jeff currie of goldman sachs writing up on oil.ier blas also important, given a substantial retreat here. jeff currie thing for a real clearing of the market here, rampant selling against trades, and he would look that we reprice higher. jonathan: the outlook for demand just got a sledgehammer take into it in friday's session, which i think the likes of jeff currie and others think maybe it was taken too far, too soon. for new york, for our audience worldwide, with equities up this morning, good morning. this is bloomberg. ♪ jonathan: the adp report, 544,000. the median estimate, 548,000. going into the opening, up 52. on the advancing -- on the s&p 500, advancing little more than 1%. is the bounce you're looking for after monday and tuesday. hard to keep up. the move fades, 1.4698 on 10. tom: let's get right to it with the data charting as we going to claims tomorrow and jobs on friday. we get a briefing from julia coronado. wonderful work at the fed over the years. iconic work on the tough part of the 2007 crash. i want to go bac

we will talk to jeff currie later on. guy: i want to talk about the other thing you mentioned in the headlines as well, and that is what is happening with apple, confronting a new problem as the holiday season heats up. it is a problem and hasn't really had to deal with in quite some time. it has had to deal with the issue of supply chains. now it is having to do with the issue of slowing demand. the giant apparently telling suppliers that demand for the iphone 13 has weakened. we've got a great chart looking at the correlation between what is happening with apple and the s&p. the news certainly dealing a blow to the tech giant's record-setting rally. the correlation to the s&p now turning negative. we've obviously had a lot going on in terms of markets over the last 24 hours. apple in some ways is a safe haven, but it is interesting that that may be starting to break down as well. here to talk more about what is happening with regards to apple's woes and how omicron may play into that story, alex webb of bloombergquint t

eat, learn, play, founded by jeff curry and his wife, invested more than 5 -- steph curry and his wifeted more than $5 million in the days leading up to christmas. there were daily surprises for the kids as well as funds for deserving community groups courtesy of santa and mrs. claus. that was just wonderful. that is it for abc 7 news. we will see you back some days, you just don't have it. not my uncle, though. he's taking trulicity for his type 2 diabetes and now, he's really on his game. once-weekly trulicity lowers your a1c by helping your body release the insulin it's already making. most people reached an a1c under 7%. plus, trulicity can lower your risk of cardiovascular events. it can also help you lose up to ten pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelli

but jeff curry, again, i just think when you make a call that gets everyone all bold to go to 100 and then come back with a call today, it would have been fantastic with what i do, so far i'm wrong, and therefore you could say -- i was wrong. >>> you did say on monday that you didn't trust the bounce. that was a pretty good tip. >> i think today is much more of a realize tim view sit spoke to marc benioff, and then again, and then timely again. i am convinced that. squall -- is not worth a bucket of spit. that's what the vice president -- so i am -- those who are saying, you know what? i'm going to sell salesforce, i think you should look at the -- it's almost a netflix situation, where there was a currency issue, but slack is awesome, the slack buy may prove to be unbelievable there have been he would say my growth is both organic and inorganic. the numbers were extraordinary there. they're still growing in order my advice is where -- and think that mark is frankly lost his touch and bret, by the way, is killer hi killed dorsey he becomes the chairman of twitter and then co-ceo, he's

we'll see how it plays out jeff curry, thank you. have to think about everything you said. >>> coming up in just a moment, senator bill cassidy's going to join us to discuss vaccine mandates and so much more. >>> and later, investors are going to want to pay attention to this. the cpi data due out this morning at 8:30, the futures ahead of those numbers, they're higher the numbers and instant market reaction, it's all coming up as "squawk box" rolls on. firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. we are now 30 minutes away from what's become the hottest economic number for investors. that is, inflation it's expected to hit its highest level in more than 40 years. we're all over this story and we're going to bring you instant reaction and we'll tell you what the number could mean and the trajectory >>> futures are calm, the s&p tracking for its best week since february so m

on oil, jeff currie later today as well. jonathan: looking forward to that. city, on radio, on tv, this is "bloomberg surveillance." ♪ >> the markets will have to significantly reprice at some point. the fed will probably have to go faster than they expect. they will probably have to go higher than people expect. that is going to be a bit of a shock to markets. jonathan: bill dudley, making the point that maybe they have to go faster. when i first heard dudley say that in the middle of this year, it was at a conference with him and mohamed el-erian about six months ago, and it was out there. it was contrarian. not anymore as we close out the year. tom: they look like geniuses on the trend. who knows on all of that? one thing we do know is the linchpin of all of this will be the deepest thing on the market, which is the u.s. dollar. we welcome kriti gupta to join us here. this is exciting for us. who was it, dave who? kriti: dave wilson i think was his name. it has been a lot of hedging at the moment. we have seen this huge buildup in his elder. in the last co

alix: that was jeff currie speaking to us in the last hour.a look at some of the oil moves following opec's decision to go ahead with its planned output -- to output hike 400,000 year. we have amrita sen and alex longley joining us. set the stage for us. what happened and what surprised you? alex: opec agreed to go ahead with lifting up. what they have said is they will continue to leave the meeting open, effectively opening the door to potential cuts if the omicron variant worsens the demand picture in the coming weeks. prices took a big tumble. once that suggestion of keeping the meeting open continues, we have seen crude rally back three dollars or four dollars off the lows. what you have to keep in mind is how far the oil price has fallen. this is a market that is now well into a bear market, down 20% from where it was, and see people come in covering from where we were, no longer liquidating the market, and saying we may cut production if the demand outlook deteriorates some movement higher from here. guy: how much of that was a surprise?

covid variants have led to less of a disruption, and i think that might be something that edifies jeff currie'shan: one to build up the price action for you going into the economic data 41 minutes away. 550,000 is the estimate. futures advancing 0.1%. yields in a basis point on tens. the theme this week, the curve is flatter. two-year yield is higher, 10 year yield is lower. tom: this is a really nuanced bloomberg terminal right now, and particularly with strong swissie, that is big news for sm b. the curve flattening off of the vanilla curve, twos-tens. some of the other curves showing that angst as well. what i would go to is the two-year yield, 0.650%. jonathan: we have brought back for that conversation about rate hikes. i'm looking at twos-tens back at 80 basis points, basically where we started the year. it is a full round trip, january out to december. tom: green on the screen. a good time to drag kriti gupta in here with a chart. you link the equity market into this jobs report. kriti: we are looking at the dynamics between the two. how much of the stock market is really driven by what

jeff, the visits vin of any curry was one of many, a rarer, struggling to survive a making. ready cleaned it under any name when it was collect goodell engine is equal, correct foot and out of your good. out even may not the sooner colder to love, you'll get another to do will i will hear it now when 281 is in a mouthful, and nadia was cool anyway, faded away. oh, there were, we know you would only seen any we will own will of if will. i know you may. she may have been, as you know, it, india burnett, sienna, my name is again, douglas global. my thought could escalate. be deemed any i've been i seen that yet . i got a bna bay, maddie to hey denise, you know, you know, when you to run an audit avoidable maddie ramble did the moment been what, what was going on. but given that randall that who do not understand that you can actually do it on a vehicle morrow. we had nicki's inglewood. i'm getting ready to heat and it's not only been a vans generation, her suffering barring some kind of intervention. her children are unlikely to escape the cycle of poverty and making life even