joe: i'm joe weisenthal. roline: the s&p 500 very little down, but the action is back in meme stocks. joe: the question is --"what'd you miss?" caroline: it was a rather ho-hum day for usa. the overall market's board, but there is still plenty to chew on. once again, we will be discussing some of the key movers on an individual basis. zinio is one we will be digging into in particular regarding its spin out. on the other cited the equation, are we seeing perhaps a selling in the purchasing? prices are falling in march. the case-shiller index jumping 13% from the same time last year. meanwhile, consumer confidence maybe worrying about these price inflations. before we dig into housing and inflation, we've got to talk a little more about what happened to zinio's stock after it spun off iac. joe: iac, the internet powerhouse, spinning off from zinio. the ceo of iac joins us now. we see the stock having a bit of a slump. what is your take on the market's initial read? >> it is a weird thing. we did not do an ipo o

joe weisenthal, always good to have you. look forward to seeing what responses you get now on twitter. kathy wood, she called the bitcoin market very emotional at the moment. but despite their wild ride she is still a true believer. she has diamond hands. take a look at the conversation the ceo had earlier with carol massar. kathy: i think what is happening now is because the stock market, the innovation part has gone through such a correction which has been inflamed by inflation fears, i think the correlations among volatile assets are going to one right now. carol: you told the dow jones in april it could go to $500,000. do you still think that is where we are headed? kathy: i do. our crypto analyst -- we go through soul-searching times like this and scrape the models and our conviction is as high. matt: this is bloomberg. ♪ ♪ matt: this is "balance markets." i am matt miller. we are following the reopening trade. target, lows, and tj maxx reporting robust sales and a jump in traffic during the spring as more people return

joe: i am joe thousands all -- joe weisenthal. romaine: let's look at where we end the month. slightly higher. joe: the question is "what'd you miss?" caroline: amc up more than 1000% . 150% this month. this is after pulling back a little today. meme stocks on a charge. crypto on a wild charge. investors on tenterhooks because of inflation. good spikes bring volatility? it is a brave new world. unheard of territory. meme stocks, crypto come inflation. joe: we will end covers some new ground. meme stocks, there is a website called where they talk about these stocks, amc, gamestop. amc going nuts. above those highs. gamestop did not move a lot. pretty extraordinary year. for more, let's turn to our reporter. did amc end up down today? >> it did. 1.6%. it surged 38%, then down. it has been an incredible ride. today's loss, even with that, still up 150%. romaine: it seemed like the stocks went dormant, then this past week, they percolated to the top. was there a catalyst? >> i don't. people are just having fun. there has been a shift from crypto into meme stocks. romaine: i smell a

job: from bloomberg world headquarters in new york, i'm joe weisenthal. romaine: let's take a look at where we stand in the markets. joe: the question is --"what'd you miss?" taylor: pairing losses into the close. bitcoin plunging more than 30% and starting to make a comeback, cutting that flag to less than 10%, but either, doesgoing -- either -- ether, dogecoin taking losses as well. joe: elong goes back and forth. who knows what he will say tomorrow -- elon goes back and forth. every time i see a chart with lines, i have to remind viewers that i'm not abigail doolittle, so i don't know exactly what that means. when i see one line going through other lines and point down, it's not a good formation. for more on the market, what is happening in the world of crypto and everything else? katie, my son woke up crying at 1:30 in the morning, so as i usually do when that happens, i check my phone, and i saw the crash happening. katie: those lines don't lie, and you did see bitcoin's price move a little bit back towards its 200-day moving average. maybe that was a

joe: i am joe weisenthal. romaine: another wild day on wall street. e: the question is "what'd you miss?" caroline: again, there was a lot of angst over the economic picture, investors worrying about inflation, the debate raging whether the jump in price pressures will be enduring and will force the fed to tighten sooner than expected. we bring you a debate. as the economic cycle peaked or not? what does it mean for the markets? what a turnaround for tech stocks. they almost closed in the green. joe: the nasdaq closed down 1/10 of a percent, but it felt like a day in the green. the nasdaq started down like 2%. all the tesla stuff got clobbered at the open, but it came back in an impressive way. romaine: did you apologize yet to kathy woods? joe: i apologized. i didn't do anything wrong. romaine: you've been ragging on her for weeks. joe: for more, let's welcome our cross assets reporter. quite a turnaround. >> totally. down 2%. that is quite the turnaround. why now? i think it's a case of buy the dip. you saw it, two days of selling pressure in the pre

spencer bogart of blockchain capital, our very own joe weisenthal, great to have you.oming up, colonial pipeline, solarwinds and microsoft exchange, some of the biggest most high-profile cyberattacks in history happened in the last few months. we will catch up with the palo alto networks ceo to talk about how companies can better protect themselves, next. this is bloomberg. ♪ emily: some of the biggest acts -- some of the biggest hacks in history happening in the last six months have investors watching cybersecurity stocks. we look at how that has played out lately in the market. katie, what are you seeing? katie: despite some high-profile hacks, colonial pipeline, for example, cybersecurity stocks are lagging broader tech stocks year to date. the s&p 500 tech stock index is up 6% year to date while cybersecurity stocks are still in the red. however, they are making up ground thanks to palo alto networks, this company makes up 10% of that cybersecurity index. this stock is on a tear lately, after it raised revenue and eps forecasts last week. this company is projecting

♪ joe: from bloomberg world headquarters in new york, i'm joe weisenthal. maine: i'm romaine bostick. caroline hyde will be back on monday, but in financial markets, wild today. joe: the question is, what'd you miss? romaine: bitcoin rounding off a volatile week for the largest cryptocurrency. this time it was china, as it was last time, and it's not the only thing moving this week. futures did bounce back today, but posted its worst week in two months. you also had oil sliding with its worst week in six. amid all this noise, the s&p 500 is what, down a fraction of a week still? joe: the s&p not going anywhere. all kinds of action, except it seems in stocks has been going sideways. if you look at the s&p 500, not up, not down, it's been a quiet few weeks. romaine: it's called treading water, joe. joe: for more, let's welcome process at reporter -- cross asset reporter katie greifeld. everyone's attention is turned elsewhere and there is stuff happening. katie: stocks are not doing anything. that chart looks dead in the water. bitcoin, when you are plunging 3

. >> i'm joe weisenthal. >> i'm romaine bostick. financial markets, merger media dominated the headlines. >> the question is, what'd you miss? >> in some ways, elon musk becoming the godfather of crypto. the price of additional coin goes in one direction or the other. about a quarter of bitcoin's value has been wiped away in a week. was it him that gave it the lift higher back earlier this year when he said tesla would allow purchases? remember on saturday night live when he said dogecoin was a hussle? michael nova gratz may have something to say. first, we have to dig into how the markets started the week. interesting winners on the back of crypto. >> a wild start to the market, everyone focused on the big crypto selloffs over the weekend. crypto is kind of week. elon musk with his tweets, delivering a bit of a blow. not a huge impact rightly on the market other than tack is down, nasdaq down, tesla down over 2%, semiconductors 9%. some hard drive makers were up because there is a new cryptocurrency called chia that people are mini

joe: i'm joe weisenthal. romaine: i'm romaine bostick. let's look at where financial markets ended. the s&p, nasdaq and the coin ended in red. joe: the question is, "what'd you miss?" caroline: before we dig into joe's new crypto, bottlenecks in the supply chain over and over and over again. as the economy makes its recovery, we are seeing shortages, rising prices from chips to lumber to even mattresses. we saw that in the u.s. housing data released today. global supply chain struggling to ramp up. shortages are higher as companies and customers are running out of supplies. we hear from the walmart ceo and macy's speak to the supply chain issue. before we dig into that, the market is interesting in the nosedive we software the end of trade. joe: absolutely. another interesting volatile day. more bread on the screen. it is also interesting to see what is going on between the market and the dollar. kind of a lot of attention starting to get paid to this. look at this two-month correlation with the s&p 500, inverse correlation with the dollar. that is the main story here in terms of the

joe: i am joe weisenthal. caroline hyde is off. romaine: let's look at where financial markets ended the day. the dow, s&p and nasdaq ended the day flat. joe: the question is, "what'd you miss?" romaine: ism gauge, a factor activity coming lighter than expectations. 60.7 reading. what does that mean for you? in april, down from a high of 64.7. despite the drop, the gate is showing an economy and strong expansion. the real fear, i can be found underneath the headline number. prices paid for materials jumping the highest since july 2008. factories stockpiles detracting since august. customer inventories dropping to a record low, adding to evidence that the biggest impediment to the v-shaped recovery is the l-shaped recovery in the global supply chain. a price to everything. all trending at or near record levels. manufacturing and but and i will show you a shortage. joe: did you come up with that l-shaped recovery on-the-fly? romaine: i did. joe: that is a really good one. i'm really into that. i might steal it. absolutely. the headlin

joe: i'm joe weisenthal. romaine: i'm romaine bostick. let's take a look at where the financial markets stand. concerns about inflation, concerns about taxes, and of course, concerns about rates rising took a bite out of u.s. equities. joe: and dogecoin too the question is, "what'd you miss?" romaine: you had to go there. caroline: if you are looking after the market shot, maybe it is a walk that coming from yellen. there were worries throughout the day that we had this watchword of modest. the rally into the close, we ended up with a modest selloff. the nasdaq 100 recovering from a loss. the index posting its worst day into months. this is the volatility of the u.s. treasury secretary janet yellen said interest rates may have to rise modestly to prevent the economy from overheating. she seems, to be giving us context saying she's not pretty ring or recommending a rate rise. she seems to be trying to finesse what she was trying to say to the markets. we have not gotten an inflation problem. the fed will be there to help. we have to rememb

joining us is ed ludlow and joe weisenthal. can't blame everything on elon musk, but when you look closely, most of these moves seem to have something to do with elon musk. joe: bitcoin itself had been below its highs from february. it had been going sideways for a while. some of the movement with other coins. when tesla bought bitcoin earlier this year, that was seen as such a key signal, enthusiasm, the most cutting edge company on the world putting its weighton it. -- weight on it. to see the angst of energy, because regulators care about that stuff, it is a blow to bitcoin. emily: tesla down big time for the week. it had to be pretty transparent about how it is benefiting and not benefiting from its bitcoin investments, since it is still holding bitcoin, just not accepting bitcoin as a form of payment. ed: tesla shares down the most one week off since february. it is about communication. in the first quarter of this year, 1/5 of their pretax profit was the gains they made on bitcoin. during the earnings call, that call basi

let's bring in joe weisenthal and ed ludlow.alk us through the biggest highs in the biggest comebacks. ed: the biggest volatility was bitcoin. a drop in excess of 30%, rebound in excess of 30%. the cult of celebrity and big-name investors coming out with every tweet and every public appearance, there seemed to be confidence coming back in two bitcoin. other cryptocurrencies that were also declining did not experience the same rebounds that bitcoin did. -- there seemed to be confidence coming back into bitcoin. we had this pretty heavy drop at the equity market open and then a drop laid on the day closely following the fed minutes. in other words, as your guests pointed out in that sequence, a lot going on in terms of commentary. some of it elon musk, but also china, the central bank saying institutions should not allow cryptocurrencies as legitimate forms of payment. emily: right. they reiterated a comment made previously, so nothing necessarily new. if there was one reason you could pinpoint, is there one or just a lot? joe: i

tom: we will people you abreast of this with bloomberg technology, what joe weisenthal is doing in thell. this is bitcoin in retreat and plunging. i will break protocol and type when we are on screen. lisa: why not? tom: mike will probably email and say what is the function? we look for news flow into the 9:00 hour while we get a plunge, now down over $4000. those are dollars, not index points. lisa: dear remember when people were saying a lot of institutions felt like they had to invest in bitcoin, everybody had to have a slice if they wanted to reflect markets? i wonder how much you have an immediate reversal given the volatility and not very much news, the idea there could be a trigger and it gets deflated. tom: i just did it on the bloomberg terminal. the trading envelope, a fitted standard deviation study and bitcoin is spot on a three standard deviation move on a daily chart. that is not a crisis move but that is a big move. thanks for getting the chart up, riley. he killed on getting the chart. on radio, all you need to know is bitcoin south. paul sweeney and i will continue the

thank you, joe weisenthal, for this. jon, manhattan to jfk, $95, uberx.han: what did you used to be, $70 -- what did it used to be, $70? within manhattan, it has gotten a whole lot more expensive in the morning. i think experience for a lot of people across the country will reflect the data. you see that the job openings, too. we have seen some republican states say we think, and this is the view of republican governors at the moment across these several states, we think that the unemployment benefits are holding people back from returning to work. it will be really interesting to see whether people be returned to work in those states. tom: we do this with the aggregate. it was the biggest argument i ever had with alan meltzer. do we aggregate our economics or look at the micro data? our thoughts go up to camp gulfstream, and they are shipping her bags there. she's taking 12 bags and a makeup kit and all of that. the fees to do that went up. jonathan: to be clear, camp is happening this summer. do they have to wear a mask? wendy: that is up in the air --

city surprise index, joe weisenthal brought this up recently. it has been rolling over.ou can have a look at the u.s. bloomberg surprise index and shows the same thing. relative to expectations, data and america over the last several weeks has not delivered. it is starting to look like a very different picture, data versus expectations, compared to last year, when we just had this incredibly sustained upside surprise after upside surprise because people had continuously underestimated the recovery through last year. this time it is different. the bar is higher and we are missing that high bar. tom: getting some data through the week that will help us with that. retail sales a friday ago really helped people recalibrate their gdp numbers. right now but we are going to do is look at the equity markets through the prism of institutional equity selection. and millett a -- ann miletti is iconic at wells fargo. we can have a three hour conversation here on the efficacy of value. the basic idea is value sits for x number of years, and then it is go, go, go. can value go moving

but it is also interesting that joe weisenthal made this point on bloomberg, and we have come to expecthings like jobs to always be really in demand, and those workers -- pay up for those workers. maybe that story is starting to change and we just don't understand it yet. guy: and if there is a shortage, maybe these workers don't have a great deal of loyalty. we will talk to that company a little bit later on. can the get the staff in? are they able to get back in that they use to employ or are those people going elsewhere? there's a lot of questions about what is happening here, but we do seem to have shifted the narrative. this week is really about what is happening with inflation. huge numbers of data coming out throughout the week. a lot of fed speak as well. we got cpi. i'm looking at retail sales as well. michael mckee joining us now to set things up. michael: we are going to get the analysts looking at friday's jobs report a little more underneath, a little extra data to figure out what is going on. we start with that tomorrow. we get the nfib small business numbers, the jolts jo

let's bring in bloomberg's joe weisenthal, and ed ludlow. i want to start with you.he volume is insane. walk us through the biggest slides and the biggest comebacks of the day. ed: the biggest volatility was bitcoin. a drop in excess of 30%, rebound in excess of 30%. and in that rebound, what we saw is basically the cult of celebrity and big-name investors coming out in force, with every tweet and every public appearance, there seemed to be confidence coming back into bitcoin. other cryptocurrencies that were also declining, they didn't experience the same rebound that bitcoin did. this was a risk-off day, risk assets moving in correlation with bitcoin, something really hard to understand. that has been a pretty heavy drop in the equity market open. then it dropped later in the day, which was closely tied to the fed minutes. in other words, investors looking at cryptocurrencies, as your guests pointed out, a lot going on in terms of commentary. elon musk. but also china. the central bank says institutions should not allow crypto-currencies as legitimate forms of paym

haidi: speaking with sonali basak and joe weisenthal.t back to the environmental concerns about bitcoin in guest says there are ways cryptocurrency could become sustainable. great to have you with us. what elon musk raises is nothing new. we have all seen the headlines for how bitcoin mining takes up more electricity than some entire nations. you see it as an inflection point for how the broader crypto industry could move forward in a more sustainable way? >> thank you. the recent statements around climate concern of elon musk, the concern of artists around the climate impact of non-fungible tokens have made it clear the climate issue is something that our industry ignores at its own peril. we see the bull market -- it looks like a has been popped and is on a steep -- a deep dive right now. there is industry -- there is interesting data showing the peak was march 13 just as environment of concern was happening. we have seen major companies along with artist and everyday people who want to get involved in crypto who want to be in this fas

bloomberg's joe weisenthal also took out what the broader hospitality industry is doing for return toive music venues. shares of companies in this space have gone rocketed back in recent months. check out royal caribbean. it basically quadrupled off the lows in march. this is before the virus is gone. take a look at shares of live nation. this is one of the first stops umble ab ago when fears of the virus started to mount. these days it is on a total tear. people are ready to flock back to nightclubs. look at shares of rci hospitality. unbelievable run, well above precrisis highs. the global vaccine rollout gathering steam. reopening optimism in full swing. more than 200 45 shots globally administered to date. some come from -- some countries making significant gains. >> will see more countries reopen our tourist sector as we have the airlines function more normally. it is to fill them up with people that have been vaccinated. >> three opening trade is red-hot but if you look back to 11 months ago, all of the talk about a bailout, the fed credit backstops, they will prompt up zombie c