matt: welcome to bloomberg markets, i'm matt miller. a lot for investors to think about this wednesday, from the debt ceiling to credit conditions. what's get a check on the markets. after politicians in washington look to make a first step yesterday toward negotiating a debt ceiling deal, investors are willing to trade. 1% up on the s&p, 41.51 -- 4151. we are breaking out of where we have been stuck. the yield is rising on the 10

year. investors are comfortable enough to sell off they perceived safety of government debt. the bloomberg dollar index rising about .2%, 1230 two. that has typically seen a selloff when we have seen gains. investors have been selling the rally at we will see if that holds true. oil is holding around the $72 level. poster to 73 now, up 2.09 to 72.95. this is where it lives, in the low 70's. we will see if that can change either to the upside because of relief on the debt ceiling or downside because of a concern about a recession. stocks a rally, optimism for the debt ceiling negotiations. kevin mccarthy expressed confidence in the talks. >> i'm optimistic of america because of the people stand behind me. i'm optimistic that people can work together.

we have obstacles? yes. but we are going to change the course of american history and save the emerging public. matt: michelle girard is headed of markets for the u.s. for natwest. it looks like the white house finally threw in the towel and agreed to negotiate a debt ceiling deal. does this allay your concerns that you will have a small technical default tracker -- default? >> makes us feel more comfortable though it is not over till it's over. we have all along felt we would get resolution in the end but there would be noise between now and then. today's news is encouraging. how will you can see -- -- you can see the markets reacting.

with the june 1 deadline fast approaching, we were getting down to the wire. i think that has begun to motivate people to get more serious. i'm hopeful this will be the beginning of the end of this uncertainty. i'm not sure we can say -- until it is signed and sealed, i am not sure we can ever say -- confidently say that we are not concerned there's still could not be bumps in the road. matt: we can move it, if not to the back or, at least we can take our eyes off it is our only focus in markets. i know you have been processing the retail sales data we had yesterday. we got a disappointing forecast from home depot. today, another conservative forecast. cautious. from target. what do you think about the u.s. consumer and the chances of a

recession? michelle: we have had a recession and our forecast for sometime. we had one and have been surprised by the resilience of the economy and had to back off. we do believe the economy is losing momentum. we think the credit conditions are getting tighter and will continue to do so. that will weigh on the economy as we move through the second half of the year. we've got expectations for only a little over half a percent growth in the second quarter, followed by outright declines in gdp in the third and first -- fourth quarters. the deterioration, we are starting to see some weakness being noted by these companies, consistent with an economy we think is moot -- losing momentum. matt: what do you think the federal reserve does in response? what is your view at natwest markets about the possibility of cuts coming, even as soon as

this year? jp morgan asset management says the third quarter could be when they start. michelle: we did not even necessarily expect them to raise in may. going into the meeting, it was obvious they were going to. but we need them to hike in may -- but the need for them to hike in may we did not think was necessary. i guess you can't rule out another hike in june. but that is not what we think the fed should be doing. we have brought forward our expectations for rate cuts from 2024 into the fourth quarter of the year. it is because of this combination of the recession forecast i've talked about and the expectation that the inflation numbers will continue to move lower and more dramatically as we get into the fall. that combination of inflation getting down toward the 3% mark, even lower if you look at the

housing the fed is focused on. that combination of inflation coming off, along with outright recession, we think will prompt the fed to feel policy does not need to be as restrictive as it is for today. matt: what are you doing with your money a? if you need to rebalance portfolios, how do they look? michelle: it is always about taking a longer-term perspective. there have been opportunities and there will continue to be. the federal reserve has taken action to slow the economy down. that may be unnerving for those in the near term. but slowing the economy down is what is needed to bring inflation back into check and it will set the economy up over the longer-term for better performance. if we get into a situation where we have a mild recession as we expect, and the fed is beginning

to lower interest rates, that will be obviously positive for risk assets. matt: thank you, michelle girard of natwest markets talking about the moves today and the preparation for moves the market expects this year. now first word news, with john hyland. john: there ukrainian agreement to allow imports from the black sea will extend for two months. it could keep open a major trade route in the midst of the war in ukraine. in northern italy, eight people dead and 5000 have fled their homes due to what officials are causing -- calling catastrophic and unprecedented flooding. some of the worst areas got about half the rain they typically get in a year in 24 hours. the storm had already saturated the area two weeks ago, eroding riverbanks. a key member of form press --

former president trump legal team -- he was one of five representing him in connection with the probes and the handling into classified information and handling the results. prince harry and meghan were pursued in their car by photographers last month. the chase resulted in multiple near collisions involving drivers, pedestrians and nypd officers. police confirm harry and meghan were chased and say there were no injuries, collisions or arrests. mayor eric adams says he has not received a full briefing but called it reckless and irresponsible. global news on air and on bloomberg originals, powered by journalists and 127 countries. this is bloomberg.

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matt: this is bloomberg markets. i am matt miller. the u.k. government is lobbying the eu to delay brexit related local manufacturing requirements and bentley says they are able to trade with europe, but it is costing millions to do so. we spoke with the ceo of bentley, adrian hallmark. >> it is a complete meal recognize. we've got a free-trade agreement with europe post-brexit which involve the automotive industry. so we have the same ability to trade with europe as before but it is complicated and costs more money. millions, not tens of millions per year.

there is devil in the details. starting from next year and even worse in 2027, there is a rules of origin clause which sews a certain percentage of components going into the vehicle has to be sourced in europe to avoid future tariffs. at the moment, the amount of supply based in the u.k. and batteries means it is unlikely to hit that threshold. volume cars going to europe would have to pay the duty and taxes which makes them uncompetitive. that is what they have said publicly. i don't know what is behind the scenes. but it is fair to say the u.k. is a hind the u.s. and the european markets, specifically china, in incentivizing and creating the investment conditions for rapid adoption of green mobility. matt: if everyone has these rules of origin clauses, does that make it difficult for you to do business globally or does

being part of the volkswagen group solve that problem? we have them in the u.s. and they have them in europe. if you have them in the u.k. in china, you have to make your data raise in each region. >> is complicated. the battery is such a big cost component. five to six times the cost of an engine and the engines were not cheap. matt: especially yours. >> i would not comment. they are good as well. the content is significant. it is hard to compensate. there are practical solutions, like taking the battery out of the equation. all of these mechanisms are being discussed. because they are not agreed and we invest billions over a seven-year cycle, we will spend $3.5 billion over the next five years. a small company selling 15,000 cars a year. you can imagine a group like this or volkswagen looking for this. it is difficult if you don't

know the future value of the investment. that is the call to action they are making in the u.k.. guy: it's about making sure the ecosystem is there, not just battery production but the whole ecosystem. what's talk about decisions you have got to make when it comes to your vehicles and the tv transition you are going to go through. what kind of technology, battery technology, are you going to use? is it going to be the wider technology volkswagen uses? the more specialized technology porsche uses? what decision are you going to make and win are we going to find out about it? -- when are we going to find out? >> if you look at bentley's, we don't make small cars traditionally and we don't plan to change the formula for bentleys. we're going to make them as aspirational to look at, drive, experience and own as they are today, even higher. but we are looking for the equivalent of the 12 cylinder

engine of batteries, higher power density to generate enough energy to carry a big car, four people, long distances. equivalent to the bentley with driving range and needing to refill, with more power. that requires greater energy density and technology than the sale in the volkswagen group. we will be operating at the top end. just why only in 2026 will we launch our first. by then, that level of energy density and performance will be accessible, including faster charging times that you can see today. matt: that was adrian hallmark knitting me pumped about the 2026 battery electric vehicles. we'll talk with sir martin franklin coming up about why he is getting back into the game with a new spec like -- spac like investment vehicle. this is bloomberg.

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matt: this is bloomberg markets. i'm matt miller. time for the wall street beat. of the most prolific dealmakers out with a new acquisition vehicle, sir martin franklin of mariposa capital has raised another for hundred $50 million. he joins with ed hammond. >> great to have you back. it sounds like a spac, it looks a bit like a spac. is it a spac deco -- spac? >> it is not in the sense of the connotations you think in america. these vehicles over the past few years have received medical -- media interest. but the reality is we align with

investors, there is no free shares, no redemption rights and no shareholder vote. this is like a publicly listed private equity vehicle. that is a good way to think about it. we are serving the purpose of buying one entire company as opposed to being the conduit to somebody else's public listing. so in those ways, they are very different. where they are similar is we give ourselves a two-year life to conclude a transaction. but other than that, they have nothing in common. guy: -- ed: you have done several of these vehicles over a long period of time. we have seen the boom and collapse of spacs. why go back into this space now? you looked at doing something a while ago and pulled it because he felt it was too much negativity. but why now?

>> i have been a critic of the spac space over the past couple of years. i said it would end badly and it has. it has not run its course yet. with the incentives are perverse in those structures. while it was a bandwagon that people were jumping on, when i thought about raising a new vehicle to make a new foundational acquisition, a lot of people said why? you could raise billions. i had to keep repeating that i do not believe in the model. i waited until all of that died down. that was first. get all of the false narrative around these vehicles out of the way. second was to wait for timing when i thought there were going to be interesting acquisition opportunities. putting $100 million of our own family money into this business. i am looking for a good entry

point. as my father used to say, timing is not everything, it is the only thing. i felt the timing was right. you talked about the economy. i was listening on the show and the reality is we are at a time in the cycle where i may not catch the bottom, but i think we are going to have more opportunity -- acquisition opportunities than we have had in the last five or six years. matt: valuations are different depending on where you are looking. both geographically and in terms of the industry group, you have said you don't know exactly where or what you want to buy yet. can we assume because you raise the money in luncheon -- london that it is more like in the u.k. or europe? can we assume you are going to stick to the groups that you know and deal with regularly, consumer retail, food companies

as well as industrials or chemicals? >> the answer is we are free to invest wherever we think it will create the most value. the most likely place for us to make an acquisition would be in the united states. one theme we are interested in is the on shoring of manufacturing in the u.s.. we think that is a long-term tailwind for a public company so we will be focused. but nomad foods and element solutions are both global. nomad is the largest frozen food company in europe. api, our last acquisition with a vehicle, from one called j2, is the largest fire safety services company in the world. it is global but centered on the united states. we are agnostic. we are tending to hunt in north america where we think the most interesting opportunities will

be. ed:rockets or flying cars. as i think about the conversations you have to have someone doing this, when you go to companies and say we can take you to market, this is a good vehicle, how much harder has it got to convince that they managers and owners of these companies, in light of what did happen with the spac boom? martin: we have never competed with a spac so it has not been a factor. the pitch we make is don't take our word for it, call russ at api, call nomad foods. tell them to ask what their experience was. what we provide is a unique solution. we are able to take a company, by a business, provide the right amount of capital if you like to match a buyer with a seller. and do it without the same amounts of leverage that you see in private equity and with what

is effectively permanent capital. public companies are permanent capital when an individual shareholder wants to sell. they can sell their interest, but not the whole company. it is appealing, fairly unique. we are the only people who have this kind of structure in the market that are able to provide it. that is what gave us the opportunity to buy api the last time. everyone knows how the story,. it is close to $7 billion, the stock has made a return for shareholders. a great story all around. matt: back to timing. right now, markets may still seem rich depending where you look. you may want to wait until the third quarter or the fourth quarter for a recession to kick in before you put that money to use. what does the timing look like and how do you judge the economy?

martin: i'm looking for one opportunity. when i have found over time is those individual opportunities can happen at any time. there is always a unique set of circumstances, a seller who has managed through covid and supply chain issues, world politics and decides enough is enough, i don't think i really care whether i tick the moment there is a recessionary marker on the economy. i'm looking for that opportunity that can come at the right price. my macro view is not much do similar to what other people are saying. i am skeptical they will raise -- lower rates that quickly. they were late to raise them and rosen quickly and probably will be late to lower them too. i work in the been with of the economy to find opportunities.

i'm not trying to catch the bottom. ed: while we have you on the macro question, how concerned are you about the possibility of a default that looms large over every conversation? martin: to paraphrase churchill, i think they will find the right solution after exhausting all of the others. i know i am killing that quote. but i think eventually they will get there but it will be torture before they do. matt: fantastic talking with you. an interesting project. sir martin franklin talking to us along with deals reporter ed hammond. we will discuss sustainable finance with martin maloney, secretary general for the international organization of securities commissions, including the sec. this is bloomberg. ♪

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>> welcome, i am john hyland with first word news. president biden leaves he and congressional leaders will reach a deal on raising the debt limit and the u.s. will not default. he told reporters america is not a deadbeat nation. he spoke before leaving for ag seven meeting in japan. pres. biden: i am confident we will get the agreement on the budget and america will not default. john: house speaker kevin mccarthy says he is also optimistic about the top leaders ability to work at the white house. he said we are going to change the course of american history because we are going to stand with the american public. nicolas sarkozy has lost his bid to overturn his conviction.

he offered to help -- there are allegations he offered a job in return for a favor. this goes back to 2014 after he left office. the president of ecuador has did --dissolve the opposition led congress to avoid a looming impeachment. it will trigger elections in the nation. emerging-market fears today as traders price in a period of economically damaging political unrest and instability. in the meteorological association says there is a two in three chance they -- pacific waters from el niño will -- push the world past the threshold. global news 24 hours a day, on air and on bloomberg originals, powered by more than 2700 journalists and analysts in more than 120 countries. i'm john hyland. this is bloomberg. ♪

john: welcome to bloomberg markets. i'm jon erlichman. matt: a check on the markets as investors breathed a sigh of relief. biden administration throwing in the towel and negotiating with kevin mccarthy at house republicans to avoid hitting the debt ceiling. the s&p right now up 1.2%. 41 point 59, 4160 is the level we are seeing. investors feel comfortable enough to let go of some of the perceived safety of government debt. you can see treasuries, the yield floating higher as investors sell that paper off, looking at 357.5. the dollar gaining, up .2% and oil up more than two dollars a barrel, 72.89. jon: a number of movers under

the hood, including boeing, a nice pop at this hour across border develop them. the team reporting that air canada could acquire upwards of 2050 of the dreamliner's. up 3.5%. investors liked what they heard from -- though big retail story of the day, tjx and target getting in line, the market encouraged by the long-term outlook from target. we will talk about it later and be on the debt ceiling headlines, we are watching how the banks are performing today. it helps the russian alliance had the commentary about the deposit base that has helped fuel pac west, zions and america , up about 11%. matt: a lot of regional bank movers and of course, aside from

the regional banks, the debt ceiling developments have been where investors are focused. this week, it has been a major focus. pimco's libby cantrell spoke on the effect on markets. >> i think we could see a relief rally. some of the uncertainty has been priced in to a small extent and i think if a deal is sooner than folks expect, it is pulled forward, you could see a bit of a relief. jon: the commentary from bank executives as part of the storyline today. jamie dimon of jp morgan, jane fraser of citigroup speaking with the majority leader chuck schumer about the debt limit. jamie dimon saying the u.s. government probably will not default on its debts. the first republic testified on capitol hill. let's get more perspective, kailey leinz has been covering it along with hermann chan who

tracks regional banks. let's start with you. so much conversation about the debt ceiling and the bank a ceo's wanting to have a seat at the table. kailey: these executives are in washington separately for the bpi meetings, the bank policy and is--institute. the did sit down with the senate majority leader as you said and jamie dimon said the yuan -- the u.s. should not and probably won't default. he was tightlipped and i tried to ask further questions. he said everybody wants a stable financial system and jp morgan is prepared for any scenario. he said we will be prepared. what schumer said it was go out there and tell people how catastrophic it would be if the u.s. were to default. he said tell them default should not be an option. clearly he is trying to get the banking community specifically to put some pressure externally

on republicans in negotiating the deal, still a question mark. matt: who knows if it is necessary? mitch mcconnell said the u.s. will not default and he has said that time and time again. kevin mccarthy is coming to the table, doing some negotiating. he has been trying since february 1. why do the president wait until the last minute to negotiate a debt ceiling deal? kailey: the president said he did not want to negotiate over the debt ceiling. he would negotiate over the budget. but he insisted he wanted a clean debt ceiling raise. clearly the tune has changed and they are sitting at the table, negotiating. i am sure there is opinion about how the ministration approached this and the strategy, whether or not it worked. but clearly the conversations are now happening specifically with the staff from the white house and representatives of speaker mccarthy. they have a lot to iron out when it comes to stricter work retirements -- requirements for

entitlements. president saying he does not want that to be tied to health benefits but did not draw a redline elsewhere. other people i have spoken with including elizabeth warren and jerry nadler said they would not vote for a package with those stricter requirements. once the president can reach a deal with mccarthy, adding it through congress is another matter. jon: hermann chan, titus back to regionals. you got heavyweight ceos in washington, you're watching the market respond to some news about deposits. a fragile part of the banking sector now. hermann: that is right. winds note that the deposit is up $2 billion which is with their guidance was for the full quarter. which demonstrates the fact that deposits are coming back into the system for these banks in the spotlight in the first quarter.

it has been a bellwether for the sector, lifting up the regional banks base. from an industry perspective, we also have seen stability across deposit space. seeing some of the perceived weaker banks continue to grow the deposit base should ease some fears for the space. matt: the ceo of first republic said his bank failed because others failed. that makes sense. did he have -- can he be accused of mismanagement even though other banks failed? hermann: if you are going to nail some of these banks, it is on the asset side. mismanaging and under appreciating the risk in the loan and securities portfolio's. it is hard to envision if you go back to march, to think about $100 billion of deposits leaving

a balance sheet. that is unprecedented. i do think they should get a little slack for not being able to anticipate that. it has never happened in the history of the united states. but if you want to knock them, it is going to be on the asset side. matt: i have a question from a viewer who asks, why does the senate not pass a bill? couldn't they have drafted something months ago? you can rephrase and say will they be able to pass a bill now? kailey: a good question and one republicans have repeatedly pointed to. it is a talking point for speaker mccarthy and others, but the senate has not moved on anything. the senate until recently insisted only on a clean debt ceiling raise. your question about getting a deal through, this is where the rub lies. compromise is going to require a sacrifice or budging on both

sides to a degree. whether or not you can get the majority needed, get progressive democrats and those on the right in line does remain an open question. it is difficult in the senate and the house where speaker mccarthy had a tough time getting his debt ceiling package through. barely got the duo did 17 votes he needed and had to make concessions. a lot of what he gave republicans may have to be pulled back. there's a question whether those in the freedom caucus will support the deal he strikes if not everything he wants and's in the deal. -- ends up in the deal. matt: covering everything, don't miss her show on bloomberg radio. hermann chan, we appreciate you talking to us about regional banks from bloomberg intelligence. the secretary-general of the international organization of securities commissions joins us to discuss sustainable financing.

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jon: this is bloomberg markets, i'm jon erlichman with matt miller. regulators keep tabs on the health of the banking sector, on debate about how to frame policy about everything from crypto and disclosures tied to eft investing. at the center is the international organization of said -- securities, which regulates 90% of the world securities and includes the sec.

martin is the head of the group. thank you for your time. we were talking about the debt ceiling standoff and that challenges with reaching an agreement within the u.s.. how challenging is it with a global organization on finding common ground these days? >> it is easier than it might have been in the past. some issues are evident to all of us, most regulators are engaged in a way that years ago they would not have been. we all understand there is a inherent fragility in markets of moment and we got in the banking sector. and it is through the whole system. the regulators are engaged and trying to figure out what is the best way to do that. for the number of years, we've been looking at liquidity management in funds and banks. now we are looking at leverage

and trying to figure out if there are other angles with the kinds of shocks you get when you get an invasion of a major country or a pandemic. matt: or interest rates that rise quickly. what is your take away from the banking turmoil we have seen in this country? not just limited to this one. it's all the failure of credit suisse as well. -- we saw the failure of credit suisse as well. martin: if anyone tries to to dice this up to being an american problem or banking sector problem, they are making a mistake. this is systemwide. and a lot of it has to do with the change of the monetary policy and the interest rate cycle switching over the recent period. but it has to do with longer-term changes. we've had the interest rate policy for a long period of time. that has changed markets. they are more significantly fragile than 10 years ago.

we've got to buttress the system. matt: what can you do for regulators who seem asleep at the wheel deco the federal reserve about these issues for over a year in the case of first republic. and svb. yet, they were not able to do anything about it. martin: it is a challenge for regulators. we can make the rules we like. it comes to a front line supervisor engaging the financial institution and trying to get it to do things they don't want to do or don't see the point of. it is a profound challenge. you got to resource your regulators properly and give them the political and cultural backing to say you are ok to go in there and incest. often that is not there. those on the frontline al qaeda doing what they need to. the fed has been honest and clear, understanding where the problems were. jon: let's jump into an example where we are seeing huge money flows. it is deeply complicated,

sustainable investing is something people talk about all the time. yet disclosures around esg is complicated, which you have been involved with. what is your main message when you're talking to regulators around the world? martin: we have been clear that the ring washing we have seen is unacceptable and the fact that some people in the industry have said we did not do it intentionally or we did not have anything else we could do, that does not solve the problem. the reputation, markets are at stake and it was badly harmed by that period of greenwashing. we have to move to a new way of dealing with sustainability impacts. we have to create global accounting standards. we have to create global auditing and insurance standards. we have agreed to get that done by 24. in 2025 we will be in a new environment where there is high quality information, audited

information coming out that the industry can get its teeth into and analyze. if you look around here with what you do in bloomberg markets, what everybody does who is listening, you analyze information. we've got to get to a situation where there is reliable information that can be analyzed with relation to sustainability impacts. if we don't do that, the reputation of financial markets can be damaged. and the politicians would have to take a more radical approach if we don't do it ourselves. matt: we understand stocks and bonds. we can get into derivatives, but crypto has been hard to wrap our heads around. artificial intelligence is another level. how do you deal with new technological issues as regulators unfold, the same kind of people that work here? martin: we have two arguments

with crypto, neither of which i like one has been widespread. one has been don't give it the oxygen of publicity bite regulating. neither position has been effective. a large number of people have lost money through under regulation of crypto. the time has come for that to change. in a matter of weeks we will be publishing global recommendations and how crypto should be regular did. it takes time to get into the detail. but it can be done. but if it is the will of regulators to do it, now is the time. crypto is partly part just permanent part of the scene. jon: we appreciate you, martin joining us. even targeting stairs and retail, profit cornering. the company setting by its annual outlook even though

softening sales trends could impact results in the short-term, consumers buying fewer discretionary goods such as home furnishings and electronics. we were talking about home depot and whether or not things get better at some point and maybe that gives, for the team at target, the belief they can hold the full year outlook for now. matt: interesting to see these outlooks coming from big-box stores. a concern not only about a slowdown in the number of people, the wallet of consumers coming through the doors. but as prices fall, home depot pointed out yesterday, as the price of lumber falls, but impacts its margins. you have to or we would like to assume it would see the same kind of thing at target as inflation comes down. it will be interesting to see what happens not only to foot traffic and the average spend, but the margins on the goods

they can sell. jon: they are going to try to appeal to people and have fashion sense on the price. we talked about the demise of bed, bath & beyond. at what point do we know who has grabbed the market share in this retail -- retail landscape even if the consumer is trending lower? is their market share between target and others? we will watch that play out. lamborghini's new plug-in hybrid hitting the streets. i am sure matt will have plenty to say. this is bloomberg. ♪

jon: this is bloomberg markets, i'm jon erlichman with matt miller. for today's for what it's worth, $7,000 -- 700 thousand dollars

canadian, still more than half a million u.s. come a starting price for the bloomberg any new hybrid supercar which can reach 60 miles per hour in less than three seconds. it just went on sale in canada. the head of the american business saying production could take some time. he spoke with me on bloomberg today. >> i'm overwhelmed by the quest give a big customer dose customer base. we expect for this car to have 30% of newcomers and new people to the brand that will expand our customer base. jon: this is your domain, mr. miller. matt: the customer base for lamborghini is someone who has made a lot of money. 02 100 in his or her life. and they want what they want and is not really excited about waiting. different from a ferrari

customer. the cool thing about the hybrid technology in general is it gives you so much more power and torque from the get go. that is why lamborghini has embraced this technology. they did start using hybrid technology in their new one. the only difference with this one is he will be able to plug it in and you can probably drive more economically around town. that is not really what eight v 12 supercar or hypercard is about. jon: i'm not sure if we got to ask about driving in canadian winters, a story for another day. it is not like they are making these on the assembly line per se. matt: they have a small a subway line, i have visited it in the loan you -- visited it. i'm waiting for the guys on my

favorite canadian program to join us. jon: i'm jon erlichman, he is matt miller, a look at the markets now. this is bloomberg. ♪ these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase.

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and financial market is showing some signs of relief, in new york, kicking you off to the close on this wednesday, joined by vonnie quinn, you picked a great day to join me. vonnie: we are getting some resolution? romaine: were we open on the nasdaq? i was taking a look at the nasdaq 100. a percent or so away from the 52-week high of the nasdaq a lot of people have been looking for.