>> demand is very strong not only in the u.s., but globally. >> i think the supply and demand balance will prevail. >> inflation is popping up as the main problem facing the fed. >> i don't think the forces that have led to inflation or disappearing. >> there's a lot of divergence. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: countdown to an economic data dump. this is "bloomberg surveillance"

on bloomberg radio, bloomberg television. half an hour until they release of an incredible amount of data. i am watching closely what the economic implications are for a recovering labor market and a relatively high inflationary environment that continues to grind higher. tom: we have seen the since 2021, and it has really been acute in the last days. there's a divide around something called consensus. mike wasn't scheduled to be with us in moments. without question, our interview of the day on the equity markets. mike wilson, ellen zentner, and the rest have to bounce off of that economic data. lisa: you have been basically pooh-poohing the fed minutes that will come out. what is an indication of something that has to shift? tom: if there is so much data coming out, i thought kailey nailed it.

personal income and personal spending, how does that devolve down and change our view of that wall of savings out there? lisa: i would love you to weigh in, this idea of what is the application of a strong economy, a strong economic data. is that a readthrough into? ? markets -- into markets? kailey: if it does mean the fed is going to tighten policy earlier than maybe some anticipated, is that a bad thing for the equity market, or if we are a slowing growth environment , is that the outcome? tom: with mike wilson here, i think we should get through the data and get to mr. wilson. futures get a 15 or get red on the screen across the board. i had a 20 level earlier on the vix. the yield space, lower yields over the last 30 hours or so, and we have reversed flat yields

, 1.64% on the 10 year as well. in the currency markets, we look for a 1.11 handle on euro-dollar . we will have important images from istanbul and ankara for you as well. i guess i close out by saying the strategic petroleum reserve didn't do much. $78.45 on west texas, and brent crude, $82.46. what we do is speak to experts. mike wilson is uniquely qualified to lead their equity coverage. he does so with some terrific securities analysis. i want to go to -- who is looking at hardware and tech. what she says to your cautious call on markets, would

everybody calm down? supply is going to come back and we are going to get back to some normal. why will stocks bequeath us in -- be quiescent if we get back to normal? mike: thanks, and happy thanksgiving to everyone. katie is very focused on the supply channels are not going to rectify the insults quickly, and there's a chance that we have actually seen some over ordering along the supply chain. so we are aligned more than i am what some of the other analysts around this idea that we could have a payback as supply comes on. that may take a little time to digest. we have a supply issue that is the talk of the day.

however, there is a possibility that we get into next year and as supply picks up, we actually see demand curtail because we did over consume a lot of things. tech hardware is one of those areas. that is going to take a little time to work through. that is why we think next year at the index level, it is probably going to be more of a flat year. tom: david wilson just put up a spectacular chris verrone chart which shows russell 1000 versus 2000, and you the lack of brats in this market. his part of the mike wilson call that big tech will be crushed? mike: crushed is a strong word, but our big out of consensus called for next year is valuations. that was somewhat of our call this year that did not play out, but now it is moving in the direction we expected, meaning as the fed moves towards actually tapering, they have to

address these higher prices. we get an interesting meeting this week with powell renominated, and of course, brainerd was announced as the vice chair. this fed is going to take probably a harder stance on what is going on in inflation. they want to show they are not asleep at the switch and they are doing their job. i think that is what the rates market is reacting to, and that is another reason our rates call is going to end up being higher, and that is a headwind for valuations. is that the end of the world? of course not, because the earnings story is still quite good. but to have peak multiples and a peak rate of change is unusual. we think it is taking a little bit longer than normal. with into will happen in the first half of next year, multiples come down, and then we move on our merry way. but we have to deal with higher rates, tighter financial conditions, and that means lower multiples overall. will large-cap tech feel that?

of course they will. lisa: what is so interesting about the range of forecasts for next year is the disagreement on both the pace of the economic moment,, as well as the readthrough into the market. the idea here that you do think we are going to see deceleration , but that the fed will still hike rates and that will still be viewed as a tightening cycle that will reduce valuations, how do you push back against td securities' call that the deceleration and growth will keep the fed on the sidelines and allow the market to continue to grind higher as they prepare for a very easy monetary conditions, as well as a still robust economy? mike: our house call as well is we assume the fed is going to move more slowly than the market on rate hikes, but the removal of asset purchases basically to zero over the next eight months i think is pretty naive to suggest that it will have some dampening effect on valuations. more importantly, this is right in line with our midcycle transition called. this is the way it always works.

we have written about this for a while. talking about how this is very similar to 1994, 2000 four, and 2011. as the economy recovers, the fed is supposed to react to that. that is their job, and they are going to do their job, and that is the normal progression. the accelerated part of the recovery, that is great. multiples actually expand at the same time. as the fed removes policy accommodation, those will come down. to think that is not going to play out this cycle, we are going with the odds. i think that process has begun. it was somewhat interrupted in october. i think we saw the seasonal trade, and then once that is over, i think we are back on the path of multiples coming down. it could be a modest process. it does not all have to happen at once. we are talking about multiples coming down over the next 12 months, so if it is gradual, it will be just sort of a chop.

i don't think it is going to be a crash or anything like that. that is not what we are calling for. the opportunity is going to be finding the right things to own within the equity markets along the timeline. kailey: so what is it? what do you want to own? mike: we are focused on earnings stability and valuation. one of the sectors we think has those qualities right now is health care. health care is delivering on their earnings quite nicely, and it is actually extremely cheap relative to its history, and that looks pretty attractive. real estate, believe it or not, looks attractive in this kind of environment, and we also think financials look good because they should do better as rates move higher, and they are cheap. those are three sectors we are recommending right now. tom: mike wilson, thank you so much for joining us on this holiday wednesday. he will be looking at the economic data in 20 minutes with his colleague helen zentner. we have a really special treat. mike mckee will be with us, head of all of our economic data, and truly expert at this.

he will be with us in six minutes to really get a value add into a wall of data. i've got about two hours of questions for him. there is symbolism on a wednesday as america is distracted. mr. erdogan of turkey is incredibly distracted with a set of economic, financial, domestic, and international challenges. the symbolism here is extraordinary, of the president of turkey meeting with the sheik of abu dhabi. they have been arguing for any number of years, and to visit ankara is extraordinary. wrapped up in this is persian gulf coddled hicks -- persian gulf politics and qatar, but far more the beleaguered erdogan out to 2002, his view of turkey has been shattered in the last three or four years. lisa: really represent a by the

lira and how it has absolutely plunged. the idea of the worst lira streak going back 20 years, fallen to the worst levels of or against the dollar, how does this pressure him politically at home when people start to get sticker shock and understand what they can buy? tom: it is not a small matter. he has an entrenched following which is not going to budge. by no means are the expert on this, but the is tumble bureau will have much more on this into 2022. -- by no means are we the expert on this, but the istanbul bureau will have much more on this into 2022. u.s. futures -14. coming up, america's, data. this is bloomberg. ♪

ritika: with theritika: first word news, i'm ritika gupta. a spacex rocket carrying a nasa probe has launched on a historic mission. the probe will test whether it is possible to keep a speeding asteroid from crashing into earth. if all goes well my neck september it will slam into a asteroid add 15,000 miles per hour. goal is to acknowledge it -- is to nudge it slightly off course. in germany, olaf scholz is set to succeed angela merkel as chancellor. he has reported an unprecedented alliance to revamp europe's love just economy by tackling climate change and promoting digital technologies. centrist democrats say they will present their agreement today. jp morgan ceo jamie dimon is apologizing after a comment that probably fell flat in beijing. dimon joked that his bank is likely to outlast china's communist party. he said today that he regrets it and should not have made the comment. he said he was trying to the

size the longevity of jp morgan. amazon is spending $4 billion on logistical efforts to make crickets packages to customers on time. that could wipe out the company's profit during its most important three months of the year. amongst the added cost, hiring cargo ships and 100,000 more workers, boosting pay and offering bonuses. the annual outlook at deere indicates record profits are ahead for the world's largest farm equipment maker. strong demand is driving agricultural prices to their highest level in years, leading farmers buy new equipment. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪

pres. biden: we still face challenges in our economy. disruptions related to the

pandemic have caused challenges in our supply chain which has sparked concern about shortages and contributed to higher prices . moms and dads are worried, asking will there be enough food we can afford to buy for the holidays. tom: the president of the united states talking about the worries of this nation as we move into the thanksgiving holiday. i think it was a few hours ago with kailey leinz. turkey this year up 21% as one of the estimates i saw as well. jon ferro is off on this wednesday. lisa abramowicz and tom keene with kailey leinz. we devolve from the jeweled survey and microanalysis of coverage back to 1947, over to his sharp questioning in their press conferences.

how unusual is this wednesday morning? michael: it is the kind of thing we get twice a year. christmas time and thanksgiving when, for some reason, bond traders don't want to go to work tomorrow. so we are going to get all of that data today. tom: but the fact is, this time is different because in 12 minutes, we've got 10 a clock a.m., than we've got december 3 and december 15. i don't think i have ever seen this scrutiny in your world before. michael: it is going to be a very big day, but it is backward looking, so we don't have to be too worried about it. the one number to rule them all is going to be the pce index at 10:00 a.m., not the one that comes out with gdp. that is a backward quarterly number. but we will find out what the fed's favorite inflation measure looks like. the key is on a monthly basis,

it has been rising at a slower pace. the annual base has been going up at a slower pace on a monthly basis. if that continues, that might be news. tom: the president addressing the political maelstrom you also cover. the fact is pce deflator is a wonk statistic. our viewers, our listeners don't see five 1%. they are feeling something much greater. how far apart is our inflation from mike mckee pce diff layer inflation? -- pce deflator inflation? michael: you can look at the numbers we get at 10:00 a.m. that reflect what consumers think prices are going to do, and they think on a one-year basis, they are rising in the 4%, 5% range. but those are heavily influenced by gasoline and food prices. we know those are going up, but those are things that are outside of the market and the fed's ability to really control. tom: mike just said there the

single dumbest thing of american i,'s -- american economics. i get all of the academic poignant stuff. i'm sorry, food and the rest of it matters. lisa: perhaps not with respect to the longer-lasting inflationary aspects. the issue i have is that we now have a better sense of the composition of the federal reserve. is it employment-based, or is there an inflationary readout? mike: the big debate is whether you put inflation ahead of trying to reach full employment or whether you think inflation will be slowing down, and that is what we are talking about on a pce basis. a week from friday, the jobs

report is going to be the participation rate. the big issue today is obviously gasoline and food, as tom said, but even though there's nothing the monetary policies can do, it changes consumer confidence, and that may change buying plans. lisa: doesn't matter if it doesn't change the spending? if people are still feeling a little uneasy about how prices are going up, but they are still spending their money? mike: they are still spending their money, and that is something we see in the gdp report today and in the durables. are people buying more goods as they have been, or do we start is he spending shift to services ? we will get numbers on that and see if people are starting to cut back on the demand for goods

as what has really created some of the supply chain problems and help push prices up. so if that starts to easily bit, the fed gets alone more confident that they can keep going, but at this point it is going to take more data. they want to know what the fed is going to do now. kailey: we talked to wall street economist about the ability to consume. they often say there's a very high savings rate that consumers have the ability to fall back on, even if wage gains aren't keeping pace with inflation. if they have to start drawing down savings, does it have a longer-term effect in terms of people on the sidelines driving back to the labor market to make that equation a little easier? michael: that is the theory. we have seen the savings rate declined significantly from last march which we had the big check go out to everybody, and we are

also seeing a rise in credit card spending, and that suggests also that people are shifting from using their bank accounts to starting to put it on the plastic. if that is the case, then in theory we should see demand start to slow and people have to pay those bills, may be going more into the labor force. tom: part of this will be what we see with wells fargo as well. lisa, i do want to draw the attention to an ever stronger dollar for the last couple of days. it has been an em story. real deterioration in the euro over the last hour. we actually got down to 1.1200. it is one of the shock. -- one of the shocks of 2021. lisa: there was a story i was reading about supply chain disruptions getting worse in

europe because in europe, you have germany coming up today and saying they have not yet ruled out additional measures, including some of the cases of covid really in a different dynamic heading into 2022. tom: d dynamic is for so many parts of america, so many different parts of our social structure. it is a different inflation in different market reaction. kailey: i think you were right to point out that food and energy costs matter when talking about inflation because if people are facing higher prices at the pump and the grocery store, i calls into question their ability or desire to spend on or discretionary items, so they do also have an impact on the ability of people to tolerate price increases across other categories. tom: on radio, on television, please stay with us. it is the analysis of it.

we are thrilled that michael mckee will lead our coverage here as we look at what america's october looks like. this is bloomberg. ♪

tom: bloomberg surveillance, good morning. economic data. let's look at the disco year yield -- let's look at the two year yield. .60 161. helping us out, michael mckee. maybe because it is wednesday it is coming up quicker than it has ever last six months. look at the jobless claims. lisa: that is amazing. michael: down to 199,000 for the first time since the pandemic. i will caution that because we had a holiday, the veterans day holiday and some confusion about jobless claims, this may be an outlier to be that low, but it

is certainly going to be seen as good news and will put pressure on the bed that we're getting closer to full employment. that is the hard thing to know. continuing claims a 2,049,000. they advanced the trade balance, $82.9 billion. the forecast was for $95 billion. last september was 96.3. it suggests a stronger start to fourth quarter gdp. we dropped the number of imports we've increased the number of exports. we have to look into that. speaking of gdp looking backwards at the third quarter, 2.1%, 1/10 higher than the 2% initially reported. it looks like personal consumption was stronger, 1.7 compared to 1.6. that is backward looking. the fed will not be as concerned about that. here is the number that maybe will get some attention, durable goods down .5%, they are

expected to be up .2%. it was down .4% in september. take out transportation and we are up .5%. i can look into this. there's is probably a boeing effect the number of chats they sold and also cars. cars have been hard to sell. one more number. that is capital goods orders. nondefense up .6%. the september number revised to a .3% gain. businesses are spending. tom: let me look at the market. a mixed reaction. you look at the data and we will come back to you in two seconds. futures, a little but of a lift to the tape. the yield space once to move but it cannot.

.602 on the two your yield. even in the 30 year bond i do not see much movement. lisa: what caught my eye tension was the jobless claims is so strong, but as mike said there is a seasonal aspect. there was the additional knee-jerk pop. it seems like right now the bias is for reasons for the fed to hike. that is what we saw in the knee-jerk reaction. michael: revision isn't wharton -- tom: revision is important. i always take the three-month average. mckie says i am wrong to do that, but what does he know? i want to focus on the price dynamic of second look gdp, which is omg inflation, and take that out to 10:00, where we have the real look of inflation. michael: the thing about the pce deflator we are getting now is it is backward looking because it is the third quarter it is up 4.5%, which is very much where

it was before. we get an october number at 10:00, that will be the latest date of the fed follows more closely, more heavily weighted toward services than cpi. we will get a much better idea of where the fed thinks in nation is at this point. tom: can you tell looking at this data what we will see at 10:00, the supply shop dynamic of this nation? when you look at exports and imports and all of the other soup we see, can you say the supply shock is ebbing? michael: it looks like the supply shock is beginning to phase itself out. tom: you heard that from mike wilson of morgan stanley. michael: import starting to back off, and you can see in the durable goods orders, manufacturing with unfilled orders is down 1.7%. maybe we are starting to see

unfilled orders back off. things get a little bit better. we will know more as the next couple of weeks go on. lisa: see how mike has it -- tom: see how mike hesitates. we have to do theater. lisa: the initial data, the initial data not just from here but from elsewhere shows supply shops seem to be alleviating. it takes a couple of covid cases in a port near shanghai and that could change. that is michael mckee's hesitance. michael: i will bring a chart for you at 9:00 with the german covid case numbers. tom: it is another world. this is important. can you state going into this long american holiday it is a different world for europe? christine lagarde's world is different from jay powell? michael: it is a more extreme

world. we are seeing a rise in cases, but nothing like what is happened in europe. but europe has tended to lead us, that is the scariest part. tom: michael mckee advancing into the 9:00 hour with michael mckee on television. lisa abramowicz has exclusive television. marvin low with us right now, global market strategist at state street. kailey leinz, why don't you lead off. kailey: the market is looking for confirmation of a more quickly moving federal reserve. you think the repricing of those expectations have been overblown given the numbers we are seeing? mavin: today's data confirms we are moving in the right direction. activities accelerating to the fourth quarter. that is no new news. there are hints the job market is good. it does become the interplay between inflation and jobs. we know inflation is more than

what they want. there are signs the job market is going to heal itself faster and the second half of next year, rate hikes will be light. having said that we are all your repricing admit 2022 and started to think about may of 2022. i do not see how much more we can get from an aggressive side of things in the fed probably like that. it is getting the market to do the tightening for them before it has to get into the soup and not. -- the soup and nuts. lisa: i am looking at initial jobless claims. this looks like the lowest claims figure going back decades. this is what seems to be a hot market. as michael mckee was saying, it could be noisy. at what point do we say this reflects reality? marvin: i think about how this year has evolved, where we started and said by the middle of the year we will get clean data. that was going to be in the fall , now it is going into the winter.

i think it will take into the middle of next year before we get a solid picture of what jobs looks like, what prices looks like, how the supply shops will make their way. the fed will have to make hard decision based on data that is not perfect. we have a lot of moving parts and that pricing data is going to be in flux. tom: around all the different opinions we have on bloomberg surveillance, we can say consensus is ephemeral to say the least. we still have to invest. what is your investment stance given your ambivalence or your wait and see until the fourth of july 2022? marvin: we do have to invest in we have to look at what we think the world will look like and which companies and economies will benefit from that. i think the long end of the curve is sending messages, the fact that it is a greenspan type

conundrum or a view that growth becomes near once we get to the other side is telling for me. i continue to like the growth aspects of the u.s. economy. i think yields have remained contained and will remain contained. that means growth is dear and globally you look for those environments that can benefit from that type of environment. tom: thank you so much. too short of a visit. martin low with state street. tom: let's start with the dollar stronger and euro-dollar under 1.12. that is a big deal to see a 1.11 handle. lisa: that is the weakest the euro has been versus the dollar back to june of last year. two year yields markedly higher after trying to figure out what to do with this data. i find this compelling. you look through the soup and they see sooner rate hikes.

the yield .62% at the highs of the session. it is notable that jobless claims are the lowest in data going back decades. perhaps it is seasonal, but other seasonality was not the severe. tom: kailey leinz, equity futures drift away as well. down to -21 on the s&p future. kailey: the classic idea that good news on economic front they be bad news, because if this confirms the fed will be more hawkish that could choke off some of the euphoria we have seen in risk assets. tom: is into thanksgiving, it is the pendulum of complete negative news. lisa: is this negative news? we should celebrate the idea people are in a good place. what kailey is pointing out is the dissidents between the economy and markets, that economic optimism might lead to more week as people imagine a rate regime more can to aid --

more can to normalcy rather than emergency. tom: the stunning statistic is euro 1.1197. strong dollar. i think of mark mccormick at td securities or david bloom at hsbc, those were lonely calls 13 or 14 months ago. lisa: i think about emily roland. we'll be speaking with her on the open about how she views the strong dollar in light of a potentially active federal reserve. tom: stay with us. travel carefully today. more economic data at the 10:00 hour. this is bloomberg. good morning. ritika: president biden's build back better plant has a tax cut for millionaires but the

megarich would pay more, that is according to data by the congressional tech scorekeepers. millionaires are said to pay a higher average tax rate. those earnings only single-digit millions could end up paying less. elon musk has resumed selling shares of tesla and is more than halfway to making good of his promise to offload 10% of his stake, he is uploaded about $9.9 billion a share. china is ambiguous in its position over u.s. let release of strategic oil reserves. the country is named as one of the participants in the effort, but so far all beijing says is it will arrange the release based on its own reality and needs. the european commission will announce new covid travel recommendations as soon as today. according to politico, countries would no longer mandate quarantine depending on where the person is traveling or whether the person has of ireland -- has a valid covid

past. dell and hp posting revenue that beat estimates. people are spending more money on personal computers as they bring back employees to the office. hp says it supply chain issues will continue to limit the number of devices it can ship next year. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> a lot of people on the street , they will tell you they have

no idea why guy -- why gas costs what it does. they did not understand the supply chain. they just know they are paying more and they blame oil companies, gas companies, and they blame the incumbent politician. tom: wendy schiller of brown university, a brilliant conversation. look for that on bloomberg digital. futures deteriorating off of economic data. the two your guilt i am watching closely -- the two year yield i am watching closely. a weaker euro. it is an annual visit and always poignant because no one has changed american travel in the last decade more than brian kelly. long ago and far away young james gorman of morgan stanley would call a younger kelly and say brian fix my computer. he went and left morgan stanley and completely change the travel business. you know the website.

47 charge cards. i am pleased to tell you brian is going to ecuador for $99.47. has your world changed because of the battle in the credit card world between the traditional guys and the rest. is it business as usual for you this thanksgiving? brian: those payment firms are not impacting the customer we are talking to, the high end travel consumer. it used to just bmx, that it was amex and chase, now capital one launched a card to combat that theft. there's a lot happening in the credit card space. it is good for consumers. tom: i want you to bring the 747 back to british air. what i see is we have changed in the pandemic and the airlines are going after their loyal customers. will that sustain when this horrific pandemic is over?

brian: they extended loyalty. they have been verily -- they have been very friendly. what they need to change is their in-flight product. i flew from barcelona to newark. tom: for $99. brian: i should not complain too much. the airlines need those premium business travelers and the need to reinvest in their products. they cannot just keep saying because of covid we cannot give you anything but slop for a meal on a plane. kailey: because of covid is something you add to a lot of different sentences these days. this holiday season looks a lot different than last holiday season. how's that playing out in terms of people's desire to travel? brian: the system is fragile. we have seen meltdowns from southwest and american airlines. so far this week things are good. no major storm issues.

people are traveling in record numbers, more than twice as many as last year. people are excited to travel. new zealand will open up in april after more than two years. i think travel will continue increasing. we will see searches we are seeing now -- we will see surgers we are seeing now. for the vaccinated traveler there'll be more options than ever. kailey: we talk about the high consumer savings rate because people got a lot of stimulus and saved a lot of money. be -- two people have a vast trove of points ready to deploy? brian: there are 70 points, it is hard to tell because the banks do not report coming outstanding points they have come up there is a huge amount. the banks are allowing you to use those points for non-travel. kailey: i can use mine on apple products. annmarie: you can get luggage -- brian: you can get luggage using your case points.

there are different ways to use them. we are seeing people traveling longer and spending more on travel, especially because they can work from abroad. a lot of people are spending a couple of weeks traveling abroad. that is the key trend i think will be a boon for the travel industry. there'll be more expensive stays in flights as travel continues to recover. michael: -- tom: marriott and marriott bond boyd darkened the door in the hotel people have been through a nightmare. what is the distinction between airline points guys cards and the hotel cards? brian: you get 70 parts for $95 car you get a free night at a hotel. it is easy to get value back on those hotel branded cards. where consumers are frustrated with hotels is because of covid we cannot update you.

i think what the hotel industry will have to reconcile his with the staffing issues they are having, rates are up, they are making money. consumers are getting more agitated with paying for full service and not getting it. that is why airbnb has seen huge increases over the pandemic. lisa: in terms of agitation -- kailey: in terms of agitation, i have the chase sapphire card, i've to pay more for it. it gets more expensive to have that credit card. as you see more of these card companies competing with each other, it will just get more and more expensive to have it? brian: american express platinum raised its rates but they reported amazing success with it. consumers want to feel like they are part of something they got a lot of value out of. premium credit cards are not going when he anytime soon.

capital one cards has a pretty hefty fee but it is so easy. do not get a no fee card because there is no fee. sheep is expensive. -- sheep -- cheap is expensive. you can easily get more money back with a card with an annual fee, just do the math. tom: until you came along i was looking at fancy business class travel. if you just do what brian kelly says, it works. for the new year, what is the number one way to affect cheaper travel? brian: the number one thing is collect your points and understand how many points you have. we have a points app where you can track all of your loyalty points, we will people -- we will even give you your net worth in points. people not realize how much value they have sitting around in points. the airlines -- you have more

flexibility than if you buy a ticket. tom: did you fly from new york to jfk to heathrow and they paid you to take the trip? did you do that? brian: even when i use miles, i always have to pay taxes and fees. we pay. i get a good deal when i travel. tom: brian kelly, thank you so much. i will tell you, of all of the internet people, and has changed our lives more than anyone. kailey: absolutely. points are everything. that is why i have the credit card i do. i want to know what your net worth in points is. tom: the numbers are so large it is impossible without lawyers. we will not go there. kailey leinz trying to visit all six continents this year. kailey: i've not touched

antarctica yet. tom: futures down to -25 on spx. tiffany wilding at 12:00 after the 10:00 economic data. stay with us. this is bloomberg. ♪

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lisa: from new york city to our audiences around the world, good morning. 30 minutes until the start of trading. the nasdaq leading the trend

lower. .7 percent decline after better-than-expected economic data brings forward economic expectations. i am lisa abramowicz. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. lisa: an economic peptalk ahead of the holidays. >> record job growth. the strongest recovery in the world. our economy has created a record 5.6 million jobs since i became president, but we still face challenges. challenges in our supply chain which is part concerns about shortages and higher prices. america has a lot to be proud of.