taylor: i am romaine bostick. romaine: i am romaine bostick. taylor: i am taylor riggs. caroline: we are looking ahead. a cloud for uber as a public number. there was a recovery in ridership. this is a margin game. ahead of the u.s. jobs report, were looking at the labor part of the gig economy that supports this like uber. taylor, you're looking at the silver lining? taylor: yes. we talk about drivers shortages. we are getting commentary. there is a huge increase in demand, and not enough drivers to meet the demand, that led to an increase in prices, but the ceo says that investment in driver growth is paying dividends and drivers are returning to the plat form, leading to further improvement in the consumer experience, talking about the number of active drivers in the u.s., up 60% versus this time last year. also trying to scale back some spending on driver incentives, which they had in place to get all those drivers back on the platform. you knew the impact we had on prices when there were not enough drivers in the middle of the pandemic. romaine: yes, we felt that on

we say good morning to romaine bostick. romaine: good morning, jon. president will take to the road to tout the infrastructure bill. that is going to feed through to a lot of names on the market, including caterpillar. this is a $1.2 trillion packet. $550 billion of that is new spending. a calm -- aecom shares up about 3%. united rentals also moving higher on the day. basically everything in the ev charging space getting a boost. there's a lot of provisions in here to expand the rollout of ev charging stations. flip up the board. let's take a look at bitcoin, crypto coins, up about 4%. higher this morning, largely on the idea that we have reached this new milestone for the crypto space, $3 trillion in market cap. a lot of that coming from bitcoin and a theory him -- and ethereum, both flirting with new record highs. the chinese government may be backing the cracked on that they rolled out in july. twitter says he should sell it. shares down 4%. who knows where this is going? if you are a tesla shareholder these days, you are used to these type of ques

romaine: from bloomberg, i am romaine bostick. taylor: i am taylor riggs. romaine: we will talk about the pandemic and how global economies have become interconnected. supply chain pain. the u.s.-china relationship becoming more important. president biden will meet virtually was xi jinping. today, we will get a status check on where these countries stand when it comes to trade and how investors should view the relationship. taylor, we start with what we know so far about this meeting on monday. taylor: it was interesting. we had cop26 and a representative said they were trying to get china involved. they were showing up in other areas. getting this is a big deal. they will speak on monday, easing the tensions between these effective rivals. tech restrictions, taiwan, you name it. we are not noticing any specific outcomes, but there is an agenda of things to come. we will await any news on monday. let's do more about this in these upcoming talks between biden and president xi. how big of a deal is this and any specifics? >> given president biden said from the

romaine: from bloomberg world headquarters in new york, i'm romaine bostick. today, we are going to talk about climate change and the intersection between climate change and wall street. the conference of parties, cop 26, kicks off with a procession of world leaders resenting their plan for curbing global warming. u.n. calling to speed down missions and joe biden says the u.s. is ready to be a leader again on this. we will dig into the money going into the fight happening on the shadow of an energy crisis. let's look at what we have heard so far from the heads of state at cop 26. >> we must speed up our race to net zero. >> the united states is not only back at the table, but will hopefully lead by the power of our example. my administration is working overtime to show our climate commitment is action, not words. >> the european union as well as the united kingdom are ready to meet their commitments. >> india is the only big economy in the world that has delivered both in n word on its paris commitment. >> all of those promises will be nothing but blob loblaw,

caroline: today, romaine bostick misses president biden saying the supply chain might be seeing some relief. today, we discussed how some officials think the worst might be over, but it will take some to untangle the bottlenecks. the gap said supply chain problems led to higher expenses. let's hear from president biden. >> we still face challenges in our economy. disruptions related to the pandemic have caused challenges in our supply chain. that is part concerned about shortages and contributed to higher prices. moms and dads are worried asking will there be enough food we can afford to buy for the holidays? will we be able to get christmas presents to the kids on time? taylor: let's do all of this and more with our senior logistics strategist. a great piece on the terminal. every step of the global supply chain is going wrong all at once. we talked a lot about the ports, trucking, distribution centers. where do you see the biggest chokepoint happening? >> the reality is the chokepoint in my view is centered around the labor shortages that we are facing. not only across transportati

. >> i'm romaine bostick. they say breaking up is hard to do, but for toshiba and johnson & johnson, they will give it a try. conglomerates announcing they will break up, streamlining their operations. today, we look at the future of this business structure and if the recent moves signaled the start of a trend or if this is a passing moment. we will see who might be the next to break up when it comes to conglomerates. were they? people talk about tesla, alphabet and meta-platforms. first, let's hear from the ceos who announced the move last week. >> these this misses will be more focused, a higher level of accountability. we should have sharper allocation and strategic flexibility. i think we will end up with investor bases, investors that are probably underinvested in ge today. put all that together and it's clear this is the best path to unlock and create value. >> both businesses have the potential to grow at least single digits and above going forward and we think this will better position the consumer bus

katie: romaine bostick is off today. caroline: we caught up with ceo -- a ceo saying their company is facing headwinds. stores sort of key items, including women's apparel. retailers' most important season, black friday, cyber monday. it was quite the tumble in today's session. some of the numbers eroding about 1/5 of their value. taylor: you really think about the haves and the have-nots. who is seeing demand? demand isn't the problem. who is able to control the inventory and getting this stuff into the store? we are taking a look at a few companies i want to mention. nordstrom was down about 29% on the day. gap, having one of the worst lunges ever -- plunges ever. supply chain issues, not a fourth quarter problem, but a full year, 2022 problem. demand is not the problem. we want to figure out all the companies being affected by the supply chain. fuller explains. >> we have a good sense of which companies run robust technology to their supply chains and which ones don't, and it's showing up in earnings, where the compan

i am romaine bostick sonali basak and i am sonali basak.he big car rental company raised $1.3 billion in its public debut today. shares opened down and closed down in the first day of trading, but the ipo strikes a turnaround for hertz. chicago was put on the map and hurts. today we will focus on the thousands of locations and has an around the road in the run-up to the debut. hertz made big bets in an effort to take the company in a fresh direction, leasing in order for 100,000 teslas electrify its fleet, and reportedly rip gritting -- top -- recruiting tom brady. we will look at what he took the company to go from the brink of collapse to now, e.v. disruptor? take a look at what the executive had to say about the future of the company. >> this is a transformation of hertz. you have to look at trends, mobility, electrification, shared mobility, collected -- connected cars, autonomy. >> we know our corporate travelers want electric vehicles to visit their clients and do business in. we know that our travelers want electric vehicles. it is a

romaine: i am romaine bostick. taylor: and i am taylor riggs. caroline: there are several conferences going on in the world. here in new york city, nft n.y.c., the world's largest non-fungible token event has attracted major players in the industry, and major announcements. for example, the auctioning of of 14 pop pop fiction art pieces in the form of nfts. today we will talk about the growth of that industry and how all walks of life are trying to establish their foothold. taylor had. , there has been a lot of buzz around nfts. taylor: we thank you for leading the charge. let's get to one of our very own, sonali basak. what was the theme? ? and the tone on the ground sonali:? first of all, you normally go to morgan stanley, nasdaq, or barclays. today there was a nft takeover of times square. you go to margaritaville for registration, drinks on tap 11:00 a.m., then you make it over to the main event where there are galleries of different forms of nfts. people selling things that would make -- as well as physical items, you get an nft with it. or

romaine: i am romaine bostick. taylor: i'm taylor riggs. caroline: the bloomberg new economy forum has brought together world and financial leaders and we are talking about some of the topics, inflation, increasing prices, pressures on executives and investors at human beings and some who have never had to build their portfolio in such an environment. we look at retail, earning numbers rolling in, at least on the corporate side of things companies are thriving amid high prices. they are still spending. also from the ceo on how he is handling things. let's listen in. we heard from them on the new economy forum. >> i think inflation is getting to be a lot more structured t oward -- once inflation expectations get anchored, then you get into the spiral. i don't think it is such prairie, non-. >> -- temporary phenomenon. >> i am concerned about inflation. supply chains are repositioning in part because of geopolitics, partly because of resilience considerations by governments, oil prices are going to remain high for quite a while. >> when i thi

romaine: i am romaine bostick. sonali: i'm sonali basak. taylor riggs is off today. caroline: historic run-up in home values during the pandemic. the u.s. market is at or near the peak. that's according to the housing analyst famous on wall street for calling the top of the market in 2005. for the next half hour, we will focus in on the possible warning signs and impact on investors, whether it's today's news that homeowners are cashing out as a tell as they pull equity from their homes in the highest volume since the financial crisis. maybe it's the hedge fund driving the spree. builders are struggling to keep up with demand amid shortages. all the epic rise and fall of the business that has everyone fretting. we will break down the trouble and what a possible correction can mean for the market. romaine: remember the good old days when housing prices might go up by a single digit percentage wise? that has not happened. double-digit percentage gains here, measured by the case-shiller index here. we are looking at the main correlation, a big rise. it is not just the u

♪ romaine: from bloomberg headquarters, i am romaine bostick. we are going to talk about socks.hey close in the red after federal reserve chairman jerome powell shifted his message on inflation. out goes transitory, in goes the lasting impact on some recent price pressures. it was a hawkish pivot before the senate banking committee that triggered a widespread market selloff. investors questioned the timing of the pivot, the form in which it was made on the unambiguous disclosure the fed was ready to discuss, accelerating that taper. we are going to hear remarks from president biden where he is set to break down his hopes for his bipartisan infrastructure law and its impact on easing supply chain constraints that feed into inflationary pressures. over the next 30 minutes, we will bring you those remarks and dive deeper into the three big risks facing the u.s. economy. you could probably say the global economy. inflation, supply chain issues, and the omicron variant of covid-19. let's get right to what powell had to say today. >> the threat of persistently higher inflation has gro

romaine: from bloomberg world headquarters in new york, i'm romaine bostick. this is the virus and its variants on bloomberg television and on quicktake. over the next 30 minutes, we'll going to take a deep dive into the science of the covid-19 variant, omicron. in will go deeper into its impact on global markets and the economy. let's start off with what happened friday. the world health organization announcing omicron was a variant of concern. it led a number of countries across the globe to tighten travel restrictions particularly for travelers to and from southern africa. we sell the biggest decline of the year for global stocks, crude oil and 10-year treasury yield. today, relative calm has returned to markets with the s&p calling back more than half of friday's losses as investors digested a spate of encouraging news. as an invited cautioned americans against panic. vaccine makers including winter and and j&j said they have been working to adapt covert shots. south african scientists shared their belief existing vaccines are likely to protect against sev

let's get you some movers this morning and say good morning to romaine bostick. e: the big mover of the morning's johnson & johnson, making that announcement that it is going to split into two companies. one is going to include the pharmaceutical business and the medical devices business, and then of course, that consumer business going to be spun off as a standalone company. nowhere yet on how much this is going to cost and who is going to lead that consumer business. shares moving higher here. the ceo has been talking up the benefits of having this sort of three-tiered model, and this will persist for a much longer time. there's a lot of questions as to why they overlap those businesses. there could be a play later to spin off that device business. we are talking about two separate companies at least, seeing 18 to 24 months. it is interesting to see how we see that consumer-products businesses once it gets spun off and what ends up happening to that medical device business. also in the deals space with farfetch, richemont has kind of given up here on the strateg

we can do that with romaine bostick. romaine: it is all about the future.ot of bets on the future. tesla closed out the month at a record high. stop that it been range bound for much of q2 and q3 rally 43%. starting out the new month up 4%. also in the ev space lucid motors up about 8% in the premarket. it finally delivered its first vehicle on saturday. stocks rallied 53% last week. we are talking about a stock that if this percentage hold it will have a market value that rivals ford motor company. harley davidson getting a boost. all of the companies exposed to the steel and aluminum tariffs and more portly the retaliatory tariffs the eu had imposed on motorcycles, liquor, and all of other things all rallying. bloomberg reported that a truce has been set, not necessarily written down, but that should be done by december. harley davidson up about 8%. keep an eye on the vaccine stocks. novavax finally seems to be getting those rolling submissions going. they had who submissions last month and the eu submissions last week and getting word this morning they f

let's say good morning to romaine bostick. e: a lot of people looking ahead to that retail sales data that is going to come out. if you are looking for a read on what is going on with the consumer, take a look at the results we got out of home depot and walmart. for home depot, comp sales up about 6% here. you did see a big slow down from pandemic level growth. this was still well above what the street was looking for. there was a drop off in the total number of transactions, down by about 5%, but the actual value per transactions was up. the company guiding higher here on the year. those shares of about 1%. walmart shares up about 2% in the premarket. more importantly, a lot of strings and gaining share in the grocery business. not only in terms of bumping up the comp sales, but also in terms of margins. keep an eye on biogen. those shares slightly down by 0.7% after its chief scientific officer said it is going to leave. -- said he's going to leave. there's a lot of controversy about the approval of this alzheimer's drug. a l

[laughter] let's get to romaine bostick. romaine: good morning.talk today is going to be about general electric. those shares higher by about 8% in the premarket. general electric aviation, health care, and energy and power all going to be spun off into three separate companies. of course, no company over the past several decades has been emblematic of corporate conglomerates than general electric, a conglomerate no more. we know the writing has really been on the wall for quite some time. go all the way back to the 1970's, and the financial wizardry that jack welch brought to that model, but that house of cards really came crashing down a few decades ago, right after the turn of the century. the financial crisis accelerated that, and now, ever since larry called has taken over the helm -- larry culp has taken over the helm, selling off assets, consolidating others, and now the decision announced this morning to spin off these businesses into three separate units. investors seem to like that. this is a pretty gutsy call by larry culp. a lot of peo

let's get more with romaine bostick. romaine: keep an eye on the retailers.t out with earnings, comp sales up about 12%. margins narrowed a lot more than what the street was looking for, and transaction value was actually down here. this was a big concern. we saw that yesterday with walmart. they are getting more sales, but not necessarily pricing at a level that would keep those margins widening. we are going to wait for the conference call to get a little more clarity on the outlook here, but that is the set up for target. meanwhile, the opposite direction, lows shares up 3% -- lowe's shares up 3%. comp sales a little more subdued, but margin expansion and transaction value is higher, so you get a little bit of a sense of not only where people are spending their money, but the difference in pricing power that certain segment of the retail space have over others, so home-improvement doing well, traditional retailers having a little bit more trouble passing on some of those higher costs, particularly freight costs. keep an ion visa, shares -- an eye on visa,

we need to get some movers and sake good morning to romaine bostick. maine: the broader market preparing for cpi wednesday in about an hour, but most of the individual movers are moving on the back of earnings here. on a percentage basis, down 9% in the premarket. a lot of this was expected. it was a drop off in volume, a drop-off in monthly users, a drop off and pretty much everything. there's a big concern about some of the mismatch we saw with regards to the drop-off in trading volume and drop-off in revenue. it did not necessarily sink up, and a lot of people are trying to figure out why. it appears that some of the transaction value per transaction value might have been a lot lower here than what the street was looking for. a lot to parse for a company that a lot of people don't really know how to value. to the upside, you got doordash. they knock it out of the park. 40% plus growth pretty much across the board. a big acquisition of a fin nish delivery company. it will be the biggest deal in the food delivery business on record. lumen are -- lumina

now we can get some stock movers with growing nest -- with romaine bostick. maine: in a couple of weeks here, we came into this month thinking about the idea that stocks were basically searching for some sort of direction. it had a lot more to do with inflation. now it is about omicron and that covid variant, and how folks are going to respond. a note out this morning providing a mixed guidance here. some folks saying you really need to reassess where you go. what is moving today, moderna higher by about 10%. we started this month with moderna seating its crown as the best stock in the s&p five -- the s&p 500. both companies talking about that they could be digitally have -- could potentially have an omicron variant ready in a couple of months. tom: did you see any capitulation of the s&p 5000 people? romaine: most of the people bullish said we would go into next year in the range that basically set their guns on that. they said this is probably a little bit overblown, and the short-term pain in the markets and even potentially in the economy will be short-ter

crucial moments in the trading day -- this is bloomberg markets the close with caroline hyde, romaine bostickriggs. denise: it -- caroline: this is bloomberg markets, the close. the trinity are back together and we are looking at treasuries falling further. investors manage strong economic data versus that threats of inflation. taylor on treasuries and all eyes on fed speak, we've got you covered. we are eyeing infrastructure with pete buttigieg as president biden tries to win back public optimism for spending aimed at repairing aging infrastructure. how can it alleviate immediate supply-chain concerns and tanks to? as

this is bloomberg markets -- the close, with caroline hyde, romaine bostick, and taylor riggs.bloomberg markets -- the close." stocks are -- reacting to fears a new covid variant could hurt the economic recovery ahead of one of the biggest travel weekends of the year in the u.s.. variant fears are leading governments from the you take a hong kong to tighten up restrictions on travel singling -- sending airline stops tumbling. black friday is underway in th

tom: romaine bostick with "the close" this evening as well. veterans day, and there are firms that are each different, and they all have military types running them, or military types as employees. no one does it like academy securities and the team with a board that is heavily military based, including general tata. everyone seems to be from annapolis. on this veterans day, we are thrilled to welcome their head of microstrategy. what is different about -- head of macro strategy. what is different about academy securities with its military san diego background? peter: it is a really fun and interesting place to work. about 50% of the firm's veterans. they still have the expectation of how to act, and it is good. we make sure everyone is informed on what we are trying to do, and it is the responsibility of the nonveterans to mentor veterans. my job is always to work with one or two veterans and get them up to speed on how wall street works and find good roles for them. it is really need to be part of that overall challenge. on top of that, we h

. ♪ ♪ ♪ >> i'm romaine bostick. >> and i'm caroline hyde.ebony power 100", a bloomberg special. >> for more than 75 years, ebony has offered the authoritative peive on the

tom: romaine bostick, thank you so much, from "the close" this afternoon. been focusing on inflation across all of the different themes of global wall street. honored to have adam posen here with us earlier, and many others as well. carter chaudhry has a heritage from the trade division. what is so important here about place and -- about inflation betting is the bet made with inflation derivative products. jonathan: i am pleased you brought some of this up. let's start with the broader theme to start this morning. inflation expectations didn't shift yesterday, lisa. the market has now established what it things about inflation and what it thinks the fed will have to do. a lot of people define german powell's news conference yesterday as a success because there was not much disruption in markets. it is really the market response that defines that success. equities all-time highs, yields didn't move much. ok. to me, it is still a market pricing and hikes next year and a federal reserve split on just doing one next year. the federal reserve is saying here is o