according to a nationwide study of blood samples. health officials say that as of february 57.7% of americans had antibodies to the virus, up from 33% in december. while the anti-bodies are not necessarily protective, they indicate previous infection with increased access to in-home testing and many people experiencing mild cases, official case counts have become increasingly unreliable. kamala harris has tested highest for covid, making her the highest ranking -- highest ranked official of the biden administration to report being infected, reporting positive on rapidan pcr tests, not showing symptoms but is going to isolate and work from home. her office says she is not considered a close contact to president biden. the u.n. secretary general is in moscow trying to revive

diplomatic efforts to end the war more than two months after vladimir putin ordered the russian invasion of ukraine. >> i am concerned about the repeated reports of violation of human rights laws and possible war crimes that require independent investigation for independent accountability. mark: the secretary-general met with sergei lavrov and is speaking with putin later today and will head to ukraine tomorrow to meet with volodymyr zelenskyy. authorities in the breakaway industry of moldova reported an attack on a military unit today with violence coming hours after a pair of antennas broadcasting russian radio were blown up in the moscow backed enclave. the president of moldova says that these attacks have been reported in recent days and trace them to ukraine.

russia has about 1500 troops there. global news 24 hours -- global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton this is bloomberg. jon erlichman: welcome to "bloomberg markets. creepy: and i'm kriti gupta. the nasdaq is down as much as 3%. yields dropping six basis points. people selling stocks, that seems to be the trend right now. that comes to when the dollar is weakening as well. the yen, the euro, it has everything to do with differentials. even on the micro front, general electric saying that the macro

issues are the worst he has seen in his life. helpful context -- jon: that's helpful context there. it's the outlook from those companies that is raising recessionary risks. looking at the s&p 500 banks index and what's been happening this month, the bloomberg team was writing about this and you came into it thinking that higher interest rates would benefit the banks, the idea that net interest margins would be rising but that the recessionary risk is taking over to the point where this could wind up being the worst month for this particular index since march of 2020. kriti: staggering that something like the banks, which are seen as the normal, they should be thriving. the idea is that growth is becoming a bigger and bigger issue. outside of those things we have big tech earnings after the bell today.

dan had this to say earlier on bloomberg. >> the cloud index continues to be robust. the microsoft cloud behemoth, that steers the tactic higher. kriti: it's a lot to discuss this week. jackie dava lohse joins us on set. i'm curious, what is the biggest driver here? can -- consumers, supply chain issues, growth in china? jackie: you guys kicked it off, macro economic pressures are having a major impact on share prices. how are they trickling into the fundamentals? today we have an insight into how it's shaping up for microsoft and google in particular. we will get an insight into what other parts of the business are impacting supply chain?

google has cloud demand and is expected to post good results, but it is going to see something of a deceleration. microsoft is double exposed with supply chain issues really ramping up. china, apple, also seeing those pressures. management comments about what the outlook will look like, how demand is shaping up for next quarter and year to come, that will be the key. speaking -- jon: speaking of ramping up, big platform advertisers have been busy over the last few months and i would imagine that there insight, any that they can give us about what ad trends are looking like if companies themselves are concerned about the outlook, that will be helpful insight for the market as well? >> absolutely right. when you think about these key sectors, advertising is huge. when alphabet reports we will be

able to see how the youtube search business performed, giving us an insight into what we can expect from facebook as well. advertising business is a little different but the ad spend is expected to see a bit of a pullback because of the geopolitical tensions and the war in ukraine on top of the fears of a global economic slowdown. we will see a sneak peek into that today and for the social media companies that are particularly exposed, we will want to see how these companies are bolstering other parts of the business. mehta, for example, how is the metaverse initiative really shaping up? investors want clarity in terms of if and how this will eventually bear fruit. so, we will see all of that as well, starting tomorrow. jon: a very helpful breakdown. thank you very much for getting us started this half-hour.

let's get some more street perspective on the technology story. specifically microsoft watching alphabet after the bell. john freeman is a vice president of equity research with cfra. nice to see you. the other part of the story is the dramatic selling pressure in the stocks. yes, there does seem to be cautiousness building, but even in the case of microsoft we are talking about a once loved stock that has lost momentum, so what are you keying in on? >> cloud growth really does spell the difference for microsoft. here's the thing i think a lot of people don't get. that weird dichotomy, high-growth stocks will be hit in these kinds of scenarios where you have a lot of macro listed uncertainty with things like inflation suddenly being a problem after not being a problem for decades. it's all going to hit high-growth stocks.

but when every situation from 2008 to 2009 where software stocks roared back after that, when cloud adoption first started and salesforce started its large enterprise of customers. these kinds of situations can be , you can find really great opportunities. microsoft is definitely one of them. not to mention the dividend now. it's almost like it makes a difference. trading at 30, that's a very reasonable multiple, i think, for this very well positioned company. >> so glad that you zeroed in on the cloud infrastructure. it feels like the cloud infrastructure investment froze with pandemic overinvestment of economic growth and expectation around how long the expansion is going to last. i wonder with new growth concerns, does the cloud business start to falter?

>> here is where i look, right? obviously there are a lot of reasons different enterprises are moving software to the cloud . that is occurring and it has been occurring, no doubt about the attractiveness of that migration continuing. where is it at now? they are still about 40% -- 40% converted to cloud. there's a lot of legs left in this migration trend and i'm not sure that people quite realize that and for a company like microsoft that, with office 365 and as your already being so large, now continuing to grow at 40% of the low 20's, it's going to start to move the numbers now against expectations. jon: john, you brought up some

compelling factors and some of the things that got people excited about the sector for so long but right now we are looking at the s&p 500 off 2%, the nasdaq losing value month to date. i think a lot of people are looking at the historical charts of the nasdaq and trying to figure out if there are more similarities than less, then the last time we saw a really big collapse in the tech market. a lot of people coming into this recent selling making this suggestion, hold off, we are talking about a different group of companies, a much more financially sound group of companies. what would you say to those who are trying to figure out the endless selling we have been seeing in big tech? >> it has a lot to do with a lot of the bulk selling and reaction selling because the macroenvironment tended to look scary.

but the companies, the companies, the software companies specifically, they are wet -- very well positioned to take advantage of this and create an additional amount of value with this ecosystem. you have seen it, it kind of accelerates, actually, through an to a surprising degree every time we have this economic problem. it happened with client servers back in 1991 and i think it presented opportunities for long-term investors. it could become rough, no doubt about that. kriti: john freeman, thank you as always for your time and wisdom. coming up, ford and mgm are set to report earnings. we look at what to expect in demand of rising inflation.

that conversation, next. this is bloomberg. ♪

we just went through the kriti: and ford tomorrow with the auto industry tackling rising interest rates, inflation, the effect of the war in ukraine and more. let's bring in chester dawson joining us from detroit. chester, thank you as always for joining us. i'm curious as to what the bigger issue is for ford and gm, is it demand or getting these supply issues sorted out?

>> it's very much the latter, the big question is how many chips can they get? the industry has been dealing with shortages for two years and they keep telling us that there is light at the end of the tunnel and around the corner but it has been a long stretch and it increasingly seems like it's going to go into 2023, putting a lid on their ability to get enough vehicles for the consumer. >> i wonder if that is going to overshadow the story of a electric car vehicle filled future that these companies have been wanting to deliver more of a message to on the street. what are you going to be watching for their? >> that's a good question. gm, which reports today, as you noted, are in a situation where they electric vehicles are really going to start coming to the fore as of next year. this is the last year where it will primarily be earnings driven by their internal combustion gasoline engine fleet

. starting next year the electric vehicles are going to really play a big role in their sales and earnings but obviously they want to focus on that now and as you probably know they are doing the production line up for their brand-new electric version of the f-150 today in dearborn and will be announcing earnings tomorrow but that's more of a long-term story, what they want to talk about but the here and now is continued reliance on gasoline powered vehicles and that is not such a happy story as we see in the investor reaction of recent weeks. kriti: chester, thank you so much. supply chain issues, gas issues, how much of that is going to seep into demand issues when it comes to growth? that's what's driving the market today but this chart, total car sales back to 1975, you can show the wavy pattern showing you the

cyclical nature of car sales. if the economy is expanding and people are making more money they will be purchasing more cars. you can see it ebbing and flowing but i'm curious, if you are not seeing those sales as an issue on the demand -- on the demand side, will they be soon? you can see the sales slumping in 2022. we had to pose that question to dan, head of equity research at credit suisse. thank you for joining us. should we be concerned about the demand side of these sales? dan: this is definitely top of mind. chester is correct in what he just said, the larger issue for these companies right now is not demand, it is supply. you bring up the fact that we have seen auto sales the last couple of years below trend levels where we have been on

average roughly 2 million units per year below trend, give or take. so a lot of that is purely supply driven. i would say that what has impressed the stocks in the last couple of weeks is the question on demand and whether rising inflationary pressure to the u.s. consumer is going to dent some of that pent-up demand that has built up. jon: i wonder, geographically, ford and gm have different footprints around the world, different exposures to markets like europe, where many of the supply chain issues have been front and center given the invasion of ukraine. what is your take their? >> these are both global stories. gm does not have europe exposure except for that lack of europe exposure being something making

them slightly more attractive as opposed to ford. these are also global businesses where i think people have been asking questions on global linkages to the supply and whether globally -- linkages could impact production but at the core these are stories driven primarily by north america u.s. earnings power. so that is where the question is, what will happen to the north america earnings profile of these companies? that is still what's driving the vast majority of the profits of these companies and funding their transition. >> as we speak, tesla shares are down a whopping 11%, helping to drag down the entire market. for ford and gm, the advantage of tesla is that a lot of their software manufacturing is in-house. how does ford and gm compete with that? >> it is something

top of mind for them, they are trying to catch up. we have said that tesla is ahead of the rest of the legacy auto industry. not only on ev's, but in creating the software defined via. we do see them closing the gap with more compelling product coming out of the legacy automakers. ford and gm are starting to narrow that. looking at the mock eve from ford, it is starting to take share away from tesla in the u.s. but the reality is that we do expect tesla to maintain the lead for the foreseeable future underscoring in our model the sharp continued rise of tesla volume through the coming decade . by 2030 we have them reaching 7 million in volume. >> we will be watching those numbers closely, dan. thank you so much.

and the potential sale of elon musk shares for to tesla is something that shares of tesla to fund the purchase of twitter is something the market is thinking about. this is bloomberg. ♪

jon: this is "bloomberg markets." for what it's worth, how about 44 billion dollars? that is what elon musk thinks twitter is worth after the blockbuster announcement yesterday and we have been getting a lot of reactions to that price tag and the deal. have a listen. >> the offer, accepted. the biggest criticism of twitter over the balance of the last decade or so, the company has had a public company, has been that frankly they haven't innovated much in the platform

is essentially the same as it was. the biggest question is how did the board buy into this? ultimately they had no backup. this tells you how weak the company was. >> i'm more interested in knowing who's going to run the company, how will they be investing, how is the platform going to change? it >> i'm excited to see what he's planning for the private company, he's a visionary and i'm excited to see how it plays out. jon: we obviously have a tremendous deals team at newburgh and many of those bankers saying they have never seen this kind of speed, going from a hostile bid to a friendly result in what, a couple of weeks? >> what's interesting to me as the financing, right? $25 billion of his own money, the rest coming from major banks

. to make that kind of leveraged buyout you have to eventually pay it back. how's he going to do that? that's my big question. >> it is one that many are curious about. watching the markets today we should highlight the weakness we saw in the tesla stock in part because people are trying to figure out if there might be a need for elon musk to lighten his holdings to address that deal and there's a look at those markets right now. >> we will continue the conversation on bloomberg television and bloomberg radio. this is bloomberg. ♪

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mark: not keeping up-to-date from news around the world, this is a first word. i'm mark crumpton.

[indiscernible] health officials say as of february, 57 .7% of americans had antibodies to the virus, up from 33% in december. while the antibodies aren't necessarily protective, they indicate a previous infection, with increased access to at home testing and many people experiencing mild or a symptom that it cases, official covered case counts have become increasingly unreliable. vice president kamala harris has tested positive for covid, making her the highest ranking widen administration official to report being infected. a spokesperson for the vice president said harris tested positive on both rapid and pcr tests. she is not showing any symptoms, but will isolate and work from home. the vice president's office says she is not considered a close contact of president. u.s. defseec