regulators gave emergency authorization to pfizer's covid-19 bill for people with severe complications, given more treatment offerings to patients. the drug is the first at home medication authorized for covid-19. it is expected to become a potent weapon in battling the virus once production gears up. giving high-risk patients an easy to use treatment they can take from home. president biden says his administration together with labor unions and companies succeeded in averting a holiday season supply chain crisis. >> we brought together business and labor leaders to solve problems. the much predicted crisis didn't occur. packages are moving. gifts are being delivered. shelves are not empty. mark: companies have warned that an antiquated shipping system

will persist into the new year and that there is no silver bullet solution. the white house is trying to expand ways aid groups can help ease of rapidly worsening humanitarian crisis in afghanistan. its economy has been in freefall since the withdrawal of u.s. forces following the taliban takeover in august. the united nations says more than half the country is facing acute hunger and a one million children could die as winter sets in. the biden administration has extended its paws on student loan payments until may 1. the government's temporary moratorium on federal student loan payments was set to expire at the end of the month. they now have an extra 90 days. the rule affects tens of millions of borrowers whose loans have been frozen for two years. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists

and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> i'm jon erlichman. >> i'm taylor riggs. we welcome our bloomberg and bnn audiences. here are some of the top stories we are following around the world. we will be speaking with jonathan miller about the state of u.s. housing. existing home sales increase again for a third consecutive month. the fda cleared emergency use authorization for pfizer's covid bill. the new milestone in the fight against the pandemic. more live shows are closing. omicron is spreading.

we will discuss the future of entertainment with the executive vice president of sir soleil -- cirque du soleil. jon: let's get you up to speed with what's been happening in the markets. where watching economic headlines -- we are watching economic headlines. oil prices helping out the energy stocks. we have been talking a lot about the omicron wave. painting a picture of an economy that was faring relatively well going into it. you were talking about that existing home sales data

increasing for a third straight month. taylor: wanted to talk about all the flips they do of cirque du soleil -- on cirque du soleil. at least here in new york, all home sales has been this migration pattern. with rents rising again and some mortgages so low, not only with the labor and wage dynamics. sort of all of this folds in together. or we can just talk about flips on cirque du soleil. jon: whether it's the jobs mark or the mortgage realities, there has been a lot of demand for that housing. let's get some perspective from jonathan miller.

obviously it's a combination of things between employment and mortgage rates. just the fact that inventory seems to be on the market for a pretty short amount of time before it gets gobbled up. >> one of the biggest challenges to the u.s. housing market is inventory supply is still going to be chronically low. inventory is so low right now that even if we see a pop in inventory, it is still going to be significantly inadequate. that's why 2022 we are going to continue to see price growth. maybe not 40% or 25% numbers in different parts of the country but certainly will above long-term norms. taylor: is the great migration

south real and is it still happening? >> i think the way i would look at the migration story is i think it was exaggerated but still significant. from the new york city perspective got the impression that there were going to be five or six people left in manhattan by the time the dust settled. and that isn't the case. but you are seeing -- one of the missing narratives is there was no inbound into new york city. until the vaccine adoption rapidly accelerated this year. that's the part of the story in terms of urban versus suburban nationally that once we started seeing vaccine adoption, urban centers are starting to see a return in their residence. that was not the narrative in

the early part of the pandemic cycle. jon: it's helpful to get that difference in what's happening in urban versus suburban. what about the higher end of the market? >> we think about the post lockdown u.s. housing market at least in my more than three decades of tracking housing i have never seen a more polarized market. the economic damage from the pandemic hit lower wage earners much harder than mid and upper tier wager is. that has been reflected in housing. not only high-end which was soft prior to the pandemic because of oversupply. a lot of that supply has been absorbed. we are now seeing record level of super luxury properties that

we track above $50 million. we had in the u.s. at least 40 sales of $50 million or higher of single-family homes which is an all-time record and the year hasn't finished yet. taylor: what is the average everyday america -- what is the squishy elasticity when you see rent really starting to go back up in home prices may be leveling out. what is the rotation between them that you see or don't see? >> part of the challenge with renters that want to drift into or migrate into the purchase market is that credit standards are so relatively tight. so those that qualify on the margin are going to be in the rental market in an environment

that is seeing rapid rent growth. the thing about the rental market is that the market is highly polarized. that the upper half of the rental market is where you are hearing all the stories about bidding wars and tremendous competition for rentals is the lowest half of the market which is tense for the last decade has been extremely robust -- it's not a weak market but it's nowhere near the strength we are seeing in the rental market as well. this is the scenario that i think is going to play out in 2022. taylor: really appreciate your time, jonathan miller. the millers samuel ceo. breaking news that the amazon

cloud unit is said to draw some antitrust scrutiny. while studying at yale law school became known for her essay, amazon's antitrust paradox. has been a longtime critic against big tech and amazon in particular. hearing more in the cloud unit. this is bloomberg. ♪

>> this variant is significant

and the impacts are powerful. i do still have my rose colored glasses on heading into the new year because below the surface there is still a lot of opportunity. >> the undertow with each successive wave seems to be weaker and we are on very strong footing financially and economically speaking. we think the markets will be able to withstand that even a central banks look to tighten up monetary policy because of inflation -- if inflation is high, people are not going to be looking to the bond market. >> we are going to be focused on where demand is in 2023. we are taking a somewhat less risky approach to investing. >> we will have some with us in the first half of next year. the second half of next year will be more normal and you could also say slower.

taylor: this is bloomberg. i'm taylor riggs with jon erlichman. we might have some potential good news from that because in the fight against covid, the fda has approved an emergency use authorization. joining us now with bloomberg is angelica peebles. >> this is a big deal in our fight against covid-19. those have been really difficult to get to patients because they require people going in and receiving infusions which doesn't always happen right away especially with the turnaround time for tests. now you can have a treatment that you take home. of course pills are a lot easier than infusions. everyone i've talked to is very

excited about this. jon: that stressful moment would get an update from a health care worker or a doctor and then wonder what's next. should we think about a world where you are able to go to the pharmacy and get your dose of pills essentially? >> that's the idea here. i have spoken to one company that offers at home tests. they are talking about integrating this option where you get your pills sent to you. in a perfect world it might not be today but in the future, you get your test result, you are positive, you are identified as high risk and you get your pills. jon: we do want to get back to that breaking news which is brought to you regarding amazon. that stock taking leg lower.

the trade commission is pushing forward with antitrust scrutiny of amazon's cloud computing business. david mclachlan has been helping us with this story. what can you tell us at this point about what we know? >> what we know is that the ftc which is now under new leadership under the biden administration has reached out to at least a few companies about amazon's cloud business and the practices by amazon. the ftc's scrutiny goes back actually to the former chair during the trump administration. this new outreach shows the new

chair was a well-known critic of amazon. picking up this probe and pressing forward with it rather than just playing a drop. taylor: it seems like from this administration there has been a lot of rhetoric about they don't like monopolies, they don't like big tech. it almost feels like there is more bark than bite. have we not seen a lot of real action yet? >> i think that's a fair observation. there certainly has been a lot of noise from the administration about dominant companies not just in tech but in other sectors like agriculture. over the summer at the president signed this executive order

calling for agencies to step up their efforts to promote competition in different industries. and you are right, the actual number of cases hasn't been really overwhelming. but there really hasn't been a new monopoly case. during the trump administration we saw a few of them. against google and facebook. you are right, these do take time to develop. i think the expectation is more cases will be coming under leadership of ftc and doj. taylor: we will be having a really fun conversation. the executive vice chair of cirque du soleil on the future of the live entertainment industry.

that conversation is next. this is bloomberg. ♪

jon: this is bloomberg markets. i am jon erlichman with taylor riggs. shows have had to postpone or cancel because of omicron. more on the challenges facing live entertainment during the pandemic. daniel amar from sir soleil recently stepped down as ceo. obviously a lot of moving parts. you have talked about it in your book balancing act. i just saw a headline about some new york city shows being impacted by covid cases. how are you navigating this latest wave of covid?

>> right now it means we have to be very agile and very respectful of our cast and crew and patrons and also respectful of what's happening in each city because it's different from one city to the next. right now we are still hoping to continue to present our shows in a very safe way and make sure that our patrons that are going to visit us are safe. jon: for many businesses it feels like we have already been through this kind of moment. it's no secret that the business of cirque du soleil emerged from bankruptcy protection. can you walk us through that process? >> first of all that was horrible because we had within 48 hours to move from 44 shows, $1 billion of revenues to no-show and no revenues. when you have no revenue, you

are in an impossible situation. we have been lucky that our lenders believed that there was a future at cirque du soleil. they believed the brand globally was so strong that when the shows reopened it will work. that's what has been happening in the last few months and we are excited by the response we are receiving from the public so far. taylor: talk to me about that future and the former cfo taking over as you just stepped down 22 days ago. it's not a bent on creditors looking at the financial aspects of this company as well as the creativeness you are known for? >> i always said that sir select cannot be -- cirque du soleil cannot be led by traditional business person. stefan also has a lot of sensitivity about other artistic

and creative behavior in the organization. the reason he is now the ceo's he has been an artist himself. even if he was cfo before, he understands the business. he understands that creation has to be at the forefront of our organization. jon: we only have about a minute left. you do in the new book explore creativity not just in the performance but in businesses. what would be your message to entrepreneurs today about being more creative? >> i think it's really important that you really put together the right conditions to allow your bullies not only to nurture their creativity but to feel empowered to bring new ideas to whomever is the owner of the organization. and creativity is for all sector.

jon: we appreciate your time. we will be watching very closely. taylor: we need to take this show on the road. i will see you in vegas. we are going to serve soleil. jon: that's for another day. i am jon erlichman and this is bloomberg. ♪

mark: i'm mark crumpton. u.s. regulators gave emergency authorization to pfizer's

covid-19 pill for people at high risk of severe complications bringing a more convenient treatment option to patients at a critical point in the coronavirus pandemic. the drug is the first at home medication authorized for covid 19. it was shown to reduce hospitalizations by 89% when it was given to high risk unvaccinated patients with three days of symptoms starting. the u.k. vaccine panel has cleared the pfizer covid-19 pill for use in vulnerable young children. the joint committee on vaccination changed its advice to allow at-risk children age five to 11 years old to become eligible for two doses of the pfizer biontech vaccine. only children in a risk group are eligible for vaccination at this stage.