experiencing network issues leaving customers unable to access fuel shipments. colonial says they are working to restore service. the company reserve -- resumed pipeline service may 12 after a ransomware attack shutdown the system two weeks ago. it appears to still be operating despite the communication outage . fighting between israel and militants in the hamas run gaza strip raged on. a rocket from gaza today killed two workers in a packaging plant in the west bank and a palestinian was killed in clashes with israeli soldiers. so far more than 200 palestinians and 12 israelis have died in more than a week of fighting and the white house now says they support a cease-fire. kevin mccarthy, house minority leader, says he will oppose a bill to create an independent bipartisan commission into the january 6 capital riots. he wanted the panel to look at more than the deadly uprising

among trump supporters and include other groups like black lives matter. nancy pelosi in the top republican who helped to draft the bill rejected that approach. overall covid-19 cases in the united states are going down, but when it comes to a rare and sometimes deadly inflammatory disease in kids, the story may be less clear-cut. the cdc says that 3700 cases of multisystem inflammatory system -- and roman children have been diagnosed since early in the pandemic and that number is likely low. the cdc says it is not doing a comprehensive count and the numbers depend on a voluntary reporting system. global news 24 hours per day on air and on bloomberg quicktake, powered by 2700 journalists and analysts in over 120 countries. i'm mark crumpton, this is bloomberg.

>> it is 1 p.m. in new york, 7 p.m. in berlin, 1 a.m. in hong kong. i'm matt miller and welcome to "bloomberg markets." senior leadership changes at j.p. morgan. we will bullet bring you -- we will bring you the details on the move as their largest bank announces their largest management shakeup in years. plus receipt -- speak to the ceo of a 3d printing company on the company's first quarter results as they share losses after 12% of forecast estimates were missed. the battle for streaming content. later this hour we speak to the ceo of audience driven content creation prop -- an audience driven content creation platform

behind projects on netflix and hulu. let's take a first look at what's going on in the markets. i put the dow jones industrial average year because the s&p 500 is doing a lot of nothing, zero movement. the dow jones is falling right now. the real movement seems to be in currencies. you have got a losses in the dollar against all major trading partners, the euro gaining ground to the highest level we have seen since the beginning of this year, since january. new york crude is coming down now more than a dollar, still at a relatively decent level. a little bit of movement there, more than we see in brent, for example. telephone, down another 5.5 percent after a big drop yesterday and shareholders voting with their feet against the move to spin off the media assets. or there is something shareholders don't like that is going on at at&t.

if you help the stock for five years, you gain 3% by 120%. let's talk about one of the other stocks that is in focus today. really, the main bank in focus. the annual jp morgan shareholders meeting. a slew of changes were announced there. to take us through it, let's bring in sonali mastec -- sonali. >> half of american households, right? this is a huge business across america. two women who you would be hard-pressed to look across and find women, or even people, on wall street with resumes like this. marion lake was recently the head of consumer lending and generated about one worth of the jp morgan revenue.

the most recent cfo ran their credit card business, mortgages, and was a part of the investment bank. right? they have seen a range of operations at jp morgan, they are both in line for the succession plan there. frankly, you know, this is very much part of the jp morgan playbook where they give a lot of their executives wide ranges of experiences so that when time comes to take over, they will be ready for it. matt: jp morgan or jamie dimon does already have a successor in pinto, right? he took over when diamond was in the hospital for a couple of months during the work from home transmissions. does that put lake in the runner-up position? are they fighting for the number two spot here? sonali: the short answer is yes. the thing here is that we have

known for some time here, closer to jamie dimon, daniel pinto is closer and is in his late 50's. they train a wide range of employees -- think about how many people, matt, over the generations have been rumored to be potential successor to jp -- jamie dimon one day. you have those people all over the industry. charlie shark is leading wells fargo. matt james was at cerberus. you have a wide range of people here and one of these women may lead jp morgan one day, but who knows what the future looks like. at the end of the day it all depends on how long jamie dimon remains ceo of the company. matt: i was going to say, if jamie dimon ever leaves, right? ed hammond interviewed him

closely the last time i paid attention to that and he said he would stay for another five years. sonali: and he says that every five years. jp morgan, the biggest bank in the country. so big, it's a market leader in so many different businesses. a big consumer business, huge credit card business. it's something of a financial conglomerate, right? nothing near what citigroup was when it had all those -- those sprawling businesses. but jp morgan, like a berkshire hathaway, jamie dimon is really the star of the show. it takes a lot to really build up the ranks of these women who have been moved around and have been very visible to investors and clients in the last couple of years and this is another step in that action. matt: yeah, the star of a show that investors seem to like. let's talk about the 5-year note

change over at telephone. the stock has tripled at jp morgan and they are beating the s&p 500 by 71%. a much better track record there. sonali mastec covers wall street for us. thanks for jumping in on this important story that is the news of the day for global wall street. speaking of banking and finance, fidelity is giving teenagers access to financial markets, providing investing's -- investment and savings accounts and debit cards to 13 to 17-year-olds whose parents are also clients. they will be able to trade, these kids, u.s. listed stocks, fidelity mutual funds and most etf's with no account fees or commissions. parents will be allowed to monitor those investment activities and when a customer turns 18 the account will switch to a standard brokerage format

and then no holds are barred. coming up, not just a prototyping tool. we speak with rick of dexcom metal -- desktop metal about how 3d printing can help the current shortages. that's next. this is bloomberg. ♪

matt: this is "bloomberg markets," i'm matt miller. companies are seeing 3d printing as a technology that is more than a prototyping tool. it could be the answer to a lot of the big bottlenecks facing businesses today. joining us to talk about it is ric fulop, chairman, ceo, and

cofounder of the 3d printing company, desktop metal. earnings out of the way first, looks like the market was not prepared for your operating loss forecast for this year. the shares sold off at more than 10%. why, why do you think traders, investors were taken by surprise? ric: we beat revenue margins closely and it has recovered since then. it was probably a misunderstanding of folks with the new treatment on warrants that were a legacy from going public. i think it's a non-cash event that gets reversed to the quarter and i think that's, you know, pretty much a non-cash event. matt: it does look like you are

right. we can see it on the screen, this is a two day shot, not quite as helpful, the stock, up 1%. it looks like investors have reassessed the situation and they get it. what's the outlook, like, though , if 3d printing can make a difference to companies who are facing bottleneck supply chain issues, how bright is the future as we reopen? mark: -- ric: it's a significant market opportunity and our company is fully focused on 2.0, the mass production of parts through additives in a process that is more cost-effective than conventional manufacturing. we are going way faster than our market. read -- we grew 35% quarter over quarter year-over-year and some of our markets, like dental are

going full tilt on printing. 63% year-over-year. it's definitely a fantastic market and we probably, we will cross the year and exit the year at 160 million. matt: who are your biggest customers? i use a 3d printer in the shop when i'm working on my motorcycle. i have seen big automotive companies, ford for example puts it to extensive use. you mentioned dental. that makes a lot of sense. who are the biggest customers or potential customers? ric: our spectacular customer list includes all the major consumer electronic companies, like ford. they led a $60 million investment in our company. honda, nissan, toyota, general motors.

desktop metal, people in the supporting goods space. in defense. in aerospace. it's a pretty broad swath of who's who in manufacturing. matt: are you looking at any of the same kind of, are you having any of the same kind of supply chain problems? these are pretty high tech machines, right? they take a lot of stuff to put together. how is your supply chain looking right now? ric: no issues at the moment but definitely this technology alleviates some of those issues. instead of making something in one part of the world and going to a different part of the world to send it through tariffs, you can mass customize and only print what's actually being sold so that you don't have stranded inventory with planning more efficient. it's like the equivalent of mass fashion to the fashion industry but doing it in manufacturing

where it's a much more efficient way and you can do designs and geometries that would be impossible with conventional production. matt: what about personnel to operate these machines, who understand the software. 10 years ago getting someone to do milling was really difficult and i know it has gotten, well on the one hand gotten easier, on the other hand a lot of people are going into the industry to learn how to do that . is there a decent supply of people who have the know-how to run your machines? ric: absolutely. it's actually easier than if you can't find staff to do the machining, those folks are mostly retired but on the flipside these are printers, you hit print and you get a part or millions of parts in the case of our mass production systems. the technology is easy to use and that is really one of our core competencies designed to

scale and produce in volume and today we have a variety of volumes on metals and polymers. we just acquired a fantastic company that has the best properties. you can do shoes and all sorts of digital applications where it's air and you are really just reducing the amount of materials. we have a series of other products we have introduced in the dental space. a new set of materials with three times the performance of what existed before for dentures and dental parts. one of the things i'm most excited about is our forest printed wood platform, which allows you to use waste to printed wood components at scale. matt: i was going to ask you what you are most excited about. you are a future leader, what's

on the horizon? what's going to change the world for your industry? ric: this was one of the biggest prizes for surprises for me. this is a printed wood part where if you saw it in real life , you couldn't tell the difference that it's printed. we are taking, we launched that technology. i had no idea how good the reception would be. it's been incredible area we basically take waste from making wood products and paper, you take the cellulose and you put them together into the printer and you can re-create a digital brain and you can make, very cost-effectively, large-format wood parts that are indistinguishable from material properties, look and feel from conventional wood, but you are essentially printing using a waste stream. environmentally it's an incredible product, fully circular and something that we

are doing together with bill mcdonough, who started the whole circular manufacturing movement. we launched it as an experiment and the phone hasn't stopped ringing, so we are super excited about what those products could do him. -- do. i had no idea how many products were made of wood. it's a significant market opportunity. matt: and everybody wants the hardwood look. maybe you could 3d printing kind of broad planks that haven't been available for 100 years in the u.s. very cool, thanks for joining us . always a pleasure to have you on. desktop metal ceo, chair and cofounder, ric fulop, joining us on the outlook. earnings initially beating the street, people looked at it and reassessed the numbers and now the stock is trading back in positive territory. still ahead, we hear from the we

work executive chairman on why he thinks the traditional office is a thing of the past. this is bloomberg. ♪

matt: this is "bloomberg markets coco i'm matt miller. our 20 -- our 20 year office leases and traditional headquarters a thing of the past? we work thing so. marcelo claure told ed hammond that the traditional office is dead and they spoke earlier today at the bloomberg business week. take a listen. companies -- marcelo: companies are not looking forward to the traditional way of signing a 20 year lease. the largest customers are the world's most valuable company sending us employees because they don't know, you know, how

many days they will be working because they don't know where their business will grow and when you sit in the only company in the world with buildings that are the most important in the world, the demand today is higher than it was prior to the pandemic. like i said before, we work should be a profitable company by the end of next year or the beginning of this year at the latest and the demand for this kind of flexible office space is higher than ever and i think the world is really going to find that in terms of flexibility, before that becomes -- comes the most important part, what a company can offer employees. ed: i've got to go there with the crypto question, we work announced they would be accepting funding in

cryptocurrency and today elon musk came out and said tesla would no longer take bitcoin over the concerns about the impact it has on the environment . obviously the environmental impact of mining, bitcoin has gone up significantly over the past few months. is that the right move or is that just a sort of reaction to a short-term trend? marcelo: the reason we started to accept christo -- cryptocurrency was because our customers were asking for it. we have to listen to our customers a lot. they tell us the type of set up they want. crypto, that came out a lot when they said we would like to put pay you in crypto and have accumulated a significant amount of wealth in crypto to pay for rent and that's an important part of many companies. we decided to accept crypto and at the same time people pay us

in crypto, to us it's just another currency. we have dollars, euros, pounds, crypto, japanese yen. it makes no difference. when the customer asks for reimbursement in it, we pay in it. some customers are not paying in it and some landlords say i would like you to pay me in cryptocurrencies. the way it works out, you know, we will listen to what the customers want from us. they demanded they wanted to pay in crypto and that's what we did. ed: do you have a level that you would becomes about going to in terms of money in it out for crypto? marcelo: today it's a small part of the business. it cannot be ignored. it's going to grow according to whatever customers want. if customers want to pay in crypto more, we will accept crypto. if they want to take that as traditional currency, we will

accept it. it's nothing more than a move to basically help customers satisfy other needs that customers were asking for. not a lot of people know about the headquarters and most of the resources that coinbase uses, but we work is the largest exchange on cryptocurrency and they were the first customer to pay us in cryptocurrency. matt: that was the softbank coo of we work, marcelo claure, speaking with ed hammond. continue to tune in for the bloomberg businessweek event. tomorrow we will speak to a-rod and kathy wood, raphael bostic and more. this is bloomberg. ♪

amanda: welcome to bloomberg markets, i meddling. matt: i'm matt miller. here are the top stories we are following for you. the united states biggest fuel system, the colonial pipeline, is experiencing network issues, leaving customers unable to access yule shipments -- fuel shipments. plus, u.s. housing stars -- trail on supply chain

constraints. we will discuss with daniel hale of realtor.com. and, the battle for streaming content. we talked to the ceo of the company behind projects on netflix and hulu about the future of media. amanda? amanda: matt, a bit of a mixed picture on equity markets today. some groups of the s&p 500 are showing decidedly mixed agenda here. you can see is basically flat. health care consumer discretionary are the groups letting us hire. and, similarly energy, one of the biggest decliners today, not the biggest of the s&p 500, had been a tough gator yesterday. energy is one to watch. of course, watching the price of west texas shooting hire. now at level, pre-pandemic you have to go to find this price for that commodity. unclear how much is speculative

but the commodity itself will be driven by, in some cases, regional factors and other cases global. for what it's worth, we have been talking about the colonial pipeline, not just cybersecurity, but also how important that pipeline was to getting gasoline and other fuels up from texas all the way to new jersey. it appears the worst is not over. some users of that pipeline are having a hard time accessing the system in order to put in and track their orders. and they continue delays that have already shown up along this pipeline. matt: it is very interesting that these problems continue. it is not good news for anybody living in the southeast to has experienced gas shortages. people who are hoarding gas. hopefully not in plastic bags. but, i guess if you did hoard

gas in the right containers, you are lucky now that you have some. and nobody else does. the price rise is interesting, not terribly troubling from my perspective, i don't know about in canada but here in berlin, we are paying about seven dollars a gallon for gasoline. on average. that is the normal price. so i have trouble feeling sorry for somebody paying three dollars. amanda: this is not all about you, but it is important to remember, it is nondiscretionary from any people of course. it's a form of inflation that hit hard and fast. of course, as you head into the summer months and people in america get out and about, it's a bad time for that. to be, it adds up. as a reminder of the fragility

of some of the infrastructure and access to commodities. matt: you're absolutely right. definitely it is not about me, certainly it is nondiscretionary and it hits hard right now. after the fact that where i am, if i don't want to drive, i can easily take public transportation. i don't just need to another borough in berlin, i need to another city in the country or to another country on this cotton. we have such incredible public transportation networks that are not as necessary as they would be if you lived in south carolina, north carolina, tennessee. and, if you live there, also what a pleasure to drive. some of the best roads in the entire world. amanda: so true. now, of course all of this could take dollars out of consumer pockets. which gets us to the stock of the hour, walmart has reported its results. things look pretty good. of course, consumers are being taxed in other places.

dave wilson has been looking at the results. >> a fiscal first quarter for walmart was great. not one analysts were expecting. earnings and revenue meeting projections by the widest margins in more than a decade. shares holding up, when you consider other companies didn't fare so well. home depot, initially, rose. macy's has struggled to hold onto gains. see the numbers in terms of sales, stores open more than the year. home depot and macy's, much bigger increases than walmart. bear in mind, home depot benefiting from a rise in lumber prices. that is something like 35% of their sales. last year at macy's, stores were closed because of the coronavirus pandemic. you have to remember, the fiscal quarter ended in april. if you are walmart, you are already starting to get the rush

of shoppers stocking up as a result of the pandemic. relatively tough comparisons. here, you see the effect of walmart's online business. people not necessarily going to walmart.com as often as they did , but they are spending more when they go. when you put it altogether, there is a 37% increase in the latest quarter. so, that is another plus for the company. walmart raising their forecast for this quarter and year. they are expecting earnings to be down, just not down is analysts were expecting. the company itself, you're talking about a low single-digit percentage can -- percentage decline. they're looking for growth in earnings. and a high single digit range. where they had expected decline. matt: we have been hearing from a lot of manufacturers, they are able to pass their input costs.

that is, higher prices for commodity and chips for example, onto to the end customer. of course, walmart is the end customer for a lot of those manufacturers we interview. have they been able to pass their higher supply costs through to the customer? >> they have been coming to an extent. and, that has reflected even in the latest quarter results. you look at earnings relative to revenue, you sell faster growth. and, that is true for some of the other retailers as well. you see how the numbers line up in the case of home depot. we don't really have a read on macy's. yet again, you figure these customer use -- these companies do have some leeway to pass on to increase is because you see retail demand go up. now, the latest quarter, walmart benefited from the extending of those government relief checks. whether consumers feel equally flush as we go on in the year,

that does become a question. but, walmart's optimism in terms of raising their forecast suggests they are relatively confident people will go ahead and spend. matt: all right, dave thank you very much. dave wilson there with our stock of the hour, looking at walmart, of course a slew of retailers out with earnings. we will have a slew tomorrow as well. let's get to the first word news and mark crumpton. mark: colonial pipeline, america's biggest fuel system that has been working to restart since being have to weeks ago, is experiencing network issues that have customers unable to access their fuel shipments. colonial says it is working to restore service. the system resumed pipeline service on may 12. after that ransomware attack shut down the entire system. the pipeline appears to still be operating, despite the communication outage. president biden's infrastructure

proposal includes billions of dollars tied to improving cybersecurity. it is an area of intensified interest after last week's ransomware attack on the colonial pipeline. and, the 2 trillion dollar american jobs pipeline -- jobs plan includes the modernization of energy systems and grid resilience in high-risk areas. that is according to a fact sheet obtained by bloomberg news ahead of the release today. the european union foreign ministers are debating how to use the political clout to help end the fighting between israelis and palestinians. it has called for a cease-fire and the need for a political solution to end the latest conflict, but the nations are divided over how best to help. the eu is the biggest donor of aid to the palestinians. the son of rudy giuliani is running for governor of new

york. andrew giuliani kicked off his campaign today, telling the new york post he is confident he can win the republican primary and then defeat incumbent governor andrew cuomo. the 35-year-old recently worked as a white house aide during the trump administration. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. ♪

matt: this is bloomberg markets. i'm matt miller with manda lange. we are getting headlines across from president biden. he is delaying his revamp of

trump's blacklist for china investments. he is speaking right now at the ford rouge. if you have a bloomberg in front of you, you can type an i.e. xc, that gives you headlines from the white house. he said he is going to delay the revamp of trump's blacklist for china investments, and will clarify with the trump era band looks like. or what a new band would look like. by june 11. we will continue to bring you headlines from that. speaking at the root in dearborn. u.s. housing starts fell by more than forecast. suggesting that rising material costs continue to hold builders back. danielle, it is the worst time to be holding builders back, isn't it? because there is so much demand

out there and not enough supply. >> i think that's a great point. we know we have unprecedented numbers of young people getting of age where they are likely to be first-time homebuyers. in their early 30's, that is where people typically nationwide bought their first home. the unprecedented level of demand from the demographics. on top of that, people have spent more time at home than ever before in the last year. that has brought home a front and center. it up to the priority list. so, you have two reasons really driving demand. and you have low mortgage rates helping people afford more homes than ever before. and there is a lot of demand in the market. against that background, we had a shortage of supply going into the pandemic. scholars have gotten skittish. -- sellers have gotten skittish. that has exacerbated the supply demand that was already going on

before the pandemic. amanda: so as we understand it, partly what is driving this drop is commodity prices are high. they are holding off on starting new builds. we can assume they have come into your subpoint supply demand picture is enough out of whack where they would see this as an opportunity to make more money. so, what is going on here and how long-lasting is this hesitation? >> that is a good question. we know there has been research showing builders are passing on some of the cost of materials and lumber. the estimate a new home cost $36,000 more because of skyrocketing prices. for most family homes, it is about $13,000 per unit. some costs are being passed on. there is a bit of a gap between when builders start building and when the home is completed. right now, mortgage rates are at

record lows or close to it. some at 3%. we have seen them, already, in 2020 one pickup. they were a size almost three and a quarter percent. and they couldn't move up even higher, especially as investors worried about inflation. i know there is a lot of talk about how is temporary but it does impact the affordability calculation for a lot of buyers. matt: rates are only part of it, right? you have to get a mortgage, even if they were -10% it wouldn't matter if they are not giving up jumbo loans, i'm not getting my house in westchester. how difficult is it to get a mortgage right now? >> lenders cut back during the pandemic. there is a lot of uncertainty about what is going to happen and lenders react to uncertainty by pulling back. we are starting to see lenders opening up a little bit more, willing to look at loans with lower down payments, slightly lower credit scores.

part of the reason for that is as mortgage rates pickup, even though they are still near historic record lows, a lot of people have refinanced. so, lenders are looking and focusing more on the purchase market than the refinances to drive their business. that means they will be more willing to work with buyers. to your point, you have to qualify for the loan. it is about willingness to lend and the willie -- and the ability to qualify. that goes down if mortgage rates go up. amanda: great happy with us for this. closely watched by many. appreciate it. coming up next, a closer look at audience driven content creation. we are talking to one of the leaders in the space. ♪

amanda: this is bloomberg

markets, i'm amanda miller with length. i will argue that it is. amazon, bloomberg has confirmed, is in talks to buy mgm. i think of that as the times, on old i know because i can't help but be reminded by aol time warner. matt: also, a lot cheaper. if it is only going to be $9 billion, aol time warner was, i'm going to say, a hundred cheney. something at least 20 times this. i can't help but think about james bond. one of my favorite franchises, movie franchises of all time, i have been excited to see the new one. i was hoping you would be out last november. now, it looks like it will be out this september or october.

it could be the last time we see james bond or double 07 as james bond. apparently they are passing that roll onto someone else more diverse and inclusive. amanda: i will bring in our guest, one of the leaders in the space, audience generated content, the ceo of walk pad, it has undergone an ownership change. a pretty important one, now is a huge owner and conglomerate behind you. what changes from where you sit? what is the power of that business do for you? >> the session is incredible and so many fronts. because, we have 90 million monthly users. so, the combined audience, we

now have over 160 million. not only that, number two, fees also double. we have two platforms. we own mgm, user generated fiction platform. now, we are combining that with the division of labor, which is the leader. in publishing. we have the clear leader in the space. matt: what you think of the consolidation that we have seen here? does it look like there is going to be more consolidation to come? is that the kind of market we are in right now? >> this is a very interesting time. it is a period of disruption because of streaming, it has

changed in the past. change is not flowing down, by any means. you look at at&t and warner in discovery, that was a fascinating change in the market. clearly, scale matters a lot. at the same time, the access to the business is very distinct from the access to the content business. these businesses, they are connected but the kiss -- but the strategic leverage is actually not that strong and that is why you see discovery as acquiring warner. i'm pretty sure discovery and

the people at warner, they are thinking about the same thing because they are combining it to. it is nonlinear, it's exponential. amanda: what does all of this doom? including these acquisitions and the way the industry is changing due to the content creators, in terms of empowering them or disempowering them. is it going to be a good or bad time to be a content creator? >> it is the best time ever for content creators. the demand is higher than ever. we have seen it in front of our own eyes. the number of shows we produce, we also produce with our partners. it's hitting triple digits very quickly. we have 90 projects we're working on simultaneously right now. demand is higher than ever.

because demand is higher, the different types of adaptations are increasing. that is why we are seeing more and more opportunities for content creators to monetize and generate the bit fan base. matt: alan, thank you so much for joining us. he creates content for companies like netflix and hulu. basically the biggest companies in entertainment today. president biden, we told you earlier, is delivering marks at the ford river roots plant. now an electric vehicle center. i'm guessing that is the ford f1 50 lightning behind him. the silver one. he is talking about china. we will bring you more as it comes across.

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mark: i'm mark crumpton with bloomberg's word news. the biden administration's plans to delay by two weeks of than on

new u.s. investment in certain chinese companies, bloomberg has learned officials are drafting guidance to clarify a policy the confused wall street. investors now face a june 11 deadline to buy shares in the company or sell shares to americans. white house works to clarify how the investment than of five subsidiaries of black listed companies. an agreement of reviving the new iran nuclear deal may be getting closer. according to the bbc, significant progress has been made. the bbc says an announcement will be made tomorrow. more trouble for americans biggest fuel system, colonial pipeline says it is experiencing network issues, leaving customers unable to access flu -- access fuel shipments.

the company re