>> i would not say stocks are trading on any direction, they are negative on the day. i'm kriti gupta. bloomberg markets starts right now. ♪ kriti: let's check on these markets. the s&p 500, no real direction here. it is a wait and see game. positive territory briefly, no back down. only .2%, not conviction selling any -- by any measure. conviction in the 10 year yield either, 3.11 on the 10 year yield, up just one basis point. but in that volatility we are going to keep an eye on. yields are higher, the dollar is

weaker. only by .1 percent but you are seeing the emergence and that is crucial especially when they talk about the commodity market. brent crude at a 96 handle, down about .9%. but the highlight of the day is it is the last day of august. one of the biggest bears on wall street, mike wilson from morgan stanley, talked about pricing in the risk. >> we look at that pe ratio and two components, the 10 year treasury or the controls and the equity component, which is really the markets way of discounting the risk to growth. the interesting things i have found, like this whole year, the equity risk premium is not written at all. it is well below where it was from the beginning of the year. we think the earnings risk -- we are cutting numbers. we think it will come down even further the next two quarters. the bottom line is the multiple is wrong again, not because the

fed is going to be hawkish but the equity market is too optimistic about the earnings outlook. usually the way it resolves itself is it comes down and earnings get cut. somewhere in the middle of the earnings cut process the market will buy. that is probably between september and december. kriti: between september and december, mike wilson from morgan stanley speaking to us earlier today. with more analysis on where we stand in his market, jeff, thank you for joining us. what is interesting is what he said. he said the earnings risk is not will be in -- what is being priced in. but when we talk about the fed going big on inflation, the markets are saying we already knew that. but the earnings story we have not caught up to, is that true? just-- jess: i think a lot of us

expected the reset of earnings and that's not a silly happen. looking at bloomberg intelligence data, it's around 18% for the second quarter, close to double the preseason estimates around 4%. even though things were better than expected, there is growth through the last quarter of 2020. during the pandemic, businesses were struggling to reopen. but that is a key figure. because the s&p 500 price target, those have come down for strategists. they do remain very elevated. it made take a couple to come down and the mortgage and inflation pressures. kriti: it's interesting because we were talking about this earlier, the idea being that for a lot of these tech names, i don't think corporate america across the board had these profits, there was a plus plus plus and then they have profit slowing down. the b plus.

the a minus. those are still pretty good ratings for lack of a better term. but how much of that is really going to drive price action as opposed to something like technicals? jess: technicals have really been driving things, especially when we look at the rebound. but in a little over two weeks ago, the s&p 500 got really close to about that 200 day moving average. last friday they were below that 100 day moving average and this week, it was whether or not the s&p 500 would stay above the 50 day moving average. right now it's around 4014. now it is trading below that key measure. as long as the s&p 500 is below the 200 day, it is hard for investors that have conviction. we are probably going to see a lot of choppiness this fall. kriti: jess menton, a favorite aunt star reporter, thank you. joining us now, senior equity

strategist at federated hermes, thank you as well with that. is it the earnings story, the macro, the fed and the ripple effect coming off the bond into dollar story? who is in the driver's seat when it comes to buying and selling stocks? >> good afternoon. we just a member, the end of august is a sleepy time in the markets. we are bundling up for what could be a very volatile september and october. the two most volatile months of the year. i think the market has not to concern itself with. i'm noticing the two year bond yield is up to a high we have not seen since late 2007. the bond market is trying to tell us we may have a stubborn inflation problem on our hands, but the stock market is being too benign about this. just too relaxed about this. i think we need to bundle up for september. kriti: of course a call that

mike wilson and morgan stanley chairs as well. let's talk about the bowl take for the stock market. we talk about recession in europe and in overstimulated chinese economy for example, does that not have the idea of buying now, because they will support the market leader? -- later? linda: that is a good point, the united states is essentially only -- the only place to invest these days with europe looking at a tough winter and fall coming up and china still struggling with the zero covid situation. money does come to the united states. the bowl case would be that we can see the next cpi report coming and show potentially that the inflation rate is coming down. and coming down enough to where the markets can say maybe the fed can slow the interest rate hikes and in the meantime, there is no other country to invest in the united states.

we still look good. on the expensive side of what will be a wide range for some time. kriti: what does that mean for the liquidity perspective as well? linda: it is a mystery. another big concern in the market is a big purchaser of bonds. as liquidity goes and moves the stock market, we don't see retail investors selling into stocks. they have been buying mean stock -- meme stock a few weeks ago which are now getting crushed. too many on the consumer side and the stock market side to really get hit as hard as what they deserve to. but still, we get some volatility in the next few months. kriti: final question to you. you mentioned the quantitative

tightening is a mystery. but i'm curious about the size of specifically. yes it is a mystery to break down, but perhaps it will tighten some financial conditions that have loosened. what does that mean for the dollar and how does that ripple effect by back into the stock market? linda: insofar as you have the biggest purchaser of bonds, letting it roll off of it, the private sector will be the one to buy those. they expect us to buy as many bonds as the largest purchaser in our history has said we are not going to buy anymore, we're going to put a higher yield that way. as yields go up, that could become a problem, particularly a continued problem for growth stocks that rely on long-term interest rates being low. it can also become more interesting. all of those that you have been looking for, some yields in the high quality bond market conversion, competition for stocks which have had their price-earnings ratio jump up, having been hit hard.

maybe dealing with what they should do. that is an exposure to stocks as we face the fall. kriti: linda, this is your first time on the show, we welcome you and we thank you for your time and insight. some breaking news when it comes to opec and the oil outlook, the opec panel is tightening the oil market outlook for this year and next. for 2022, the surplus is being cut in half, 400,000 barrels a day. for 2023, they switching to a deficit, sink the market will be tighter by 300 barrels a day. this is crucial when we talk about the supply market at a time when opec members, including the former and late mark actually said there is no physical shortage in the market. it is just a disconnect, something saudi arabia has been vocal about. no clear reaction in the oil market just yet. something that is a consensus. we will bring more headlines as

we get them. but for now, let's head to the first word news with mark crumpton. mark: rescue parties fanning out across waterlogged planes in southern pakistan. millions are trapped by the worst floods in the country's history, monsoon rains claiming at least 1100 lives since june. they have washed away fields of vital crops and damaged or destroyed more than one million homes. in the united states, the governor of mississippi has called in the national guard to help residents of jackson after flooding in the state left around 150,000 residents without reliable access to clean drinking water. there were also problems that the cities main water treatment plant. there was a water treatment system on monday, following a boil water notice in place since july. the justice department says white house records held in a

storage room at the florida home of the former president may have been part of a strong dutch a search in june. it could be an attempt to obstruct this. several top-secret documents of been found in the former president's office. the government has appointed someone to review documents. 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 mark crumpton. this is bloomberg.. ♪

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kriti: this is numbered markets. i'm kriti gupta. snap shares soaring, the biggest gain in more than two months. investments seem to have demand shakeup as well after the attempt to rain and cost following a slowdown in ad revenue growth. for more, from bloomberg intelligence, meant deep -- mandeep. these companies are more exposed

to economic downturn than apple, microsoft or doordash to some extent. talk to us about why this matters and why it was rewarded for a 20% cut in the workforce. mandeep: you are right. the spending is necessary and cyclical. in this case, snapchat grew almost 50% over the pandemic. i think what they did in the process was over-hired. last year their employee growth was 45%. i think what they're doing here is narrowing their focus. they are obviously under a lot of pressure from investors on profitability. and maybe this is a sign they are getting there at together. and the digital ad industrial bank is a secular grower, 15% growth. it is not bad they are trying to rein in costs and showing incremental improvement in terms

of topline growth. they said august was much better than july. kriti: it's interesting because for and while it has been a precursor to what has happened in social media at a time when facebook or meta now has lost an edge. to what extent is it a precursor to not just social media but silicon valley? mandeep: i think you are right, it is a bellwether in the sense that even though they are small, they are investing in ar and newer stuff. what they're telling us with a pullback in hardware is maybe not all of us -- not all that is going to translate into revenue in the near term. maybe this is a sign meta maple back from the metaverse investments, the $10 billion they are investing every year. kriti: mandeep singh, always good to have on such a significant day when it comes to

snapchat shares. it is significant that the shares are skyrocketing. but the s&p 500 is flat on the day. this is crucial when it comes to the market and what is outperforming at what is not. the dow jones as well is down about .2%. i want to give you breaking news from washington, d.c.. the department of justice is likely to wait have the election -- past the election to reveal charges from former president trump's following the search at his mar-a-lago estate by the fbi. a lot of these charges, there was a lot of pressure on the department of justice. this will be crucial when it comes to how much of an impact this makes, not just on trump but the midterm elections in 2022. i want to go back to what was in these documents. some of the concerns were not only were these classified documents, but a lot of them have to do with crucial areas around the world, secret

operations. the question was not simply why the documents were taken but also how they were stored. that will be a crucial piece again when it comes to president biden and the democrats a space on this, how many people will be vocal against the department of justice for postponing? the department of justice could also see charges prior to the election. bloomberg's josh wingrove, walk us through some of the details of the development. josh: this is big because the timeline has been hanging over a lot of this. it has been trickling down and you will see that to some of the january -- kriti: i think we are having difficulty with his speed.

at the end, what is crucial is the timeline here. we will get more detail after the break. we will have all of the details ahead. this is bloomberg. ♪

kriti: this is bloomberg markets. i'm kriti gupta. breaking news, the department of justice is likely to wait until past the midterm election to reveal any trump charges. joining us is josh wingrove to walk us through some details. josh: thank you for bearing with our technical adventures. the development is they are running up against what is traditionally a 60 day cost. they would not announce charges near the election, september 10 or run that range, but we do not expect charges to come in either the documents case we have been hearing about according to what

is controversial -- confidential and classified documents that lets the white house in an unauthorized manner, and separate to the probe around the january 6 events at the capital and what if anything trump and people around him did to encourage that or not to quell it when it started. the charges will not come in the 60 day period and they will not come for, so it will not be until after the election that we will hear or not. the question remains if the potential for charges will impacted. kriti: josh wingrove will keep us apprised of developments. u.s. hacker enterprises, the company faces supply chain disruptions. joining us is the hpc -- hbc ceo

-- hpe ceo, you've always been vocal about the transition. there known as being the old guard of tech. talk about your transition to a hybrid business model and why you are choosing to make that decision now. >> thank you first of all for having me today and i will say we have been under this for some time. soon it -- you see it reflected in our numbers. revenues, increased profit and expanding growth margins. you'll see this and a worsening situation. the result, because of the demand we have seen and the platform, which is the focus on the team, we saw another

record-breaking backlog. i'm pleased with the momentum we have and if you look at this metric that shows the position, again, it was 39% year-over-year and year to date the number is now 86%. the way that translates is revenue growing to 80%. kriti: dell, your major competitor has been vocal and said they are worried about the business they're going to get. those comments were not necessarily shared by your team. tell us why hpe is relatively stable compared to that enterprise. >> the difference between us and our competitors is we have a broader portfolio. therefore, we get attracted by customers by offering a true wealth of experiences. we have a intelligent edge that

dell does not have. when you talk about digital transformation and a daughter first organization, you need to be connected. we have a network and business that grew for seven consecutive quarters, double digits. that is a major point of differentiation. the second is that unified platform with hybrid at the core. we have been on that journey for a number of years. it takes a lot of work to build a platform that delivers those experiences. and we also have a broader portfolio in the business. overall, i will say that gives us an advantage because that is where we see the momento services. kriti: we have about a minute here. there is an underlying thought in the computer business that the enterprise capacity will fully shift to the cloud business. yet you are still vouching for the hybrid model, hardware, software, cloud storage. where does hpe fit into that

broader industry message? antonio: we fit right at the core. this has happened and even others have said that. we are seeing data living everywhere. customers are going to a multigenerational -- and they are moving to the edge. think about the studio, hospitals, they use the manufacturing. that is where the vast majority of data is created and hp's a prime position for that. we provide that hybrid experience customers need today. that is why i believe as we go in for 2023 euro going to see continued hp growing and expanded profits. kriti: fascinating, hp ceo,

antonio neri. another cfo joins us tonight at 9:30 p.m. new york. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes.

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mark: welcome to the bnn and bloomberg audience. i am mark crumpton with first word news. taiwan is stockpiling weapons to hold off the military. taipei is applying lessons to deter china from following through on threats to take the island by force. the purchases include javelin antitank missiles and plans to increase an order of long-range artillery weaponry. prices in british shops rose to the highest level since 2005. according to the british retail consortium, shop price inflation increased to 5.1% in august. the price of food grows even more to 9.3%.

shoppers are doing everything they can to save money at the checkout, including buying less food. record heat this labor day weekend will pose the biggest threat to california's electric grid since the summer of 2020. blackouts and electricity use will build to 48 gigabytes monday and tuesday, the highest on the state grid since 2017, according to the california independent system operator. that operator is projecting a shortfall of backup access supplies starting sunday. a bloomberg scoop. the department of justice is likely to wait until after the u.s. election to reveal any charges against donald trump. that in the last few minutes. we will monitor and review any updates. 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 am mark crumpton. this is bloomberg. jon: welcome to "bloomberg markets pickup i am jon erlichman. kriti: i am kriti gupta. the s&p 500 down 3/10 of 1% in the last 30 minutes. it is not a cross asset story. the yields are higher only one basis point. if there is movement, it is on the front end. a divergence with the dollar. the dollar slightly weaker on the day, even as you have the marginal bump in yields. the ripple effect will be in the commodity space. brent crude trading at $96, down 1%. jon: and if we look at specific movers today, you have a few

different flavors. for companies that are navigating the road ahead, hp is struggling today, down 7%. the challenges on the pc outlook front and center. snap has been a winner but they are navigating a much more difficult advertising environment. huge restructuring, job cuts, that bottom-line focus is boosting the stock. bed, bath & beyond still down more than 20% as they are going through their own restructuring and the plan to sell a sizable amount of stock is weighing on the minds of investors. you talked about the oil story. we are going to see another down month for crude. that has continued to weigh on components like chevron. kriti: you talked about snap shares. being rewarded to some extent with the 20% cut but that will show up on the macro space.

payroll coming out on friday. the adp number today and jobless claims tomorrow. the real question is, what did the payroll miss mean for the market? we spoke earlier with the asset management chief market strategist and here is what he said about what it means for the market. daniel: it is going to mean the hike of 75 is good compared to the 75. jon: let's get some perspective from mike mckee, international economics and policy correspondent. what, from your vantage point, where the key takeaways with the adp number? mike: the first thing you could say is they are back after taking two months off to retool their numbers. their numbers suggest the labor market is slowing down. 132,000 jobs created in august

is what the adp people found in the private sector. but does that really relate to the rest of what is going on with the economy? take a look at the numbers. they produced for the prior month's -- they plied this with prior month's -- and they are still off. does this mean anything? that is hard to say. adp says you not supposed to use this as any kind of preview for what the jobs numbers should be. will wall street listen? kriti: i don't know. will wall street listen? we talked to the bnc market strategist and he said it will be the difference between 75 and 50. but what kind of affect is there? mike: the jobs report could have an effect if it is strong. the fed is likely to go 75 because they feel perhaps the market is stronger, the economy

is stronger. it will be harder to stamp out inflation. a weaker jobs report could lead them to hold back. what is strong and what is weak? 300,000 would be considered ordinarily very strong. but the number last month was supposed to be about 300,000 and it came at 528,000. we really do not know what is going to happen on friday and it will make for an interesting payroll report. kriti: it absolutely will. mike mckee will be leading the coverage on friday. we thank him for his insight. here to talk more about the federal reserve and the markets, the labor market crucially, is tom porcelli, rbc capital markets. let's start with the labor story. the payroll number, to what extent do we need a miss to show the economy is not in as dire of a situation? tom: well, good to be with you.

i think there is a mountain of data that basically already highlights that the labor market is starting the process of slowing down. right? that is not a gas anymore. the only outlier has been the payroll report. i am happy to rattle off these different indicators showing softness. a couple would be jobless claims. yesterday's confidence report -- it is funny everyone is making a big deal about how confidence rose. if you really look at the labor differential, which matters to this conversation, it continues to deteriorate. employment metrics are below break even in manufacturing and services. it goes on. the only thing that defined all of that was the payroll report.

i would say today's adp is more in-line with all those other metrics that i have just ingested. what will it take on friday? i don't know that you're supposed to be putting that much emphasis on this single report in the context of all of this other data that is suggesting things are slowing down. jon: if we were to see a difference in terms of rate strategy based on that friday report, i know you have given that some thought. walk us through what might happen. tom: what might happen in which context? jon: for the september rate decision. is there a possibility of going 75 basis points versus 50? tom: for sure. right now we have 50 penciled in. it is not just about the payroll report. let's not put too much emphasis on that.

it matters, without question, but so does the coming cpi report. we will get another cpi report too. both of those reports coming in firm you can easily see the case for 75. the market is already pricing in 75 then 50. i do not think it takes much to push the fed toward 75. kriti: what is the active difference? we just asked mike mckee and spoke earlier to the bnc. what difference with this really make? tom: fantastic question. hopefully, it shows. i get it for front end traders. from a macroeconomic perspective, the difference between 75 and 50 at this meeting, i don't think it is nearly as consequential as just, where is the fed going to end?

terminal is a more compelling conversation than the 50 versus 75 debate. what i would say is that, to me, when we think about that, right now, our view is 75 is where you get up to. could you get pushed to four? yeah, that is the easy case to make. but i think what we need to focus on more is where is terminal rather than, what are they doing in september? jon: as we look at the s&p 500 hanging around intraday lows right now, going back to friday and the idea of higher rates and rates staying higher for longer is something to market has been trying to get its head around. people have looked at the messaging from jay powell. you talked about what he has to say which does not necessarily mean we will ultimately have that happen. but there is the priority on

having to say things. can you elaborate? tom: yes. this allows me to elaborate on my previous answer. if you were to take jay powell at face value, it would seem that he wants to chase inflation lower. he wants to chase inflation to 2%. if you took that at face value. if that were the case, the terminal conversation becomes really interesting. the fed will not end up at 3.5%. while i think core inflation will slow down next year it could surprise people how much it slows down. it is still going to take more time to materialize. the fed is aggressively chasing inflation lower, i.e., they keep going meeting after meeting after meeting. i do not think that is what is

going to happen and i think we have heard from a number of fed officials that are saying, we want to get funds into a modestly restrictive stance and that should be enough to help on the inflation front. i think that is going to end up happening. but the messaging is going to be interesting. again, particularly as it relates to this notion of what does the fed want to see? after george, i think she did -- esther george, i think she did a great job saying she wants inflation moving the right direction and we will feel comfortable from a funds perspective. you have not really heard that from powell. i do not expect that you will in the coming meeting. i think that is a conversation you really need to drive home. kriti: tom porcelli, chief u.s. economist of rbc capital, thank you. it is the time factor that has the market having jitters.

the s&p 500 down 5/10 of 1%. coming up, two of wall streets biggest banks say it is time to come back to the office. this is bloomberg. ♪

kriti: this is "bloomberg markets." i am kriti gupta a luncheon erlichman. -- i am kriti gupta along jon erlichman. sonali basak joins us now. sonlai: the communication was around covert requirements and

that is lifting many of them. if you are in new york, there is still a vaccine mandate for most employees. but many restrictions of testing once a week or more, that will be lifted. also restrictions when it comes to isolations if you are a symptomatic. the banks had also previously given tests to employees that will now start to wane into the end of the year. jon: a lot to continue watching on the wall street story. sonali basak joining us. and on the wave of banks returning to work, the fda has cleared the use of covid-19 boosters to take on omicron variants. for more perspective let's bring in rupali limaye from johns hopkins university bloomberg

school of public health. what is the big picture in terms of the fall surge that might play out the next few months? what are you hearing and seeing right now? dr. limaye: thank you for having me. first off, we are still dealing with a pandemic although many americans have moved on. we are seeing between 450, 500 deaths per day. it is important to make sure as the government comes out with these new boosters, hopefully promoting these, that we are getting those at highest risk for those immunocompromised, have other immune issues or older in age. but that we get the vaccine to re-up immunity. we are starting to see more of an increase. in terms of cases, we plateaued. however, with fall coming and colder weather, we are going to see an uptick as we continue to march toward the end of the year. kriti: what is interesting to me about this booster story -- we

now have the approval for the omicron booster -- is adoption. there is massive resistance to even get the first booster. how do we ensure the american population is getting the boosters they need? dr. limaye: it is a really great question. the biggest challenge we have is we have a huge portion of the population that have not gotten the first set of boosters. i think the messaging has been mixed. the government says, you have to move on. the question we are getting from many is, why do i need a vaccine if the government is telling me the pandemic is over? the key thing is how do we persuade people it is ok to continue to be protected? we are still seeing higher rates of mortality related to covid. the other piece not mention is this idea of long covid and the effects that are going to happen that we will see for years to come. i think the key will be speaking with loved ones, make sure they are talking to a trusted source

that is using evidence to talk about the vaccine, and focusing on the idea that people are still at risk. jon: against that backdrop, just to build on kriti's question, what can we say about the data we know about with the boosters right now? the efficacy and what more would you like to see in terms of knowing about that affect or efficacy tied to the boosters? dr. limaye: they are newer vaccines so we will not have a lot of data in terms of protection in real life yet. that is the problem. however, as we continue to have folks take them -- i believe they rollout next week -- we will gather more data with how they are holding up. the key thing to remember with regards to the vaccine is the reason we want to promote and recommend any type of vaccine, particularly in the context of covid, is it reduces your risk of severe covid. it is not necessarily going to prevent infection and that has

been a challenge to convey to the american public. but allow people to let them know the reason you get this is we do not want you to get severe covid. as we see more data as to how efficacy plays out in a real-world setting and looking at vaccine effectiveness. the other piece related to this is it is recommended for those 12 and up. many that have folks under the age of 12, is there going to be a booster for their children? that is tbd. it depends on how the rollout goes and the messaging that we can get people to actually get the booster. kriti: very quickly, i am curious about the development time it takes. omicron has largely gone through the population. it was known for how quickly it spread. what is the point of developing boosters, if by the time it comes out, the virus has already spread? dr. limaye: great question. however, we still have people at risk for severe covid and that

is the reason we want to promote this. we think about age as a key factor and try to get that portion of the population vaccinated. although people do have natural immunity, i.e., they have been exposed to the virus, but that wanes over time. immunity through vaccine will stay with you. we want to promote this amongst those at risk for severe covid. jon: thank you very much. helpful context. rupali limaye joining us, bloomberg school of public health deputy director. appreciate your time. the school supported by michael r. bloomberg, founder of bloomberg lp and bloomberg philanthropies. coming up, is crypto back? ftx will weigh in. this is bloomberg. ♪

jon: this is "bloomberg markets

." i am jon erlichman alongside kriti gupta. time for what it's worth. the price of bitcoin is what we are watching. currently stands just under $20,000 a coin. if you think about where we were at the start of this month, closer to $24,000 and $50,000 at the start of the year. obviously, this is something we continue to watch. the outlook for the crypto market, someone who think a lot about this is the head of ftx, sam bankman-fried. he has more to say about the decline. sam: i think it is coming back. a lot of this is going to have to -- if we see markets crash again, we will see crypto crash along with it. we are going to see crypto recovery along with market recovery. but it is flushed out a lot of the things that needed to be flushed out anyway. kriti: to hear more from sam bankman-fried watch the david rubenstein show "peer-to-peer

conversations" on bloomberg television. it is interesting to talk about this at a time when it was not the inflation hedge a promised to be. jon: and you think about how sam bankman-fried has been positioned as the jp morgan of crypto. literally, jp morgan in the sense people are drawing parallels to previous periods of uncertainty and his willingness to jump in and provide capital support for an industry that is very young. some of those early investments has been challenged because the industry is dealing with challenges. kriti: still very young but one in which the volatility is declining. that is going to be good news for anyone looking at bitcoin as a macro asset. speaking of, let's take a quick market check. the s&p 500 bouncing off session lows, down 4/10 of 1%. the nasdaq down 3/10 of 1%. we are seeing a risk off move

ahead of payrolls. for jon erlichman, i am kriti gupta. this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile,

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mark: keeping you up-to-date with the news from around the world here is first word news. i am mark crumpton. prosecutors are likely to wait until after the midterm election to announce any charges against donald trump. bloomberg learned the prospect of bringing charges against a former u.s. president is creating intense scrutiny of the justice department in the aftermath of the surge of mr. trump's mar-a-lago homecare there is a separate as investigation on his involvement in the 2020 election. europe faces the risk of blackouts and severe recession. starting today, there will be a halt in gas through the nordstrom pipeline. it is a key source of energy for the european union. there is concern