romaine: another wild day in financial markets, started lower, ending higher. joe: question is --"what'd you miss?" caroline: jobs, jobs, jobs, jobs, with jobs numbers hitting fresh pandemic lows.

the fed wanting to support a more inclusive economy. they cannot find or lure back enough workers. of course, impacting all of the markets. how inclusive is the growth? first, let's talk jobs, maybe tips if you're looking at twitter. overall, we are going to look at what is happening to risk appetite. joe: exactly right. this is the chart im watching right now. my favorite measure of risk appetite, the blue line. the white line captures the sawmills. we are this close. that tells you the real rotation

happening in the economy. we will see. it may happen tomorrow. romaine: i can't believe you get paid for this. joe: i can't either. caroline: you could get paid extra in tips now. joe: that's right, you can get tips on twitter no. overall, there is a lot of optimism. the dow jones it record highs today. s&p was up, commodities up. although we talk about these areas of weakness, overall, things are pretty good. kriti: there's a lot of excitement in some of those reopening trades. we talked about tech being a gauge of risk appetite.

you have to think about what is tech responding to? it looked before like we were seeing these massive yield surges, but now it seems like tech is moving in tandem with yield. caroline: it has been very interesting to see how tech has moved. what else are you seeing in terms of tech? kriti: you're looking at a chart on the screen right now that is so important. it really shows you this yield sensitivity. i think it is 128-day correlation. if you were to change that chart, which is what i spent a few hours doing today, to a 30 or 40-day correlation, it is a very different story. you do not see that much read at

the bottom, which really tells you that is not what is trading. there is going to be this growth slowdown at some point for a lot of these companies. now they are saying we can still keep up our forecast. we are investing in things like electric vehicles and streaming, etc. it does not necessarily mean you get rid of all things tech. it just means when you talk about this momentum trade or volatility trade, big tech is not necessarily the play. romaine: i'm curious, you have not seen a ton come out of the market. for the most part, this is truly a rotation just around the market. kriti: absolutely. my favorite function to look at is are r.g. -- is rrg on the

terminal. i think you had a 5% drop in the last four trading sessions. today nodding did. the first day in the green for the new york index after i think 4 days of a drop, but you are halfway to a correction, which i think you have seen a lot in tech, not just recently, but in the last few months of september, it drops down 10%. taylor: stocks correct to percent and come right back soaring. i think just because tech is down two weeks, maybe that is not the end of the story. joe: probably not the end of the world for sure. we will talk about the jobs report in the next segment, but we do get that report tomorrow. with all these major indices doing real well, real rates on the 10-year have not inched up a bit. breakevens continue to rise.

still the market is convinced the fed is going to be on hold a long time. could people suddenly start betting on faster tightening or faster tapering? kriti: certainly. you have to talk about margins and beads for payments and earnings. people are expecting a beat, and it could be once again a question of the margin of the beat. romaine: we should point out there's about 30 economists surveyed by bloomberg that have an estimate of $30 million or more. that one jeffries economist estimating $2 million. coming up, we will talk about

industries complaining about how they cannot find workers. they have been complaining all over the place. seems like there would be a civil solution to that. i don't know. this is bloomberg. ♪

mark: president biden traveled to louisiana today to boost support for his two point $3 trillion infrastructure plan -- $2.3 trillion infrastructure plan. he also said the united states needs to step up its game when it comes to china. >> the chinese are eating our lunch economically. they are investing hundreds of billions of dollars in research and development. that's why right now if he keeps

going this way, they are going to own the electric market. mark: mr. biden spoke in front of a dilapidated ridge that both republicans and democrats have pledged to rebuild. he says it provides a key example of why lawmakers should pass his funding package which would provide $115 billion in funding for roads and bridges. the u.s. secretary of state reaffirmed washington support for ukraine at a meeting with president zelensky in the wake of heightened tensions with russia fueled by moscow's recent troop buildup near their borders. secretary of state blinken met with president zelensky and reiterated the u.s. commitment to ukraine's "sovereignty, territory, and independence are co->> we look to russia to cease

reckless and aggressive action. we want to secure our security partnership in close collaboration with you to make sure ukraine can defend itself against aggression. mark: secretary blinken also underscored the importance of ukrainian efforts to tackle widespread corruption and carry out reforms. the coronavirus pandemic in india is showing no signs of slowing down. the country reported its highest ever daily tally of more than or hundred 12,000 new cases and a record one-day death toll of nearly 4000. the indian government agreed to provide more medical options to hospitals in the capital. the nation denies it has been slowing distributing lifesaving supplies donated from abroad. global news 24 hours a day on air and on quicktake powered by over 2700 journalists and analysts in over 120 countries.

joe: u.s. initial jobless claims falling today to a new pandemic low. the labor market is expected to continue roaring back. we take a closer look at growing numbers of employers claiming that worker shortages are potentially stunting their growth. bloomberg estimates showing payrolls may have risen by about $995, higher than the game in march, while the unemployment gain may fall below 6%. the unemployment rate is dropping quickly. indeed, companies say it is making it harder for many pandemic-affected businesses to find the workers they need in -- amid stimulus-fueled workers

quitting. >> this is pretty pervasive in the economy. >> essential workers need more than a thank you. that is why they have been demanding to be respected, protected, and paid, particularly during this pandemic, when they have been showing up, feeding us, caring for us, serving us, and delivering packaging -- delivering packages for us. joe: so far, the fed is not worried. >> clearly, there is something going on out there as many companies are reporting labor shortages. we don't see wages moving up yet, and presumably, we would see that in a really type -- really type -- really tight

labor market. joe: anecdotally, there are employers moving wages to attract the employees they need, but that maybe distorted in a stimulus-driven market. the employment rate expected to fall to 5.8%. 57,000 new manufacturing payrolls. a year-over-year decline in hourly earnings, but that is likely due to composition effects of lower income workers reentering the market. it is interesting because we do have all these anecdotal reports about labor shortages, but if one million or 2 million people got jobs, there is still a lot of hiring going on. olivia: right, the question will be tomorrow if we see a miss, it could be because of these labor

shortages. it is a number hard to quantify, but we would not see numbers as high as economists would expect. it could be people are just not looking for jobs. caroline: i'm reminded of the reasons people are saying why people are not looking for work right now. olivia: right. some of it is because of ongoing childcare responsibilities, some of it is because schools are still closed. others involved lingering health concerns because of covid itself, and these are things economists think will be resolved by the fall. romaine: would that actually have a pulldown effect on jobs numbers down the road? >> economists this week told us they think going into the summer, this could hold back monthly numbers if we are still

not seeing robust hiring that would bring us back close to where we were before the pandemic by september, that could be worrisome. joe: what number, besides the headlines, do you think will tell us the most? olivia: we know that powell and the fed are looking at alternative measures besides unemployment to determine if they will if they will raise rates. that means the unemployment rates for unemployed workers, those without college degrees, as well as for different minority groups. caroline: want to thank you. going to keep all eyes peeled. stay with us. the bloomberg federal reserve bank of minneapolis president will be joining bloomberg tomorrow. in the meantime, we have a bit

of news coming from walmart, to buy a telehealth provider, memd. joe: coming up, using bitcoin to level the playing field? we talk to a law professor and chair of the maker foundation coming up next. this is bloomberg. ♪

job: -- joe: there is still maybe work to be done to diversify the cryptocurrency space. many believe it is more diversified than other spaces

and that may serve to encourage other industries. i want to talk to the chair of the maker foundation. thank you for joining us. i'm curious, from your perspective, having worked in the space, what is it actually as opposed to stereotypes? >> it is a great question because there's a not -- there's not a lot of visibility for those actually in this space. what is encouraging is that black and brown communities have been reaching out for education. i'm heartened to see so many in the black community in general, black women in particular, interested in the space. they may have some exposure to traditional investments, and

they want to focus on this as a way out, less than the potential for appreciating assets. caroline: talk to us about your journey of gathering information, because you are obviously really focused on entertainment law. how did you discover this world that needs your expertise? >> in 2017, there was a lot of conversation around bitcoin, to be sure. i feel like it was around this time bitcoin was starting to make moves outside of the crypto space, and there was a lot of conversation going on around bitcoin versus blockchain.

i was not completely sold on the idea of crypto at the time. i have taken a full, complete, deep dive down the rabbit hole, but i knew her wanted to britt -- to represent those building in a web 2.0 environment, and it was really, really important for the next wave to prepare, particularly those building on top of the infrastructure so the ecosystem could move forward. romaine: speaking of legal issues, how do you spin this out from just being an investment? do you get to something that is tangible, where the people that you say should be involved in

this, that they can find some other way to bridge this to whatever else they are doing? >> i'm more focused on the idea of generational wealth. so often when you have speculators for investors that are in something for the short-term experience, it tends to be focused on that particular person, maybe their families, but when i educate people about this space, i talk about the long-term opportunities in this space because we have only just begun seeing the true power of cryptocurrency across the board. bitcoin, i call the oji -- the o.g. in the space, but it is

blockchain that encrypts the information, and i focus on the idea of not getting left behind, in the same way that many black communities were left behind in the dot-com boom. joe: talk to us about maker. it is very interesting. you're working on a decentralized optimization effort. >> the exciting part is run by self-sufficient government focus tokens taking us in the direction of decentralized autonomous organizations, and you can have many different kinds of dao's, but most

importantly, the stable coin, which is empowering people to do a range of things in a decentralized finance area where you can remove media areas for those who should be able to participate but have traditionally been locked out. it is about decentralized autonomous organizations. there's no gatekeeper standing holding and nkr token. caroline: great to have your voice on the show.

thank you so much. we've got 20 seconds. i'm not going to ask what you're watching. joe: watching bloomberg. i'm excited about it. "bloomberg technology" is up next. romaine: have a great evening, everyone. this is bloomberg. ♪ ♪ ♪

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