shock occurs far less often in response to vaccination then the disease itself. the first dose of vaccines from astrazeneca, pfizer, or moderna can raise the risk of myocarditis as can the second shot. the two messenger rna vaccines from pfizer and moderna only increase the risk for those under the age of 40. scientists find the number of cases of myocarditis is four times greater after covid-19. italy is planning a mandatory covid testing for travelers entering from other european union nations. even vaccinated visitors will have to show proof of a negative test. bloomberg learned the requirement will take effect tomorrow. the scottish government is tightening covid-19 restrictions. new guidelines urge no more than

three households to mix during the christmas period. employers will have to allow staff to work from home where possible. the deadly tornadoes that tore through kentucky, arkansas, and other states are estimated to have caused $3 billion in damage covered by insurance. a rating firm says it is unusual for the insurance industry to experience such heavy losses in december which is typically uneventful. the increase in severe weather could lead the industry to raise prices, particularly as inflation and supply bottlenecks drive up expenses. heavy snow and high winds sweeping through northern california, threatening to bring more power outages and road closures. more than two feet of wind driven snow has fallen across the sea or nevada. the national weather service says the rain has washed down through lower elevations around sacramento and modesto.

high winds and snow knockdown power lines, leaving more than 54,000 customers without electricity. 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 am mark crumpton, this is bloomberg. ♪ matt: it is 1:00 p.m. in new york. welcome to "bloomberg markets." here the stores we are following. in a moments time we will go live to galaxy digital's new offices and discuss the outlook for digital currencies and the future of finance with the founder and ceo, mike novogratz. will also hear from uber's ceo

and a conversation she had with emily chang and new data shows pfizer's experimental covid pill was highly effective at keeping patients out of the hospital. we will have the latest on the virus one year since pfizer shots started rolling out. matthew harrison joins us. that's check what is going on in the markets. we are at low levels of the session here with the s&p 500 down 1.2%. we had an almost 1% drop yesterday so this puts us below the levels we saw thanksgiving. the 10 year yield creeping back up to -- could be back up.

you have investors selling off the dow and selling off the gold as well as bitcoin. the dollar index is gaining about 2/10 of 1%. 11.87, a gainer against other major currencies and crude in new york is down 2%. brent is down as well. even with the latest drops, it has been a banner year for the bitcoin. mike novogratz, galaxy has record results. he is opening a new office spitting distance from the traditional investment bank goldman sachs, an affirmation of new york city. sonali basak is there with mike novogratz. to get away. sonny says -- sonali: we are here looking at

galaxy digital, mike, thank you for joining us. one thing about being in person is listening your phone calls with clients. i heard you say you are worried about the world. what you mean about that? mike: yesterday apple touched $3 trillion and had a reversal. nothing is cheap. part of that valuation story is we had the fed printing money nonstop. jerome powell gets reconfirmed, we have had raw fed policy and they should have tapered a long time ago. now we are going to get to that, a little more tomorrow. and of the year, people are starting to sell things. everyone i talked to feels nervous. the apple stock broke on yesterday. the tesla chart has broken. nvidia -- these are things

holding up the market and breaking down. we already sought in crypto. crypto has come off a lot. it does not worry me medium turn because -- medium-term because everywhere i go i see people getting ready to invest in the space. i think we could have a message the -- a messy equity market for the rest of the year and the first part of the first quarter. crypto could go sideways to down. sonali: what is the floor to crypto and the entry point for you? mike: bitcoin, $42,000 is an important level. we started the year at $30,000. there has been so much of a change in mindset in the space. i was in the mid east and many capitals are starting to get into bitcoin mining. we saw a big round. there's over $30 billion that

has gone into venture. it would make no sense that crypto prices would go much lower that. we went from not being an institutional asset class to being a traditional asset class -- institutional asset class. in fts have gone wild -- nft's have gone wild. while i think a lot will retain a value, a lot won't. a lot of crypto guys are buying real estate. there is a shocking amount of new homeowners financing their homes through crypto profits. you are seeing some indigestion. it is probably healthy. it is probably healthy. i think we will set up next year for a really exciting future development of how these businesses build out. matt: i have been having a lot of discussions about whether or not crypto can be used as an inflation hedge.

in the past in african and south american countries, investors with currencies that were not reliable have done that. in the u.s., we have not seen it act like an inflation hedge over the past few weeks and months. what are your views? mike: it is both a risk asset and something where people are adding to portfolios to hedge against the debasement of fiat currency. if you look at the place like turkey where you had crappy stewardship of the economy from the top down, you have now seen their currency depreciate by over 75% in three years. in places where the stewardship really gets bad, it is an essential. bitcoin is this generation's version of digital gold and it does work. in a place like the u.s., we pray every night the stewardship

is not as bad as turkey's. like i said earlier, i think powell made some bad decisions in his desire to get reappointed or his mr. reed of the economy. -- or his misread of the economy. now you have a democratic congress that wants to expand spending. they feel like they have a social mandate to do so. you have a booming economy with nominal gdp over double digits. the fed is supposed to be taking the punch away from the punch bowl. that would be good for bitcoin. that being said, there is any adoption cycle coming. matt: if you look at the fed balance sheet, it goes in 2020 from $4 trillion to over $8 trillion and climbing. not just democrats but republicans spent trillions of

dollars throughout the pandemic to of the economy. as that unwinds, is that bad for bitcoin? matt: as that unwinds, it could -- mike: as that unwinds, it could be bad for all assets. it is really hard to put the genie back in the bottle. donald trump raised spending $900 billion a year, the single largest increase in urban spending in history when we had the best economy of all time. the idea of fiscal responsibility went out the window. then covid hit and we exploded spending. what is the natural state? we don't know. will politicians find it in their dna to be fiscally responsible? hard to see. does the central bank have any option? the populism of america once the spending.

why people like michael saylor are religious around this is they are saying this is a puzzle that cannot get solved. i think there are enough people that believe that and it will take a lot of data for people's minds to be changed. sonali: this was a novel year going back to crypto for nfts, daos, with how people invest in the community. where does that go next year and -- for new ways of doing business? mike: it is shocking how many ceos of non-crypto businesses call and say how does this work for me? the nfts are the most important things that happened this year in all of crypto. it was because it was the first time people said real-world companies are going to participate on blockchain's.

when we started with d5, it was crypto trading against crypto and showing new ecosystems you could lend and have exchanges and insurance and derivatives. with nfts, it was the nba saying here is $100 million revenue increase we did not know existed. it is a visa saying they're going to have a lot more swipes per day because people will be buying digital goods. it is video gaming which is a monstrous industry saying we are going to have interchangeable parts. nfts kicked out this idea that crypto web three is the next internet, the next iteration of the internet and nobody wants to miss that. sonali: let's talk about the space, just spitting distance from goldman sachs. i remember when i went to your family office where much of this business was being built out of.

you wanted to build the next investment bank in crypto. what does this signal about the future of finance? is this act with the old and in with the new? mike: it is a pretty quick walk over from goldman and they have a lot of talented employees. we love living on the water, i love new york city, we got a good deal here. it is hard to find good space and this was prebuilt out. i was worried it is a little bit too wall street-y, but being on the water compensates. we also have offices in palo alto and in miami and austin. some playful -- some people want to be in places with cheaper taxes. sonali: you hired more than 200 people this year. what are your plans for next year? can you continue out -- continue at that space?

what kind of culture do you need to build to win the talent war? mike: crypto is purse -- crypto is purpose driven. people come in here because they want to change the world. this is a revolution of can we rebuild infrastructure to something more ego terrien and fair? it is looking at the generations that have been in charge and saying you guys screwed it up. we went from 40% object to gdp to 130%. we went from an environment that felt okay to global warming and it feels like the planet is in jeopardy. we went from a population that was relatively healthy to the average man and woman gaining over 30 pounds in the years baby boomers have been in charge. gen z and millennials. what you deal with the old system. sonali: is new york the place that happens anymore? especially given miami creating

such big competition? mike: i think it is going to. i have three young kids and they love living in new york. four young kids, i am to get yelled at. the city's booming -- the city is booming. young people want to be in the office. this city has been the mentor should city, the capital creation center -- the capital creation city. it is the magnet. it is not that miami and austin are not putting up a fight, but i don't think anybody will be to new york. -- will beat new york. matt: are you paying any of your employees? do people get bitcoin bonuses? mike: we have not yet. we have looked into it. there is a lot of operational stuff that is easy to fix. we will certainly look into it.

most of our employees own crypto. i hope all of them own at least one nft. you cannot be in this industry and not care about it. we are hiring people. i used to kid around wearing a suit one day and a hoodie the next. you have to have the edginess of a revolutionary to be in crypto but we are also servicing accounts so our job is to take them on this journey. sonali: you made this comment about crypto investors, new or young investors getting very wealthy and buying real estate. are you seeing many people level up or are you worried about the excesses you may be seeing in the industry? mike: whenever you have a year like this year where ethereum is up and now it is at 3700, you can see the excesses.

you can see it with the parties in miami. that is a sign that things are a little frothy and you have corrections. i tell every crypto guy that has made a lot of money to buy real estate. no one should have their eggs in one basket. you are seeing some indigestion of people recycling crypto profits to buy real estate, pay taxes, and i think that is healthy. sonali: the most exciting investments you have lately that are not as valued as the tokens you have spoken about? mike: i think d5 -- defi got unloved this year. if you look at the total amount, it went from 6 million to -- you had a defi january. then people forgot it because the nft thing was so exciting.

extra could be the year of defi. these are protocols that are becoming battle tested and are going to disrupt traditional finance. what has been holding it back is institutions have not been using it. you really want to be careful you know who is on the others of the transaction. i think that gets solved in 2022. i think it gets solved with regulators. in moment that happens, there will be an explosion. that is my tip for the audience to start a defi index or different d5 protocols -- different defi protocols. matt: interesting stuff. mike, thank you for joining us. mike novogratz is the founder of galaxy digital and sonali is on-site with him. coming up, and interview with uber's ceo. this is bloomberg. ♪

matt: this is "bloomberg markets ." uber's ceo dara khosrowshahi says they saw the biggest rise since the pandemic began. uber's profit will be closer to the high-end of the company's forecast. dara: the world, despite delta and omicron continues to reopen as the world reopens, the mobility business continues to get better and better. on the delivery side, delivery is incredibly sticky. we are adding grocery expenses to it as well so the delivery business is hitting all-time highs also which makes the company hit all-time highs. we think that is going to

translate into profits and we are confident that we are going to come in at the mid to high point of the range we gave earlier to investors. >> let's start with delivery, how do you keep that growth going as the world reopens? dara: what we see with delivery is it is a sticky habit. it is like amazon. people used amazon and there was an acceleration. the majority of people who expensed the delight of any food or restaurant you want within half an hour, they tend to stick around. we are seeing the delivery audience growth up 25% on a year-to-year basis. we are seeing frequency group and see basket sizes grow which translates to strong delivery volumes. we expect to see those volumes continue. we are also adding selection, not just of restaurants grocery, convenience.

if you forget toilet paper, you can order it on uber eats and get it within half an hour. emily: mobility, a new post-pandemic hi. will it ever surpass pre-pandemic levels again and when? dara: it will pass pre-pandemic levels. if you look at mobility bookings in europe, they are higher than pre-pandemic levels today. same thing in latin america. the u.s. is lower than pre-pandemic levels, but we see it over and over again. every use cases coming back, weekend use cases, work use cases. the pattern we see over and over again is as it is open up and countries open up, volumes come back and they eventually exceed pre-pandemic. i cannot argue when -- i cannot tell you when, it is difficult.

i am quite confident next year we will be hitting records--hitting all-time records in terms of mobility and bookings. i will make the prediction now. emily: okay, good to know. all-time records in mobility. omicron is here and around the world. are you seeing any impact? is it impacting airport rides? how worried are you? dara: we are not seeing any kind of impact on our business as we speak. this is any uncertain world and i think we as a company now, because of the global nature of the business, some countries open up and some may be closing down. on average, the world is getting better. the efficacy of our meds are getting better, vaccines are getting better, treatment is getting better. the world on average now is handling the virus better. that shows up in our mobility

business. the second factor is that the delivery business is bigger than mobility. when we went into the pandemic, the delivery business was a quarter of the size of the delivery business. one of the new trends we pointed to our investors is that we expect delivery incremental profits to be of or above -- at or above -- it is a profitable business that is going to push incremental profits. we are now an all weather company and i could not say that coming into the pre-virus. post-covid we are an all weather company and i think we can grow in any environment. emily: how are we going to see that scale? will it be big buys? will it be organic growth? will be see you build it from scratch? dara: all of the above.

we made an investment in corner shop and we owned 100% of corner shop. it is the instacart of latin america. we are building organically our grocery businesses. now at a $3 billion plus earn rate and we expect to see that double. the growth is going to be organic and it is about bringing the corner shop experience and all of the detail obsession that team has on customer service and blowing it out globally as it relates to uber eats and an cooper audience. matt: exclusive interview there with dara khosrowshahi and emily chang. this is bloomberg. ♪

mark: welcome. i am mark crumpton. j.p. morgan chase will require vaccines to enter nine manhattan office buildings, including its

headquarters. the mandate starts tomorrow. fun vaccinated employees will be asked to work from home until "alternative solutions are considered." governor kathy hochul says covid-19 hospitalizations across new york state have surged 70% since thanksgiving. the rising infection rate has prodded her to institute an indoor mass mandate for businesses without vaccine. mark meadows's text messages made an appearanc in congress as he refuses to testify about the events of the capitol building. liz cheney read a selection of texts from his phone, including dozens of notes from senders, including president trump's inner circle, donald trump, jr., fox news host and

never the congress. the panel voted to recommend the u.s. house hold the last step in criminal content. the recommendation goes to the full house for a vote scheduled for today. stern warnings from u.s. officials suggest a window is closing on nuclear talks with iran. this comes after two weeks of negotiations marred by allegations of iranian backsliding. iran will not allow you and nuclear inspectors to enter a centrifuge workshop sabotaged earlier this year. a secretary of state anthony bleak and suggests the u.s. could shift its attention away from attempting to resurrect the 2015 accord that put a cap on iran's atomic activities in exchange for sanctions relief. 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 am mark crumpton. this is bloomberg. ♪ amanda: welcome to bloomberg markets. matt: welcome both are bloomberg and bnn bloomberg audiences. here are the stories we are following. mixed results for pfizer. a new study shows its export mental covid pill was highly effective at keeping patients out of the hospital, but less proficient at erasing milder symptoms. outside of omicron, investors are focused on the fed. the central bank begins its meeting as inflation data since stocks reeling. retailers face many challenges this year. they could be looking at a more difficult 2022.

we look into one stock that is falling today after goldman sachs cut its rating to sell from a buy. amanda: if it is falling, it is not alone. often on the first day of the meeting you get quieter markets. these are not quite. from the nasdaq there is some pretty significant declines. that is off the low but the momentum of moves inside these markets is serious. it's a signal there is an emotion at play here the maybe on the fundamentals. the fundamentals are real. you mentioned the ppi. when you dig into that u.s. inflation data you might get more concerned. prices paid posted a record increase, close to 10% in november. the highest since record-keeping began.

it is adding to the concerned about what the fed might do. some of the data is really alarming, including finished goods at 25%. what does that do to businesses, margins? does it hurt investors? where does this land? matt: absolutely. it is something we all want to know, amanda. runaway inflation was the second biggest worry for fund managers according to an informal news survey. tapering was also a big problem or concern. central bank policy, the possibility they made a huge mistake is the number one worry. mohamed el-erian says the biggest mistake the fed -- the worst call maybe the fed has ever made. the question is, is it too late to fix it? or do they also hold back growth? amanda: paul this is for the fed

a bit trying to pin jelly to a dartboard. the pandemic concern. how do you price in something that is a moving target? that's one of the most complicated thing the fed has to deal with. matt: absolutely. the pandemic does not look like it will lead off soon. infection numbers are still record high here in germany, and in the u.k. they said they should expect a title wave omicron infections. the good news is, and the pfizer results are not that mixed. who cares if you get mild symptoms? as long as you don't have to go to the hospital or become seriously ill and you don't die, i think we are all ok with getting the sniffles. amanda: i think it does change the story a bit. this is a poignant anniversary, today being the one-year anniversary of the first covid

vaccine administered in the u.s. that was preceded by a lot of people at the beginning of the -- perceived by many people as the beginning of the end. that was at long island jewish medical center in new york. today, the pill is giving optimism that is effective at keeping the patients out of hospital in reducing death. all that adding to some of the optimism around where we stand. there is a lot of unknown out there. matthew harrison is with morgan stanley's research. great to have you with us. i want to start with uncertainty about where omicron stands now. if you are rating the risk of it in terms of severity of the pandemic, what is your thinking today? matthew: there are two ways to look at it. you think about infection. the relative amount of infection could be higher than we saw with the delta wave, mainly because

the percent of the population that is susceptible to inflation is much higher because of the vaccine evasion and previous infection evasion properties. as you pointed out, we have a lot more treatments available now such as the pfizer pill. the data out of south africa suggests the cases and how much hospital asian burden or icu burden or patients on ventilation burden is lower than the delta wave by order of have to maybe a third. i think in that way the severity of symptoms being more mild, the caution i would make is the population of south africa looks different from the u.s. population in the sense they had a beta wave and it has come of the bad variant in omicron, and comorbidities and weight is

different than u.s. patients. matt: if there is a silver lining to this, we have found new technologies, quickly developed new technologies to help fight viruses. do you see a lot of progress on that front in terms of mrna? matthew: what you see with mrna is our ability to respond quickly has been highlighted. so, the fact we had a vaccine in a year and the vaccine is modular, and as we have seen with omicron, three shots provide some protection. you could be giving in a couple must time a very specific booster associated with omicron or another variant. that modularity is a big difference to where we were before the pandemic. amanda: there are reasons for a

lot of uncertainty to be priced in from the point of view of central banks to figure out how much slack they need to leave to help prop up economies that might be hurt. that is the kind of thing we cannot answer now. i want to come back to this. if you are trying to gauge the probability from the point of view of comedy booster shots pfizer will deliver or the point of view of what happens to gdp next year, where is the risk and how bad it might be? --in how bad it might be? matthew: they are two things to think about. the first is we know prior natural infection or those without a booster shot are highly susceptible to a new infection here. for the vast majority of the world and the u.s., that is the substantial majority of the population. so, that means you can

potentially have a very high amount of infection. so, everybody is talking about mild disease and that is good. if you have a high number of infections, even if a smaller proportion translate into hospitalizations, you could have a very high number of hospitalizations. if you are thinking about the worst case scenario, that would probably be what it looks like. matt: what are your thoughts on the stocks or the valuations of biotech stocks and the growth we can expect ahead? matthew: biotech has had a tough past couple of months. that is driven by the fact biotech is one of the ultimate risk assets. as we have entered a more risk off scenario for the market they have been heard. the good news for the stocks is many are still very well-capitalized. the innovation is there.

as we look across the coverage there continues to be interesting pockets and interesting areas such as neurology, a lot of cancer therapies, etc. there is a vast majority of potential new techniques and i think innovation remains high. that provides a lot of opportunity despite the fact the market has been tough. amanda: in all of this -- go ahead, matt. matt: i insist. amanda: we don't have a ton of time. the opportunity costs must be huge. we have seen a little bit of movement amongst other companies. matt:matt: male pattern baldness. amanda: there has been so much focus on this particular illness. what are we missing? matthew: just quickly, categories where we see some

significant and evasion is neurology -- innovation is a religion. autoimmune diseases is another major category that struggles historically and we are starting to see a lot more innovation. matt: matthew, thank you for joining us. appreciate your insight on th ese serious issues. matthew harrison, morgan stanley's head of biotech research. up next, we speak to frank sorrentino from connect one bank about the fed decision tomorrow and his outlook on interest rates. this is bloomberg. ♪

matt: this is "bloomberg markets ."

the fomc began its meeting today. investors are awaiting tomorrow's decision in the fed's timeline for tapering. joining us to discuss is frank sorrentino from connect one bank, a leading commercial u.s. regional bank. thanks for your time this afternoon. what do you expect from the fed and what would surprise you? frank: great to be back with you, matt and amanda. what would surprise me? a rate increase would surprise me. i do think the fed has been data-driven. i think the data is starting to focus on more tapering, speeding up the interest rate hikes, maybe earlier four 2022. that is pretty much the consensus today. the liquidity in the market today has to be soaked up a bit. there is a lot of money chasing

assets which is creating inflation. amanda: one of the reasons it is so helpful to talk to an organization like yours is you are on the front line of the u.s. economy where it counts, the lower level, in the regions with real businesses. what are you seeing? how are your clients experiencing it? frank: connect one does construction lending. we are one of the largest in the metro market area. our construction clients are a perfect case study for what's going on. they are impacted because of covid and supply constraints which is not allowing them to get materials on a timely basis, which is creating bottlenecks and their construction. at the same time, those supplies and materials arts piercing upwards of 30% inflation. they are being crushed in two different ways. they cannot deliver on time, can i get the materials they need, and the materials and services

they utilize are rising in price dramatically. the real question is, is this temporary or going to abate at some point in the future? my belief is that this will abate as we get into 2022. the supply issues will start to come off some of the labor issues. i'm finding it hard to believe the motive inflation in prices and goods will continue next year. matt: what about growth? what is your outlook for growth right now? frank: there is an enormous emotive liquidity chasing all types of assets. our construction pipelines are full at connectone bank. our loan pipelines are full. we are seeing businesses taking opportunities in the marketplace today. there's an anonymous amount of consolidation and optimization. a lot of technological change

occurred because of covid. we are seeing businesses getting better, smarter, more national presence. not so local anymore. we are optimistic about the near-term future. amanda: will that stay with you regardless of the path of omicron and the next few weeks? does it have a big asterisk next to it? i'm thinking about capital set aside for bad loans. is it time to start thinking about getting conservative again? frank: thanks are that one of the best capital structures they have ever been in. a combination of dodd-frank and where we are relative to what happened with ppp in the first wave of covid. bain capital is not an issue. bank earnings are not an issue. -- bank capital is not an issue. are we going to be in this goldilocks zone forever?

i don't think so. over the shorter to medium-term, i think you will be a good economy all around. i think the fed will get it right, as they normally do. i think businesses are going to flourish. we will find a new normal relative to labor and supply chain and how we do business. i think we are going to have a really good 2022. matt: frank, thanks very much. too short. i hope we have you back after the fed decision. frank sorrentino. tune in tomorrow in terms of the decision. we will have a special program aptly named "the fed decides" covering the fomc decision starting at 1:30 p.m. eastern. you don't have to be a genius. we don't have to get all created with the names. we just call it what it is. amanda: say what it is. exactly. matt: bloomberg is reporting goldman sachs may boost its

bonus pool for investment baking by 50%. jp morgan may reach for a 40% increase. big fat pay hikes for investment bankers. those titans dominating the dealmaking frenzy which helped them raise the pool. they are opening up their wallets to keep their bankers happy because they don't with them walking across the street to somebody else. amanda: interesting little tidbit out of the ppi. in the services component, one of the biggest jumps was financial services. the banks are making money and rewarding the people who make it for them. this makes sense for everybody except, as always, the clients. matt: yeah. on the other hand, when your most important asset -- i guess your clients are your most important asset. the other ones, your employees, get off the elevator and walk out the door every night. you have to do what you can to keep them there.

even though we all love nap pods and ping-pong tables and flexible work schedule, money often helps. i would love a nap pod. amanda: i would take money any day of the week. coming up, a tough year ahead for retail according to goldman sachs. it is cutting its rating on ralph lauren. we will discuss why after this. stay with us. ♪

amanda: this is "bloomberg markets." it is time for a stock of the hour. ralph lauren was a double cut today at goldman. analysts think 2022 will be a tough year. gupta looking at the reason behind the move. kriti: now a sell rating and a price target cut from $140 to

$110. there were a couple of reasons behind the cut. a slowdown in brand health indicators, the cost environment applies to the broader retail sector, and margin expansion. i want to zoom in on the margin expansion concerns. ralph lauren gets most goods from foreign manufacturers, including a 40% made in china and vietnam. in november, they raised their sales forecast but another margin forecast despite expecting even higher revenue. that will be a big problem for their bottom line. which brings me to other costs they were dealing with, especially when it comes to higher freight cost and air shipments and things like rising cotton prices. we have been talking about higher commodity prices. now they are hitting the retailers. matt: shipping costs are unbelievable. where they hurt by changing habits during the pandemic? a lot of the spent time on

amazon and maybe not enough time on madison avenue. kristi: they absolutely weren't. the folks that did not spend the stimulus checks for the wealthiest folks, the ones with the highest income. basically chose to say their checks or wait to spend them. on the stimulus side you have the check actually having the desired effect when it comes to low and moderately incomed households. for ralph lauren, it did not show up. matt: thank you very much. kriti gupta with your stock of the hour. cut to an actual sell. i matt miller. this is bloomberg. ♪

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mark: i am mark crumpton with bloomberg's first word news. official said the omicron variant now makes up 3% of all sequenced covid 19 cases.

that's a from less than .1% in early december, a sign of the rapid spread of the new version. the centers for disease control and prevention says the highly mutated variant has been detected in 33 states. the delta variant still remains the dominant strain, accounting for 96% of sequenced cases. two studies showed mixed results about pfizer's they spread mental covid till. -- pill. it was highly effective at keeping patients out of the hospital but did not do is get a job of erasing milder symptoms often associated with breakthrough infections. it suggests the pfizer pill will likely be used for covid patients at risk of developing severe disease. the district of columbia is suing the proud boys and the oath keepers for allegedly cons t