mark: welcome to the bnn bloomberg audience. i'm mark compton with first word news. president biden met with families of victims of the mass shooting in buffalo, new york that occurred this past weekend which killed 10 and wounded three. 11 of the victims are black and the alleged shooter is white. esther biden said racist ideology circulated on the internet had inspired the suspected shooter and he called on americans to reject white supremacy and politicians and media figures who promote it.

there's a report slight data that someone in the cockpit intentionally crashed a china eastern boeing 737 in march. the wall street journal cites people familiar with u.s. officials preliminary assessment. all 132 people on board were killed. the plane was at a high altitude when it suddenly went into a near vertical dissent. european officials are expressing optimism that turkish concerns about sweden and finland joining nato can be resolved while germany said it would act to speed both nations admission to the military alliance. turkeys president has said he will not allow it because of their stances on the militants. president biden is set to host the swedish and finnish leaders in washington this week. abbott laboratories reached a pact with u.s. authorities that would allowed to begin making baby formula again at a troubled plant in michigan. i could is a shortfall that has

rattled many parents. a plan has since been shut down -- plant has since been shut down since february. the owner of gerber baby food nestle is aerating formula to the u.s.. jim is are coming from the netherlands and from switzerland. 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 am mark crumpton. this is bloomberg. ♪ >> welcome to "bloomberg markets." ritika: let's get a quick check on the markets. green on the screen when it comes to the s&p 500, a fast and furious rally back from the dip we saw yesterday up 1.6%. it is not just the stock market catching my eye. you also have to look at the two

year yield come up 10 basis points, a massive jump off of the retail sales data that came in stronger-than-expected at the end of the day. the american consumer is spending but take a look at this, the dollar weaker. this is important, the correlation, inverse correlation between the dollar and stock market still extreme lehigh which tells you when the dollar is weaker, that is incentive or people to hop into the market and looks like people are taking that opportunity. we should also mention the bloomberg commodity index food and oil prices, even copper and metal prices all higher on the day. >> we do an update viewers on the performance of dow component boeing today. mark crumpton was telling us the story. boeing shares shares of close to 6% on the headlines about china eastern. black box, based on this reporting from "the wall street journal," the implication it could have been intentionally nosedived by the pilot. we are waiting for more details but when it comes to liability

or responsibility, the market watching that closely. also, got headlines on china southern. 737 max in china mentioning more than 100 jets are no longer part of their plans for now, citing some delays on uncertainty. a lot to watch on boeing. we have updated you on news about twitter. this time the scoop from bloomberg colleagues about the company losing three more senior employees, including two vice presidents, as staffers wait for elon musk's acquisition. ed ludlow joins us with more details. what can you tell us about staff departures? ed: these three departures in question with senior managers, two vice president set ahead of department, says they left of their own volition. they were not fired. they were given the opportunity

to send a message round internally explaining reasons for leaving. this is the latest wave of restructuring. three departures hot up two senior departures last week. we are hearing from inside it is wait and see mode. they are trying to get on with business as usual but the state of this bid by elon musk is not clear because of elon musk. he has put it on "temporary hold " due to concerns of proportionate users on the platform. his assessment of that versus what the company are telling him is true. kriti: this follows some other layoffs within the company. can you speak a little bit about that part of the equation? ed: yes. last week, at the end of last week, one of the senior vice president of the company was asked to leave by the ceo. he tweeted that he was disappointed. elon musk has been taking meetings with twitter leadership

and discussing a number of things. the main issue continues to be bots. twitter has reiterated in public statements that the number of bots is less than 5% although there is a margin of error. what we understand from the ceo is he met with elon musk's seven days ago, explained the methodology of how this is the case. there are two things happening, departures from the company, long-standing executives that have been a big part of twitter in the last years. at the same time, the management are trying to get this deal done . twitter's board advised investors to vote in favor of the acquisition. kriti: ed ludlow bringing us that scoop. appreciate it as always. let's look at one of the major stores from this morning.

earnings from walmart and home depot indicate consumers are still spending despite the higher prices. punam joins us now. we see strong retail sales data. what is the problem here? reporter: it is only inflation. from topline perspective of sales the consumer is spending. we saw that in the retail sales numbers this morning with the estimate. we also saw it in walmart and home depot. there is no signs that the consumer is slowing down in any meaningful way. home depot posted an increase. that was interesting to us because we have been hearing from wayfair and others about tougher comparisons. we move off-peak pandemic demand but that was nothing case at home depot. very encouraging.

jon: looking at the reaction in walmart shares today and the inflation realities they are dealing with for the business, are you getting a sense as you hear from these retailers that there are certain players that might easily pass on higher costs. and others where the lower price for the consumer is a priority where they will try to navigate that? poonam: when you talk about inflation passing price increases on, the retailers are grappling -- some of them may have a harder time . but those like nike and adidas are able to pass on price increases because the purchase is more discretionary and there is more definity that the customer can pay the extra 4% or 5%. jon: helpful breakdown as always. poonam goyal, of the intelligence team.

let's look at the retail numbers from both walmart and home depot. joining us with perspective joe feldman of telsey advisory group. let's start with home depot. we were making a reference to it. you got questions about what is going to happen to the housing market? what does that mean for mortgages and yet, they are signaling they expect plenty of work on homes through the year. joe: the demand for home improvement projects remains high. all the data that we are getting -- housing itself, turnover may be slowing, but 95% of the homeowners out there are staying put. they are not moving, not turning over the home. when that is the case they feel they are living in their homes longer, they feel the value of the home has gone up. they are spending more on the home.

we have seen that through the years and expect that to continue. that is what home depot saw today and i think we will hear that from lowe's tomorrow. kriti: i have to ask about the international component. you have strong numbers from home depot and walmart as well on a retroactive basis, but one of the big concerns from walmart earnings was the idea of a stronger dollar impacting international builds. even on the home depot front, volume sales came down. the morning the market is broadly warning about, does it have any footing when you look at these earnings? joe: well, from a dollar perspective yes, it will have impacts. you definitely saw that at walmart. to some extent at home depot. what we are thinking is the underlying currency sales of those businesses, which is actually quite strong, and when you look at walmart's international business their sales in china, mexico, canada

were all up. in local markets, they are performing quite well. i understand the translation and the issues related to that, but i think most investors look at the constant currency sales for a lot of these national businesses. jon: before we let you go, i wonder if there will be a point when that supply chain scale will benefit some of these companies because walmart has one of the most extensive supply chain networks around the world. depending on how long we are dealing with inflation, assuming the supply chain headaches get resolved. joe: that was definitely something that frustrated investors and i think you are seeing that with walmart this morning where the supply chain -- we thought they were going to be able to manage better. it sounds like it was timing in some part of it. the prices rise rapidly, surcharges for freight happens, and by the time you pass that

through to the consumer there is a lack. i do think walmart is going to be in a better position to handle that but we are going to see that, and are already seeing that, from retailers. we will hear more of that from target and others tomorrow. the supply chains are under pressure and that is impacting retail earnings. even with a better sales we are seeing because of the inflation moves. kriti: joe feldman of telsey advisory group, we thank you as always. coming up, we talk with jason kenny, the premier of alberta canada. why he is pitching more canadian oil to the u.s. kennett solve the problem of soaring gas prices -- can it solve the problem of soaring gas prices? this is bloomberg. ♪

jon: this is bloomberg markets. i am jon erlichman with kriti gupta. canada pitching the sale of more oil to the u.s. this with skyrocketing prices

and demand outstripping supply. but can enough oil from canada be supplied to make a difference? and with the u.s. consider, for example, restoring keystone? joining us for more is jason kenney, the premier of alberta. thank you for joining us. you were with us three months ago when you were in d.c. senator joe manchin has made a trip to alberta to see the energy operations. there is a deep dialogue. let's talk about the tangible things where we could see action. today, you were talking about the amount of additional oil that could come from canada by making a few tweaks to existing pipelines and offering oil through rail shipments. can you elaborate on what you talked about in the senate? jason: right now, we have about 300,000 barrels a day in the north american pipeline system. we will be filling that with additional production this year.

secondly, if midstream companies go ahead with some optimization programs on their pipelines, some line reversals, there is an estimate we could have about 400,000 more barrels a day to the u.s. refineries. thirdly, once the current capacity is filled the companies can always swing to rail. finally, by the first quarter of 2024 the trans mountain pipeline expansion should be operational, taking 600,000 barrels a day from edmonton to vancouver, putting it on small tankers which will offload at refineries in washington state and california. if you add that up, it could be on the outside as much as 1.5 million barrels a day over the next two years. but we will not be able to produce that much. my point is let's be visionary. let's have a north american energy alliance and get another major pipeline done. we have the third major

reserves. kriti: you're talking about pipelines but the biden administration is against and a lot of state and local governments as well. new york very vocal about having a cleaner infrastructure. how are you going to convince american counterparts that is the answer? jason: what i am hearing for my american counterparts is the number one concern of americans is inflation, especially on energy. the price of gas. the president said this is a crisis he is focused on and he has been pleading with opec, saudi arabia in particular, to produce and ship more. his administration has been trying to lift sanctions on both venezuelan and iranian oil exports. instead of looking to the worst regimes who are, in some cases, sworn enemies of the u.s., why not turn to your closest friend, neighbor and ally which already ships 62% of u.s. oil imports

that comes from alberta, canada? jon: premier, you urged senators to safeguard the line 5 pipeline. what happens next? jason: that is right now state and federal court challenges between the pipeline company, our government, and the governor of michigan. there is also negotiations happening because this is in violation of a 1977 pipeline treaty between canada and the u.s. my message today is, i do not know why the biden administration is sitting on the fence neutral on this issue while pleading that opec ship more energy. you have a u.s. governor trying to shut down a pipeline that, for six decades, safely delivered over half a million barrels a day of canadian energy to the upper midwest to refineries in ohio, pennsylvania, detroit airport that shut down without the aviation fuel.

the upper michigan peninsula would not be able to heat homes without the propane off that line. while the u.s. is facing an energy crisis, wise with the u.s. government not come on-site with canada and alberta and tell the governor of michigan, work with them on the new, safe, subterranean pipeline to replace the one operating for 60 years. jon: we will watch to see where the conversation goes. before we let you go, as alberta's economy is rebounding your leadership is on the line. we are awaiting the results for the review for your united conservative party. what do you think happens? do you think you will win that? jason: i am optimistic. i have been around alberta the last couple of months since we dropped covid restrictions and i am getting overwhelming expressions of support. we turned the corner. covid was divisive for our party like many communities around the world. but the worst of that we believe

is behind us. alberta is leading canada and economic and job growth. our government has cap 90% of our elections with a year to go. we are growing the economy, creating jobs, getting pipelines done like line 3 and building a strong or province the majority of conservatives want to move forward together and not going into the ditch of division. i am optimistic about the outcome tomorrow. kriti: alberta premier jason kenney, we thank you as always. joining us from washington. coming up, blocking payments. the u.s. set to shut down russia's ability to pay bondholders. what that could mean for moscow's odds of a default. this is bloomberg. ♪

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kriti: this is "bloomberg wall street week." i am kriti gupta with jon erlichman. the biden administration will fully block russia's ability to pay bondholders after the deadline next week. it could bring moscow closer to the brink of default. joining us is kristine aquino, thank you for joining us. let's talk about what this means. 490 million dollars of payments due by the end of june. how close are we getting to a default? kristine: you know, for a while we took a step back from that because russia showed its ability and willingness to finally dig into those domestic dollar reserves and service their debt after attempting to pay that in rubles, which was not in line with the bond documents. now we are another step closer to default because of this u.s. move. what this goes to show his you cannot take for granted how close russia can get to a default situation until we get more of a permanent resolution to the situation. i think with the u.s. is doing

is upping the ante for russia and forcing them to try to make those payments or make more concessions, either with regards to bond payments or the war in general, until they are willing to give them a reprieve. jon: very quickly, you think back to that first fear of a default in the markets as we were figuring out what that would mean. we were making sense of it in real time. now the people have had time to think about this. what are people going to be watching for closely? kristine: i think it is going to be a lot of that potential post default fallout particularly for any investors still invested. the specific bondholders of the bonds due two days after the deadline expires. they have bond redemptions up or loan payments due. we are going to watch out for whether bond investors get paid or if not, what the next steps are going to be. kriti: kristine aquino breaking it down as always. thank you for your time. as i look at the markets the s&p

500 up 1.6%, hovering your session highs. the dollar hovering near session lows. that very much part of the conversation and the two-year yield catching my eye, 10 basis points higher. for jon erlichman, i am kriti gupta, this is bloomberg. ♪ cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ - [announcer] southern new hampshire university visit letsmakeaplan.org to fhas the degree for you.nal. with over 200 programs to choose from,

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mark: keeping you up-to-date with news from around the world, here is the first word. i am mark crumpton. president biden was in buffalo, new york today. he said racist ideology circulated on the internet inspired a man who perpetrated a mass shooting in the city over the weekend. he called on americans to reject white supremacy and politicians and media figures who promote it. pres.