kriti: abigail doolittle, thank you so much. let's go micro a little bit from the big macro rally because shares of twitter art plummeting after elon musk said his takeover of the company is on hold but he says he still committed to the acquisition step tesla is seeming to get some of the backhanded advantage of that twitter move. that potentially affects the s&p 500 and the macro moves are in focus. talk to us about the believability that this deal is going to go through. >> elon musk realizes he needs more external funding so clearly, this is an attempt to draw more external investors to partner with him on the deal. given the current market conditions, he has probably overpaid. you look at snapchat trading in five-time sale so why is he paying seven times for an asset that is growing slower than those two companies. he can renegotiate the deal but i don't think he can walk away because of the disruption. jon: describing these developments as a circus show, what are you hearing from your contacts on how people feel behind the

kriti: abigail doolittle, always a pleasure, thank you so much. let's bring in aaron brown and the chief risk manager at hq our risk management formally. your take on whether or not this is where the stock market is bottoming out or do we have more room to run? >> we certainly have more room to run. on the other hand, and see any signs that this will be a spectacular beat to a long decline. we are in the initial stages and it's anybody's guess where we wind up. jon: how do you think these asset classes will continue to trade? you can watch the crypto market as well. >> what people need to understand about crypto was any crypto investment is the combination of two things, one is an investment and highly speculative technology and we know those will kill. the other thing you're getting is a foothold in an economy that's insulated from many global problems people worry about, inflation, interest rates, war, sanctions, institution stress. that's supposed to be one of the big appeals of crypt there was that you can get away from those things. we are no

abigail: and some ways it has gone under the radar because we have had so many declines for big -- abigailgging into this underperformance in the market. abigail: in some ways it has gone under the radar because we had so many declines. the s&p 500 peaking this january. leading the way over the last three years, down 17.8%, peaking similar to some of the other high data, such as the ark etf, the china stock, at this point, brutal action. m&a not surprisingly is also -- has also dropped for the biotech sector. early there were big gains in the m&a piece of the biotech sector, what with liquidity coming out of the system, the peak in the first quarter of 2021, now the second quarter just 23 deals, tighter monetary policy not helping at this point. very interesting is the fact that right now you have a bulk of the stock and the nasdaq 100 biotech trading below cash value. it suggests maybe there is a buying opportunity at some point for the rights investors. there is another reason to think this, given the fact that right now you have three-year forward sales for biotech holding up better tha

here's abigail doolittle. abigail: the s&p 500 your session highs come up one point 6%.asdaq 100 outperforming, up 2.3%. risk on picture we have seen for another day now by the vix coming into 25 handle, right below 26. the uncertainty that investors have been pacing all year coming in just a little. the two year yield, tells you there is a small bit for bonds but this idea right now that maybe we have seen peak inflation, so you have the short end of the curve. overall, a risk on picture. as far as the rally continuing, looking at the s&p 500 the last few days, we will see a pretty solid pounds. maybe even the start of a bear market rally we have been talking about recently. over 5% the last six days. a nice rally that started last friday. perhaps the biggest driver for the rally, the fed on wednesday, the fomc minutes, suggesting there may be some flexibility ahead. as for the p inflation expectations, a great chart shows us the forward five-year breakeven that it is at the lowest level going back to 2019. you really see this come in here telling you in some ways perha

. >> president, my older daughter abigail, abigail adams who urged her husband to remember the ladies, is seven. she's generous, silly and so smart. she called herself a maker kid and dreams of being an engineer or army nurse but definitely not a helicopter pilot. my younger daughter maggie just turned four, her laugh is contagious and early on during the pandemic when i was mostly working from home, she proved she was truly her mother started by starting to pull pranks including grabbing my phone and oops, hanging up on whoever was on the line when trying to conduct the zoom meeting or review legislation instead of playing with her but abigail and miley not be here today if it weren't for the basic reproductive rights americans have relied on for nearly 50 years. when rope was decided in 1973, it changed the lives of so many women, save the lives of 14 -year-olds who are the victims of rape or incest who otherwise would have had to turn to back alleys and back rooms. it changed the lives of women who desperately wanted to be moms but found out that pregnancies were viable, they have

alix: abigail, thanks a lot. we appreciate that. bloomberg's abigail doolittle.ociation meeting kicks off today, texas governor greg abbott and lieutenant governor dan patrick have now blocked out of the engagement -- dropped out of the engagement. the maker of the gun used in the shooting in texas is also pulling out of the convention -- what can you tell us? >> i am down in houston, the same area where they had the tragic shooting. it will be interesting to see who will be curtailing their language down there. a split decision among the republican senators, where ted cruz said i wouldn't miss it for the world, but john cornyn says he will not attend. the texas governor says he will not be there in person. he said he will submit something on tape, and the big headliner is drawn will -- donald trump. do they have to acknowledge that tragedy happened a couple days ago? anna: yeah, what they are there to talk about and that event will be interesting. david, situation such as these, you seem to do something. is there anything lawmakers will be able to do, given the

let us go to abigail little. abigail? we are going to come back to her in one second. fleming is a point regarding the currency market. this is coming after a lot of strength. tentacles is coming into play here whether or not the move is driven by fundamentals -- fundamentals is coming into play here, whether or not the move is driven by fundamentals. this is important when it comes to supply chain as well. president biden over in south korea, other parts of asia trying to secure a supply chain. here is intel ceo talking about just that. >> we see that we are way too dependent on too few places in the world. what aspect of your life is not becoming more digital? everything is becoming digital. my consumer, my health care, my transportation. everything digital runs on semiconductors. where the oil reserves are defined geopolitics. where are they fabricators are all more important for the next several decades. filled them where we want them and do it in a way that we have more resilience in the supply chain. kriti: let us bring in the global head of cross assets at j.p.

and she had abigail at our side, and i'll let catherine talk a little bit more about that. but martha definitely understood the concept of soft power. and that has been something that has been a trend for first ladies to use all the way through, so it's a beginning. so, the beginning was that martha was a partner as she had been with the president all through their marriage and through those years during the revolutionary war, where she would go to the camps, and winter camps every year. and would assist him and try to keep morale up and organize sewing circles and that type of thing. but it was a partnership, it still is and so the two go together. she was not called first lady. that didn't really happen until later, in the 19th century. she was called lady washington, which was the term that was given to her by some of the revolutionary war soldiers. they even had a lady washington's brigade. and that was sort of the vestige of the british past, but she was also an example of what a southern bag would do. so, that was the beginning. >> great. >> i just think it's really s

but abigail adams, we always cite her letter to her husband about the constitutional convention about don't forget the ladies when they were putting together the constitution but of course in a way they did but any thoughts about abigail and and john adams and and moving into the white house. well, yes, and there are the first couple to move into the white house. nobody stayed terribly long. they weren't impressed. i think abigail in some ways embodies another part of the partnership that diana is talking about she really wasn't interested in what they would call presiding. so she adopted martha's innovations and ceremonies rather dutifully, but the role that abigail played was really that of advisor. she really was her husband's closest. sir, and in the spirit of republican virtue, that's small our republican virtue john adams made the terrible decision not to change his cabinet. so he ended up the cabinet full of let's just called them traders all working behind his back so he would have always relied on abigail but in that particular circumstance, she really was his very closest ad

any thoughts about abigail and john adams? >> and moving into the white house. well, yes. and they were the first couple to move into the white house. but nobody stayed terribly long. they weren't impressed. i think abigail, in some ways, embodies another part of partnership that diana is talking about. she really wasn't interested in what they would call presiding. so, she adopted martha's innovations and ceremonies rather dutifully, but the role that abigail played was really that of advisor. she really was her husband's closest adviser. and in the spirit of republican virtue, that's small r republican virtue, john adams made a terrible decision not to change his cabinet, so he ended up with a cabinet full of trators all working behind his back, that he was always relying on abigail, but in that particular circumstance, she really was his very closest adviser. >> and that's fascinating that you mentioned that, catherine. because really, coming up to modern first ladies and contemporary first ladies in terms of personnel issues, we know for example that nancy reagan so im

. >> mister president my older daughter abigail names for abigail adams who urged her husband to remember the ladies is generous, silly and so smart. she calls herself a maker kid . and dreams of being an engineer or an army nurse. but definitely not a hot doctor pilot. my younger daughter miley just turned four. her lab is contagious and early on during the pandemic when i was mostly working from home she proved she was truly her mother's daughter is starting to pull prints including grabbing my phone and hanging up on whoever was on the other line when i was trying to conduct a zoom meeting or review some legislation instead of playing with her . but abigail and miley might re not be here today if it weren't for the basic reproductive rights americans have relied on for nearly 50 years . when roe was decided in 1973 it changed the lives of so many women. it's saved the lives of 14-year-olds who were the victims of rape or incest otherwise would have had to turn to back alleys and back rooms. it changed the lives of women who wanted to be moms but found out their pregnancies worked bible

abigail doolittle has been tracking this.ectors putting us on pace for the seventh week of declines. abigail: the worst stretch since 2001, pretty telling in terms of the kind of action we had this year. he reminds me this stretch of 2001. if you look at a chart of put together for this conversation so we can see this, in 2001, the market peaked in early march. the second peak was in october. you can see down 20%, then up 20%. there were a few more of those into the end of 2002. our peak is early this year, the last year. down about 20%, 10%. the stage is set for some sort of bounce here. that is true with the vix. the index way out of the money. those are at record lows. the question is will the buyer step in? kriti: thank you so much. as we had to break, the s&p 500 down 1.5%. this is bloomberg. ♪ what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the

abigail is tracking those moves. abigail: if it felt like a roller coaster, here is why.-- futures on the s&p 500, higher, then down last week, then friday up ever so slightly, but here is the big rally, up 1.7% over the last two days, up 4% over those lows. talk of whether we could see a sustained bear market rally similar to what we saw in march when the nasdaq climbed 60%. maybe we need to get down 20% on the s&p 500, official bear market rally needed for that to happen. in states, banks having the best day back to november 2020. jp morgan leading the way. this has to do with jamie dimon raising net interest income forecast, clearly a key engine for some of these banks. also bank of america and citigroup, you can see the gains. as for whether or not the bottom has been put in, a survey with bloomberg suggests that most participants do not think so. this is the s&p 500. here's the all-time high below, closer to 2400, that would be a horrible bear market. 3500 in terms of where some on this survey think the s&p 500 could go, but could we within this downtrend seat someth

abigail doolittle, thank you very much, indeed. a sign that inflation will persist at elevated levels for a longer period. that is the read on today's data. cpi rising by more than forecast in april. he was what president biden said yesterday about rising prices and the reaction to today's numbers by former new york fed president bill dudley. ." inflation is our top challenge right now. i'm taking inflation very seriously, and it is my top domestic priority. >> the president's ability to do something is extremely limited. the only thing the president can do is get fiscal policy to make the fed's job a little more easy. guy: joining us now, jason furman, harvard university professor and formal council of economic advisers chairman. how'd we can inflation down? it looks like it is more sticky than what we anticipated. it is broader than we anticipated. are we going to need a recession to get it under control? jason: i hope not. i will go with a strategy for hope -- of hope for the next six month. for strategy has, raise interest rate

abigail doolittle is checking all of those moves. abigail: trying is the key word.ff of the lows, but deeply in the red. the nasdaq down 3.2%. before taking a look at the social mediatech drag, let's take a look at the haven bed. some investors are taking this selling in stocks very seriously. you can see a big bid for bonds. 10 year yields up 12 basis points. the yen rallying against the dollar by more than 1%. again, this is a classic risk-off day with stocks lower and haven assets higher. as for the chance of whether or not we see a move higher, who knows? anything is possible in this environment, but we know it is difficult for the bulls to keep it together, because every time there has been a 1% up rally, generally there is a not so great reaction to the downside. some of the bigger declines back in late april, early may. sharp, sharp declines, and of course last week down for percent after a decent rally -- 4% after a decent rally. right now we are looking at the possibility of an even bigger decline. as for the cause behind all of this it has everything to do

abigail is tracking those moves.this is the week mimicking the week, we have small gains for the s&p 500 and other indexes, but much smaller than we had earlier on the open. on the week, at one point on that rally day, the s&p 500 and futures had been on pace for a gain. with the bearish action since then, not so much. that means we are looking at the longest moving streak -- losing streak for the s&p 500, going back to 2001. we can see this illustrated. we hear people talking about this, reminds me of 2008, 2001. here is one reason to think, this could be a long rolling, bear market. that bear market was 2000 10 2003. a big drop all or by big gains. we haven't seen that bear market rally yet, but who knows. it is important to remember that today is options expiration, lots of derivative changing hands, the volume could skyrocket. anything is possible between now and the close, even as we have learned on non-options day. as for the big story and he reason we have these big declines, it is all about earnings, especial

abigail doolittle is tracking some abigail: of those moves.il:it is a brutal day here after yesterday's turnaround. not so much on this wednesday, down 1.8%. the nasdaq down two percent. you can see retailing within the s&p 500, down even more. bitcoin is mentioned frequently as a bra matter of risk sentiment. it too is down, below the psychologically-important level of the thousand dollars per bitcoin. let's start out with a bright spot. that is tg ask, up 10.7%. best day since 2020. they missed sales slightly, so not quite as strong as it has been in other quarters, but the profit outlook has been raised by 20 basis points in contrast to other retailers. lows on the other hand, their profits down in contrast to the strength of -- take a look at the effect of retailer -- retail, the weakness on the s&p 500 today. let's take a look at the s&p 500 futures one-day chart, and you can see for much of the overnight session basically flat. once those results came out, down, down, down. speaking about down, target is on pace for its worst day going a

abigail: investors trying to find some footing on this monday. the s&p and 500 but the dow up slightly. the s&p 500 earlier down 1% on the nasdaq earlier down more than 1%. now you see a small loss on the s&p 500. a solid loss for the nasdaq. yields in, in theory that should help tech stocks. that is not the case. maybe a little bit of coming back from friday's rally. speaking of rally, take a look at natural gas, european natural gas of 15.5% over last six or seven days. this is the fifth or sixth double digit move. more volatility per certain markets around the world. as for movers on the day, let's take a look at what is happening. it has to do with a lot of the big tech numbers. microsoft down close to 2%. it seems as though the move in yields down may help a turnaround. on the other hand, expedia lower , and twitter down a seventh day in a row. down 20% as elon musk's bid is on hold. i would make the case that one day a trend does not make. we could see some kind of a trend, we may be looking at a near-term bottom for the s&p 500. the rsi co

abigail doolittle is tracking the market moves.this is the intraday chart of the nasdaq 100 futures. for the most part, the nasdaq 100 was higher, then flat now, so the volatility continues. there is reason to think it will abate to the downside. helping at the nasdaq 100 futures earlier, the 10 year yield. down about 25 basis points in two days, that is remarkable. the dollar index up for a fourth day, that could be one pressure as that continues to build. if yields continue to come in, that should help the dollar, in. the vix is down. take a look at the vix in the bloomberg terminal. all your, we have had it in this wide range, a very predictable range. at this point we have lower highs coming back into the range, and it suggests if the vix does what it did this year, it could come down to 20 or so, a bit of a reprieve for stocks with all of the volatility we have seen in the last few weeks. guy: it would be a whippy few sessions. abigail doolittle bringing us the latest on the markets. now let's talk about what is happening over

guy: great stuff, abigail. that wraps up the markets.k about what we will be seeing over the next 24 hours with president biden meeting with powell and yellen. alix: big events tomorrow, fed balance sheet rolloff beginning with manufacturing data. stay with us for all of that. that is it for us on television. coming up, david westin and "balance of power." guy and i are headed to radio. ♪ this is bloomberg. ♪ -- this 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 $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.™ >> from the world of politics -- >> if things with covid continue to improve and we can put the covid era beh

kriti: abigail doolittle, thank you as always. for more of today's market moves and where we are in the market cycle, i am pleased to say we are joined by steve parker, head of advisory solutions by jp morgan bank. a special pleasure for me. we go way back to our audience. let's start where abby ended, this idea a bear market rally as possible where you have some house in the market saying perhaps the stock market is bottoming out. what is your take? steve: they say markets move on better or worse, not good or bad. there's a lot of pessimism priced into the market. whether you look at fun vendors -- fund managers sitting on their highest levels of cash. when we think out over the next 12 to 18 months, we think this will end up looking back as a nice entry point for the stock market. at the same time we have to have the humility in the short-term to recognize the fact we are dealing with a couple of factors , war, inflation, things that most investors in the market do not have a lot of experience with. what's we are doing a staying

abigail tracking the news. abigail: the day before, a big rally. we had this volatility day today.intraday basis, this is a chart of the s&p 500 and the futures. overnight, up slightly, then, down more than 1%, almost green, more than .6%. let's see how the day plays out. there is so much uncertainty in this system. retail earnings and a shoe as inflation creates a problem for these companies. weighing on investors, wondering when this will happen for other companies paired we have been talking about the possibility of a bear market rally. it is in place. so long is last week's low or the -- earlier this month's low holds, we are ugly to see, we could see a bounce back up into this range. it could be more of a bounce as opposed to a bear market rally. that move up is not a bear market rally, take a look at the rsi, close to oversold territory. if this round phillips into more and some sort of bear market rally, things could go along the lines of what we saw in 2008, a number of weeks or months, and uneven, predictable one. may be up towards, not 2, 4500, but then that steep downtre

abigail has been tracking that for us. abigail: prior to the start there was green.e have declines that's weighing. obviously on the index. the s&p 500 is looking for the second down month in a row after a very difficult april. you have the nasdaq down 2.8%. it would have been down irrespective of the action today unless there had been a huge rally. you can see this is a big one, the msci down .6%. snapping what had been a four-month losing streak but now looking at the fifth down month for the world equity index. the bearish tone is continuing right here in may even though it looks like there's a little bit of hope. as for a bright spot that of course is commodities. if we take a look what's happening right now and where we're looking at the bloomberg commodity spot index on a monthly basis. the last streak for commodities since february of 2017. this is the bloomberg energy index. you can see that energy strength a big piece of it, the oil -- the rally in oil that we have, w.t.i. crude back near $120 per barrel. not surprisingly, then, the top sector this month is

abigail doolittle is tracking those moves.these are some of the sectors doing better because of the driver of the wild moves, the volatility, that super-hot cpi print. these are inflation-sensitive sectors. you can see energy and real estate are among the top sectors on the day. capital goods also up more than 1%. at one point we had stocks down more than 1% after being up 1%. last time i looked, up less than 1%. as for the drivers behind the inflation sectors and some of the stocks on the move, let's take a look at some of the movement in yields. after that hot cpi print yields shot up. that is still true for the two year yield, off its highs of six basis points. have a nice lift for the banks. in the other hand you have the 10 year yield down. it's our rallying about to basis points. that is weighing on -- it is not weighing on attack. tech is down probably because of the yield being higher. let's see if this can give tech a bid. there is a great chart to take a look at. i don't know which one of our colleagues made this, bu

abigail doolittle is tracking those moves. >> were mentioning, down about point 2%. that we have seen in recent days, it is continuing today. you can see that in the nasdaq 100, doing better than 1%. it is a risk on day. stocks were lower and bonds higher. it is below 30. there is a little bit of a risk on move for stocks and risk at -- assets. it is pretty rough, down 7.5% after a difficult april. you can see the movement you want that last high taken out. the 18th. and while big tech is higher today, apple with amazon and the like, amazon is on the cusp of perhaps losing its one trillion market cap mark. you can see amazon back in 2020 above that $1 trillion mark. 2 trillion, frankly, for much of last year, right now on the cusp , clearly suggesting that if that happens maybe the nasdaq 100 isn't going to make it and the downed trend -- down trend will continue. the retail sector earnings are always on the move, six point 8%, the luxury homebuilder put up a strong quarter and talked about softening demand for the third quarter in line with new home sales. they disa

and i think back then that the, the thinking was very much the if you avoid it feels abigail. he shouldn't want to climb trees and get dirty and tenure fight pilot or racing, cartwright. he should be playing with those and, and so on and so on. and i, i just wasn't that kind of kid. why no, he was about 89 years old. i had a friend called hamish and his dad used to race, not professionally, but um, you know, very competitively at club level. and he said, yeah, you know, we're going racing if you'd come, i'd never actually been to racetrack and especially being in the paddock with all the cause. being surrounded by, by of these causes very here is a very kind of intoxicating smell. being in the environment. you know the caster lauren and just to the noise and do some thing about it. they just yeah, just let a real spark of enthusiasm in me. and then my brother and i went to the amazon for 3 years running 200123. the 3 is that bentley competed and eventually won. and that was yeah, i mean that was like nothing i'd ever seen. i said, year less diverse. see, i made up my mind, thi

abigail doolittle is here with the latest. abigail: the s&p 500 now up slightly. in the premarket down more than 1% after falling 4% yesterday, quite a turnaround here so we are having a lot of uneven chop. friday was up. it seems as though this uncertainty on the macro picture around inflation. take a look at the rally for the nasdaq 100. this probably has much to do with yields coming in. whether it's a haven response is aggressive. yields are in. that's helping out high valuation tech stock. look a little bit more attractive. and then finally, gold is a big winner not just on the day but on the year. up about 1% or so. it is pretty attractive. earlier we were looking at a chart suggesting that there could be a bounce for stocks. this is the s&p 500. very brutal. the s&p 500 for 3500, may be lower. in the near-term, it's very likely that there's at least a break, a reprieve. momentum is relatively bearish. perhaps working its way back up. we are going to see some sort of choppy unpredictable bounds and the vic looks like it could go down to 20. guy: i'm still st

hey, abigail.it is coming in choppy, take a look at this intraday chart you can see overnight they had been higher, lower, right now higher up 8/10 of 1% and let's see if these low-volume gains can hold in the s&p 500. as for some of the top stocks today, into, up 7.3%. a strong quarter outlook that is sustainable after a strong tax season and amazon.com is about -- avoiding going below with nordstrom up 10.5%, a strong quarter for the high-end retailer, raising the outlook with no weakness there. cole's, there was a lot of weakness there but it seems there's a strong possibility that one of the bidders could come through. homebuilding is strong after a big decline this year and over the last year. bit of a reflex bounce but toll brothers had a stronger quarter with weaker demand and strong pricing power. strong demand and gains i should say for all the homebuilders here and then relative to that bear market that everyone is talking about and that possibility that maybe there is a bounce, what we a

and abigail doolittle is tracking moves. abigail: take a s&p 500, up by 1%.asdaq is up by 1.9%. yesterday, you had the big selloff. the s&p 500 was down for a few days. the last few days, the nasdaq 100 have been down. the dip buyers are out. but that is not the case today. bonds are rallying. the 10 at eight basis points. and while is even, so not much pressure on stocks. so the s&p 500 right now is going higher. i say right now because as you go into the terminal, it is a brutal downtrend. volatility is the name of the game. you can see the s&p 500 for much of the year in a downtrend. but their markets have the best rallies. the nasdaq 100 is it firmly in a bear market. you can see at the bottom of the and channel -- the trend channel, you could possibly see a bounce back up. you could see momentum increase in the near term to the bulls, but longer-term this chart is brutal. but the bounce back today could last for a week to three weeks, we do not know. we take a look at individual movers help in the s&p 500. microsoft, down 24% on the year. apple is down 1

abigail doolittle is tracking this for us. abigail: the s&p 500 up 1%. the nasdaq 100 doing better.cks, piper sandler saying its tautness early: the bottom of the big decline for chips. this taking a look at chip stocks. certainly happening on the day and yields higher on some of the strong economic data sales not hurting tech in particular stocks. that's interesting dynamic we haven't seen. let's go into the terminal and take a look at what's happening on the nasdaq 100. we are looking at the 12 month rolling price target for analysts and looking at the nasdaq 100 itself. using the nasdaq 100 is lagging. nonetheless is there some sort of a deep bottom down there that would suggest the nasdaq 100 can bounce up to some level near where analysts are paid we are not certain that can happen but it is certainly a possibility and may suggest there is a brighter future ahead. there is one for airlines based on commentary out of united airlines. they updated their guidance to the upside of the summer. you can see this for united, delta and we also have american higher. some of the cruise op

abigail, thank you very much indeed.ple related subjects -- spac's, of course, red-hot for a while. companies use them as a way to get listed on exchanges without doing the traditional ipo. it felt really hot for a while. now a spac index, which tracks spac's after mergers, is down 59%. 64% down, but that is not even off the highs. joining us to talk more about where this kind of concept goes next and the regulation around it, which is tightening up, ed hammond, bloomberg deals reporter, and martin franklin, api co-chair. ed: martin, you are mr. spac. you have done more than anyone else over a long time, but you have been a critic of the model, how it has been used, some companies that have gone public via spac. as you look at what is happening now, do you feel vindicated by that criticism or is there more to come? do you think it will get worse? martin: look, i find i -told-you-so's a little boorish, but i told you it would end badly and now it is. the reality is we are not finished. we have a lot of companies that went

abigail, thank you very much. alix: [laughter] if you have to explain it, i don't think it counts. from cosco, we get a little gas later on. what have you got for tomorrow? alix: tomorrow, we have more earnings. that wraps it up for guy and i. this is bloomberg. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing w

alix: thank you, abigail.r sentiment to decade low and that is not affecting the equity markets but part of that we need to focus on rising inflation. yesterday the world agriculture supply and demand report and something interesting happened. global wheat stock smiles will decline to a six-year low. the war and russian invasion of ukraine is big an weather is but if food prices may have rolled over a touch but when you have this shortage it won't get fixed soon. corn planting may not be as good as we thought. usda calling that sooner normal all of that adding to inflation pressures that won't be necessarily temporary. guy: that is the issue that everybody is trying to figure out. how long will this last an how do i reposition to figure this out and what are my input costs going to look like and how strong will the consumer in terms of buying my stuff. food is front and center with a lot of articles in the u.k. about it the era of cheap food may be coming to an end. retailers have the supply issues and high in

abigail doolittle is looking at these moves. abigail: a pretty big selloff here. haven asset class. you can see the vix elevated, back at 29. we also have target really plunging, down 24%. the worst day since 1987 on that operating margin miss. this is weighing on the dow jones's transport index, down 5.7%. trucking and logistics, that is the rising costs that ryan cornell was talking about. you can see some of those names are lower. it is also weighing on a stock guy was talking about, cosco. cosco down more than 10%, i believe. they will be reporting in a week or two. amazon down 5.7%. we even have the big tech complex coming apart here, perhaps in delay for jay powel'' is comments yesterday. if we go into the bloomberg terminal we are going to see that this particular selloff is now at 31% at the lows. we are not there right now. the last two we had, similar. if this holds this will be at, but if not we are looking at the worst selloff for stocks going back to 2008. not shown here, and hopefully it doesn't happen. pretty brutal. guy: 2008. that went well. thank

bloomberg's abigail doolittle is tracking some of those moves. abigail: lots of strength here.100 up 1.8%. if we take a look at bonds, not doing all that much, but we do have the 10 year yield in ever so slightly, so i small moved there. oil up 3.2%. we'll of course a risk asset traditionally, saturday it seems as though investors are taking it as more of a risk on sign as opposed to an inflationary. if we flip up the board, we are going to take a look at some of the -- of the idea that volatility is coming in a little bit. but we are ticking a look at an orange is the vix, stock volatility. in white come upon volatility. back in march you could see both peaked to some degree and then have come in. one reason with the vix coming down, to think it has not taken out that last high, it suggests that maybe there could be some sort of bear market rally. you can see it is no shot -- it does not show quite as well here, but definitely lower than the march high. that means we have possibly the first up week in eight weeks for stocks. these are the weekly gains and losses are the major

let's tape a -- let's take a deeper look with abigail. abigail: there is a little bit of hope here.s a lot of red on this screen, but the s&p off of the lows, down less than 2% at this point. that means the social media group and new york index down off of their lows as well. earlier the index down more than 5%. now down a little bit less than that. the social media group clearly under pressure. the worst day since march 2020 on snape's negative pre-announcement on the macro environment eating into ad spending. he also have the home index down after new home sales for april really missed the mark. now at a post-pandemic low. now the apparel group also under pressure, down three .3%. abercrombie & fitch down 20% on a big mess. everything having to do with operating margins. a surprise loss. the worst day ever. however, over the last three days, of course yesterday was the second day for the s&p 500, freddie have been down, but there was a late day recovery. right now over these three days we have a small gain for the s&p 500. will it turn into more? we really don't know, but again it

. >>> and for more on this, let's bring in "time" magazine staff writer abigail abrams.he fact that this now appears to be a battle that has moved from what was happening in clinics to what is going to happen in the mail. with roe on the line at the supreme court, that seems where the next frontier is headed. and you have been writing about how most women these days, 54% of women who need to terminate a pregnancy do so through medical indicated abortion. so how are red states gearing up to crack down on being ass acce to that? >> that's right. medication abortion which is two drug combination that people can really take at home or in clinics, any location, has been getting more common. and last december the fda even loosened regulations that allow the pills to be prescribed by tele health or via the mail. but now as you said, republican states and abortion opponents have been cracking down so we have 19 states that thousand effectively prohibit sending the pills through the mail and even more states are adding extra regulations and trying to crack down on this because th

>>> this is the third event we've done this year and the other two, the bristol and the abigail are some of the best in the country. and at a time when people all around the country are complaining about homelessness and saying what are the solutions. we're acquiring permanent supportive housing and that's the only answer because people need housing, they need a roof over their heads and this particular project as i said earlier, tenants from the baldwin hotel will be moving here and they've been in very tiny rooms on 6th street with no private baths.' this is the first hotel ever acquired by the city that has not only all private baths, but microkitchens in every room. they have microwaves, entire kitchens set up. a giant stove for people who really want to cook right around the corner and this is what i call s.r.o.2.0. this is what we want to see as the future. you know dpock and then cathy. cathy's late husband enrique used to team with d-pock and then they turned it over to the city for us to run. mary's done a great job here. no further adieu. we'll let you speak. [ applause ] >> we

and i think back then that the, the thinking was very much the if you avoid it feels abigail, you shouldn't want to climb trees and get dirty and tend your 5 pilot or racing called try if he should be playing with those and, and so on. and so on, i, this was not quite a kid when i was about a 1000000 years old, i had a friend container, and his dantes to race, not professionally, but you know, very competitively at club level. and he said, yeah, you know, we're going racing if you would come, i'd never actually been to race track and especially being in the paddock with all the cars, being surrounded by, by the car. it's a very kind of intoxicating smell, being in the environment, capital r and an interest in noise and do something about it. they just yeah, just let a real spark of enthusiasm in me and then my brother and i went from them on for 3 years, running 2001 to 3. the 3 years that competed eventually one and that with yeah, i mean that was like, no thing i'd have seen her now. i really year to see i made up my mind. this is it, i'm going to try and do some, some racing myself. but

and i think back then that the, the thinking was very much the if you avoid it feels abigail, you shouldn't want to climb trees and get dirty and tend your fight pilot are racing call try if he should be playing with those and, and so on. and so on, i just was not a kid. when i was about a 1000000 years old, i had a friend container, and his dantes to race, not professionally, but you know, very competitively at club level. and he said, yeah, you know, we're going racing if you would come, i'd never actually been to race track and especially being in the paddock with all the cars, being surrounded by, by the call. it's a very kind of intoxicating smell, being in that environment. capital are in an interest in noise and do something about it. they just yeah, just let a real spark of enthusiasm in me and then my brother and i went from them on for 3 years running t 1001233 years the band competed eventually one. and that with yeah, i mean that was like, no thing i'd have seen for now. i don't really know what year and a few diversity i made up my mind. this is it, i'm going to try and do some

abigail edwards' degree already helped her land a teaching job. >> it's super high demand for teacherschers. employers across the economic spectrum need workers. the latest data shows there were 11.5 million job openings in march, the highest number ever recorded. >> i feel great. i can't feel anything but great today. >> reporter: darnell neville actually lined up a position as his final year of school was starting. >> the job i'm at now i got back in september. >> the job market for the class of 2022 looks very promising. >> reporter: mary gatta is with the national association of colleges and employers. the group's recent survey found employers plan to hire 31% more new college graduates this year than last year. what are you seeing in terms of salaries? >> so we continue to see salaries rising. >> reporter: the average starting salary for business is more than $60,000, up 3% from last year. engineering salaries have increased 4%, and computer sciences saw a 5.2% jump to nearly $76,000. >> there's a lot of demand right now. >> reporter: university of alabama graduate peyton dyer rec

and i think by the end that the, the thinking was very much the if you avoid it feels abigail, you shouldn't want to climb trees and get dirty and tend your 5 pilot or racing called try if he should be playing with dolls and, and so on. and so on i, this was not kind of kit when i was about a 9 years old, i had a friend containment and his dad used to race not professionally, but you know, very competitively at club level. and he said, yeah, you know, we're going racing if you would come, i'd never actually been to race track and especially being in the paddock with all the cars, being surrounded by, by the call. it's a very kind of intoxicating smell, being in the environment. you know, the capital are in an interest in the noise and do something about it. they just yeah, just let a real spark of enthusiasm in me and then my brother and i went from the mall for 3 years running t 1001233 years the band competed eventually one and that with yeah, i mean that was like no senior i'd have seen her now. i don't really know what year and a few diversity i made up my mind. this is it. i'm going to

democratic congresswoman abigail spanberger tells me this shortage is separate from other supply issuesit shouldn't be made into a political talking point. the ability to feed children across the united states is not one that should become such a partisan polarized issue. now president biden is trying to address the shortage by cutting red tape for manufacturers and increasing foreign imports. to our message to parents is we hear you. we want to do everything we can and we're going to cut every element of red tape to help address this and make it better. but bipartisan calls are growing for the president to go further by using the defense production act should not be afraid to invoke the dpa to ensure that we can protect the health nutrition and the ability to eat all of our nation's babies and children. the white house is that still on the table? and speaker nancy pelosi says both lawmakers and the president are focused on finding an immediate fix. right now. the babys kind babies hungry. we need to address it right now. and i think we have good focus on it in washington. i'm hannah br