joe: i am joe weisenthal. romaine: joe, repeat after me, a record high on the s&p 500. caroline: china joined the u.s. in both the economic numbers that suggest global recovery is on its way. manufacturing rising more than expected. vaccines aiding recovery with the u.s. saying today it has administered 200 doses -- 200 million doses. this will help regulators investigate the dangerous blood clots. the astrazeneca and johnson & johnson shots are enough to give us pause but --joe, let us start with a surprise in these moves in treasuries. joe: i thought you were going to talk about dogecoin. treasuries moved? there is also the treasury market happening, that is right. even with good momentum, we did see people buying treasury lately which we do not usually see. for years it went long and now short. a lot of weird stuff going on and something going on in positioning might explain why treasuries got this big. romaine: they were reporting on the short squeeze, -- the cayman islands. joe: let us bring in reporter kriti gupta. the real question is we have not gotten a satisfy

joe weisenthal took a look at what this means for the future of the global currency. e: coinbase is going public. but it is not just another direct listing. it is a symbol of how far crypto has come in its increasing institutional acceptance. bitcoin has been around since 2009. despite sustained rallies, the mainstream basically always viewed it extremely skeptically. >> bitcoin, which in our view is nothing else than a ponzi scheme. >> i could care less what bitcoin trades for, how, why it trades, who trades it. if you are stupid enough to buy it, you will pay the price one day. >> i think it is a scam for criminals. >> it is an index of money laundering. joe: fast forward to now, bitcoin has more than doubled this year and it is a more than tenfold since lows last march. now with the total cryptocurrency market worth over $2 trillion, the large institutions are ready to play a role. >> bitcoin should be worth $400,000. >> investor interest is massive. it is so big that despite being less than a decade old, the company is by some measures larger than established excha

. >> i am joe weisenthal. >> i am romaine bostick. romaine: this pushes the s&p 500 back near its record high. joe: the question is what did you miss? caroline: the global economic recovery, taking the biggest step yet by a major economy to reduce emerging levels of monetary stimulus. the loonie is loving it. the fed is saying they will scale back their purchase of government debt. they spent time discussing housing today. >> ezra made -- as romaine was saying. romaine: people apparently back into some of those more speculative areas of the markets that have really gotten beaten up lately. it has been a while since specs have done well. this i not a bad day, all around. >> you did see some of the more fundamental type stocks as people are betting on that reopening trade to continue. >> for more, let's bring in katie grunfeld. >> traders are being rewarded for holding through the difficult monday and tuesday. >> it was a rough 2 days. if you look at small caps, cruises, airlines, all leading gains today. norwegian krone resigns -- cruis

joe: i am joe weisenthal. caroline: the s&p 500 at a record high. automobiles dragging us lower on-chip concerns. are higher. joe: the question is "what'd you miss?" caroline: today, marking president biden's first 100 day in the office. gdp accelerating in the first quarter after a rush of consumer spending. 6.4%. talking of consumer spending, amazon earnings after the bell, back on the growth focus. the company reporting a bullish forecast. we will still be using it post-pandemic. we would dig into the economy and president biden's plan, but first, amazon blowing us away. joe: even though there is no pandemic, people are still shopping online. once again, the wall street analysts missing. consistently undershooting. q2 net sales for amazon beating estimates. it is basically everything. aws. eps, just crushed it. you know the drill. the stock is up. so, let's welcome our reporter. the big companies doing very well. this one is extraordinary. >> absolutely. it is in line with what we saw this week, google, facebook, apple, but amazon was the one comp

joe: i and joe weisenthal. romaine: let's get you to the day. bonds and stocks get bought. joe: "what'd you miss?" "what'd you miss?" caroline: a supercharge recovery driving those gains. u.s. retail sales and jobless claims outlining data that surpassed forecast. a 10% increase in retail in march, the second largest gain going back to 1992. manufacturing coming back. the gauge improved to the strongest reading since 1973. thank you, philadelphia. meanwhile, there is a housing boom. soaring lumber prices. the market reaction, like everything rose. joe: s&p 500. 10 year treasuries rose. the yield was down. small caps. everything rallied. romaine: let's wonderful. joe: coinbase didn't rally. let's bring in our cross asset reported. the only thing weirder is treasuries. they rallied after a slew of data. what did your sources say? >> it was a weird day in bonds. i have a few theories. this doesn't feel fundamental. the data told the same story. the first theory is we got data over not showing japanese buyers bought the most overseas bonds on a weekly basis since november. japan

joe: from bloomberg world headquarters in new york, i'm joe weisenthal. romaine: starting out the new quarter, what else? a record high. joe: the question is, what did you miss? romaine: where do we go next? s&p 500 causes the -- a lot of optimism about the comic recovery. the easy part of the recovered trade might be over. a rise in the dollar and yields posing a potential to hinder further gains in risk assets and there is still the open question about the economic data. we get a key monthly jobs report tomorrow. i guess the question is, if the market continues to push things higher, are the risks we are not paying attention to? joe: we have all the risks covered. we talk about them all on the show. there is nothing we are missing. investors have calculated everything about the future. everything we see makes sense. who knows. it is really impressive. once again, record highs. if you look at the long term the s&p 500, and thing stands out, which is stocks breaking 4000 for the first time ever. you are not wearing your s&p 4000 hat. romaine: it is still a

joe: i am joe weisenthal. romaine: i am romaine bostick for a little bit of a rally but not enough to finish the day higher. caroline: the rally, all-time high above $10,000 for copper, on my london metal exchange. bullish investors are swarming. vaccine rollouts, claimant pledges. a global recovery elsewhere from this pandemic bringing higher costs not just for copper but for all kinds of raw materials. this is also a high bar for earnings. certainly, when you look at the evaluations, where we have come from. alphabet being able to really jump over that are and of course share buybacks. joe: i am beginning to think that some of these companies have seen their stocks do really well because they are making a lot of money. alphabet surging over 4%. microsoft also making money. it has had a great run, down 3%. breast down 9 -- pinterest down 9%. amd chips continue to be on fire. romaine: almost everything we had today actually beat. it is interesting how the market reaction diverges based on the magnitude and wha

joe: i'm joe weisenthal. romaine: and i'm romaine bostick. e s&p 500's weeks a record high. -- 500 squeaks to a record high. joe: the question is, "what'd you miss?" caroline: tesla growing production, but was that priced in? the u.s. also seems to be in the driver's seat when it comes to its economy with another manufacturing today beating forecasts and economists keeping an eye on inflation and maybe they should given that we have seen increasing prices today in wheat, soybeans, corn, what we all live off. before we dig into the economic side of the equation, let's start with tesla. what we anticipated? joe: more or less. i think the fed needs to cut rates, the average selling price of a tesla fell a bit this quarter and if that is our new inflation basket, maybe we should see some deflation there. despite the eps with a modest selloff. romaine: don't forget about the big bitcoin purchase that they made, saying that they made $100 million from selling some of that. joe: what are they doing? for more on tesla earnings, let's bring in our bloo

. >> i'm joe weisenthal. >> i'm romaine bostick. let's get you caught up. that s&p 500 finishes out at a high. >> the question is, what'd you miss?? caroline: this week maybe the calm before the storm. next week, maybe things will change. investors concerned about inflation. we have ppi data, they shrugged it off today. what about cpi data? what about bank earnings? much to be digesting, but we start with volume. joe: it is notable and very disappointing. we are used to a lot of action. romaine: wonderful. volume was lower. we dropped every day this week. today, finished around -- get a little bit of sense of how though it has been. we are coming off a couple weeks, a lot of kids out of school, vacation, easter, passover, everything else. you may finally get the action you have been looking for. joe: joining us is katie, didn't you promised us the volume was going to pick up? it is just my recollection? >> i think i said something smart like it may come back. today was actually the lowest volume day across u.s. exchanges since christmas eve. tomorrow is not

joe: and i'm joe weisenthal. caroline hyde is off today. let's take a look at where we stand in financial markets after hitting record highs. the question is, what'd you miss ? romaine: it was a historic day for the markets, at least cryptocurrency. coinbase ushering a new era for cryptocurrencies on wall street. we are talking about an asset class that has been mocked from the start, but moved into mainstream acceptance. the shares did fall from its opening, but trading above its reference price. trading on a for -- fully diluted basis was where it was trading in private markets. and remember those guys -- goldman sachs, j.p. morgan, wells fargo all reported earnings today. are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a significant milestone for the crypto spear. joe: a huge day

of course, joe weisenthal taking to twitter where he is pretty well known, showing his skepticism over new settlement system for crypto. this is bloomberg. ♪ caroline: out last week of course was the news that visa is set to allow its payment network to be used with a stable coin backed by the u.s. dollar. the latest signal that blockchain technology is gaining more acceptance in the established financial system. we also have got to be looking towards what could be a public listed company, a gateway perhaps for investors to be getting into the crypto space. romaine: we are waiting on that coinbase ipo. a preview with what to expect. they talked about trading volumes being high, transaction volumes, revenue continuing to grow. at the end of the day, this is less about the individual companies or coins. it is about the dramatic shift in market sentiment or market structure. joe: incredible numbers put up by coinbase. meanwhile, i have to play the role of the citic and the skeptic because, why not? caroline mentioned the visa news. i have to admit, when it came out, i was like this is not

joe: i'm joe weisenthal. roline: romaine bostick is off today, but let's take a look at yields doing nothing, but the dollar is set to go higher, joe. joe: the question is, what'd you miss? caroline: we were telling you about the strong economic recovery, the gdp number, and that number globally is uneven. the eurozone tipped into a double-dip recession in the first quarter and while the data highlighting the cost of the slow covid vaccination effort that has left britain lagging behind the united states, and things like lumber, semiconductors, we are hearing repeatedly of earnings calls. let's dig into technology a little more, with chips and big tech names. amazon at a record high at one point today. joe: i was joking earlier in the week that the analyst community seems to not have done a good job estimating how strong corporate earnings were going to be. i was right. there is no joke at all. massive's. the most record beats ever. 90% of s&p 500 firms beating their estimates. the flipside is, i guess a lot o

the direct listing is still bringing in a market pair let's bring in joe weisenthal for commentary. u have grown up in your financial news career at the same time as bitcoin, cryptocurrencies, and this whole new way of culminating in a 100 billion dollar valuation for coinbase. joe: i remember the first time i heard about this, thinking that i should write a new yorker article. it was trading at bike $.50 per coin and i dismissed it for a long time. i didn't 2010, 2011, 2012, i wish i hadn't. matt: you created your own cryptocurrency, i feel like you did, didn't you do that on twitter? joe: i did. a friend and i created our own currency. we did the does coin -- doge co in while it briefly traded in india. if we had only stuck with it it would probably worth several billions of dollars. because even joked currency is worth that much. i had numerous opportunities to get really rich in some ways and i have blown it every step of the way. matt: you cannot take advantage of any of these, you cannot load up on coinbase shares. i don't think it would be ethically right to be buying a ton an

alix: that is joe weisenthal, great piece on the evolution of crypto.ing partner joins us now, an early investor in coinbase. this is a really big day for you. what is your return looking like? >> if you combine my early-stage investment for coinbase, it is around 5000 x. alix: do you think the best has already been seen in the past? how does it keep up the growth rate in public markets with more competition? >> what coinbase really represents is what microsoft and apple was for the personal computer revolution. i'd like to take the a little bit further. computers are just bicycles for the mine. i think crypto is a bicycle for a more open economy. we are talking about the sort of value from bitcoin, ethereum, all of the crypto's at $2 trillion. there is one use case. this is really the place for you to actually buy and participate. alix: would you buy coinbase today because you believe in bitcoin or are you buying it because you live -- believe in a revenue stream? garry: when we invested in coinbase at $.16 a share bitcoin was about $20. we did both. w

joe weisenthal took a look at how far crypto has come and what this moment means for the future of currencyoing public. but it is not just another direct listing. it is a symbol of how far crypto has come and its increasing institutional except in. bitcoin has been -- institutional acceptance. bitcoin has been around since 2009, but the mainstream always viewed it with extreme skepticism. >> in our view it is nothing but a ponzi scheme. >> i could care less about bitcoin. if you are stupid enough to buy it, you will pay the price. >> i think it is a scam. >> it is money laundering. joe: now, bitcoin has more than doubled justice here and up more than tenfold since its lows last march. now with the current cryptocurrency market worth over $2 trillion, large institutions are ready to play a role. bitcoin is the largest u.s. currency exchange and interest is massive. despite being less than one decade old, the company is larger than established exchanges like nasdaq. >> there are many that are standing outside the gates waiting for that moment when they can have exposure to bitcoin. joe: coinb

matt: joe weisenthal, thanks for joining us. catch him on "what'd you miss?" 4:30 p.m. new york time, as usual. amber, thank you for joining us. i'm matt miller. this is "bloomberg markets." ♪ get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. mark: today, congressional democrats will start considering president biden's 2.2 trillion dollars spending and tax proposal. it is up to house and senate leaders to determine how to package the president's plan. his plan focuses on infrastructure and some social measures. the president is expected to ask for another massive investment in programs focused on health and families. next week, new