caroline: from bloomberg's world headquarters in new york and london, i'm caroline hyde. romaine: let's get you caught up on where markets ended the day. after three straight days in the red, the s&p 500 finishes higher. joe: the question is, what'd you messy? -- you miss? caroline: cisco squeezed by the cost of securing components. manufacturing report showing the

prices paid components at the highest level since 1980. u.s. housing market having to hold back the invention with overwhelmed elders having to suppress orders. today we are going to dig into how one earth we got here and talk about potential ways to relieve the supply chain issues. cisco did not rally but the rest of the market kind of did. joe: the rest -- yesterday, recently, we have seen some tech weakness. not today. nasdaq up nearly 2%. tesla, up 4%. even bloomberg coin up -- even boomer coin up. that is what kids are calling it. pretty good day. for more, let's welcome kriti gupta. is this the start of a new trend? did something change or is it

still the overwhelming trend that is negative on a lot of this stuff? kriti: i think it is by the depth -- is behind the dip. joe: headline that. caroline: no investment advice here. kriti: good disclaimer. that is what is happening. we are going back to the reversion where big tech leads right back up. yesterday, we solve that massive selloff and a lot of the pairing of those losses were not tech driven. they were coming from semi conductors. you are seeing some people carefully put their money -- i don't want to say where their mouth is but decide where they want the investments. they are picking their spots. take a look at this chart. this idea that bitcoin and tech both in the green today. both in the red yesterday. are they related? not necessarily. you do see it track each other.

green on the same days. read on the same days. that does not necessarily mean one is causing the other. caroline: let's talk more about what crypto tried to do. it tried to bounce back. i missed yesterday's volatile session. basically 40,000 all over again. there is an element things are getting in its way, whether it be the worry about taxation, the fed eyeing its own digital coin, but also eyeing digital currency in general. kriti: i know it is a boring answer but when you do see a selloff by that massive margin whether it is stocks, bitcoin, it is natural to see this ounce back it -- this bounce back. it is harder to pin it on a specific region. one you separate crypto from stocks, the stock story was former positive. you did have a positive jobs report number. he did have a massive selloff yesterday. -- you did have a massive

selloff yesterday. this idea that the fed did come out and say we are starting to think about tapering in the coming months. that is counterintuitive because the knee-jerk reaction is maybe that is going to be a negative thing not just for stocks but across assets, especially risk assets bitcoin. it is a positive thing. the traders i spoke to say it means the fed is paying attention. romaine: you saw a monster move in yields. why are we seeing a little bit more of a reaction under the bond market? you look at what happened with yields today not only in terms of the 10 year treasury but really yields as well. we are down -- we were down 90 at the end of last week. kriti: i don't think a four basis point move is anything to discuss. it looks pretty tiny. we are not all you, romaine.

we are not all cool. romaine: is that what i am? kriti: this bond market rally across the board, you so let overseas as well. italian bonds catching quite a bit of a bid. that comes with buying across the board. caroline: and caution potentially. big tech up and bonds up, that speaks to risk aversion. kriti gupta, great to have her across these correlations and lack thereof. we will discuss when to expect some relief with the ceo of flex board. stick with us. this is bloomberg. ♪

caroline: today, we are focusing on the supply chain. joe, one figure that stood out today, manufacturing. really, it was some of the bottlenecks impacting manufacturing. joe: i love reading the fed survey. headline number is fine. a little weaker than expectations. everything related to price was up to the right. they asked companies, how much you paying? how much are you getting paid? many of these themes -- these things as multi-decade highs. they show how much is changing. it speaks to this idea that pricing pressure and bottlenecks continue to be a force.

joining us with more insight, ryan peterson. he is the founder and ceo of the global logistics company flex port. great to chat with you. you oversaw software and services that help company manage their -- help companies manage their supply chains. when does it all get smooths down? can you tell us when it will be back to normal? >> a year ago, i predicted volumes would go down and there would be no blockages. there would be no problems. i was totally wrong. i feel unqualified to predict the future. romaine: let's talk about how we got here. there is an interesting interconnectedness in what we do and the general global supply chain here. if one thing goes wrong, the whole thing goes wrong. explain to us how everything is interconnected. >> there are so many second-order effects that make

the economy so hard to predict. everything is interconnected. a really good example was imports and exports. there are not that many connections. it is the same containers. if you are importing containers, imports and the u.s. went up by 20%. exports went down by 20%. after six month of the pandemic, we are not exporting empty containers and china six month ago found itself 500,000 containers short because those empty containers or the full containers had not been going back to china. we were looking around as a global logistics industry and we could not find any containers. all of a sudden, there are no containers. means you cannot ship anything. it creates all kinds of other effects that can be unpredictable. caroline: that is not speared it

actually comes down -- that is nuts. it comes down to these containers waiting to be filled. did you just have to pay more to bring back empty containers? what are some of the solutions? >> that is a big part of it. in a normal world, 60% of all the containers going from the united states to china are empty. right now, it is about 80%. they're having to ship extra empties. that is just one example. we have -- we still unload the ships one container at a time. these are massive ships. it takes a long time to unload a ship like that. there is only so much through port at a -- throughput at a port. it is hard to increase the speed of offloading at that rate. you have to have more truck drivers. drivers have been getting sick.

drivers are stuck in traffic. there's so much congestion at these ports, even though there is more demand than ever and prices are higher, drivers are making less money. they get paid per load. they sit waiting at the port. drivers are opting out. it is a complex problem you keep seeing dominoes fall one after another. it is hard to predict where it is going to go. joe: we know the world is a mess. every day, i see another story about some commodity i have never heard of that is in shortage. how does it work itself out? are you seeing any signs, the price signals, whatever, the factories, the logistics systems, the truckers are finding ways maybe through flex port technology and services to start ironing this out or are we going to be talking about this six month from now? >> on the plus side, we are

talking about people are buying different things and these companies are shipping too much stuff. we would be a lot more scared if everyone -- if no one is shipping anything. that would be a different kind of problem. the silver lining is that. i do think there will be a couple of triggers. one is people overall returning to pre-pandemic habits and a terms of where they spend their money. in -- in terms of where they spent their money. we see people buying stuff has gone up. restaurants and experiences have gone way down. that rebalances back toward normal life and your bets are much better than mine in terms of one that will happen, that will start to work things out. related is 50% of all of the world's airflight flies in the belly of messenger planes. these passenger planes going to asia are not flowing. you are down to one or two flights a day when it used to be

25. all of that airfreight has led to crazy increases in the price of airfreight. that will have to work out. listen to the ceos of delta airlines. air carriers have said they don't think business travel across the pacific is going to come back to life until 2024. it is going to be a wild until airfreight normalizes. ocean freight is going to take until consumers start buying less stuff and go out to restaurants. their only so many dollars a consumer has. as they shifted back to -- shift it back to bars and restaurants. romaine: there is a lot of focus on airfreight. we have seen a lot of issues in land. how is that connected? what is the issue with some of those rail lines and these inland points that have become

so congested? >> it is a similar thing. a lot of containers, if you are going toward the middle of america, you are going to put it on a railhead. it is a similar problem. you have long queues for truckers to pick up the containers. it is adding 10 or 20 days to the journey versus if you unload the container at long beach, put it in a regular van truck, you save 10 or 20 days. normally the rail is faster. a lot of congestion. there are some paths where technology could help. it is hard to make things go faster. we can prioritize freight with technology. you can say this is a more important purchase order. you can sell premiums so people are paying extra to guarantee themselves access to a container, get on a faster boat or be the first one to unload. some of those services are

becoming more popular. pre-pandemic, about 11% of the freight we sold was premium. it is now up to high 20's. joe: great stuff. founder and ceo of flex point. i like when you said going out to eat helps. i have been shifting my consumption to in person services. you can hear a more expansive conversation with ryan on the podcast i cohost. you can find it on apple and spotify. romaine: you look very handsome. joe: thank you. that is the important thing. coming up, nba player danny green of the sixers joins us to discuss the return of fans to stadiums and his foray into nfc's. this is bloomberg. ♪

romaine: in 2020, professional sports was a business casualty of the covid pandemic with teams not playing it all, some playing in bubbles. now, here we are. the nba playoffs are ticking off. fans will be in some of those stadiums. another sign we are getting back to normal. prepare yourself because the fans are back in town. thanks to covid vaccines and the relaxing of government rules, the four major u.s. sports leagues are trying to bring fans back into the arenas, stadiums and ballparks. it has been more than a year since the pandemic brought a start -- but i stop to the live

sports. -- brought a stop to live sports. >> we are going to shoulder part of our burden. romaine: according to forbes, the nfl, nba, mlb and nhl lost a combined $15 billion because of the covid crisis. their closures created a ripple effect for vendors. >> teams and we sponsor opening to full capacity. not only do we get the volumes, but we also get a great opportunity for consumer tasting. romaine: not all sports businesses struggled last year. draftkings thrived with fans sitting on their couches able to place ads on their teams playing in bubbles. the first quarter revenue blew past expectations. >> we are seeing nothing but incredible momentum in the business.

with sports being back in full swings, that is driving a lot of that. romaine: in april, the texas rangers became the first team in the u.s. to open their ballpark to full capacity. >> i certainly feel good about the start of the next nfl football season, which we are all shooting for. not just nfl. major league baseball. all businesses. romaine: the nba had its all-star game in an isolation bubble this year and rumors were be -- word that the playoffs would be as well. the commissioner said the playoffs would be held on individual home cords with capacity restrictions varying. it was another signal the timetable is accelerating for a full reopening of live sports and a full return of the crowds. here to discuss about the return of fans and sports, we want to bring in danny green.

he plays for the philadelphia 76ers. thanks for being here. we are starting to see fans get back into the stadiums. how does it feel? >> it is amazing. we had some for the second half of the season. our fans are great. to have more coming in for the playoffs, i am looking forward to it. the first time to experience an nba arena with more capacity. we have home-court advantage for a reason. we are trying to get our fans to help us win some games. joe: obviously the last year was disruptive. how was the relationship between the player and the fan, the team and the fan different today than it was pre-pandemic? how is the world different from the perspective of a professional athlete? >> i think more appreciative. we see a lot more fan engagement last couple years due to social media.

a lot of zoom calls now. fans missing the game. missing the fans. we have them. they have us. we see more appreciation for it. in philly, they will let you know in a bar. we appreciate them. it has been great. caroline: you have been getting to know zoom. getting to know digital communication. you are getting into crypto. nft's. you're doing an augmented hologram, of your championship ring. you say you want more people to learn about crypto in blockchain. particularly people of color. >> just trying to move the culture forward. with black people and technology, it is a little different. we are still going through some variations.

we have to get some licensing or approval to move forward with it. just trying to move the culture forward with this and open up to other people. seeing what potentials they have. romaine: the growth in nft's or the attention around it, a lot of that has been fueled by the nba. the nba seem to be one of the first organizations to embrace it. what you think was the reason for that and why do you think fans are so receptive to some of these products? >> i think a lot of athletes have gotten into it. the nba is one of the first groups that people look at when it comes to anything. not just technology, not just bonds. culture movement. everything goes on. we shut down, everybody else shuts down around us. we do a certain movement and

everybody follow suit. we bring something to the table. for some reason, they look at us. nba has done an amazing job of leading, being on the forefront of things and putting social injustice and being that kind of outlet or role model the world needs to understand what is going on and see what is coming in the future. technology as well but more important matters going on in the world. caroline: well said. danny green of philadelphia 76ers. we wish you well in the playoffs. we will see how your auction goes. meanwhile, great conversation. as you say, what the nba has been doing and players token icing his actual contract. romaine: all the stuff you saw

on top shot and it is interesting how they have been at the vanguard of cultural movements. now me now but before this. joe: watching the bloomberg topshop index tomorrow morning. caroline: do we have 1 -- romaine: do we have one? joe: i wish. have a great evening. ♪ we know how much you count on us...

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>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco. coming up, crypto prices more stable after cratering earlier this week. where they are heading now and how confident investors can be.