kailey leinz, it has been confusing for all of us. iley: my famous tape on the fed from matt bailey was how can it turn any more hawkish? maybe he is starting to get less dovish. that characterization spoke to what i saw from the fed chairman . it is not a total pivot in a hawkish direction. he is still treading carefully. maybe just not quite as dovish. jonathan: i am with you on this point. there are no hawks on the federal reserve, just a spectrum of jobs. lisa: that comments are like rorschach test. -- fed comments are like rorschach test. jonathan: that was very philosophical. this is been nice. i feel really relaxed at the end of the week. what is changed? i do not know what it is. i do not know why feel so much calmer and relaxed. tom is back on monday. with the wonderful lisa abramowicz and kailey leinz, i'm jonathan ferro. this is bloomberg. ritika: with the first word news, i'm ritika gupta. shares of didi global are falling in premarket trading after china promised to step up shares of ride-hailing. the transportation minist

kailey leinz, is there a clean story to talk about? kailey: i don't think there's been a clean story for quite some time. the data is incredibly messy. i'm interested in the consumer and pricing pressures. your dollar just isn't going as far in getting you the goods that you want right now. when you look at disposable income, it is at lowe's we have not seen since before the financial crisis. the consumer is seeing their spending power really taking a hit. when is that actually going to show up in the spending we are seeing in this u.s. economy? jonathan: we have a big conversation to have. here's the equity market, shaping up as follows this friday morning. equity futures, 4359, up seven points. we advance a little more than 0.1%. yields are higher. the curve is steepening just a little bit after being flatter. yields lower through this week again, 1.3210% on tens. on euro-dollar, 1.1795. we keep coming back to it, this 10 year yield getting comfortable in and around 1.30%. lisa: there's a question about why. is it because of a fed po

i am kailey leinz.ere are the top stories from around the world. virgin galactic successfully launches richard branson into space. we discuss what it means for the future. of space tourism. and the ecb's christine lagarde is preparing for new monetary stimulus. we bring you more from the exclusive interview. we have the latest on the virus as the u.k. reopens in the delta variant takes over the u.s. we discussed with tober when johns hopkins university. this is the head of a really big day with u.s. cpi data and being bank earnings kicking off -- big bank earnings kicking off. it is the banks outperforming today ahead of those numbers. we are getting a bit of a flattening right now. sitting at 118 basis points or so and it is stronger in the space today including against the euro. i want to get back to the bond market and look at the 10-year treasury yield because we got a $38 billion auction. 1.36% after that. essentially where was before the auction. investors seem satisfied with the takedown. virgin

together with kailey leinz. tom back with us on monday.r through the morning, amazon. lisa:

kailey leinz in for lisa abramowicz. get to tomorrow's flight. cally different than what we saw with sir richard branson. jeff bezos in a rocket. kailey: in up past the carmen line, which richard branson did not do. the line what commonly delineates space. he will be on the tip of a rocket, not a plane like richard branson. this will look more like your traditional rocket launch. him, his brother, and an 18-year-old. peeking at 18. i wonder what it feels like. tom: it will be interesting from 18 to 87 years old. i believe there are five passengers. we will have more from our team in texas. the weather seems to be good at this moment. the weather is always good for barry ritholtz. he wakes up optimistic every day. you will get a call from people who have entrusted you with their money and they will say go to cash. what do you say? barry: the secret to dealing with clients who get nervous with volatility is having this conversation, not when there is read on the screen, but when they actually come to us and say here's what i want to do with my money

jonathan: does kailey leinz eat domino's? kailey: all the time. jonathan: i did not know this.r is the same way. a little bit aged, i should say. jonathan: this shows off the rails, isn't it? we need to get some movers outside of domino's. tom: romain will save it. romaine: good morning. i think that is the sound of a lot of new york italians cringing here. let's look at the individual movers. we want to talk about what is going on in the chip sector because a lot of activity in the premarket around these names. texas instruments last night, it was pretty much saved by the pandemic. this was a company that had seen a retraction and revenue growth for seven straight quarters. then the pandemic hit, and all of a sudden it was hitting double-digit revenue growth for the last four quarters, including 41% in q2. but it got a barrage of questions on the conference call last night about whether there was some sort of peak here and if things were going to revert back to the norm. the company didn't really seem to have an answer for that. they talked about how their backlog was relative

i am kailey leinz with amanda lang.'s talk about mortgages because a lot of people are looking to buy a home. the freddie mac 30-year lending rate moved lower to 2.8%, the lowest level since february. looking at the mortgage rate market, it doesn't look like one that is all too concerned about inflation. amanda: it does not. of course, that will be supportive of consumer savings and spending. fannie and freddie are also dropping that refinancing fee, the 0.5%, starting august 1, so that will be an additional savings boosting the savings for americans in the mortgage market. one company that will benefit from all of this is lending platform blend labs. tim mayopoulos is the president, former ceo of fannie mae. thank you for being with us. tim: thank you for having me. amanda: let's start with the health of the consumer, health of the market. rates have been low for long. there has been this perennial sense that at some point they turn higher. of course, you can grow old waiting for that to happen. what is your outlook fo

alongside lisa abramowicz, i'm jonathan ferro, together this morning with kailey leinz. keene off this morning. he takes fridays off now. kailey: maybe he needs to -- lisa: maybe he needs to drink up on his tang. [laughter] jonathan: down 0.6% on the s&p. on radio, on tv, this is bloomberg. ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. ♪ jonathan: buy from new york city, for our audience worldwide on tv and radio, here's the friday morning price action. we decline on the s&p by 0.6%, on the nasdaq 100 by 1%. 4% of the s&p, amazon is negative by 6.5%. if we get to the bond market, just a little bit defensive. treasuries firmer, yields lower, the curve a little bit flattered. down to basis points on tends -- down two basis

i think that is when kailey leinz wakes up. kailey, the president making the point that higher wages are the future for the policy of this administration. kailey: he is trying to make the case for future spending. he keeps reiterating that look at what economists and what wall street is telling you. they are saying it is transitory and therefore it must be that the pricing pressures are going to pass us by. it is not going to stick around forever and that makes it easier for the case to pump trillions of dollars into this economy, if chuck schumer can get his act together in the senate. jonathan: we will catch up with our washington correspondent and we will head down to the sea. you up to speed -- we will head down to d.c. the s&p advancing .2% after the big two day. tuesday morning, at the lowest on the 10 year, we were looking at 112.60. at the highs of yesterday, 130. right now, 128.83. in the back half of the section -- session, and light auction. we have a massive range with not much in between. tom: we don't look at the o

i'm kailey leinz.n a few moments, we will break down the response to fed chair jay powell's testimony on capitol hill, and we will hear from ceos, on everything from the cannabis industry to fitness to hotels. irwin simon, adam gilchrist will be joining us. let's get a quick check on the markets. it is a risk off day in the markets. the s&p 500 and nasdaq 100 are lower. big tech is underperforming today. the nasdaq 100 index down by .9%. in the bond market, yields are continue to inch lower as jerome powell stuck with his transitory messaging. the 10-year yield down three basis points. i also want to point to oil. wti is down 1%, after falling 3% yesterday. it all comes down to the supply and the prospect that opec-plus will increase output as a deal with the uae seems to be getting closer. shares of morgan stanley in positive territory only by .1%, session highs behind it second-most profitable quarter on record. let's get back to fed chairman jerome powell, once again defending the central bank's sup

i'm kailey leinz. i want to check back on the markets.s on the action we have seen post 30-year bond auction. $24 billion being met with tepid demand. that has had a strong reaction in the bond and equity markets. s&p 500 down .2%. the nasdaq 100 also well off session highs, approaching flat territory. only up about nine points. in the treasury market, we have seen yields on the long and shooting higher on the 10-year yield. 1.41% is where we sit. one stock bucking the trend in the equity market is pepsico, up 2.3%. dave wilson is here to tell us why. it has to do with earnings. dave: pepsico is actually the best performer on the day in the s&p 500. they came out with results for their second quarter. we should point out, does not quite follow the calendar. 21% growth in sales for the quarter. even if you back out currencies and dealmaking, you are still left with what they call organic growth of 13%. that revenue, as well as earnings, beat average estimates by the most in more than a decade. it was driven by a rebound in the beverage bus

kailey leinz with us. lisa back next week. 4271 on the s&p, down more than 1%.d market keeps getting everybody's attention. 1.2269% on tens. i will repeat it, 1.2 sue 69% -- 1.2269% on tens. we are just off the lows of the session on the u.s. 10 year. tom: this is a nominal yield moving quicker. i'm looking at inflation expectations and the residual, and this is about the nominal yield. i've got to say it again, the timing of that with the bloomberg article of significant chinese-u.s. tension, maybe that is a further catalyst. jonathan: using that is contributed to this? tom: i think that is the right word. a mind -- i'm hesitant to say it is because of this. but the connection is tangible. jonathan: certainly a continuation of the theme we have seen of yields lower. the 30 year's at 1.84%. at the end of march, the 10 year was at 177%. just think about that, where yields were and where they are now. we have gone from 1.77% on tens all the way down to 1.22% right now. and the outlook from any people, we haven't mentioned this yet, it is the peak everything theme

alongside tom keene, i'm jonathan ferro, together this morning with kailey leinz. week. there's a small bounce, but this bond market is still firm.

kailey leinz has the stock for you. i have ibm off of a fundamental earnings story reported after the bell last night, the best sales growth this company has seen in three years. the reason why is cloud. really a vindication of the new ceo's strategy to shift more towards that business. as a result, the stock is up the better part of 4% this morning. you have been all over the travel story, particularly for the airlines. the airlines off i -- off by a quarter. royal caribbean, delta airlines each up the better part of 2%. one-story we haven't talked about, bit dog under $30,000, a very closely watched level when it comes to the technical strategists. as a result, that is weighing on crypto tied equities. marathon digital, coinbase each down. tom: i'm glad you bring it up. i did a technical analysis of bitcoin this morning. it is not our job to give an opinion on what we see, but i will be blunt, it is negative. we will see how it goes. all sorts of enthusiasm up, and then spikes down, and now some real giveaway here at $

joining us this morning, kailey leinz.

my cohost today in new york, kailey leinz. alix is on location at the boston pops. looking forward to that. my take on the market action, positive. but i look at the volume and i wonder whether everone is just trying to get off manhattan as fast as they can. kailey: i know i am. you are right, volume is like today. that could mean little more volatility today. it is not massive moves we are seeing after that upside surprise on nonfarm payrolls. death -- the s&p 500 is at another record high. not a lot of action in the treasury market. the 10 year yield, 1.44%. we are paying attention to opec+ today, still awaiting a supply decision. the uae saying maybe it is ok with no change to out in august. wti falling below $75 a barrel. one individual stock story we are watching, virgin galactic. richard branson heading to space on july 11. that stock is up 14% at this point in the session. guy: is he actually heading to space? we are going to talk about this a little bit later on. we are getting data coming through from the u.s. economy. factory orders coming in a little ahea

kailey leinz in for we cyber moist today -- for lisa abramowicz today. jon, what is the question you would ask the president of the ecb? jonathan: i think there are some central bankers here that feel the same way right now. i would say, where is the big change? here are your words. this is going to be an important meeting. what was important about it? i would just look at the euro-dollar and let the market speak for me. euro-dollar is totally unchanged. to get that line in there, this may also imply a transitory period where inflation is moderately above target, that might show how different the ecb approaches compared to the federal reserve. the fed is taking on this flexible average inflation targeting mode. the ecb has overshot its target for years, and they are looking to make it up. they are just trying to get back to something sustainably towards 2%. tom: the distance from brainerd to bullard, just as two examples on the fed, as an intellectual exercise. the distance from germany to finland is a different exercise, isn't it? jonathan: i would say

joining us this morning, kailey leinz. your equity market, 4360 on the s&p. retail sales 90 minutes away. lisa: more of a sense of how people are spending. how much that is affecting people as they are going out and how much the delta variant is slowing things down. jonathan: we've been waiting for the advisory from this administration on doing this is in hong kong. lisa: this has been a steady drumbeat. it has been several weeks of the biden administration taking a particularly hard line against china. you wonder at what this will affect chinese businesses, at what point it will affect u.s. businesses that do a lot of transactions. we spoke with marriott's chief executive officer this week. he said we are monitoring it. basically, it won't affect us that much. really? [laughter] jonathan: is this a corporation usa, or is it beijing? kailey: waiting to see what, if anything, we get from beijing because this just continues to be a ramping up of tensions and rhetoric, of shots back and forth across the bow. i question whether or not the biden administration mea

before get to seema shah, we have to get to kailey leinz. you know the order of things. been off two of the last three weeks. ♪ moon river ♪ jonathan: good morning, kailey. >> kailey: let's talk about china. there's education -- those education stocks are reflected in the u.s. adrs this morning. take a look at new oriental education, down 24% this morning after falling 54% when this news was originally reported on friday. analysts at berg intelligence say new rules from china could mean an 80% in decline for sales . tlw is also down this morning, and other chinese companies listed in the u.s. not necessarily in the education sector are under pressure. we already know it has come for didi global which is down another 12% today. one basket of stocks is basically anything tied to could know. bitcoin nearing $40,000 once again. that is leading to news for some of those crypto related equities. microstrategy getting a nice lift as well, and coinbase up about 6% at this point. tom: we have been talking about economic views, as one says tomato and the other says tomato . seema s

stay connected with francine lacqua in london and kailey leinz in new york.n the day ahead. bloomberg surveillance, early addition. weekday mornings on bloomberg television. mark: i am mark crumpton with first word news. a total of 950 people, including journalists and officials will watch the opening ceremony of the tokyo the big games tomorrow -- told of you -- tokyo olympics tomorrow. that number does not include performers and athletes. organizers decided to bar spectators from venues in tokyo because of the coronavirus. australia, whose covid zero approach was once zeke gold standard, has been struggling with increased covid cases. the countries trade minister tells bloomberg that there is a new vaccination push. >> we have supplies coming into the country. we are about to ramp up quite considerably the vaccination rollout. we are reasonably comfortable, very comfortable, that we will have a vaccine by the end-of-the-year. mark: the minister also says australia will work with the united states on global trade

kailey leinz's dad is a fighter pilot. he can fly up there in an f-16.t now, he went up on friday and look at the american employment commodity, tom porcelli joins us of rbc capital markets. inflation-adjusted wages are not there. do you just presume that somehow , we get inflation-adjusted wage growth? or is that going to be something we cannot attain in the coming quarters and years? tom: first of all, good morning. hope everybody had a good holiday. something like that is going to take more time that an otherwise would in the context of we have a lot of inflation right now. the fed keeps telling us it is transitory, so i think these inflationary pressures, it will take time for that idea to develop. what we have to keep in mind is as we look at wage pressures, very very present. they are starting to build. i think it will take time for them to push into more of a positive territory when you adjust for inflation, but no one can deny they are moving in the right direction. this is an idea that takes time. tom: those expectations came in a little soggy.

taylor: kailey leinz. jonathan: taylor, c friday. thank you. -- taylor, see you friday. t minus 19.w york, this is bloomberg. >> the coronavirus has taken a toll on u.s. life expectancy. it dropped the most in more than seven decades last year due to hundreds of thousands of early deaths. the pandemic disproportionate toll on communities of color widened the existing gap of life expectancy between white and black americans. all of this information according to the cdc. widespread flooding in central china has forced the evacuation of 100,000 people from the city known as the world's biggest production base for iphones. the city received 18 inches of rain from monday afternoon through tuesday. that was equivalent to about eight months of average annual rainfall. coca-cola is bouncing back. the soda maker second-quarter sales beat expectations and it raised its revenue forecast for the year. that is evidence that consumers who are locked down a year ago are now returning to reopen restaurants, amusement parks, and stadiums. jamie dimon is 65 years old but it does not look like retirem

alongside tom keene, i'm jonathan ferro, together this morning with kailey leinz.isa will be back next week. you've got morgan stanley's mike wilson who still believes the index level correction is in front of us, not behind us. tom: different opinions out there, that's what makes the market go. i am going to scientifically say we are 2/3 of the way back from the agony of a few days ago. i'm watching the same thing i was watching and preparing for six weeks ago, which is earnings reports. j&j this morning, they up the forecast. jonathan: the outlook for coca-cola better, too. i'm looking at the rates market, looking at treasuries, and witnessing the consensus view totally break down. the last 24 hours was a contested example of that, just capturing the degree of uncertainty that still exists and persists. one point what he 5% this morning on tens -- 1.25% this morning on tens. the market living its own life. tom: i am going to suggest uncertainty is what drives the market. coca-cola, which i haven't even looked at yet. but all of these individual stories sum up to

alongside tom keene, and jonathan ferro, together through much of this morning with kailey leinz.ll little town just outside west texas. i'm jonathan ferro. this is bloomberg. ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. jonathan: it is 7:30 in the morning in texas. good morning. live on bloomberg tv and radio, and for our audience on quicktake, sean keys, t -30. tom: the astronaut

. >> this is bloomberg surveillance: early edition with francine lacqua, matt miller and kailey leinz. matt: welcome to bloomberg markets on this monday, july 5. i am matt miller with dani burger in london. high-stakes standoff. saudi arabia and the uae ramp up the tension in their opec dispute over oil production. we will continue to cover that for you. china tightening its grip, beijing expands its latest crackdown on the tech industry beyond ride-hailing giant didi. they pull others into national security concerns as well. joe biden's mission accomplished moment. the president all but announced -- -- the president all but announces an end to the pandemic in the u.s. is the mission really accomplished? we will talk about that as well. dani, what are you seeing in the markets? dani: we didn't get the number above 70% and then you had -- giving away free beers. how is it not mission accomplished if the u.s. is giving away free beers? matt: that is how they will spin it. dani: the vaccine rollout is going on, so that is good news. when it comes to the data, it really is all about opec