for jon erlichman, i am kriti gupta.s is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. mark: keeping you up-to-date with news from around the world here is the first word. ukraine is improving defenses against russia over the winter. the alliance's secretary general vowed nato will stand with ukraine as long as it takes. >> this is a critical time for our security and we are sending an important message. nato is here. nato is vigilant. and nato will defend every inch of allied territory. mark: the secretary general also said the war has demonstrated what he ca

i'm kriti gupta up.e have the headlines crossing the wire, coming from the joint chiefs chair millie speaking on the situation on ukraine. he says there is integrated air defense system needed for the region and is also saying russia will continue to fight in ukraine into the winter. he says as well the u.s. is trying to contact russia after the poland explosion. most elements are still coming as the press conference continues but i would like to continue to get more information from one of our washington reporters, daniel flatley, joins me now. you cover a little everything but i want to start with the mood in washington right now when it comes to what is going on in ukraine and by extension poland. daniel: i think there is obviously still a lot of concern over what happened. the white house put out a statement not too long ago saying it will basically wait for results of an investigation, though it stands by the polish president's finding that the missile was part of a air defense reaction by the ukrai

kriti: i'm kriti gupta.of a major decision from the fomc, not on the rate hike, but they said the higher and higher terminal rate the market is pricing in might go higher yet. hitting sentiment, the s&p 500 down .6% but well off session lows. i wonder by the of the day if you will see stocks dip, already seeing that in the russell 2000 but not essentially the nasdaq. it is not just the stock market, the bond market as well. across the curve, yields higher. 4.13 on the 10 year yield, move about three basis points. but as yields move up the dollar follows. bloomberg dollar index strengthening by .7%. the ripple effects will be in the commodity space. brent crude trading with a 95 handle. jon: along with digesting the message from jay powell, we are digesting a host of earnings stories. there are different flavors today. on the tv advertising story we have talked about challenges for the media industry or the new media industry. the message from roku weighing on the stock earlier. it has paired some of those lo

i am kriti gupta. traders preparing for thanksgiving day and it is an autopilot mode moment. the s&p 500 hovering your session highs. the move is in line with the daily trading rates. down six basis points, 376, but as the yields come down the dollar also weakens. on the back of that we have news coming out of the brent crude space. $89 handle and the idea of a december 4 production hike are not as solid as they once were earlier this week. giving a boost to the commodity, up 2%. amber: we are also tracking retail. this is a number of major retailers that have reported the best-performing stock on the s&p. sales did not blow the door down but signal the worst of the sales declines are behind them. abercrombie & fitch, a store i have long aged out of, but suppressing investors with profit. dollar tree on the flipside offered an outlook that was not necessarily as robust as investors were looking for. one of the things they have gotten into his consumables, food. lower margin business. as people are goin

for jon erlichman, i'm kriti gupta. .is bloomberg. ♪ john: keeping you up to date with news from around the world, here is the first word, i'm john hyland. in ukraine, president zelenskyy said he held a with french president emmanuel macron. ukraine is hoping to rebuild its infrastructure. a massive wave of missile attacks disrupted water supplies and other services across the country. president biden's promise to post higher taxes on windfall profits comes as gasoline prices are still high before midterm elections. president biden: oil companies record profits are not because they are doing something new or innovative.

let's bring in kriti gupta, who is standing by. i were talking about this, the red wave not materializing. republicans picking up some seats. we are still waiting for arizona and georgia that seem tight. what do we read from this, this perhaps underperformance from the republicans? is that fair? >> i would say they came out with a very high bar, so underperformance yes but very high standards. what's important to keep in mind is this divergence within the republican party. think about some of the states, new hampshire, for example, maggie hassan, a democrat, beating her opponent, who is known as a maga republican, very vocal in terms of his support for trump. even in new york, you saw that with kathy hochul beating lee zeldin. in the states where you have republicans who perhaps are not in that realm, those are the ones that seem to be winning out. you almost see this divergence in florida with rhonda sentence, who by the way, -- with ron desantis, who by the way, is seen as a 2024 contender, a potential rival to trump if he indeed

mike mckee and kriti gupta join us. what do you make of what we have learned over the last day or so with regards to the consumer? the numbers were good, that means consumer trading was down. the retail sales numbers were okay. that means there is still spending. is that the right read? michael: it is slightly off. people seem to be shifting the next of what they are by. they are by, grocery stores did well. clothing stores were flat and department stores were down during the months in terms of retail sales. a store like walmart that has an much bigger grocery part of its business is going to do better. also, target had inventory problems. not all stores are going to have that. a number of analysts i have seen are suggesting target has one-off problems. if you look at retail sales figures, in general it is good news. we have seen more people using credit cards to buy stuff. the question is how long does that spending pattern keep up? does it go through the holidays? alix: that is also why i wonder if it is more of an ea

. -- kriti gupta. this is bloomberg. as a business owner, your bottom line is always top of mind.art saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >> here is the first word. a suspect has been erected after three university virginia -- a virginia football players were shot and killed. two other students were wounded. the shooting took place on a bus that return soon from a field trip and the bus -- suspect was described as a former university of virginia football player. president biden and xi jinping have charted a path to better ties. they agreed to a series of goodwill gestures.

i am kriti gupta. markets starts right now. ♪ let's dive into the markets. s&p 500 hovering your session highs. down about .2%. at session lows down almost 1.3%. that is crucial paring the losses. the bulls want to see the s&p 500 tip into the green. let's look at the bond market. volatility is back. higher by eight basis points on the 10-year yield. the two-year yield getting closer to 5%. that is the key metric we will watch. the inversion hits 69 basis points. the dollar stronger as well. .5% on the dollar index. you have brent crude trading at $90 a handle. we have to keep an eye on if it gives to a dollars. something we are watching -- dips to $80. officials hammering home result to remain persistent and the fight against inflation. james bullard saying rates have further to rise. the cleveland fed president also spoke out earlier today. >> today, inflation is on acceptably high in the u.s. it is elevated in many other countries as well. kriti: from our insight let's bring in james camp at eagle a

. >> i am kriti gupta. we are seeing a little wobbly myths in the s&p 500. it is in the green but only about 0.2%. you have seen some major shifts, a lot driven that may be inflation is not going to be the driver of the story. that is where you see a love cross asset movers come into play. take out the 10 year yield. 3.81. the volatility in the market the past couple days have not carried over today. the dollar following the story of about 0.2%. the real mover is brent crude dropping below $90 a barrel. oversupply concern there that we are going to dive into in just a second. amber: we will start with shares of gap which are managing to hold onto their gains but not enthusiastically as before. gap managed to put up better than feared sales results. not the same with williams-sonoma. their sales were pretty good but it is all about the outlook. they are walking away from their financial forecast. saying right now they are getting inconsistent signs of demand. let us take a look at live nation. i do not know that i would call this the taylor swift effect but y

i am kriti gupta alongside john oakland men -- jon erlichman. as the u.s. elections are expected to usher in a new era of divided government. for the stock market, that sounds like a good thing but for the economy, maybe not so much. the democrats are losing the house majority and possibly the senate as well. keeping an eye on the results across the board and country. joining us now to discuss what is at stake is clayton allen, u.s. director at eurasia group. thank you for joining us especially onset here in washington, d.c. let's start with what is at stake here. we had henrietta treyz join us. she was talking about some of the issues in energy policy but it feels like there's a lot of corporate investigations that may be at stake as well. walk us through your take. >> thank you so much for having me. i would like to reiterate something henrietta said which is you are probably going to see more happen in the next two months than the next two years and one of the results of that is very little room for new legislation in the next two years. a republican hou

kriti gupta and mike mckee joining us. ti, the market has gotten excited post that print we got on inflation. feels like a long time ago now. in some ways, the reaction outdistanced what the data told us. i am wondering how the fed needs to finance that. -- finesse that. how different is the market set up now as opposed to pre-cpi? kriti: context is everything. a 5.3 percent rally on an inflation print by any standard is a massive rally, one that was expected to be pulled back the next day and we didn't see that. there are technicals being played in today's market trade in reaction to last week. keep in mind the context. 11 out of the last 12 inflation reports, economists were dead wrong and the market was punished over and over again. there is an argument to be made for the bulls who think 5% was justified, was it the idea that perhaps because we have had 10 months carnage and because the terminal rate is stalling out, there is a bull case for equities? a lot of this was waiting post midterm, as well. it was a question of

here is katie greifeld and kriti gupta. we have not seen the 1% move in the s&p and the whole week to the upward downside. why are we not seeing that in the market? kriti: this is hesitation by players here. there is a very strong old case for the market. you saw shorts on the broader market get removed before the midterm elections. you saw this turnaround with the headlines i came out of ukraine and poland. that is where you the major risk off move. nobody really hopped back in. that is the problem you are seeing. if there is able case and the terminal rate is stalling, the dollar has seen more about the weakness that bouts of strength. now we are seeing crude diving as well. all the cross has had pictures point in the direction of stocks rallying, but still it's hesitation. that is why you are seeing the stock market not have that kind of volatility. guy: katie, we saw a big bounce in the cpi number. 4000 became the key battleground. how and why is that number so important? katie: you think about round numbers, 4000 is a p

kriti gupta is there. are there a lot of people out there shopping or is it sleepy?a: there were a lot of people shopping. we had an amazing line and they all flooded into macy's and now you have an empty herald square. people are not shopping in a person but there was a good turnout. they are looking for an in person experience and a lot of people specifically will be trying to look at perfume and try clothing on and that is what they want head of the holiday season. but this is becoming a litmus test for the retailers and can they get rid of inventory fast enough at the higher markdowns while in able to maintain their bottom line? this will be a crucial moment for these retailers. damien: yuan the west side in the 30's. people are obviously trading down to other brands. what are you seeing in that area. is it just macy's or are people crowding to other places? what is the bible? ritika: i am a few blocks from times square. you do have macy's but next door is an h&m but that is not in the same category as macy's. you will not seeing the same lines. i wonder how much

. -- i am kriti gupta, "bloomberg markets," starts now. >> it is happening in a complacent type of environment, and a lot of expectations on what chair powell what -- will say at the brookings institution, 30 minutes away from the conversation, a potential grilling from the financial media. we are looking at yields higher by only two basis points, theme of complacency sticks with us, will it change as we go into the close? and of course as we hear from the head of the federal reserve. the dollar not doing a whole lot at the whim of what is going on with the bond market if you see the yields increase because of hawkish commentary the dollar is likely to follow. he loves look at the gauge is a strength of the global economy but the inflation story as well, brent crude trading $80 a barrel, recovering from the seven days earlier up just shy of 3%. at the end the day comes down to the supply chain issues. it comes down to what could go wrong. the house has voted for a bill to a vote -- avert the potential rail strike, what this does is create to billion-dollar holding of the global all economy, we