ralph schlosstein of evercore is going to be staying with us.rg. ♪ ♪ ♪ guy: welcome back. you have noticed there is a back boom underway, helping certain institutions have a very good year deutsche bank making a comeback in in i.p.o. world. it is one of the top 10 advisors. still with us, ralph schlosstein, evercore, co-chairman and co c.e.o. ralph, you look at what is happening with this spac world and it is it is for little while now. i'm wondering whether or not we need to rethink what is beginning on here. what do you make of the boom? do you think we need to reform this process? what is a good spac lack like in your mind? ralph: first of all, i think spacs are growing dramatically as a alternative way for companies to go public. and so, you know, and i think that's here to stay. i think we're going to continue to have a boom of spac issuance. the reason is really simple. there are three parties at the table. the underwriters, who like getting underwriting fees, the sponsor who is like getting carry and the investors who when they put up the

evercore taking ap toll a new street high and we break down the latest season's "fortnite. >> recentatility any tech stocks noting the last time we had this kind of divergence between the naz and dow back to the early 2000s and dotcom bubble and joining us, weighing in on what the environment's like now. welcome back good to see you. thanks for helping us kick off the hour. >> absolutely. thanks for having me. >> it's not just baron's b of a is fund manager survey new numbers saying biggest drop in tech exposure in about 15 years. i wonder, what do you make of this narrative of a rotation out of tech, and if you believe it's happening, to what extent is it going to happen from here on out? >> i think what we're seeing is the market has already priced in the biden stimulus package, and now we're trying to see how it plays out. we've already seen a little reflationary pressure coming in kind of trying to get the economy back to historical levels where inflation was i think what we're seeing is just a lot of managers taking the historical perspective of transitioning over to those secto

meanwhile, technical announcements from evercore -- technical analysis from evercore estimate that itould rise further. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ tika gupta. this is bloomberg. ♪ ♪ sec. yellen: in the united states, we have been talking about this is a k-shaped crisis. people at the top end of the distribution tend to be doing very well, and people closer to the bottom have been the hardest hit. it is an extremely unfair thing that has happened. jonathan: secretary yellen of the u.s. treasury. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tuesday morning looks like this. here are the scores. on this be 500, we advance. on the nasdaq as well, up by more than 2%. on the s&p, up by 0.9%. -- up by 1.9%. in the fx market, dollar weaker, euro stronger. these moves come off the boil as this session grows. the equity market was higher. euro-dollar, euro was stronger. treasury yields lower as well. we give some o

sarah bianchi, evercore isi head of u.s. public policy.berg. ♪ ♪ guy: from london, i'm guy johnson. kailey leinz is over in new york. this is "bloomberg markets." bitcoin down another 5% today, they were selloff since september. mike mcglone is joining us now. there's a narrative developing that retail is buying airline tickets and not buying bitcoin. this is a momentum story still. if that is the case, what is the downside? mike: momentum is clearly up. i think bitcoin is just consolidating within a range of $40,000 and $60,000. bitcoin has a key dangling carrot, and that is the imminent launch of etf's in the u.s. i don't think it is going to peek until after the launch -- going to peak until after the launch. kailey: how does that come simultaneously with the broader market? mike: we are seeing a bit of risk off. markets peaked week ago. but i think bitcoin is going to get the better have that. i see bitcoin shifting to a risk off asset, partly because there's a tsunami of not so much retail, but institutional treasuries below the marke

evercore making clear they want staff back in the office and that includes hundreds of interns back inoffices by the summer. we heard from the co-ceo, he really says that they believe they are passionate in their belief that the merger business is a business of humans, interaction, apprenticeships and mentorships, and that works best when everyone is together. while they are urging staffers to take the vaccine, they also acknowledge that it is going to be a tricky issue because there are people with religious and other beliefs that mitigate against taking the vaccine. there is an indication that is an issue facing ceos and one that will need to play out. haslinda: more and more companies, including jp morgan, goldman saying the same thing. tell us about the plans. su: j.p. morgan chase summer interns will be getting a taste of office life this year. different from last year, when most of the major wall street banks either delayed, shortened or made virtual they're paid summer intern programs due to the pandemic. that is not happening this time around. j.p. morgan space -- stating that

right now, and this is well-timed, sarah bianchi joins us, evercore isi head of u.s.ublic policy and political strategy. actually, very experienced in the washington science of gridlock. did we just see the end of gridlock? is this what less gridlock looks like? sarah: well, it certainly is an impressive victory, even though there were no republicans on this bill. with the 50 vote senate, it is a narrow majority. you have to give your hats off to president biden and his team with the narrow majority in the house. i think they are showing you that they are here to get things done. their next packages going to be even harder, so i am not sure the era of gridlock is over. they will try to do things to pass taxes and more difficult spending. certainly today, they ought to feel very good. lisa: is there any chance at a bipartisan infrastructure bill? sarah: i think there is a possibility they could pull off some of the infrastructure pieces and try to pass that in a bipartisan way. we have seen senator manchin already saying i am not going down this other route again. i've

technical analysis from evercore suggests that bitcoin could hit 75,000. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am ritika gupta. this is bloomberg. ♪ >> there is a prospect that with an all-out effort on vaccination and reopening schools, that we can really get the labor market back on track later this year or next year, to avoid what we had after the financial crisis, which was almost a decade before the economy ever got back to full employment. jonathan: chair yellen becomes secretary ellen, conditioned from the previous cycle in a big what -- secretary yellen, conditioned from the previous cycle in a big way. the price action looking like this this tuesday morning. up 38 on the s&p, positive one full percentage point. out of the bond market, yields lower. that is the callused -- the catalyst for the move across asset this morning. euro-dollar just about a 1.18 handle, down to 1.18. dollar weakness this morning in g10 and e.m. today. jonathan: you men

watch micron today evercore goes from 125 to 135 and they say there's more room to run after a more anth away. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. >>> as we close out the hour, take a look at shares of rocket companies blasting off today in what some are calling another reddit rally that stock now up over 21% the company soared overnight into the top five stocks mentioned on reddit. so, john, what do you think here are there fundamentals at play or is this more about momentum and reddit traders >> julia, i think in a bull market everybody is a genius losses hardly matter and nobody needs a strategy, carl i think the real test of this, you know, social thing that we're seeing happening is what happens when the market turns down as it inevitably wi

tom: and into a booming economy, as we heard from ed hyman of evercore isi. s&p will do better in this american economy. jonathan: we are talking about one million payrolls on friday. france said to consider a national lockdown due to the covid spike. compare and contrast europe and the united states. there's the headline for all to see. tom: we saw from merkel yesterday for the day before. what is interesting is the bet on the street. at deutsche bank woman's ago, an expert on fx minces no word. he's optimistic on europe amidst this gloom. lisa: you really start to wonder at what point this divergence has legs beyond just this moment. this idea that europe is lagging behind the u.s., but people saying later on in the year, the pandemic will end. at what point does this lag time create frictions, create problems that create slower growth going forward, and that bifurcation only widens. jonathan: better data still to come, and out of europe, it is a struggle. we looked at this on the s&p 5 -- we look like this on the s&p 500. futures are positive. $1.1731 is w

apple has a new target at evercore tying the street high 175.'s about a 38% move higher i mention only one person on the show today had any moves, which was surprising to me in and of itself the fact that you really only have one or two moves is equally as surprising. because you're normally pretty active maybe not at active as your brother but awfully close. added to apple calls what's that about? >> yeah. well, scott, just as you say they got some targets raised over at apple. 30% upside from here is what the note said. and we noticed immediately starting right at the opening bell that they were buying the 127 calls in apple so i joined them they traded 72,000 of those in the first hour and a half, or two hours of the day, scott. that's extreme even in apple's case so i added to my exposure in apple at that stripe i'm not so much chasing that 30% upside as i am trading a short dated option, just for the pop it's already doubled, those calls have today and i'm looking for just a chance to get in there and keep selling upside calls against stock

there is a really good piece by evercor about snowflake which is a great company, i speak to a lot of younger investors, a lot of them like snowflake but i think they think it's meteorological, and wow, snowflake, a good thing to have in the summer. there is an element that i have not seen in my life, scott, which is there are stocks that are doing really well. the rails. and there's just people not interested in the rails. but the money managers have taken back control of the market, scott. and they don't like to pay 100 times sales. they would rather pay 10 times earnings and nucor at eight times earnings and i don't know how to get nucor to become a motion picture theater or if nucor were to start selling gaming, i mean i don't know how to do it. if nucor would take your collection of sports illustrated covers and give them token, nucor would be at 100. i'm struggling. >> this shakeout is definitely, they don't want to admit there is a salt lakeout, there are a whole group of people who are den-denial and i would rather trade nfts, tokens, and nonfungible, but they're googling what