the perfect person to talk about this with, apart from abigail doolittle, jeff currie, who leads the odities at goldman sachs. certainly a very busy person at the moment. it is an incredibly interesting time to do what you do right now . abigail talking about gold and its relationship to copper. gold is back below $2000 right now. you have recently raised your price target. how high does ago, and what gets it there? jeff: it is a perfect storm for gold right now. there's three legs to the story. one, you have really strong investor demand for gold over concerns about inflation, recession, a downturn in someplace like europe. the second leg of it is central bank buying. you may have alluded to this. with the situation in russia, they are likely to accumulate dollar and euro reserves that they can't do anything with. what can they do with it? by gold. then you have places like china and turkey diversifying for de- dollarization reasons. demand is at an all-time record. by the way, just going back to the fear driven demand, investor demand, that etf is likely to break 4000 tons, up anoth

abigail doolittle joining us with more on what has been driving apple shares. igail: pretty interesting. apple surging higher, up 11 days in a row. best winning streak or longest since 2003. over these 11 days almost up 20%. that is incredible. this means we are back on $3 trillion market cap watch. lots of good things going on. i would say the biggest point is high quality. this is the world's largest company. they have a ton of cash, $400 billion in revenue expected this year. one down point is that revenue is slowing. 8.4% relative to 29% last year. something to point out relative to the yield curve inversion, apple and stocks has been rallying into this inversion. everybody focuses on the fact it is recessionary but it is really a last gas moment as short-term rates go higher. matt: and the markets. i am sure you have charted recessions and the stock market. as soon as we get signs there is going to be a recession we do not see the stock market tank. abigail: people are all in. typically 9, 12 months later there is pain but we could have continued risk on. t

thanks so much, abigail doolittle. number of companies across industries cutting ties with russia as financial risks mount. we will have more details on that story next. this is bloomberg. ♪ justine: -- jon: matt in the program, we've got a list of companies cutting ties with russia. we now have samsung, netflix, visa, reversing 30 years of investment by foreign businesses since the collapse of the soviet union. let's get more perspective from jackie dow flows who has been tracking the story. the news comes so quickly, it's amazing. we were talking earlier with a board expert who says a week to make a decision is like a second for a board room. and yet we are seeing lots and lots of decisions, sometimes each day. >> absolutely. it really does speak to the gravity of the situation and how great of a coordinated effort across industries. you see in finance with american express, visa and mastercard, the big accounting firm of ip wc. in tech especially, where you see some divergence because of the underlying nature in how

abigail doolittle has been tracking the story.weeks ago, a lot of people were skeptical about this being a cyclical boom for a company like caterpillar, and now you have a situation in ukraine that seems to change that. abigail: the analysts at jefferies think so. the stock is up the most since march of 2020. that is the degree of the buying power we are seeing. this analyst at jefferies is very positive on the company, upgrading shares from a hole to a by, saying he got the cyclical part of the story wrong, was not counting on this war between russia and ukraine to help in the company's business. the bigger story could be that it is seen as an inflation hedge. traditionally, caterpillar has been seen as a hedge against rising commodity prices, inflation. right now, it is doing better than the s&p 500 on a longer-term basis. matt: thanks for joining us, abigail doolittle. coming up, we will dig into the u.s. ban on russian imports of russian fossil fuels. it is huge news, amazing to see how it affected the markets. we were off on

abigail doolittle is looking at what is at stake. ail: a company basically doubling in a day going from a less than $1 billion to $1.7 billion market cap. many of us are familiar with the products. matt: i am not necessarily in love with products but familiar. abigail: i do like my headset. they have visual products. hp is making a decent bet that work from home is here to stay and looking to diversify beyond pcs and printers. $3.3 billion for them is like a drop in the bucket. matt: slightly off-topic, printers never work. they are the one thing that no one figured out how to make work. i may be showing my age, but i grew up in an era where in a newsroom you had a phone handset and then you broke out of range whenever somebody scooped you or you couldn't nail down a source. now modern news, people are polite on phones i don't like that. abigail: that is an interesting point. i have seen people break their handsets and that is why i like them better. you have the headset and it makes things easier. matt: do you need fries with that? a

abigail doolittle is tracking the moves. been a volatile meet and it does not look like the ending will be different. abigail: thank goodness it is friday. what a week indeed. this is an andra day chart -- intraday chart that goes on going back to 6:00 p.m. last night. you can see futures for a while doing nothing and then we have the russian president vladimir putin make what seems to be positive comments about the possibility of some sort of compromise or solution around the russian-ukraine war. the s&p 500 up 1.5%. now up fractionally. if the s&p 500 can get back to those higher levels, we could see a turnaround on the week. this is interesting. we are so interested in the valley. this is the selloff. futures down 1.5%. we have the vix down. we have crude down from of the worst week since november of last year. we also have a big selloff in bonds. it looks like the s&p 500 could see a near-term bounds as it goes into the bloomberg terminal and look at the chart we looked at yesterday, showing a bullish divergence. you can

abigail doolittle is looking at the reversal.his stock was decimated, reduced by a 10th, now it is backed up. what is going on? >> it is very volatile to say the least. it is now up 5%. relative to the quarter, it was mixed. they did meet sales estimates. sales data slow, but you should remember, omicron, this is a brick company, it depends on people being out. that could be one factor. the bigger thing, increase costs. the ceo on a long investor call talked about the fact that they leaned into me demand, that meant they had to spend. it seems they are getting the amazon effect. amazon will talk about how they are spending so much, yet the stock is going up. jon: the nft marketplace buzz that got people's attention, but we are still waiting for more details in what is feeling like a crowded marketplace already. abigail: it is interesting, as i was preparing for this report and thinking about the stock phenomenon -- meme stock phenomenon, usually companies pay billions of dollars for marketing, but gamestop had been a mall store w

burgs abigail doolittle is tracking the session. -- bloomberg's abigail doolittle is tracking the sessionl: last week was the best week since november 2020, around the time of the presidential election. that was the degree of the buying power. today investors bolstering a little bit. yields are rising, pressuring tech stocks. the russell 2000 down about 0.6%, so small caps hang in there. the vix is below 25, so it seems as though this is just a little bit of a consolidation, very low volume. as for the s&p 500, i know kriti is a bull right now, this is the s&p 500 relative to its 50 day moving average and 200 day moving average. recently there is a death cross. he funning thing for the s&p 500 is often, those are bullish signals. it is confirmed right now for 4600, maybe even 4700. of course, there is that statistic that every time the s&p 500 puts in a weekly gain of more than 6% or an index puts in a gain of more than 6%, a year later it is higher. but certainly in the near term, it looks like the s&p 500 is headed higher. as for commodities, really wild moves. new york crude up 6.1%, b

abigail doolittle joining us with more. shares down 5% now. is this about the forecast? l: i think it largely has to do with the forecast. the stock over the last year, down --, down 15%. what really seems to be weighing on the stock is exactly prescription drugs relative to covid. having to do with the testing and vaccines. in the second quarter vaccines really showing that, actually, down in a big way from their fiscal first quarter. that has something to do with inflation. i was in walgreens yesterday and for the first time in recent money -- recent memory i only went in and got the one thing i was looking for. it was a very budget-conscious situation. i think that could be something even though they are not talking about that. jon: there is that day-to-day reality, then, of course, there is the desire to make bigger moves deeper into health care. bloomberg intelligence team is talking about just the time it will take to continue to make inroads there and the investments. they seem to be balancing both of those aspects of their business. abigail: and it is a tricky bus

abigail doolittle is looking at that.ms facebook has problems everywhere. >> it's been a tough year. these headlines, it is tough to know what to make of them. this is an interesting move, only because i would think facebook and instagram and whatsapp would not be in russia, but last week russia banned facebook and is not talking about doing that with instagram. matt: facebook would be a great tool if the u.s. cia could promote fake news articles about russia, for their consumption, you know? abigail: i believe that to your thinking, but it is interesting because there is not a lot of clarity. russia want to designate certain information and images as extremist, especially showing violence against their soldiers. whatsapp is the biggest piece in russia, instagram, and then facebook. investors at least today are nervous. we don't know if it is headline risk or if it could hit financials. jon: thanks very much. coming up, canada's jobs market blowing past expectations in february after the nation lifted its covid-19 restric

abigail doolittle is tracking the moves for us. >> the volatility indicator not surprisingly striking risk off picture confirmed by the fact that we have a little bit of a bid for bonds. let's take a look sector wise and see if it confirms this picture. this is a big change from what i was saying earlier. this might be the stoxx 600. you can see utilities, staples, health care. defensive sectors are leading the way and then tech is down and energy down in sympathy with oil. guy: thank you very much. that's monday. let's talk about the next 24 hours. president biden speaking on the u.s. budget. we've also got earnings coming up from jeffries. kailey: on the earnings front in the u.s. we will get results out of micron plus blue origin will be launching a rocket at 9:30 in new york time. coming up next on balance of power, a member of the white house council of economic advisors will be joining david westin. guy: here in europe and london on the radio, the cable show. dab digital radio. we are going to be talking a lot about what is happening in ukraine an impact on these markets. this i

abigail doolittle, over to you. igail: we are looking at the best week for stocks going back to november 2020. you can see the s&p 500 up 5.2%. nasdaq 100 even stronger, up 7%. the golden dragon china index of 28%, its best week ever, and finally, the russell 2000 also participating, so it is a round rally, a broad rally we have here. that is mainly recouping a lot of the losses around the ukraine war. however, if we take a look at the s&p 500 on the year, there's more work to be done. the s&p 500 still down about 7.2%, basically making up what has happened since the ukraine more. this is since investors are contending with different issues. i would argue the ukraine more, as tragic as it is, it has been more of a headline issue for stocks, whereas the real issues have more to do with the fed, which we are digesting right now . one reason we could see stocks continue to climb, early this week, maybe the week before, it seemed improbable. you can see that the s&p 500 has broken that downtrend, climbing towards the 200

mike mckee joins us and abigail doolittle's back. mike, what do you think? is this good news or bad news? demand on one side and supply story on the other. mike: i think you would have to say it is good news. you look at where we are in terms of crude oil and it is almost back to where we were at the beginning of february -- end of february before the invasion. it suggests maybe some of the inflation pressure the fed has to deal with is going to come off. you were talking about how do you forecast it if you are the fed and what it is going to do for the economy? it is really difficult. i think for the fed it is reasonably good news. to the extent it shows demand -- and opec report came out moment to go saying demand will fall around the world -- that does part of the fed's job for it. the only thing harder than forecasting for the fed what is going to happen is the markets forecasting with the fed is going to do. kailey: abigail, you look at the technicals to give us some sense of where things are going to go. there was a day last week when i said, what happ

abigail doolittle is tracking the moves. what are you seeing? the s&p 500 down 6/10 of 1%. and we have been in the strong risk on period and it is interesting to note you have bonds rally. there was a lot of talk last week about money coming out of bonds into stocks. you could have money coming out of stocks into haven bonds. you certainly have the dollar down which is an interesting not confirming the risk on feel. usually the dollar climbing would be a haven feel but the dollar down for a second day in a row. the worst since november 2020. speaking of extreme moves, chewy down 16%. perhaps some of the pandemic trends not sticking around. plus, 29% interest on the stock so lots of pressure. one of the cofounders of chewy, ryan cohen, is now the chairman of gamestop. the meme mania from march this is an ugly chart. we are looking at amc, gamestop and mullins some of the meme stocks down earlier this month now higher, higher, higher. right now up a very healthy 35% or more. the s&p 500 not so shabby up 5.4%. finally, let's check on oil because thi

bloomberg's abigail doolittle is tracking the trading session. abigail: we have stocks higher.arket, sharply higher. the s&p and the nasdaq up more than 1%, then a little bit of a dip. this as oil falls. wti crude is down about 7%, and close to $100 a barrel. not there yet, but we could see that move lower. that is typically when you see a huge surge up, it is often unsustainable and will reverse to some degree. as for what also is moving in the market, this massive backup in yield. relative to oil, commodities, stocks, this 37 basis point backup and the 10 year yield is just incredible. 2.1%, the highest since i'm not sure what level, but probably since 2019. the fed is likely to do one hike, may more. also another big story, the golden dragon china index down off of its lows, but nonetheless, last week the worst week ever. in alibaba, more pain. will this china tech pain bleed into markets? we are looking at the golden dragon index, and you can see it is an absolute plunge. down 74%. if that is not a bear market, i don't know what it is. are we going to see a similar move? ho

abigail doolittle has the story. >> this is interesting because given everything that is going on withnd russia, oil and stocks, this is slipping through the cracks. jd.com down in a huge way, the worst plunge ever. they put up a quarter that most analysts are saying is good, revenues rose by 23%, but the annual customers missed. maybe it's a sign of a global slowdown, continuation of last years of last year's slide for chinese tech stocks. that crackdown from beijing. you also have the factor that it is unclear what the u.s. china relationship is given the tensions around so many factors, especially around ukraine and russia. that could be another reason for investor to sell chinese tech stocks. it seems to be bleeding into u.s. tech stocks. the new york faang index down sharply. the biggest losers are jd.com, alibaba, but you also have tesla jon: as much as people talk about the strategic opportunity in china, there are major inflationary concerns, just as they are in north america right now. macro headwinds. the competitive environment in china when it comes to grabbing those sales

abigail doolittle is here with that. abigail: interesting signals.sharply, similar to european markets. the vix is higher at almost 34. on the other hand you have bonds pulling back. not fearful selling, it is more the volatility we've gotten used to. the big pieces oil. wti crude up 13%. almost flat earlier today stop right now 1.8%. one reason to think crude oil is likely to pull back, it is way overbought. if we go to the bloomberg terminal it is a 14 day rsi a 74. that is the highest level on the upside going back to april 2008 it exceeds other points. there is reason to think this momentum we have seen to the upside maple back. if this happens that could help -- to the upside may pull back. if we look at stocks in the 10 year yield in oil come you can see over last six months the 10 year yield in oil has basically traded along a very correlated, pushing the s&p into the volatile range we have had a last six months. as oil has gone parabolic lee higher it is pushed down yields and pushed down the s&p 500. it has pushed down even more so the germa

bloomberg's abigail doolittle is tracking the moves. abigail: a lot going on now for sure.g jobs report in the u.s. overshadowed by the geopolitical tensions and the russia-ukraine war. the russell 2000 small caps stocks down 1.5%, ending us at 100 down about the same amount. we are looking at the worst week for the s&p 500 and the russell 2000 since late january or you that is the degree of the selling pressure. we are seeing it in the vix, now at a 33 handle, and there are continuing reasons to think that it will go higher as we have what someone yesterday was calling a move higher for volatility. not so much a spike, but more of a slow move up, a slow grind. in the commodity complex, this is stunning. new york crude, wti up 20.4%. you also have corn sharply higher, up about 19%. ukraine considered to be the breadbasket of europe. so the supply fears on the russia-ukraine war really causing this spike up for commodities. lumbar is along for the ride -- lumber is along for the ride, on this idea that they will perhaps be a supply shortage. as i am sure you have heard many

abigail doolittle is tracking moves. l: we may see a move back toward the rally we had yesterday and last week. right now the s&p 500 down about .4% off of the lows. again, there is a sense if you take a look at shares of apple, which are higher, that may be apple, because of its big weighting could lead the s&p higher. we have bonds up a little bit. a one-day trend -- one day a trend does not make, so we will be keeping our eye on that. oil up 1.3%. some of these headlines coming out of the russia-ukraine war, and then copper also big. commodity complex in general well-bid. it would take a look at when it the mega cap tech stocks, the surge in yields has not been holding all of them back take a look at tesla in march. we had this 34% rise. earlier in premarket it had been down after yesterday's 8% rally, but now it is higher, up, up and away. that is true for the meme stocks. if we take a look at shares of gamestop, up 14% after chairman ryan cohen up his stake. the activist investor, also the founder of chewy. everythin

bloomberg's abigail doolittle is tracking the moves. tion not all that exciting as it seems to be another asset classes. abigail: first, taking a look at what is working for stocks, tech performing the nasdaq 100 -- tech outperforming on the nasdaq 100. a possible stock split makes it more friendly to retail investors, helps the optics, takes it from $1000 per share to some lower number. a amazon up 1%, no higher on the year. tech helping out as yields fall. the 10 year yield done about three basis points at 2.43 percent. still unbelievably high. oil down 7%, wti weighing on the commodity index and many of the energy movers, including a patchy halliburton. it still seems as though we have a parabolic uptrend. at about $95 per barrel, it seems as though oil will very quickly go down. it really seems like, as have been the rsi, we could see crude oil go back to its 200 a moving average. it is rising, right below $80 per barrel, but many continue to think you could see oil go even lower than that. stay, but certainly another tailwind for st

abigail doolittle has the update and the action equity is a lot less remarkable than what we are seeingmmodities. abigail: i would agree with you, kaylee. the s&p 500 is down half of 1% but not a huge decline. the nasdaq fluctuating higher. perhaps it will go a second day higher for the nasdaq. that could be helpful for equity markets. the russell 2000 is down. the real loss here is for that index of financials down. let's take a look at yields. bonds are rallying in a big way. it's right across the curve, down 10 points. you can see the two year yield is down here, typically remarkable for the bid into bonds. two hikes with crude oil rallying after that i.e. a headline coming out about adding 60 million barrels up. the highest since 2014 with a haven bid for gold and digital gold or bitcoin with continued weakness that is interesting because it suggests the action that we are seeing now that some participants knew about, taking a look at the s&p 500 airline index or the travel trade, it peaked back in april of last year. at this point down almost dirty percent with an early tell on the

abigail doolittle has a look at the results. >> its best day since 1993.up this tremendous quarter, great outlook, so despite the fact that you have the input costs surging, you have the company performing. it has to do largely with the pandemic, the trend of staying at home to eat, people becoming cooks and foodies at home. they are continuing that as opposed to going out. matt: they found out it was fun. abigail: maybe they found out they were talented. we have profits surging, they are using technology the right way. matt: i have a recipe for spaghetti carbonara that you would not believe. i'm telling you, if you use cream, you are not doing it right. jon: both of those things are not good for my waistline. i try to keep the carbs to a minimum. i do understand what abigail is saying, and you see this reflected in the results, the fact that there was more time in the kitchen, less time in restaurants. i wonder if the investments kroger is making in the online business, which certainly started to get turbocharged in the pandemic, allows them to keep some

abigail doolittle is tracking moves for us. ls like a day where everything is being driven by commodities. abigail: it comes in the context of this mini rally with the s&p 500. the s&p 500 up 9.9%, erasing most of the gains this year. on the year, the s&p 500 down 3%. at one point, it was down 10%, quite a recovery. on the day, a different story. when we look at the tech index, similar to the s&p 500, lower. what makes this interesting is we had yields down once again but not giving stocks released. oil commodities not giving stocks released. typically this dynamic, if you have oil down and yields down, that would help the stock market. not today on the last day of the month and the quarter. this is a fascinating chart i was looking at. i am not sure what it means. i know based on what jon ferro said, you love conversations around the market. we are looking at the bond volatility index stared bond volatility really following the oil price. oil really driven by what is going on between russia and ukraine. i had not exactly sure w

abigail doolittle is tracking the moves. >> a little bit of a sentiment shift.e interesting to see if we get a reversal by the end of the day, the s&p 500 off its lows. where we do have some green, most of the index are lower. oil is sharply higher at 3.4%. that could be a headwind for u.s. stocks and then there is a haven bid for bonds, that 10 year yield coming in just a little bit. where we have strength is apple, tracking for a 12 day higher, the longest streak going back to 2003, up nearly 19% over that time period and not wanting to miss out on this rally so folks really going toward big cap tech stocks with so much cash and lots of revenue. as for yields, let's check in to see on a chart we have shown before. this is the 10 year yield and here is the range we have been watching over the last month or so. you can see this incredible break to the top of the range. right now, the yield is starting to come in and you can see that indicator of momentum going down. there is reason to think the move into bonds could continue. will the 10-year gilts go to the bon

bloomberg's abigail doolittle is tracking the market moves for us. equities, but not by as much as earlier. abigail: down 0.9% after yesterday's big rally. you and i were just talking about oil. what happened to oil? it is up just 1%. we are not aware of any headlines influencing this, but as we have been talking about over the last couple of days, technically oil is very overextended, so it is not surprising to see it continue to perhaps come off of its highs. a big story in bonds. the 10 year yield backing up more than 25 basis points on the week, hidden to some degree by all of the action in stocks and commodities, but this is critical after the cpi print, the highest in 40 years, plus the fed next week. as for some of the movers beneath the surface for the s&p 500, goldman sachs is down similar to other banks, even with yields higher. goldman sachs is exiting its russia business. apple down 2.9%. amazon higher on the 20 for one stock split. perhaps the $10 billion buyback. and then exxon mobil up as oil tries to hang onto its gains. we have a bul

market abigail doolittle is here with us. oil reacting. >> the real ration was last friday into sunday evening where you had crude oil absolutely soaring. nonetheless over the last three days, up 18.5%. we don't have to much of a reaction, but there is a possibility that the cause of the gains on sunday really in last friday, there could be a news event that is not happening right now. let's take a look at the broader markets with the s&p 500 right now. down about 3/10 of 1% really all over the map. there could be some relief that had for stock investors that is probably a dicey proposition with volatility right now. you can see the banks really benefiting, the index of 1%. that 10 year yield of eight basis points is really pretty incredible. the top sector on the day, banks are doing well. the top sector is energy including chevron, and then we also have a nice bounce. we will need to see some of those big tech names go higher. apple and microsoft going lower. one reason to think there could be some relief for the s&p 500 is

thank you very much, indeed, abigail doolittle on what is happening in the markets.dlines i need to update you on. the first one is it looks like the latest front of talks between chretien officials and russian officials, those talks are now starting. we are also getting commentary coming through from eu officials , i assume this is eu officials, on poland and eu states pushing for a russian energy ban. germany facing growing pressure to accept such a ban. we heard from the german finance minister and the chancellor a little bit earlier on this. a more tepid pushback, but still some pushback from boris johnson over the last few minutes within the u.k., saying basically you can't switch these things on a dime. the u.s. obviously front and center in all of this. we heard from blinken over the weekend. congress is exploring a bill that would effectively ban the import of russian oil. bloomberg's washington correspondent annmarie hordern at the white house, joining us now. it was made clear over the weekend that the u.s. potentially was prepared to go alone. is the expec

abigail doolittle is tracking the moves. abigail: we have discontinued selloff with bonds.o go to the top of the board, the s&p 500 up .3%. heading to a second up week in a row. there is a bit of a rally. the nasdaq 100 fluctuating. the dollar down slightly. bonds selling off once again. relative to a chart i have shown again, above the resistance. it will be interesting to see if yields come back and what is called a false initial reaction. what comes to me is things can go longer and further than you think. it could also be the fact that the world interest rate probability function of bloomberg is now pointing to a 2% rate by the end of the year. this is just an incredible backup. citi, their chief economist was telling jon ferro on the open he is expecting hikes at each meeting. let's see whether or not it happens. there is a lot of debate around this. this could be one reason for the 10 year yield to be flying higher. as for commodities, not as much. gas futures are up. european natural gas futures are down. oil is down but up on the week. wheat down a little bit. it do

kriti: abigail doolittle, thank you for tracking those moves. the st. fed president says when it comes to raising interest rates despite inflation, faster is better. he spoke to michael mckee. >> faster is better. i think the 19 84 tightening cycle is probably the best analogy here. that one was quite successful. the fed moved 300 basis points in a single year than made some adjustments afterward. the result was we hit our 2% inflation target over the next 10 years. the economy boomed in the second half of the 90's. this is a situation that is like that. we came out of the pandemic and got surprised by inflation. now you have to move the policy rate up discreetly, not to be too disruptive. i think 50 basis point moves would be in the mix. get to a level that we can be neutral. from there, we can decide if we want to be restrictive and put further downward pressure on inflation. it's the wrong place to be given where inflation is. >> as i noted, futures are pricing in 54 may 4. the fed doesn't like to surprise the market. can we assume this is what you'r

abigail doolittle is tracking the action. e are looking at the first three-day rally for the s&p 500 and other indexes since early february. the s&p 500 now up 0.2 percent, reversing a premarket loss, so investors taking a little bit more of a constructive view, perhaps thinking the fed won't be able to stick with their plan or that there was a bit of a dovish tilt. that is also showing up in bond yields. the 10 year yield coming in four basis points an external backup in recent weeks. you can see the one outlier is the china tech index, the golden dragon index extraordinary yesterday, up 33%, the best day ever. i cannot remember a legitimate index or stock -- a stock may be so, but index ever climbing 33%. a lot of factors in china, including beijing talking up the stock market to some degree, plus the idea that lockdowns are not going to be quite as bad that is helping out oil, popping back higher. brent crude above $105 per barrel on the idea that the world's second largest economy is not going to be off-line. as for what c