what are you saying at morningstar? it is pretty clear that markets _ morningstar?rkets got way - morningstar? it is pretty clear that markets got way ahead i morningstar? it is pretty clear| that markets got way ahead of themselves in pricing and really large, really quick reductions in interest rates, so we've seen the last few months is that markets have stepped back and reacted to the data by reducing expectations. what we need to look at really is just to recognise how restrictive monetary policy is to start with, so we are sitting here, with interest rates in the us and federal funds are between five five and five and a half and latest cpi was 3.5. we've had interest rates over 5% to 12 months so you're looking at real interest rates are over 2% and the clock is ticking. that's having an effect on the economy. the inflation trends have been down. this more recent period has been about the cost of shelter, so rents and also gas, being a bit higher than expected. but it's more really about the markets getting way ahead of themselves. the fed themselves were sayi

let's bring back the chief investment officer at morningstar.e have seen a massive run in mega caps. time to lose elsewhere. >> absolutely. particularly the tech stocks have been driving the market. particularly the first quarter. the so-called magnificent seven of last year which probably are not seven anymore but certainly they are driving the market. people are very enthusiastic. where we are seeing the value is further down the market cap scale, we have seen much better value and more cyclically orientated stock split particularly in some of the -- further down the market cap. we may be going into a stock pickers market for the first time in a long time. >> and a space you are comfortable at. what have you been doing as of late? taking a look at the overbought position of the seven, where exactly are you looking at to pick up the stocks -- pick up the stocks? >> about 18 months ago, we were in the doldrums, people concerned about rising inflation and rising rates and large cap type sold off. we added to positions there. right now we are grad

that's the morningstar wealth chief investment officer.e want to bring you some breaking news -- advent international by canadian payments processor new bay and ticket prices for $34 per share. that represents a value of $6.3 billion. the potential for a deal has been reported over the next month with bloomberg news the latest today. nuway is backed by ryan reynolds and it provides pay services. the stock has halted at this moment. we will bring in those details as we have them. coming up, we will talk about ev demand is tesla pushes back sales and delivery orders this quarter. ♪ ok y'all we got 10 orders coming in... big orders! starting a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchas

seth goldstein is a strategist at the investment managers morningstar where he chairs their committeetric vehicle industry. you are ready for this news, the bad news, as it were, as were markets, because for the last several days tesla shares have been sold. give us your take on the numbers now know them. ~ ~ ., take on the numbers now know them. ~ ~' . , them. we knew that deliveries were going _ them. we knew that deliveries were going to _ them. we knew that deliveries were going to fall _ them. we knew that deliveries were going to fall as _ them. we knew that deliveries were going to fall as so - them. we knew that deliveries were going to fall as so we - were going to fall as so we will likely see a revenue decline and larger profit decline and larger profit decline due to the challenges in the quarter, and that lower sales and abduction issues as well as wrapping up new vehicles like the cyber truck that were going to wear non—profits, but looking at the quarter, the bad news is largely known so now the question for investors, what was tesla's three going forward, would they ca

nicolas owens of morningstar research.ll talk loans with martin nussbaum as we look at stocks at session lows and the two year and 10 year at session lows. the s&p 500 approaching 5000. this is bloomberg. ♪ the all new godaddy airo helps you get your business minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo >> there are loans at lower valuations. the problem is if someone is refinancing a loan where a rate is 3% and now they are 6%, there is almost no way to get that refinanced without putting in a big injection of capital. there are loans available but it new world valuations. scarlet: talking about how the commercial backed security market has opened up at lower valuations. let's see if our next guest agrees. martin nussbaum is cofounder of slate property group and scale lending. we are also joined by bloomberg's abigail doolittle. do you see evidence that the commercial mo

live now to dan kemp, chief research and investment 0fficer, morningstar. hello to you. understand national insurance, give us a succinct definition. hello. i will try! give us a succinct definition. hello. iwill try! it give us a succinct definition. hello. i will try! it is challenging. national insurance is a tax that people pay on their earnings while they are working. it is another form of tax. viewers in the us will be familiar with federal tax and state taxes, it's one of the ways people pay tax on their income. when thinking about the impact of this change in national insurance from this weekend, the key thing to remember is there are two things going on here. the first is the big macroeconomic story about what's happening following covid in terms of the borrowing that happened during covid and then what we faced with interest rates at the tax rises. that's one thing. the other thing that's going on and more important to many of the viewers is how people feel about the taxes they pay, that's what the government is going to be most focused on in the uk. and people

earlier we spoke to mike coop from morningstar investment management — he said financial markets ared of themselves in pricing in really large, really quick reductions in interest rates. so what we've seen in the last few months is that markets have stepped back and reacted to the data by reducing those interest rate expectations. i think what we need to look at really is just to recognize how restrictive monetary policy is to start with. so we're sitting here with interest rates in the us and the fed fund reserves between five and a quarter and five and a half. the latest cpi was three and a half and we've had interest rates at over 5% for 12 months. so you're looking at real interest rates of over 2%. and the clock is ticking. that's having an effect on the economy. the inflation trends have been down. this more recent period has really been about the cost of shelter. so rents and also gas being a bit higher than expected. but it's more really about the markets just getting way ahead of themselves. joining us now is michelle fleury in new york. the attention it will be on what we h

mike coop is chief investment officer for the emea region at morningstar investment management.to you. this is so important, isn't it, for ukraine and for europe, would you say? ukraine and for europe, would ou sa ? , . you say? his critical, the wranglings _ you say? his critical, the wranglings have - you say? his critical, the wranglings have been i you say? his critical, the i wranglings have been going you say? his critical, the - wranglings have been going on for at least six months. that is allowed russia to regain the upper hand, and so this air defence systems and ammunition that will come from this are really important. just to put this into some sort of perspective, the amount that has been approved isjust perspective, the amount that has been approved is just under $61 billion, and that compares with prior us support of 44 billion. so this is really going to have a big impact. this going to have a big impact. as ou going to have a big impact. as you say, this has taken them a long time to get through, and during that time, ukraine has lost ground to russia, russia ha

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joining us is dan romanov, senior equity research analyst at morningstar.nk is most interesting about those names that are set to report. >> good morning and thanks for having me. i think there's -- across the board whether it's semiconductors or even internet, obviously software, we see a lot of interest in ai. i think all eyes will be on whatever ai discussion happens and any commentary around pricing or volumes or growth related to ai. so microsoft, for example, they said 600 basis points of azure growth were ai. i think it will be really interesting. intel, there's a lot of ai excitement about possible gpu accelerators with gowdy. that's interesting. people will be watching that. even at google where you saw a bit of a flop with gemini, i think investors will be waiting to hear if anything interesting is happening on the new model release and sort of how they recover from that. those are some high-level thoughts. >> that's great. dan, thank you. we're out of time. thanks for joining us. folks let's take a quick look at the markets this morning. you'll s