kriti: more than halfway through the trading day, let's dive in, bloomberg markets starts right now. ♪ kriti: let's get it quick check on the price action because we are seeing green on the screen and we saw some fed news yesterday. if he tried to be hawkish, he did not succeed because the market is interpreting this as a dovish pivot.

the bond market is not far behind in the highlight is the tech story. meta-sending a massive bar higher for all tech earnings we will get after the closing bell and the nasdaq is higher by about 3% and even the bond market ahead of that dovish pivot and you have to take a look at the crude market because brent crude is trading with an 83 handle, easing off the $100 oil. it's not just about the stock market, it's about the currency market as well and has everything to do with the bloomberg dollar index with some strength there. to me, you have the ecb and the bop e hiking 50 basis points and talking about a much more hawkish stance than chairman powell said yesterday and we will dive into all that but let's start with the equity picture. two major movers are eli lilly and merck. they are underperforming the

market in a big way. jess: when you are looking at what's happening with these health care stops, if you look at you like lily shares, shares are down more than 6%. this is something we have seen when it comes to earnings season. the earnings crest estimates on eli lilly but the problem is with their diabetes drug. sales came in low what wall street was expecting but when it comes to years sales, wall street still thinks potentially the fda approval it gets for that drug could potentially boost them a higher. when you look at eli lily, this is similar we have seen in health care. that sector is more defensive in nature and underperforming a broader market in that group in the s&p 500 is down about 3%. we were thinking about communication services and both are up more than 20%. kriti: it's fascinating to see

health care lack this market at a time when it el chapo the covid boom, it got all of the attention to now not getting as much. i want your expertise on the stock market broadly. the green on the screen, is it sustainable? jess: that's the million-dollar question. was that as simple as a dish is a mean reversion play? my sources are adding more exposure to cyclical second there's whether it's energy or materials but some of them are getting more into technology and particularly comes down to chipmakers when you think about the philadelphia semiconductor index last year which was down more than 35%, its worst decline since 2008. we heard from barclays saying they thought the potential low was already in. whether yuan the small or large cap side, they are adding more exposure because they think of

your debts looking more broadly, it looks attractive to them. kriti: how much of the story is getting the green light from jerome powell himself. i was shocked that he didn't attack the loosening financial conditions more when everyone was expecting that hawkish pivot. he had the exact opposite effect. jess: when i was speaking with traders yesterday afternoon, they wanted to go in and by technology especially when you are looking more at what's happening on a technical level. the nasdaq 100 is getting closer to able market, up 20% from its lows in the s&p 500 also getting toward that. it's almost as rollover where they don't want to miss out on this rally but they think intentionally there could be some sort of soft landing scenario with lots of economic data to get through. the traders i'm speaking with don't want to miss out on that.

kriti: everything from health care to the fed to the stock market reversal, we thank you as always. let's get more insight on the broader markets with the port folio manager at the tose corporation. you were on radio with me a couple of weeks ago? i was shocked by the fact that you been able to time this market in 2008 and 2020 so how are you timing the market this time around? is this sustainable? >> in the past, people -- i have been referred to as it doom and gloom are. our assets are fully allocated and we are in a bullish posture across our platforms because sometimes markets can be inexplicable. if we think the market will go down which we do come it doesn't matter, you can have these trends that could last a long time. we know there is trillions of

dollars on the sidelines. if this becomes a short term demand supply game, it will drive markets higher. kriti: talk to us about the federal reserve, do believe the story that they will still tackle inflation or is the market where it to be? >> when i was on with you, i used the term called our favorite imaginary friend the fed pivot and i think it's still imaginary. it's hard to believe based on the numbers we are seeing in unemployment last couple of days that everything else going on that we will get to somewhere around 4.5% unemployment in order to lower rates 50 basis points. what this looks like is a little bit of circular reasoning. when you put in that formula and it refers to itself and doesn't work, if the markets move higher significantly and we see labor continue to them roof in terms

of the number of jobs available and open, i think that almost pushes inflation higher. you got this situation playing out in the markets that will potentially keep inflation higher. kriti: to be clear, you don't buy the idea there is a cut in the next six months? >> everything can change but not as of this moment. kriti: the market has been pricing in a recession at the end of 2022. if you are looking at that time frame, shouldn't the cuts come in the fall of 2023? >> potentially, but takes a long time for these things to play out. we are seeing a lot of signs that say we might be headed toward a recession but we are also worried about pricing and prices. they are concerned about that and i think prices will be sticky. 40% of inflation is the housing index. 10% is energy and that can rally

higher especially from what we see in ukraine and then you got this labor issue where people who are negotiating for salaries are negotiating based on last year's inflation. i think that will be stickier than people think. kriti: you also have a hedged strategy fund. the winning trade was you buy a basket of commodities and you hold onto them. are we looking at $100 oil again? >> we don't know. we are trend followers so we watch where trends start to move. i think it's a risk in the market with china reopening and if the economy starts to not fall as much as people think, i think that could push energy higher. commodities are a hard call to make. they were last year for a while so what we can say is come into things like the in the stock market but hedge strategies with things that could potentially

de-correlate from the market of it starts moving lower. at the moment, things like high-yield bonds are good. we have a big position there with yield about 7.5%. kriti: do you feel credit spreads have tightened too fast? that's been the criticism that the bond market is done. >> potentially but i think high-yield bonds have further to fall. i don't think it will happen right now. i don't know if it will happen over the next weeks were months. i think bonds are at risk as well we could see bonds turn lower and clearly if the fed doesn't lower 50 basis points, it's all priced and so we think bonds may have a rough go at some point this year. what are we looking at with the 10 year yield if you say the fed cuts are not on the docket this year? >> our guest would be we are headed back toward 4% this year. when we make calls like that, we

are talking from our chair as everyone else is. i just don't see the evidence that prices will come in and inflation will be tamed as quickly as other people do. i wrote the paper last year that looked of the history of inflation in the united states in three episodes when we had high inflation, on average, it lasted between four and nine years, not 12 months. the history of inflation is it is stickier, not that it goes away after 12-14 months. kriti: which means the fed needs to be more hawkish than it was yesterday. >> i think so. you couldn't believe that jay powell was more dovish and pushing the markets higher, that's ultimately the reality people need to accept is that in a way, he needs to keep markets down in order to fight inflation something he will have a hard time doing. kriti: it's a pleasure to have you on the show and thank you as

always. time for bloomberg's first word news. john: russia's offense of his and testify that is intensifying. the president of ukraine said there is a new phase of the conflict that has started area top officials spoke about the situation on the front lines and russia's possible next steps. president biden 's top economic adviser will step down later this month he helped craft the sweeping economic legislation the president signed his first two years in office including the $1.9 trillion pandemic relief in the trillion dollar tax and climate legislation. president biden has not lined up a successor yet. former house speaker nancy pelosi is made an endorsement in the california senate race. she says she will back adam schiff of current senator dianne feinstein decides not to run. she said adam schiff knows the difference bring a strong

democracy and a strong economy and feinstein is not an ouster when yet and it 89, she is the senate's longest-serving democrat. india's prime minister and biden are discussing a state visit to washington. emmanuel macron is the only one who has visited the u.s. and they want to share computing technology. 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. this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible.

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>> is all about the debt. associates are overly in debt.

you usually concentrate on smaller companies. kriti: this is bloomberg markets. you are listening to mark mobius on the deepening crisis over at gotham adani's empire. adani has scrapped the 2.4 billion dollars equity offering as their bonds fell to record lows. on top of that, they have $34 million of coupon humans do this week. let's bring in ed ludlow. this story is really accelerated and snowballed in the last week. what are the next steps when it comes to the investor point of view? ed: the scratched fpo is the big headline and that came late wednesday. those that had pledged to participate in the fpo had started to be repaid and you are

right to go to the bond story. the dollar bonds was one of the instruments that they used initially. they are at the stress levels and they have this payment coming up and there is no suggestion there would not be able to meet those payments but in the last hour, a part of the plan from adani is to prepay some margin loans where the stock was held by thanks therefore the banks released that stock and is less concerned about going forward with a margin call. it's a dynamic situation. kriti: let's broaden this out because adani has vocally spoken against hindenburg research. he said this is an attack on india. it's created a lot of pain for the indian stock market. how deep to the losses go?

ed: the losses for the entire group have extended beyond 100 billion dollars. his personal wealth was also hit and adani himself is being close to endear her modani. it's the role the qadani group plays in themodi admission -- administration. it is heavily involved in infrastructure projects and it runs many airports. what you see in india's they rejected a formal debate in india's parliament and the opposition parties outrage because they want to look at this at the highest levels of government and from india's regulatory bodies and agencies. kriti: it's something to keep in mind as we talk about what fixes this and you have worked in covered hindenburg research as

well for our international audience. give a quick context of white hindenburg is such a key player here. ed: it's a david and goliath story. they are a research group and use their own funds. this is there biggest short and they are a short seller in the game from a drop in value. but they have kind of gone up a level in terms of what they done. they are secretive and not that well known in financial circles. what's not clear is what are they trying to achieve here? are they satisfied with the fpo being scratched? there are questions about why they did this and what happens next on their part. kriti: something we will keep an eye on. he also lost $60 billion of his personal wealth. thank you as always. still ahead, bridgewater continues to shakeup its leadership and we hear him as most recently named co-cio.

stick with us, this is bloomberg. ♪

kriti: this is bloomberg markets. bridgewater is named a new coach even investment officer and she becomes the first female to hold the cio role at the world's biggest hedge fund. she spoke about the new role. >> the markets have priced perfection in a way that would be hard to deliver and priced inflation measure we come down and we avoid a serious recession, we move on as if there hasn't been a significant shift in the environment. in our view, there's been a pretty significant paradigm shift that we had for the last 40 years to where we are going this year and next and the decade ahead.

we are not very likely to have inflation come down magically back to where it was for so many years while avoiding any kind of tough economic outcome. we are setting up and looking at what it's like to shift environments in such a significant way and when you look at the 70's, it is a period where the environment shifts and there is a break from before and after in the market doesn't do just that in one day. we are living with ups and downs. there is some number of months where investors start thinking things are different and then a relief rally where people think they can go back to where things were. for about a decade, the market under estimates what's needed for interest rates as we move into a new paradigm in that similar to what we are looking for now. kriti: a major story and joining us now is sonali: basak who

conducted that interview. how big is this leadership change? >> sonali: it is large because this is another cio at the world's largest hedge fund when markets are complicated. ray dalio was a co-ceo at the firm -- a co-cio when he stepped down and a new generation of leadership is shifting bridgewater into a new era. how different will bridgewater be? she has been there since 2006 and started her career there after college. she was approved by greg jensen and she said this is years in the making. in 2008, she worked closely with greg and ray and still in her 20's, navigating the financial crisis, the comment you heard earlier sets up how she is starting his new role, the idea about where we are living in an

era that is something like the 1970's and where she thinks investors have it right and where they have it wrong. they have strong views about the interest rates and i asked her if it's naive to think that fed would be tilting dovish and she said in the near term they could but it's very short-lived. let's see how bridgewater can navigate in this environment. kriti: we are getting into a really tricky situation where there aren't clear parallels historically and that's something that karen had referenced when i comes to the inflationary story. where does bridgewater stand right now relative to its peers? sonali: bridgewater, 120 $5 billion in assets. when you come off of last year, they're clever and fund had risen about 9.5%. into the year, they were in the double digit percentages and

increases. at the end of the year, they had mooted -- muted that and you sit it out which becomes the highest grossing hedge fund of all time. there is a lot of question about which strategy moving into the second half works well as a hedge fund is classically defined. what does it do in this kind of market? do you need to be trading stocks and bonds at these rates and is macro the only game in town? it sets up for an interesting year as you look at this new generation of leadership leading the hedge fund firm. citadels biggest fund was up last year so there is a lot of competition in the hedge fund world. a new generation at bridgewater is seeing them through it. kriti: this is not your only major interview today. you are also coming up the heels of interviewing brett harrison, the former executive at ftx and formerly of citadel securities. what did we learn there?

sonali: he was one of the top deputies in the ftx empire in the u.s.. he says it was pretty walled off. he says there are a lot of ways he felt misled and there is a lot of information he did not yet and he was specific in the relationship with sam bankman-fried who he worked with for 10 years. 10 years ago he worked with them. the relationship seriously deteriorated toward the end. take a listen to what he had to say. >> it's so clear that there were deliberate steps taken to mislead investors and mislead internal employees like myself to hide what was happening from the general public and that has been the most shocking part of all this month that this was not something we could ever have really known given the steps that were taken to hide this from everyone. sonali: i kept asking him if he should have known and there are

lessons he said he is taking from ftx as he starts a new venture which is backed by coinbase. kriti: stick with us, more markets ahead. this is bloomberg. ♪ these days, our households depend on the internet more and more.

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john" this is: first word news. ukraine peers a new russian offense of is underway. russia assembling hundreds of thousands of troops in ukraine and it has stepped up its artillery attacks and a time when ukrainian forces are waiting to receive tanks and other weapon systems from the u.s. and other european allies. antony blinken is expected to make with the chinese president in beijing next week. it would make in the first u.s. secretary of state to meet with the chinese leader in nearly six years and it makes in the first of resident biden's cabinet visit china. it's another step toward stabilizing turbulent u.s.-china relations.

house speaker kevin mccarthy called it a good first meeting after his one with president biden on the debt limit. the president responded at the national prayer breakfast. >> we started by treating each other with respect and that's what kevin and i will do. we had a good meeting yesterday. i think we have to do across the board. john: the president has resisted tying spending talks to the debt ceiling but the republicans want price cuts. there is an ice storm in texas that has triggered deadly accidents. the latest cold snap is a couple of years after a major grid failure. texas governor greg abbott sis of plenty electricity in the grit and blank outages on falling trees. 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. this is bloomberg.

♪ jon: welcome to bloomberg markets. kriti: let's look at the price action. chairman powell was supposed to be skeptical and we were exit -- expecting a hawkish pivot and then we dovish one. the s&p 500 is higher by 1.5% but the nasdaq outperformed in a big way, three point 3% higher. we will have the earnings picture after the bell on the big tech stocks. 338 on the 10 year yield better -- but big is big. brent crude is trading with an 80 to handle but we've got to take a moment to talk about the

currency picture across the atlantic. a lot of the green on the screen is coming from weakness on the euro and the pound on the day the doe and ecb height 50 basis points and we will dive into -- height 50 basis points. i'm excited for the conversation but let's talk about the equity picture. jon: absolutely, you were talking about the tech outperformance. let's check the meta-story. it's up 27.5% and it could be the best day in a decade. we will watch as we also watch other big earnings after the bell. industrials is an earning this is an interesting trade with outperformance from general electric and underperformance from 3m and honeywell is in the middle. harley davidson is a standout earnings story which speaks to the pricing our strategy they got. they are going with premium

pricing which paid off during the quarter and the drug space, eli lilly shares are off about 5.5%. this has to do with some disappointed sales tied to a key diabetes drug. kriti: that's a lot to watch in the health care sector that was looming in 2020 but lagging this year. the ecb and boe both height rates by 50 points and if the housing market that's adding into hot water. mckeown >> historically for the u.k., most mortgages have been at variable interest rates. the houses very quickly felt the effects of higher interest rates and there's been a real housing slump that has changed the in the u.k. do we shifted toward two-year fixes but that's not as long as the situation in the u.s. were mortgages tend to be on longer fixes.

the bank has the housing market on its mind and house prices are already falling here so it will be aware of how the policy is affecting people's interest rate costs. kriti: joining us now with more context is guy johnson. the ecb hiking into some strength in the boe hiking into weakness of what is the message from europe right now? guy: with the ecb, we have had the italian 10 year down by 40 basis points where the ecb has hiked by 50 basis points and signaled they will probably deliver another 50 in march. the market has gone to the other side and has taken the bonds heart -- down hard today. i wonder whether we will see the

ecb pushing back over the next 24 hours. i spoke to the former head of the ecb and he thinks bonds won't be happy and banks will push back. jon: looking at these equity markets as we speak, the nasdaq 100 gaining about 20% from its december low. it's heading for a bull market and when i look at the european markets, they seem to be within striking distance of a technical bull market. guy: it's been an incredible run since the beginning of the year. there is an expectation that the european outperformance could continue. there's been a decade when the u.s. market has been preeminent. is that about to come to an end? europe historically has always been cheaper than the united states. maybe we see that delta closing back up again with the spread tightening up and maybe that is something that could push

european equity markets forward. the risk is that the ecb does too much of central banks tighten too much and crash the european economy. it's hard to gauge exactly how far we will go. the market is signaling that may be the ecb will come to an end on the rate hikes but that was not the message from christine lagarde. kriti: the nasdaq 100 is gaining 20% from its december low and it's headed up and you can see that in the power of the tech names. back to the european story, from an investment point of view and now the ecb is the most hawkish central bank in the world now, given the federal reserve is now slowing down. are they the ones leading the trade in the currency market? guy: the ecb is playing catch-up. we need to bear that in mind.

the bank of england out early in the fed out early as well in the ecb playing catch-up so there is a slight duration mismatch in terms of what we are seeing but it will be interesting to see what happens. historically, when the ecb has more hawkish than the fed, it has not ended particularly well for the european economy. they have made policy mistakes in the past so maybe that's what the market is signaling to day that they are in danger of making another one. jon: great stuff as always, guy johnson joining us on this central bank thursday. let's get more perspective from mark mccormick, global head of fx strategy and when we look at the currency market and you think about the euro in this environment, what's top of mind for you? >> in terms of the play-by-play, today's meeting was about positioning. they generally disappointed and christine lagarde played the

more balanced context. maybe things are moving to the sidelines or more data dependent but we disagree with that. we think they will be way more hawkish than market expectations. if we look at our positioning model, it's extremely long euro an extremely low on bonds and there's a slight disappointment with what the market wanted versus what it got and as a result, we are seeing some paring back of positions especially over the last 24 hours. kriti: what strikes me when it comes to the currency market is that we went into this year a lot of strength when it came to the euro and the pound and the ideas maybe it's europe's time to shine and move away from the dollar. even given the macro economic back drop, should the ecb still be bullish on those currencies? >> a lot of it has to do with

expectations, markets are forward-looking so the market has been anticipating a hawkish ecb for a couple of weeks. one way to calibrate the expectations is data surprises. european data surprises are among the strongest in the world. we run through growth momentum and the indicator has gotten bullish on the euro and the most important thing that is stitching this together is the terms of trade shock is moved from a dramatic doom and gloom for europe which is now a positive catalyst allowing european equities and other assets to outperform u.s. assets and the u.s. dollar. our view is we are more hawkish on the ecb relative to the fed over the next two quarters and i think euro will rally as a result of that. euro-dollar we have penciled in at $1.16 for q2. on a day-to-day basis, markets

were ahead of their skis and there is too much priced into quickly and the ecb was not concrete enough in terms of their hawkish delivery and the tone. that would see that trade persisting especially after nonfarm payrolls tomorrow. jon: we will be watching. let's get back to the u.s. dollar. in the context of depending what kind of economic scenario plays out and what could that mean for the greenback? >> the most important thing is the signal is not entirely coming to the fed, it's coming from the rest of the world. it's basically underpinned through a single global thing which is lower inflation. it's clear that markets are trading the rate of change of inflation. inflation surprises and expectations in all of it is moving lower. the dollar was a very good hedge for stagflation risks.

when you look at the underperforms of risk parity over laughter, that correlates well with the significant outperformance of the u.s. dollar. what matters moving forward is china reflecting and growing out of the trade shock of leisure and the ecb is out hawking the fed and the dollar is significantly overvalued on our on return models. we are still bringing some themes from last year and inflation still matters in terms of picking the right currencies. growth matters in equity flows matter and valuations matter and the trade cycle matters. we are seeing some things that were not great this year should be major outperformer's this year so in terms of the dollar, you should be focusing on china and how quickly they reopened and when their economy accelerates and be watching european data and be watching the fed narrative. we are looking for another hike from the fed. where this thing can start to turn his we can see weak dollar

and then inflation gets sticky again in two or a worry about the level of inflation. then maybe we can see the market pricing out the fed cuts for next year which could help the dollar come back stabilize. kriti: you see the dollar fall a little bit so where does that leave the pound. we were talking about potential parity on the cable rate and now we are looking at $1.22 and there is a cost-of-living crisis that might last year's in the u.k. where is the pound go? >> we kind of think about it and you want to think of tears. in europe and european currencies are relative to the dollar see you want to buy european dips. if we get a low of one dollar eight cents, that's a great opportunity. for the pound, it's in the third tier with the euro, the swiss and we've got sterling.

those three currencies have variable-rate mortgages. one of my favorite charts and the u.k. looks at the variable-rate mortgage relative to real incomes. they are diverging. a big part of it is the u.k. economy is not going to benefit from china reflation as much as the euro. you had the bank of england on the verge of moving to the sidelines. maybe will get one more 25 basis points rate hike you don't see as much shift into u.k. based equities. it's not the key reserve currency that the euro is. and that context, the pound will rally if the dollar broadly weakens but it will underperform other currencies that are more attractive. kriti: we will keep an eye on that. thank you for being with us. stick with us, more markets ahead. this is bloomberg. ♪

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kriti: this is bloomberg markets. big tech are rallying today in a big way ahead of the earnings releases after the bell. today was a norm is for meta-. they had the biggest opening day going all the way back to july, 2013 with tailwinds for alphabet and apple and amazon reporting after the bell. let's dive into what we can expect. thank you as always for joining us. how high of a bar did meta-set for alphabet and amazon? >> they set a huge bar. the magnitude of this move is

incredible and i think the larger set up is that everyone was underweight tech. we were called the new natural gas last year. we had a huge pullback in tech and multiples extended to the other side. while fundamental still have yet to bottom, we think valuation is becoming extremely favorable. we look at meta-treated to a low teen multiple and now it's in the 20's and could get above $200 per share. the set up has created a massive bar for google and amazon. amazon still has that human labor component of this in their supply chains are weak overbuilt relative to where the demand is so we worry more about amazon's set up. google is extremely cheap and we wrote a note a week ago talking about how they are at 15th year

lows in the multiples but we say and embrace the oddness of google. it tends to outperform the market in odd years. it's a crazy trading rhythm and attends to outperform. [indiscernible] alphabet certainly has the track from an advertiser perspective in advertising budgets are in flux and the method numbers were not that great. the bar that meta-had to clear through was so much lower. we set ourselves up for maybe a tripwire tonight after the close on both these names given how high the bar has been set. jon: it has been a wild week, particular for those in the digital ad sector and you think about the initial market wrote -- reaction to snap and then meta-today and then we set up

for alphabet in terms of the levers the company can pull, the crowdpleasing shareholder friendly kinds of messaging we could get out of alphabet, what will you be watching for there? >> alphabet has been phenomenal on the buyback. many of these companies cannot buy big companies because of the regulatory environment. a fitness app was blocked from meta-by the u.s. government. when you think about the regulatory environment, the only use of cash they have is to buy their own stocks. the durability of the ad business, we saw snap go down the drain and we saw meta-go the other way so is -- so there is a diversions where dollars are being spent.

meta-and alphabet and amazon and to a lesser extent twitter and snap. you are seeing a consolidation of the budget that stored the more powerful platforms. those are areas in the worry everyone has with alphabet is the regulatory overhang which is always been the stock. i think the stock is very cheap and they are doing the right things. i think we cannot live without google when you think about business meetings or if you're traveling and trying to find information about a local coffee shop in your neighborhood. i still think this is the most required service for all of us to organize our life. there's been a lot of talk about what they are doing. amazon, i can find deodorant or shampoo somewhere else. i talk about the durability of the google franchise area jon:

great perspective as always, thank you so much a preview of the amazon and alphabet story. a lot is on deck tonight but coming up, we seen a solid year for commodity traders with goldman sachs, your were profit for the firm was under pressure we will talk how specifically that part of the business did next. this is bloomberg. ♪

jon: this is bloomberg markets. time for today's for what it's worth. $3 billion is how much revenue commodity traders at goldman sachs generated last year according to our sources. russia's invasion of ukraine was one of the geopolitical factors that fueled activity and energy, metals and agriculture in 2022 and that big number is a reminder that goldman sachs has

been a heavy weight commodities trading. kriti: they are leading the call in commodities. jeff curry the head of commodities research is very vocal about that. how far away are we from jeff curry's prediction coming true when we look at rent crude and 83 handle and nymex at 76 and $100 oil not that far away? jon: it feels like these continued swings might make it another profitable year for goldman. even if they look at big tech as we roll into the close on this thursday. kriti: it all comes down to a question of participation. the issue last year was people didn't want to participate and deal with the volatility, something that the trading rooms and wall street and goldman benefited from. let's see if they attract new investors in 2023. it's all about the tech story today with alphabet and amazon and apple read after the bell

and driving the gains in this market. more markets coverage ahead, stick with us. this is bloomberg. ♪

taylor: we are kicking you off to the cause. we have two hours left. the day after the event, usually there is a reassessment of things, but today it is off to the races. katie: same thing we saw yesterday, big, broad rally. it looks like we have tech leading the way scarlet: we have tech leading the way and the nasdaq 100 entering able market. a bunch of names reporting earnings afr