♪ emily: i am emily chang in san francisco and this is "bloomberg technology." bitcoin flips amid a wider market selloff, but mike novogratz if you are staying, you could help close the wealth gap. coming up.

plus, buying a competitor of 0, 6 point $5 billion deal from ceo todd mckinnon. the global chip shortage threatens job in the economy as some gm plants are idled until supplies replenish. we get a snapshot of just how soon that will be. those stories in a moment, but first off, a selloff after fed chair jay powell underwhelmed markets by refraining from pushing back more forcefully against the spike in bond yields. kriti, walk us through the day. kriti: emily, a lot of pain on the day. tech is a broad sector, not just apple and amazon, there is a lot there and from head to toe you saw a lot of pain. the s&p 500 is in the red, the nasdaq 100 in correction territory. that means a 10% drop from its peak at february 16. semiconductors, also a very

painful trade right now. big tech names, apple, microsoft, tesla, anything included in that new york indexes in the red. individual movers, tessler -- tesla, it is red across the screen but i want to pay attention to tesla as a proxy for some makers that have been soaring. not so much today. big move to the downside. big high flyers in the red, paypal, micron technology, an idea -- nvidia. the nasdaq 100 has really been a product of the 10-year yield surging when you saw the peak for poor 16 on the nasdaq 100, that is when that surge was seen. in freefall. i want to talk about earnings after the bell, slack technology revenue beating estimates,

broadcom giving a forecast in line with estimates. traditionally that would be a good news in post-market trading, but this highlights how much pain, both stocks are in the red. emily: thanks for the roundup. i want to take a closer look at crypto and bitcoin after a volatile week. bloomberg's reporter has more, bitcoin moving below $40,000 today. everyone wants to know what is next. reporter: before talk about the down day for bitcoin, we have to talk about the meet your cries. it is more than five times higher than it was a year ago. there were concerns about valuation. at its peak, it was close to $60,000. today, we are seeing it come down even more. take a closer look at the prices, more volatility than you sought even last year. you haven't below $48,000. why is that? you had powell speak today,

there are concerns around bitcoin losing its inflation hedge. that was part of the story. it doesn't take away from how much rise we have seen this year . let's put it in perspective, a lot of companies have bought into crypto and there are still things on the horizon. those are big ipo's, big companies that are gaining from bitcoin and cryptocurrency. we have coinbase, robin hood, all in tactical public soon. going ho -- we have sources talking about crack in listing -- about kraken listing sometime soon, despite implied volatility. emily: where going to dig in with galaxy investment partners ceo mike novogratz.

mike, thanks for joining me. wise bitcoin falling if concern about inflation is rising? is it not to hedge against inflation some hoped it would be? mike: let's put things in perspective. bitcoin is up almost 60% on the year with the snp flat. there is some correlation to asset prices. if chairman powell is easy with money, asset prices go up. if chairman powell is hedging, that was the body language today, we are not going to be easier, maybe that means we take things back earlier, all asset prices go down a little. the far, far bigger story is that in the last two months, bitcoin and crypto and blockchain have become an institutional asset class. there is no debating. so for jp morgan to tell clients they should go 1% to 2% of net worth in bitcoin is a staggering shift. morgan stanley getting involved.

goldman sachs getting involved. all the tech companies getting involved. i can tell you from what we are seeing come of the pipeline is deep. so we have this secular shift world of the sudden, this is a thing now, it is an asset class and everybody is short. a few insurance companies haven't, and most don't. so every once in a while you have paradigm shifts in markets. we are in a paradigm shift. bitcoin is wildly outperforming gold even though both are hedging the same thing, outperforming because we are in this once in a generational adoption of crypto. banks are frantically trying to figure out how to get into crypto, not just because of bitcoin. the commercial banks, jp morgans of the world, they paid a fortune in cross-border payments, $11 billion last year they made in cross-border payments and now they see stable money. so you're going to see monster

investment in this space. we are seeing it m&a, new participants in bitcoin funds and in other crypto funds. emily: a lot of investment, but let's talk about near-term catalysts because we did hear this week from gary gensler who cited crypto as a concern and noted the exchanges in particular. we have a big ipo in coinbased coming up, you think any tone around a u.s. government crackdown on crypto could be a detriment to stocks? mike: gary is going to be great for crypto. gary is smarter than a with. he understands bitcoin, he taught a course at m.i.t.. i actually went to his lectures. clarity around the rules can only help the space. jay powell just didn't want to deal with bitcoin, didn't want to deal with crypto. so we just kept punting it.

now, we have an sec chair who is going to do with it head on. a clear set of rules is nothing but bullish in this space. emily: let's talk about bullish. the ceo was on the show yesterday and said he think that is going to get to $1 million within a decade. do you still think against a $100,000 before the end of the year? and what you think about $1 million within 10? mike: my brain is this big. not this big. so i can think and 1, 2 year horizons. i think against $100,000 or higher by the end of the year because i see all these new participants. if it doesn't, it will be there next year. i am not so concerned. what is interesting to me is that the downside has been taken away. it used to be people thought, this is tulips. no one thinks that anymore. that existential threat to not

being real is gone. every institution in the world's participate in, so it is an asset class. so we are heading higher. i was talking to young kids about this -- because you have been in the space for so long, there is all this anxiety. the anxiety is going to come out of the market to people are starting to build big yes, i think we're going to go higher. once you get to 100,000, you are going to say why aren't we at $200,000? why not $5,000? bitcoin should be as big as gold. it is digital gold. emily: it is not even happening in the currency itself. you are seeing the firms that are betting on this really rising i've at market street you have a venture investing arm. how are you thinking about where to put your money next when it comes to the venture world and crypto? mike: listen, my favorite business, i'm going to get yelled at by my employer, one of

my favorite businesses that galaxy is our venture business. we are investing in interactive gaming, a giant rise in fts, and fts basically use the same technology as bitcoin. it is a digital signature you can't counterfeit for art, for anything creative. that is a little bit of a bubble right now, but it is going to be a huge trend. we are investing a lot there. banks shouldn't be worried about bitcoin. bitcoin is just another asset. they missed out by trading it and owning it. it is in asset, like gold. they should be very, very worried about the fire -- about driverless banks, driverless insurance companies. is a bank, just code. and in the next five years, defi is a threat to banking institutions. that is where we are putting the money. we are finding the best teams with the best ideas and we are

funding them early. emily: i want to talk about some of the pushback from jeffrey on twitter today, the price of gold is down over 11%, down 11% over the last 12 months, s&p 500 up 27% over the last 12 months. bitcoin is a formative 67% over the past 12 months, great dispersions often precede great reversions. and this from paul singer in a letter last week to clients. hiding under the bed to avoid people who gloat about being long on bitcoin can get tiring. deep breathing can work, but only for short periods. we continue to press on for the day we can say, we told you so. what is your response? mike: jeff gundlach and paul singer are awesome investors. they don't get everything right. what they are missing is this secular change, this paradigm shift.

they are not seeing what i am seeing. they are not talking to every big bank in the world who is asking for help, and we are helping them in engaging in this system. they are not talking to the mayor of miami, who is setting up so his people can get paid in bitcoin. this is a movement that doesn't seem like it is going to stop anytime soon. and i think they are missing it. i think they are missing it. it is harder for old people to get it. i bet they didn't meet their wives on the internet, yet 50% of young people are meeting their spouses on the internet, dating apps. sometimes old people just don't get it. emily: speaking of investors, mark cuban on the other end of the coin, he has been critical of does going -- doge coin, another dallas mavericks are going to be using it as payment. you think that is a good idea? mike: i don't. doge was a mean coin.

it doesn't really have a purpose. it doesn't mean it won't exist for a while. i believe in money going short doge, not long doge, and i don't think it as a community. what worries me is that cuban gets in, new investors, young investors -- when i do calls with the hip-hop community, they are all talking about doge, and i am like, let's put people in the best, safest stuff, not these joker thanks. mark is making a mistake there. he would be better off in 15 other ways to pay for his tickets. emily: are there any all the coins you are excited about -- alt coins you are excited about? mike i love this whole suite of products that are going after the banks, you needswap --

uniswap, sushiswap, and if you are a bank executive, you are going to be scratching your head and saying, what are these things, why are they growing so fast? bitcoin is a mac arrested in the whatever look at it, it should be built with gold and crude and a bunch of tokens are going to be part of that platform. and then you have use cases. and those use cases to me are the most interesting. emily: non-fundable tokens, in the near term, how do you see them being in -- being used in new ways? mike: i think every single creative person on the planet is going to study these and figure out how their creativity can be preserved. i talked to three young, amazing artists and i think i have started learning to create art in the digital form. great artists never used the

digital form because it was too easy to copy, but now they can live on the blockchain and can be authenticated, it will be unique and scarce. you're going to see great artist migrate. right now, we are in a bubble because everything is fighting in that space, but bubbles happen over things that change the way we live. creativity on the blockchain will be part of our lives for the next 150 years. at we are at the very beginning. that is why there is much excitement. emily: if we look that far ahead, we have a whole country that was excited about your appearance today. they have some questions, what are your predictions once all 21 million coins of been issued? what happens when encryption techniques being utilized are obsolete? mike: 21 million coins is a long ways away. i will probably be in a nice graveyard at that point.

miners get paid in block rewards instead of getting new coins. they will get a fee for authenticating the blockchain. so that is already figured out. listen, the encryption, from everything i understand, and i am not a computer scientist, is almost impossible to break. i think if the science gets where maybe it is possible, bitcoin developers will change it. it is not like it is only a static thing they can't change. same thing with quantum computing, and at that point you will put up quantum resistance. i talked to some of the best computer scientist said that is not the concern here. emily: one last question, the big one. is this a potential for this to exacerbate the wealth gap rather than fix it? mike: no, i don't think so.

first of all, most early bitcoin was bought by millennials and gen z and young people, so you are saying generational wealth transfer. think about what has happened the last few years. the total asset in the world has grown. it has grown because we have four times as many dollars in circulation today than when they wrote the paper in 2008 or 2009. so we have had an explosion of dollars and other currencies that has pushed asset prices up. richter was a tiny slice of the pie that is getting bigger. -- crypto was a tiny slice of the pie that is getting bigger and it is stealing market cap from gold and all the assets. who is making that market cap? young entrepreneurs, market investors, some old guys like me, but now it is shifting into institutions as well that are managing money for a lot of people. we are going to shift of who is having money, but that shift is going to be people who didn't

have it before. that is a good thing. crypto is very gala terry -- very egalitarian. -- very egalitarian. the banks are takers. crypto is a progressive movement. it is not the opposite. emily: interesting. mike novogratz, galaxy investment partners ceo, thank you. coming up, square just got an all-star board member. rapper jay-z joining the board of square

♪ emily: square has agreed to buy a majority stake in tidal, the streaming service owned by rapper jay-z. the price, two hundred $97 million in cash and stocks. jay-z will join the square board of directors. i bring in bloomberg's lucas shaw, who covers the music business. why is twitter making this move -- why is square making this move? lucas: i find it difficult to understand the rationale. conversations i had with people at square yesterday didn't make it much clearer. you know, there is an opportunity for a company like square in trying to create tools and services for artists. there is a big move to put more power in artists' hands, making it easier for them to do things on their own. i am just not entirely clear without tidal helps with that.

because it is a streaming service that has a pretty small audience. i think there is a hope that jay-z, being the ambassador in the industry he is, can help them build bridges to the artists and build square as a go to business in that space. emily: how much as tidal grown? they made a big splash when it launched, especially because of jay-z,s --jay-z's name, but other streaming services have far more of an audience. lucas: they don't release subscribers numbers, but it is safe to say they haven't grown very much. apple as tens of millions, amazon music and youtube music of tens of millions of subscribers. the only publicly reported numbers on tidal were in single digit millions and even in that case, they were accused of inflating the numbers. that you can see it in valuation. when jay-z bought tidal in 2015,

he spent $56 million. when sprint took a minority stake a few years ago, the asset was valued at $600. -- $600 million. square is buying a significant majority for less than $300 million, so it is one of the only things in the streaming music space that has the debt -- that has depreciated in value. emily: jay-z is an incredibly successful person, so i'm wondering what he could bring to the board? lucas: jay-z has relationships with everybody in the music business, you can see it based on who the co-owners of tidal are, alicia keys, rihanna, he has businesses that touch on commerce, the champagne business, he manages artists, he is now helping to book the super

bowl halftime show. there is no question that bringing jay into the fold can create bridges to people in the music industry. they have not been specific on what those plans are. they say they are about to announce at a later date. but it is also probably that jay-z and jack dorsey see the world similarly and see this as an opportunity to collaborate and execute against some of that shared vision. emily: lucas, we appreciate your frank observations of this deal. we will could tel when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

♪ emily: as ceo says former president trump's channel will remain temporarily suspended, due to the risk he will use the online video platform to create more violence.

if the former president violates the rules, the channel will be removed again. coming up, a chip shortage continues. what is being done and the implications it poses for consumers. that is next. this is bloomberg. ♪

emily: welcome back to " bloomberg technology." a global shortage in semiconductors has slowed production of everything from laptops to gaming consoles and even cars. the united states is taking action. china is making moves, too, but it's not straightforward. ed ludlow takes a look at why. ed: semiconductors or chips are a central component in things used every day.

they are made from the material that gave silicon valley its name, and they handle everything from artificial intelligence processing to simple functions like translating the press of a button into an electronic signal. think of them as the brain of a device. so what happened? when the pandemic shut down car factories, automakers expected less orders for passenger vehicles, so cut her orders for chips. at the same time, demand for 5g increased demand for laptops, tablets, and smartphones. that caused chipmakers to switch production to those areas, rather than pile of chips they could not sell, but what both car and computer companies did not expect was a quick rebound in demand for their products. here lies the problem -- there is now not enough supply to meet demand, and building factories takes years and cost billions of dollars. >> the answer in the near term

is nothing can be done in a grand way that can increase supply. it takes an addition of new factories and new capacity. ed: how bad could it get? chip shortage is expected to wipe out $1 billion in sales for automakers alone, and big makers like qualcomm and nvidia say the auto industry is not the only industry to get hurt. game console makers say things will get worse before they get better, potentially impacting holiday sales. president biden signed an executive order to reduce dependence on overseas chipmakers. >> these companies that do not have factories of their own and rely on third-party manufacturers have become extremely reliant. ed: how long before supply meets up with demand? it is a guessing game, but some

analysts say we will not see signs of a turnaround until the second half of the year. emily: for more on the chip shortage and how we expect the story to unfold the rest of the year, i'm joined by advisors capital management partner and portfolio management. what is your assessment of what is driving this? is it a fundamental problem, or did demand just get ahead of supply? >> that was a good summary. a number of things are happening. auto guys got behind in orders and are trying to catch up, but also, it's a fundamental increase in demand. autos becoming more automated. at the same time, we have an increase in the content of semiconductors, so more units being produced and more content per unit.

there's going to be an awful long tailwind for demand for these semiconductor companies, and that's a good thing. emily: if there's one thing -- you heard ed talking about how adding new capabilities is incredibly expensive. if there's one thing the biden administration could do to help alleviate that expense, what would it be? >> nothing in the short-term. it takes a long time to build these factories and multibillion dollars to do it. there's certainly some incentive , and some companies have already started. texas instruments is one of them. it will take some years to get more capacity in place and provided that those companies still think demand is out there, they will go ahead and build. the u.s. is considering right now a $30 billion bill to subsidize expansion of semiconductor manufacturing in the u.s., but you look at a company like texas instruments, it is really well-positioned. it has extra capacity.

it is building up inventory. the opportunity for investors is actually pretty exciting, especially after this recent selloff. broadcom reported tonight with good numbers, really good cash flow, and all these end markets are growing and have a real opportunity. it just means it's a really long tailwind out there for investors to take advantage. this kind of selloff is a real opportunity for investors. we buy individual stocks for our clients, so we are able to pick and choose where to go and avoid some of these expensive stocks, and tech in particular is getting hit by higher interest rates that people are talking about. emily: qualcomm, vic apple suppliers, do they give us a read? >> their guidance is pretty

solid. a little bit ahead. that tells us that the content gains they are seeing in the iphone are continuing. we expect them to gain content in a couple other places, so it is telling us that enterprise spending is picking back up. there's going to be more network spending, data centers, and also very explosive storage. the report was really good, ahead of spec tatian, and that cash generation enabled them to pay over 3% dividends. they generally buy back shares and pay down debt. we like that for our clients, the growth opportunity it provides and the value at which it is trading, and also that really nice a dividend. i think it is a good opportunity for investors. emily: experts have been telling us this always comes in cycles. how long do you think it will be before there is an oversupply? >> what is interesting at this

point is there used to be -- it used to be that semiconductors were mostly driven by pc's. then it was a smartphones. now we are seeing semiconductors in a lot of different and or. not just those two places, but servers on cars especially. medical devices, factory automation equipment. the demand is a lot broader than it ever used to be, and because we are seeing demand rise across so many different markets, it looks like a tailwind. the length of this growth period is going to be longer than the usual cycle in a semiconductors, and that's why we are seeing semi conductors -- semi companies do so well. as we said earlier, it's going to take a while, but it does suggest that this cycle has a lot longer to run, and so the selloff in these stocks i really think is unwarranted. it's a good time to get in. emily: fascinating. we will continue to follow you.

thanks so much for sharing your insights with us. coming up, we talked to todd mckinnon about why his company's new acquisition is a deal he wanted to do. that's next. ♪

emily: fourth-quarter sales -- okta reported in outlook seen as conservative and low on analyst

protections. this as they said they would buy a smaller rival for 6.5 billion dollars. shares are down. the ceo is with us now. not a great day for tech in general in markets today, but analysts pretty mixed on you doing this deal. why do you think this is something that is the right thing to do? >> i'm excited about this deal. i think this is an amazing deal for okta and our shareholders. we are about connecting people with all the technology they need, if it is employees connected to office work systems for our customers' comfort -- or our customers' customers connecting, and we are on the way to being a primary cloud for our customers. what this company does with us is accelerates that journey.

it gives the customer more choice. it gives the customer more flexibility. customer data is about developers having the flexibility and extensibility to do exactly what they need. emily: there were concerns about the outlook from deutsche bank saying the acquisition has stoked fears the company is buying growth to mask a decelerating core business. what is your response to that? >> the numbers speak for themselves. the core business last year grew , and revenue for the year was over $800 million. this is a fast growing business at scale. our outlook is we are being

conservative with our outlook. it's a global pandemic. we do not know how this will unfold, so we are running the company in a prudent way before the outlook really solidifies and we get more kind of normal business activity. emily: i spoke with marc benioff last week who told me years ago he stopped watching the stockupl any ceo of a public company not to watch. what is your strategy? >> it's hard. we can do that by building an

awesome product and platform for customers. over the long-term, the stock is going to take care of ourselves. we are in a $50 billion-plus tam , growing fast. if we execute and build this amazing set of choices and products and customers, the stock price will take care of itself. emily: that said, there's increasing talk about potentially a correction, especially in tech, or are we seeing the start of a bubble bursting? what is your outlook? >> again, it can be distracting. we try not to look at the stock, but again, we look at the stock. we see when it is going up and down. we see these big market moves we have. and we think about the customers. every company in the world, every organization has to do more with technology. valuations go up and down, but

it is an inalienable trend. that means more apps, more infrastructure, more security, more identity. we are in a fortunate position that we can provide that key layer that powers all of these experiences. over the long-term, we are going to be in a good spot. emily: i know you have been following the solarwinds incident closely. there's a lot we still don't know. what of your biggest concerns, given that, as you say, the tech industry is only going to explode even more over the next several years, which makes us all even more vulnerable? >> every breach we can learn from. i think one of the biggest learnings from the solarwinds bridge -- breach was there was this mindset in the past that if a company managed their own software and infrastructure, they could somehow be more secure. what we see is there's risks with every approach. it's about what is the best

approach for our customer to get that risk as low as possible. for a lot of customers, that's why you are seeing this massive movement in the market. that's why you are seeing more cloud, trusting amazon or google for your infrastructure. there's going to be five or six of these clouds in a merge, and we think identity is one of those. it has to be integrated deeply with all your technology and your primary cloud, and that's the best long-term criteria for success for our industry and for customers and security overall. emily: todd mckinnon, ceo of okta. we will be following and look at how you integrate your acquisition. coming up, amazon's aggressive push into sports streaming. all the details next.

this is bloomberg. ♪

emily: amazon could get exclusive streaming rights to nfl thursday night games, which would still be broadcast on traditional tv in local markets while the team is playing. what is your take on this? spencer: the interesting news here, "the wall street journal" report of the other day is it looks like amazon would pick up the frequency, you know, the number of thursday night games

at has for a fairly hefty sum, potentially $100 million. and then it would be greater exclusivity, rather than these simulcast things where you could see the game on this network or that network or on amazon, you would basically only be able to see it on amazon unless you live in the local town of one of the teams playing. emily: is it really a threat to traditional tv? >> you have to think this is a long, gradual change that has been happening over years now. older people who are set in their ways in watching television are dying, and younger people who never had a cable subscription are becoming more prominent and appealing to advertisers, so it's part of this long, slow, gradual shift, and the nfl is in the middle of that transition, right? still most of its money comes from the broadcast and television side, but the future

and the opportunity is on the streaming side, so we are just going to see this happen more and more. emily: and yet, the nfl has lost viewers over the years. spencer: amazon is always on the lookout for a big impact appeal for its streaming service. let's face it, it's service is quite, but still kind of an also-ran behind netflix, seen as an alternative to netflix. it needs to stand out with something, something really associated with amazon prime video, and the nfl is one of those few things that can. if you think on the movie side, amazon is investing in this "lord of the rings" licensing agreement and hoping to have a big splash with that. nfl games are one of the things that if people think amazon video, what is on there?

oh, nfl games, that's one of the things that will ring bells with consumers. emily: where are you expecting amazon to make more moves? >> most of the money has been on original content but also in just having a variety of things to offer. that's where most of their money has been spent. on the sports side, definitely the nfl would be one of the big draws. the problem with sports is you quickly get into that niche type stuff. are they going to get streaming rights for cricket games or something like that, that might have a narrow audience. with amazon on the sports side, they have to think broad appeal, and nfl is one of those things that has broad appeal. emily: will be watching, and you will keep us posted. thank you so much. turning now to spacex, their new

rocket pulled off its first successful landing but exploded moments afterwards. it lifted off from a texas launchpad and flew to an altitude of about six miles. two previous starship tests in december and february also ended in fireballs. this exploded after landing. what do we know about what happened? >> we don't know too much about what caused the actual explosion, but from the spacex perspective, this was a really successful flight. in their mind, the explosion is a separate event. it was more than 30 seconds after the landing, and it was the first time they had demonstrated, you know, the ability to land this massive ship, which is way bigger than the current falcon nine they fly out of florida. i think the company is very happy. they said it was an extremely

great achievement for the team, so i think we are just going to see higher and higher altitudes from here on out. emily: talk to us then about the next tests and how they will roll out, given that elon has said he thinks starship could go into orbit before the end of the year. >> that's right. i think it would not be surprising to see by late this year, they are ready for orbital flight, which is a completely different ball in a lot of ways of rocket science, but what we have seen so far is that every 4, 5, six weeks, there is a brand-new prototype that rolls out. it is ready to fly. there have been learnings from the prior tests. each one pushes their envelope a little bit more. i think we have seen them go higher and higher over time. i don't know what the next level would be, but 10 kilometers is a pretty big first step.

emily: talk to us about the simple mechanics of building a new prototype after one explodes. obviously, they now have an enormous team, but it's not easy , i assume, to just start over. >> it's not easy, but at the same time, you got to remember elon said there would be the loss of quite a few of these at the beginning, and that's where they are right now. they have hundreds of people working together 24 hours a day seven days a week on manufacturing and turning these things out, so they have lost three, but there are at least two more that are built, possibly more at that site. these are coming along pretty quickly. they have definitely increased the pace of production. i would not be surprised at all to see another 3, 4, 5 flights,

and maybe some of those are also lost. emily: what is the next milestone then in your view? >> i think the next milestone for spacex is musk will be pushing them to go higher. the 10 kilometer is a good first step for this phase, but if you could demonstrate three flights now where they have the maneuver and they have demonstrated the stability on the dissent, -- on the dissent -- on the descent, i think he's going to want to push higher and higher just to see how the vehicle reacts. emily: much to continue to watch. thanks so much for your reporting on this, and that does it for this edition of "lumbar technology." "daybreak: asia" coming up next. i'm emily chang in san

francisco. this is bloomberg. ♪

haidi: very good morning. we are counting down to asia's major market opens. shery: asian stocks set to follow wall street lower after jay powell refrain from pushing back against the surge in bond yields. oil jumped as opec surprised by