sonali: welcome to bloomberg markets. an avalanche of earnings hitting investors today. election uncertainty causing an overhang on a lot of things. let's see where we stand on markets as we hit noon on wall street. the s&p 500 up 3/10 of 1%. it does not seem like a ton but you did see the exuberance in the market start to float in with strong economic data at the top of the tent. investors have close eyes on

economic data. the nasdaq 100 is down 1/10 of 1%. we had alphabet earnings coming out very positive. even though it is floating higher, you have other idiosyncratic stories under the surface. you don't see has much love in the semi conductor index. the two year yield at 414. a move of about four basis points. the 10 year at 425. that is not moving into the equity market at least for today. mid-day movers of the equity side. we'll bring in abigail doolittle. abigail: it's take a look at one of the big movers. alphabet up 5%. they beat adjusted earnings by 7%. they beat sales by more than 2%. search was strong. the cloud was strong. lots of other details for different analysts. morgan stanley liking the youtube result while barclays highlights ai. turning to one stock doing less

well, amd down 9.6. percent the worst days since july of this year. they basically put up and in line quarter, the guide for this current quarter below what expectations had been for a little bit. the ai contribution not as strong as analysts were hoping for. the stock had been down more than 10% heading for its worst day since october of 2022. super micro computer's, this stock is plunging down 32.4%. ernest and young, their auditor, resigned citing integrity concerns around governance and transparency. all of this follows the hindenburg short, the idea they would be delaying their naturals. rbi analyst told me a few weeks ago he thought this was a case of a small company becoming too big too fast. today he said he was concerned by the integrity comments. sonali: we thank you for looking

under the hood for us. when it comes to tech, jack caffrey from j.p. morgan asset management has not in impressed lately -- has not been impressed lately. >> the magnificent seven which has been more of a minute seven. . everyone of them has a great week or two and then two others are doing a whole lot of nothing. sonali: for more on tach and equities overall ahead of the election, we are joined by sarah hunt, chief market strategist at alpine sex and woods who we look to to make sense of this market. you think about what is happening in the tech world, the semi conductor chips world as well. it is interesting to see alphabet come out with a bank like that. a rise to the most you have seen in months. you look at the semi conductor index. nvidia actually down today. a lot of people are watching what is happening with the

spending and benefits of ai. how are you thinking about these cocktail factors here? >> there are a couple things that are going on that are industrywide and there were a couple things that are individual to the stock amd is trying to catch up and it does not look like that will be a smooth path. with the spending, we have to realize for some of these folks some of the spending is not going to be a straight path. to the extent that some companies were criticized for the overspend the last couple of quarters. i think there is a tension in that. what it demonstrates is this is not just a straight line. there is going to be movement within it. google set the bar high for everyone else. sonali: they set the bar high but they also came off kind of though weakest valuation of that magnificent seven group. when you look at some of the firms that have been more highly valued from a price-to-earnings perspective, do you think there is a higher bar to clear for

earnings? abigail: the issue for google also is it has been under some constraints with concerns about the issues with funds in the e.u. and -- with fines in the e.u. you have got this issue with growth has been tremendous. trying to keep up. that is been refrained for the last year. stocks have continued to move higher. not necessarily in a straight line. while the mag seven was the story of 2023, in 2024, it has been much more uneven. there is a lot hinging on the growth of the knology center in terms of what the world expects from snp earnings next year. there is a lot of more scrutiny on that group because that is supposed to be the engine that is going to take us into the growth we are supposed to see next year market wise. sonali: what do you think the

election uncertainty is doing to the market at this juncture? what with the trade look like if we did not have an election days away? abigail: i honestly don't think the market is taking the election enormously into consideration to the extent it feels like it is pricing out and answer. i don't know we are going to get an answer as quickly as we hope to. any non-answer or longer time frame is going to be problematic for the market. i think there is somewhat of a complacency in their is not going to be a huge amount of change. this is the first election where we have had not the exact administration but something where you have seen both administrations before. there is some ability for the market to look through that and say it was ok here. we don't think there is going to be that much change there. if you get one red wave or blue wave, there will be reconsideration. that is not going to go well necessarily for equities. sonali: one conversation we have

been having is there has been this trump trade under the market and it has been a strong trump trade being pursued. you think even if you were to win the election, some of those gains would be given back? abigail: i think it is a combination of -- sarah: i think it is a combination of potentially looking at the trump trade that the data has held up well. we saw some weak ip numbers. we saw other things over the summer that were much more worrying. now it looks like it has been better. there is a combination of an expectation you might have a less regulatory problematic environment under one administration and the fact the data is holding up well which is going to make it difficult for the fed to make a decision next week pending on what we did for the employment numbers because the adp numbers were much stronger than expected. that can add to the fact you have good data underneath and we have potential for what people are expecting, a better growth environment.

sonali:sonali: are you looking for buying opportunities in this earnings season? at this moment do you have any mag seven stock you would add to whether things go in a better direction? sarah: we have been saying all along you cannot get out of technology entirely a bunch of the overweight has been to the market can be to your detriment. i don't think we are looking at adding anything specific right now on earnings season to you need to see the market reprice itself before you want to get deeper into the trade. you starting to see evaluations not to the extent it was the less higher valuation of the group. showing some really good performance. whether or not everyone else can do that and they can get the revenue to do that in this quarter even if there was a pullback. you have to wait to see what the market does. you want to get through the election and see how the market starts to interpret that. i don't think we are getting much of an interpretation. sonali: there is another set of companies interesting in this market. big oil company starting to

report at the end of the week as well. how are you watching that trade? it has been a finicky trade in the markets. sarah: it is a difficult trade because i would have argued a few months ago there was not a lot of political premium put into the oil price on what is going on in the middle east. when it became somewhat clear at least for the moment the energy infrastructure was off the table , that took more wind out of the sails of oil. you have this interesting dichotomy between lower oil prices within oil market expecting less growth and looking for growth across the globe into 2025 on the earnings front. there is some tension and which one of those wins, it does not look like it is energy. i think longer term you're going to see much longer tail on hydrocarbons then we were baking in a few months or years ago. there is room there should right now it is uneven because of where the oil price is.

sonali:sonali: we thank you for your time on a very busy earnings day and so much more where that came from. sarah hunt from alpine saxon woods. speaking of energy, we are going to get a check on the industry from the ceo and founder of quantum capital group. a lot of money coming into funds. we are going to talk about it. this is bloomberg. ♪

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>> we will quickly become energy independent and we will frack frack frack and we are going to drill, baby drill. sonali: that was republican presidential nominee donald

trump making his stance on energy known at a recent rally. u.s. oil gas and winnable resources have been key topics of contention during this election cycle. the sectors performed well over the past year and firms like quantum capital group are investing in the industry and quantum raised within $10 billion for its diversified energy investment platform. . we are going to talk about where that money is going. we are going to talk about it with the ceo and founder of quantum capital group. you look at the energy policies of oath parties, how does this change your thinking ahead depending on who might win the election? >> we get that asked what times a day as you can imagine. i think it is not going to matter a lot per se because we do invest across the entire energy capital stack kid everything from oil and gas, renewables and everything in between. i think president z had policy can influence to some degree but

probably not as much as people think it might. sonali: what is the margin? you have the democratic administration pushing the renewable energy policy. does that sway you in the direction further? if not, you go into the drill baby mode? wil:wil: we are a large driller so the vast majority of our capital does go into oil and gas. that is where the best returns are. america is energy independent today because of the shale revolution that started 50 years ago. we are one of the largest producers of energy and solar in the world. the nice thing in america is we have the opportunity to do both so we will continue to do both but we will continue to always focus first and foremost on returns. sonali: you are based on houston -- in houston. you're here on a tour to talk to investors. how does that compare with what else you are seeing out there? has this been harder or more

easy to bring money in? what is the tone like from investors? wil: it has been the toughest front rise we have been through in our 26 year career. it took us almost two years to raise this capital. i the past that might've been a six to 12 month time period but investors in many parts of the world especially places like europe on the ease in west coast, many have turned their back to traditional fossil fuels and so because that is a lot of what we do it has become much tougher and i think i'm a change and esg are a big driver of that. sonali: out of the size of the fund compare? even though it might've been more difficult to raise money and we should say it has been difficult for any private equity firm to raise money right now. $10 billion, are checks getting bigger? wil: it was a couple different pools of capital. or flagship fund was five and a quarter billion. our prior fund was 5.6 billion. it was actually a little

smaller. like are structured capital fund was 2.8 billion. some investors prefer a little bit more of one flavor. our -- we raise additional capital that goes into direct investing to sonali: how do you think about deployment? how fast are you putting that money to work? let wil: it is the best environment for traditional investing we have seen. we just had our final close and we are already more than 50% deployed and over 80 percent committed in or flagship fund. rate opportunities today. a lot of that is because of the capital that is being restricted because so many investors are fearful about going interdistrict -- into traditional energy. sonali: when fear is what the mna landscape might look like. you saw a robust m and a landscape the last years. you think that opens up? how much does the election matter once again? wil: we have seen a record amount of m and a in oil and gas the last couple of years.

last year it was over 190 billion dollars. this year it will not tap 100 billion but it will be significant. that normally averages 50 billion a year. that is big. on the renewables side, you are not seeing as much m and a. you are seeing a tremendous amount of investment going into that space. sonali: the other hot topic is ai. how is that changing your job and where you are looking to invest? wil: ai is transforming everything. for my business standpoint, it is giving us amazing tools to help us meaningfully reduce risk and enhance returns. we have been active across our portfolio in terms of implementing machine learning and ai in terms of our investing in tools for portfolio companies . it is a huge driver of energy consumption. if you look in the united states the last 20 years, we have had flat electricity demand. over the last year, year and a half with the introduction of

chatgpt and so many of these other ai and machine learning applications, we are charting to see electrical demand go up 1.5 to 2% a year. the united states is not ready for that massive increase in demand for electricity. sonali: i did not even get to ask you about the n word, nuclear. that is will fan look, the founder of quantum capital. coming up, the trump trade has driven the price of that coin up. but cory, gold, the dollar you are seeing the trade over the place. we are going to talk about those numbers in the weekly etf report next. this is bloomberg. ♪

sonali:sonali: this is bloomberg markets. it is time for our weekly etf report where we are going to check in on the latest news

flows and trends tied to exchange traded funds. u.s. bitcoin etf's on tuesday so with an 800 million of net inflows. your today in flows for the group of 12 funds set at $23 billion. james with bloomberg intelligence is with us from princeton to discuss. you look at the inflows you have seen and is there anything unusual about the way you have seen these flows at the price movements along with them? it is very significant amounts since they have started. james: these things took in tons of money. they launched in early january. they took in tons of money in march and april. the last 13 days have been kind of extreme. 12 of the last 13 days have been inflows and the total are shy of $5 billion. we are at 4.7, $4.8 billion that have come in over the last 13 trading days. some of this is momentum chasing. some of this has relation to do

with the trump odds of victory. people think a trump victory would be good for bitcoin. i don't know what is causing it but there's a lot of demand coming into these etf's. sonali: how does this compare with what you're seeing in the crypto world? the stand out between bitcoin and etherium is significant to is it because bitcoin alone is part of the trump trade? abigail: it cannot just be trump because in my mind, ethereum might benefit more from trump victory. ethereum etf's are not seeing the same level of interest. you talk about 23 billion since those things launched in january, etherium launched in july and they have a net flow of $500 million. the demand is not there. i could sit here and talk for this entire segment why i think that is but some of it has to do with ethereum being somewhat more complex. people understand the coin easier. it is a bet against currency debasement. look at ethereum and is it a

tokenization platform, digital cap platform, who knows? investors are not ready and fully equipped to understand what is going on. sonali: are these flows sustainable? abigail: that is a good question. what makes a good etf category? we tend to see times like this, spikes of inflows over weeks, months. they're going to be periods of outflows over the long term what you are looking for a successful etf category is that trendline is going up into the right and there going to be dips where things go down meaningfully but if it is going up into the right, that will be successful. if you look at gold etf's, they have had a successful year. they have 130 billion in assets. these bitcoin etf's aren't 70 billion in assets. there is more room to run. when you talk to most people in our world, they are very

skeptical of cryptocurrencies. a lot of people do not take bitcoin seriously. most of our colleagues and seriously do not take this space seriously. there is still plenty of space to run. sonali:sonali: are there actually buyers of these etf's that have been outside of the traditional types of buyers? when it came out, there was a lot of conversation this would open up the channel financial advisors, maybe endowments and other institutions? james: have seen institutions come in and buy. they have been a small percentage of the biting. realistically a lot of the buying has been hedge funds. there likely doing arbitrage trading. they will go along etf's and short the futures market so there is a lot of that happening and that is what a lot of people will .2. when you look at -- at investors like your advisors and

endowments, these are some of the most successful launches we have seen with the amount of money that has poured into these etf's from that space. it is probably less than 3 billion. we will know more about who bought these things and we get the 13f report should we know is who bought through june 30 of this year. for the most part there is almost $3 billion that has come in from the advisors community. that is by far the most successful etf lunch. usually don't see advisors like -- advisors with that type of money poor in. again, this is a small percentage of the buyers. it seems to be a lot of retail there are significant advisors and traditional investors coming into the space. sonali: thank you for keeping an eye on this. that is james from bloomberg intelligence. let's check in on the market because it has been an interesting trade. you have seen promising results

out of the likes of alphabet. we have had a mixed trade in the nasdaq 100 down 2/10 of 1% but off of session highs on the s&p 500. this is bloomberg. ♪

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sonali: welcome to bloomberg markets. let's get a check on these markets. have the s&p 500 off session highs but still higher on the day. 2/10 of 1% higher move. the nasdaq one hundred still in the red. 2/10 of 1% lower. two years standing at 413. the tenure at 424 flat after strong economic data this morning. the earnings season and there are been -- or big midday

movers. we are going to talk to just mention. jess: health care has pair declines as well as eli lilly after its earnings call this morning because the ceo said demand for the obesity drug was not as bad as what investors were thinking. you are seeing the stock pair those declines down after dropping as much as 10% this morning. hooking under the hood at other individual shares that are moving, looking at reddit because we had the sales outlook for the current quarter beating those expectations. surging close to 39%. on pace to close at a record high after it went public in march. snape is benefiting from what happened with the ad revamp. heinz unfortunately when you're looking at what is happening with its earning results, it tempered its outlook for growth when it comes to this year.

anticipates growth to be not as high for next year. cannot forget chipotle. you are seeing that stock pressure down over 7% after was -- there was a high bar to meet expectations. with under a week to go ahead of the election, djt volatile after it had five separate halts earlier this month. down closer 20% now. if you look month to, closer to 160% to that would put it on pace for the best in six months. sonali: we thank you for keeping an eye on it for us. speaking of the election and those stock movers, ubs is seeing its stock sink in today's session. it warned uncertainty in the final order of the year. earlier today the company's ceo spoke about trading around the election. dark of the markets are pricing around a trump victory at if this is confirmed it remains to be seen it is a classical sell

of use event. how he wins will be determining is he in control of the congress? if kamala harris wins, some of the traits that are on going for trump will have to be reconsidered and they are going to create rotation in the market. sonali: for more on global markets, we are joined by principal asset management chief global strategist she my shot. there is a lot of noise. we are just getting started on the mag seven stretch. what do you see so far that gives you a catalyst for something new yet >> great to be on with you. at the moment you can see there are so many different factors playing in including the u.s. election. so uncertainty around what the fed is going to do, the strength of the economy, data being

compromised when it comes to the labor market. there's a lot in the mix which is making it difficult to decipher at a little bit more worrying. it makes it more difficult for policymakers to decipher the strength of the u.s. economy and it makes it cloudy for investors to figure out what is the path forward. sonali: tuesday i walked into work and said we are weak from the u.s. election. today i got a note from a fund manager saying we are a week from the fomc meeting. there are a significant amount of catalyst ahead. you have the strong economic data to your point this morning and the market is pricing in less than one rate cut when it comes to that meeting a week from now from the fomc. so what happens to the market if we don't see that rate cut? seema: if we don't get the rate cut, i think it is going to be adding a ton of volatility, taking out a lot of the positive sentiment that has been driving the market. maybe it is driven by the fed reserve's perception of the fed

is strong but the market needs a couple of rate cuts to keep the sentiment. the investor sentiment positive. i think the fed is running a risk. have said all along in the run-up to the most recent meeting saying they don't have a stop start cycle. they do the 50 basis point cut in september which could have been a mistake. if they don't cut in next week's meeting despite some data, i think it does hurt the fed's credibility of that will add additional tension for the market. kailey: this idea of did they lock themselves into the forward guidance. sonali: -- this idea of did they lock themselves into the forward guidance? you see rates stay higher because of the strong economic data, what does that mean for the equity market? seema: it has been interesting. with yields rising, the equity market has digested it pretty well and i think one of the reasons is it is unclear what is driven by a trump trade and what is driven by stronger economic

data. there is a point where the bond market with the equity market can reach a tipping point where bond yields rise to far and the equity market starts to get worried and this is where earnings season becomes extra important. valuations are very stretched. the higher yields are, the more difficult the equation becomes. we are in a week where we are seeing a lot of these come in which could be one of many factors but a key factor that drives the direction for markets the next couple of weeks. sonali: it is interesting to see the data this morning. you can remember a time where the market was hanging on every data point. it looks like people have chilled out but we still have jobs on friday. how much sensitivity is there to the data at this juncture and what are you watching most closely for your signals? seema: sensitivity is there. the market is aware the labor market data is so difficult to

understand. there are the strikes. there is the hurricane effect. the response rate to labor market surveys have dropped significantly in the last couple years. the market is treating it with a pinch of salt and saying we did see a number fairly strong. we want to see what the payroll number is should we are expecting impact from the strikes from the hurricane. maybe giving it a little bit of space and saying let's wait to see what happens in december before we start to get a clear read through of the labor market. the market is saying we know at the moment the labor market is not entirely trustworthy. sonali: to that end, what two things look like when we start to expand the horizon? for people looking for a pullback. for people looking to invest longer-term through these valuations, what are the risks? to the extent you are worried about the election and the way the economy could change after that, what could change?

seema: valuations we know are very stretched. over the last 20 years, using valuations to drive your positioning would have been a horrible mistake. we have to keep that in the back of our mind. when we come to elections, you don't see much of a sustained market impact unless you get major changes to fiscal policy, major changes to regulation. from our perspective, we are not sure there are going to be sweeping changes from the election. you are seeing a lot of volatility to the run-up and may be the weeks and months after start to fade out. from an investor standpoint, it is important to take a step back and try to look through the next couple months of the election, the labor market data which the fed has said is compromised and start to think about what are the fundamental aspects of the economy? ? the clear thing we continue to see is household balance sheets are pretty strong. there is likely a slowdown coming through but corporate balance sheets are in strong

shape. even if there is something about the economy which is weakening, it does not take too much to be fixed. some fed cuts should be sufficient. it is still a space where the equity market can continue to perform fairly well. probably not as strong as you have had in the past year or the beginning of this year but it is still a positive outlook going forward. sonali: you have the tenure standing at 424 and a lot of dispersion with where investors expect that to land. how much control does the fed have on the long end right now? seema: it is a great question particularly when you're going into a year with are going to be semi-discussions about whether the tax cut is going to be extended and how much. the additional volatility, that is going to be added to the market probably means although historically when the fed cuts rates, 10 year bond yields do trend lower. and you add on a the dimension of the fiscal discussion, the fact it is going to be dominating headlines through 2025, you see the tenure stay

elevated. there is a lot of dispersion in terms of those forecasts. from our perspective we think the 425 at the end of 2025 almost where it is today makes sense but with a lot of movement in range trading throughout 2025. sonali: thank you for your time. complicated arc it we are looking at here between economic data and the earnings. principal asset management chief global strategist seema shahh. another shoe drops in the scrutiny of accounting practices. are stuck of the our next. this is bloomberg. ♪

sonali: this is bloomberg

markets. it is time for the stock of the hour. supermicro shares falling dramatically. ernst & young has resigned as super micro auditor. this comes in the middle of the review of the company's accounting practices. we are joined by ed ludlow. there has been a stunning series events when it comes to supermicro and a lot of volatility around the stock. ed: a lot of -- any public company in the world that see their auditor resign and make a statement that they have concern about the integrity and ethics of a management team is very serious. the decline on the stock puts it on track for the biggest drop since 2018. it is part of a sequence of events around supermicro. there have been concerns around accounting practices for some time to and a 2020, a probe at the sec and it resurfaced when

in april a former employer accused them of misstating revenues that led to hindenburg, the short seller publishing ever report and reports the doj are looking into it. putting downward pressure on a stock that has been hyperbolic in recent years. sonali: let's talk about what this has meant for the company's stock for the last year. over this year, you have seen it up around 15%. it is still up on the year but you're seeing it down more than 70% since the highs. there was a tremendous bid in the stock. ed: before calendar year 23 it was a stock that had gained 53%. i don't of the control room can bring up dell and hp but the story is simple. all the data centers we keep talking about in the ai context, supermicro is one of those names that assembles the servers. you don't just buy chips

directly from of the chip maker. you need an intermediary. it was logical if we are going to invest in new data centers or update them, the server assemblers would have a role in that. it is conversely why you see dell and hp markedly higher because we don't know what the impact of this will be. supermicro said they will not retroactively restate prior stated financials but they have earnings november 5. will they lose market share as a consequence? sonali: that is what i was going to ask next. what do we know about the earnings report if anything at all and if they plan to address any of this in has the short seller said anything? ed: to my knowledge the short seller has not said anything beyond what was in the existing report in the month of august. that is the accusation. largely based on the historic claims former employee in accounting practices. november 5 is election day in the knighted states.

the earnings call will be after the market closed on the -- on november 5. we have to wait and see. it is one of those situations. sonali: timing is everything don't they say. that is bloomberg technology anchor ed ludlow. a lot of interesting fundraising into the market. to big story of today. coming up, the housing crisis is a key issue in the u.s. election. our next guest is strategizing investments in affordable housing for years to come despite who is in the white house. this is bloomberg. ♪

you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching and more time connecting with candidates. visit indeed.com/hire >> under my economic plan, we will bring down the cost of housing. and help first time homebuyers

giving them $25,000 for down payment assistance so you can just get your foot in the door. sonali: that was vice president kamala harris making her pitch to voters. the u.s. housing market has become a critical focal point in the election. private investors are planning to navigate the sector no matter who the next president is but the plans are certainly different. we are going to talk about this with the chairman and ceo of fundamental advisors, a firm that specializes in public work us -- public purpose assets you have a close view on what is happening in the housing market across. the country it is incredible how much it is impacting voters because they have not seen the ability to buy new houses. she wants to build 3 million more homes than what is in the plan supply. can she do that? let >> -- can she do that?

>> thanks for having me. bipartisan support exists to support the need for housing, for to be housing in our country. we have focused on those markets and we see opportunity abound in those markets. federal policy is one later and it is our expectation either candidate would be supportive of the need it is a fact our supply is insufficient for the demand in this category which is good for us as investors. can she build 3 billion new houses? that would address a need and we would be all over that. we see that across the aisle. we see that on red team and blue team focused on an area that needs national attention. i would not say it is a local game. it cannot just be at the federal level. we find the activity set is local and state specific. sonali: first, fannie and

freddie for a moment here because if trump were to win the presidency, in his last term, there was a lot of conversation about the potential privatization of fannie freddie. is that something that would be possible? laurence: you are looking at entities that have huge bureaucratic history, that have huge roles to play in the markets they serve. for my entire career, i have known this landscape. is it possible change could happen? of course it is possible but you might sit -- you might say that would be rational. if you were to build it new, would you build it the way we have the right now? probably not. what we have is real roots. it would be difficult to make those changes. we would be prepared to act in that environment. because of the bureaucratic nature at the federal level, we have a role to play in providing important development capital to developers who might be small or medium-sized and can't navigate

the complex labyrinth that exists in the marketplace. sonali: let's talk about the market on a local level. how do you approach this on a local level before we started this discussion you were telling me earlier you are traveling the country a lot. you are doing this state-by-state. laurence: it is a local game. getting back to what we were saying a moment ago, it is supported by the secondary market and the capitalization that exists particularly at fannie freddie hud. the execution of a project is on a project by project basis. you have tax-exempt bonds which is our specialty. low income housing credits. that must be navigated at a local level which makes it somewhat inefficient. some of the bigger players choose not to play as much in the affordability sector where we specialize which the vice president was speaking to before our segment.

sonali: the affordability sector requires cities to be involved. where are you seeing the most success when you look across the country? laurence: it is mixed. we have focused all over. don't have a particular view on a particular jurisdiction with our areas. california colorado recently have made significant moves in affordable housing both successfully. there is a need for it everywhere. you have seen -- it depends. there are differences between section eight, lie tech assets and all the way up to market assets. there is variability in different sectors and one of the things we rely on is our 18 year history of providing our investors that oversight of the different sectors out there. different sonali: jurisdictions. i want to talk about another theme. we had somebody on earlier to speak about the energy needs. there has been a lot of conversation about that on the campaign trail.

how does the renewable energy trade in particular change if harris does not when the white house? laurence: we shall see. we have a well-developed practice in renewable energy. we lend primarily to late stage development and construction of solar primarily assets. we have been at that for more than eight years now. $6 billion invested. we provide needed capital to that area. the ira, the inflation reduction act was very catalytic but it was nice to have. it provided certainty as to the duration of the tax credit. which has bipartisan support both from republicans and democrats. there is agreement we need to transition away from fossil fuels and towards renewable. execution is where it is at. what we are seeing is a real move toward solar which is in

many states cheap to deliver to the grid. i think it is important to solar energy is cheap to deliver to the grid. that is something of a developer in the space which you are familiar with. sonali: do you see distress popping up in this market? there so much talk about a strong economy what you almost can't believe some things are left behind. laurence: we do and we are specialized in distress. what i would say is seniors care , frozen debt capital markets. it was harder to bring assets to market. it was harder to recapitalize assets. that is an area we are seeing distress popping up. we are excited about those opportunities. sonali: we thank you for your time should chairman and ceo of fundamental advisors. i went to check in on the shares quickly of airbus. breaking news, they are gaining after announcing earnings reiterating its goal for aircraft deliveries in 2024.

the ceo is on the close later today. you are not going to want to miss that conversation. that does it for bloomberg markets. fascinating day in markets and a lot happening after the close. earnings season is on. this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.

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balance of power. live from washington, d.c.. joe: it is back to the swing states because nothing else matters. welcome to the fastest show in politics as the candidates returned to pennsylvania, north carolina and wisconsin. today we have our eyes on wisconsin. both donald trump and kamala harris are there. we have an important interview from a democratic senator in that state. kailey: tammy baldwin in a race against republican eric hovde he in state that is getting tighter in the senate race and the presidential race as well. as goes all the battlegrounds we are watching ted there is a tight senate race as well. looking at how all of this, this picture of