it comes to the promoted, those discounted items, releasing that growth. something i've been wondering about, we have seen this across industries whether food, apparel, other goods. i am wondering, has that hit whole foods? have you seen that work into your market share? >> it definitely happens in certain parts of the store. we had some big price increases take place like beef is been one of those areas more difficult. some customers have traded dent

to chicken or a different type of product in that space. they may have bought state before and now something else. -- they may have bought steak before and now something else. our goal is to provide highest quality products with our standards in the example of meat come animal welfare standards. one thing we have seen, customers looking at this is what i'm going to pity out of home at a restaurant. i can get an amazing ribeye at whole foods market's which we saw a lot of customers do during father's day recently in the quality is great and the price is great, so i think we provide a great spectrum of opportunity for customers during this time. katie: it sounds like you are seeing the trade down, it is that the dollars stay within whole foods. >> we do see some trade down take place. i don't think that happens for everyone, but definitely customers are watching their pocketbooks. they were looking at options.

katie: i want to talk more about delivery. we have nibbled around it. you rolled out in april $10 for delivery. what has the uptick been like? who is paying $10? >> we have a lot of great adoption. this is a great value subscription. we are part of amazon worldwide grocery which we are proud of and it is a way we collectively as amazon can serve all customer needs across all facets of grocery. this is one of the great ways of bringing these pieces together. for $9.99 a month for all grocery orders over $35, you get unlimited delivery across whole foods market and amazon fresh. it is great value for money. when you look at what customers might be paying for delivery before coming anybody placing more than one order come you're probably saving money from the whole foods market perspective. and now you're able to get offerings from whole foods and amazon fresh. he needs our customers have

across the spectrum, we can serve. katie: jason, great to chat in person. our thanks to jason buechel of whole foods. let's get a check on these markets. over an hour into the u.s. trading day, we will do that with abigail doolittle. abigail: we're looking at a small gain for the s&p 500. it is the first up day in four and a three down days we had into today. i think that was the longest losing streak since early may or late april. the bulls have stepped back into now. the dollar is also higher. this is an interesting day, strong dollar and stocks that is a stronger economy. these moves are so small you can't really make a correlation. interesting to see the up dollar not pushing stocks down. the air framers index down 2.8%. airbus cutting the view for the profit of you and also planes to be delivered.

this is weighing on boeing. we also have spared aerosystems down because the boeing buyout of one section of their business, $35. now a stock transaction as opposed to cash, investors really not liking that. i was surprised to see the bloomberg crypto next down. last time i checked, bitcoin was rebounding. it appears that is not the case for some of these stocks. as for the nasdaq 100, we've had some tremendous gains but it is not all bullish. what we're looking at is the nasdaq 100 here in blue and white what we're looking at advanced decliners. into the last january, a bit of a p stop since then, looking at a downdraft -- a bit of a peak. since then, looking at a downdraft. so many different bearish divergences out there saying investors are uncertain about what is ahead. as for beneath the surface on the s&p 500, about .2%.

carnival up. they put up an 11 said profit as opposed to a two cent loss. investors liking that. that stock up for a fifth day in a row. nvidia, as rebound. this is largely what we have some of the indexes higher. nvidia is up 3%. the third biggest contributor to the indexes after the correction into today. boeing, down 2%. walmart, interesting, down 2.7%. the ceo's in the current quarter is not going to be as strong as the superstrong first quarter. the first quarter, might be replicated in the future. this quarter is the most challenged. investors not liking that. this is the worst day for walmart going back to november of last year. katie: thank you for that roundup. coming up, novo nordisk hitting

a record high after announcing plans for new u.s. factory. we will give you the details, next. this is "bloomberg." ♪

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katie: the company behind ozempic is making a multibillion dollar investment to keep up with demand. novo nordisk plans to spend $4.1 billion to build a new factory in north carolina. the new plan doubles the comedies production footprint in the u.s. the announcement sending the stock to a record high. joining us now is sarah. let's start with how much this

will add when it comes to actually how much novo is able to ramp up its capacity to meet all that demand they are seeing. sarah: i think this is the key issue that novo is having. they are seeing such a big demand but they can't keep up with a capacity they have. this new factory will double the capacity in the u.s. but obviously, these things are not going to happen overnight. it is still a few years out before we get any pens out of the factory. it will not solve the problem immediately. this is something the investors are taking a positive note on because it will solve some of the problems. katie: even with that timeline, with to take a breath. it will take a while to see this boost to production coming. but you take a look at the share price, it is at a record high today. it is up 40% year-to-date over the past year or so, up 90%. how much higher can it go before we see something like another stock split?

sarah: like a lot of analysts are tripping over themselves to upgrade some of their targets for the stock right now. what i'm sort of hearing from the analysts, today it passed the threshold that could open up for new stock split. it is not something that is going to happen tomorrow but a bit further down the line. it will be another exciting moment for the company and for shareholders. katie: looking ahead, think about novo nordisk calendar. they do report earnings in august. we will not see the impact to the current quarter they're going to be reporting but when you think about the outlook, might we see that change? sara: here in denmark, we have other report -- rules for reporting. as soon as the company is information that could change the outlook, even if it is just if yards before they release a earning statement, they have to put it out to the market. this is something we will be

watching closely from them to see if we are going to get this upgrade to the guidance before the report comes out in august. i would like to add what we are seeing today is not just the u.s., it is also in china which opens a huge market. they have not even sold will go be yet and --wegovi yet. they're looking at a huge market opportunity. katie: deftly the double whammy there combining to send this to another record high. your copenhagen's bureau chief. maybe just put into context how important novo nordisk when you think about the danish economy, for example. sara: denmark is many great things but right now driving so much. we saw the deal earlier this year, that was $11 billion. it moved the danish krone, we can do because novo had a change so many things to pay off the deal.

one company can change our interest rates and our currency. it is really impressive. in the copenhagen area, which we have a big biotech hub, they are vacuuming up workers. it is harder for some of the smaller companies to find talented people to meet the salaries novo soft and. katie: you that of the power and significance of this company to denmark. it is so fascinating to watch. really appreciate your reporting. this is "bloomberg." ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help.

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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. katie: fed x is two to report fourth-quarter earnings after the bell. investors will be looking for any benefits from its cost-cutting.

for more, senior logistics analyst over a bloomberg intelligence. fedex coming up after the bell. what are you expecting? >> what we are looking for is continued progress with their ability to lower costs will stop the story with fedex is still a show me story, even though the company has been executing over the last couple of orders. it is about them bringing their cost in line to where demand is heading. so demand is heading e-commerce. they need to kind of change the way their network operates to facilitate more b to c business. that includes taking step they might have had in their network and putting into the ground network. they traditionally have operated two separate networks where ups operates one more integrated and fedex is morphing into that of a model. they have a lot of things going

on that should yield about $6 billion in cost savings over the next couple of years. we want to see management's ability to execute on their plan, lower cost, get margins a little higher than they have been from the sequential standpoint. katie: it is still very much a show me story when it comes to that stock. how does that stack up to its competitors? when anything about the competitive landscape? >> on the bloomberg -- you can look at their stock price. their stock price lagged the broader market. relative to its comps like ups or dhl, it has outperformed an underperforming sector. investors are happy in terms of what fedex has been doing, but the reality is, parcel carriers are facing challenging times -- not only is demand kind of low single digit growth, if you will, they are having higher costs. that includes labor, equipment,

and other items they're trying to really offset. they are facing increased competition from third parties that typically are your typical logistic providers like amazon. i'm not going to say it is a significant risk, but it is a risk. katie: i'm glad you brought of the stock price performance. take a look at the dow jones transportation average and it has rallied a little in the past couple of sessions. still very much lagging the broader market year-to-date. would fedex alone be able to read life back into its peer group or do you need to see more broadening out for the transportation stocks to really rally? >> i think fedex comes on the call today and says demand is improving, not only domestically but globally, i think that could provide a little shock for transportation logistics. a lot of the companies i cover are dealing with not only tepid or negative demand growth, but also dealing with pressures

especially in the truckload market. pricing has been a little better but we are seeing demand come in. we really want to see where we are in the freight cycle. we are relatively optimistic of where we are heading from here. we think companies when they start providing earnings guidance in the second half, will be a little more constructive just because we do feel we have kind of bounced off the bottom of the truckload cycle and that should bode well for all those of transportation, whether it is truckload, ltl, intermodal, railroad, even partial providers. katie: a lot to look forward to when fedex does come out with those reports after the bell today. thank you. coming up, we are going to hear from tcw group ceo katie koch as well as sec chair gary gensler. both will speak at the bloomberg invest conference here in new york. that does it for "bloomberg markets." this is "bloomberg." ♪

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>> from the heart of where innovation, money and power collide, this is bloomberg technology with caroline hyde and ed ludlow. ed: i am ed ludlow in san francisco and caroline hyde is off. nvidia snaps its three-day route that right -- that wipes $430 billion off of its market cap. oracle warning of a financial impact should tiktok be banned in the u.s.. we go live to our bloomberg invest summit, uniting leaders in asset management banking, wealth, and private markets. let us go to the financial markets. the thing that