November 18, 2025 • 16 mins
On today's podcast:
1) Global markets extended a broad selloff, with US stock futures signaling a fourth day of losses and Bitcoin briefly slipping below $90,000 as traders pulled away from speculative assets. S&P 500 futures fell 0.3% after the benchmark closed below its 50-day moving average in the previous session, a sign of scope for further losses. Bitcoin slid more than 1%. European stocks declined for a fourth day. Stock gauges across Asia were in the red, with Japan’s Nikkei 225 posting its worst day since April. Bonds were the biggest beneficiaries as investors sought havens, with the yield on 10-year US Treasuries dropping four basis points to 4.10%. The dollar held steady as gold fell closer to $4,000 an ounce. The cross-asset moves underscored continued unease over interest rates and tech earnings, with Nvidia Corp.’s report on Wednesday poised to test investor nerves over lofty valuations in the artificial-intelligence sector. Focus will then turn to the delayed September jobs report due Thursday, a key gauge for the Federal Reserve’s policy outlook.
2) Federal Reserve Governor Christopher Waller repeated his view that the central bank should again lower interest rates when policymakers meet in December, citing a weak labor market and monetary policy that is hurting low- and middle-income consumers. In a speech titled ‘The Case for Continuing Rate Cuts’ delivered in London, Waller said another rate cut would represent good “risk management” by the rate-setting Federal Open Market Committee. He said he isn’t concerned about inflation accelerating or inflation expectations rising significantly given clear signs of softening demand for workers.
3) Saudi Arabia’s Crown Prince Mohammed bin Salman will likely be greeted with great fanfare by President Trump during his visit to the White House on Tuesday. The crown prince hopes to secure an executive order from Trump to bolster Saudi Arabia’s security and potentially pave the way for a stronger defense treaty. The two are also expected to reach an agreement that would allow the kingdom to purchase F-35 stealth planes, despite Israel wanting to keep a monopoly on access. Discussions on the future of Gaza and the thorny issue of relations with Israel are on the agenda as well. There also remains tension over access to AI chips and nuclear technology.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we are in the midst of a global market
sell off this morning, and if the future's on Wall
Street or any indication, the S and P five hundred
is on track for its fourth straight day of losses.
That would be the index's longest losing streak since August
In Asia, the n e K two to twenty five
stock average closed down three point two percent. Paul Dobson
is a Bloomberg Markets executive editor.
Speaker 4 (00:37):
We sort of know a few of the risks that
are hanging over markets at the moment. Those about are
the valuation or the overvaluation potentially of the technology sector,
in particularly the AI companies, which have had such a
strong performance this year, and they're very extensive investment plans,
and whether there's appetite to fund that. That's one thing
that's worrying people at the moment. On top of that,
(00:59):
there's also of what the federal reserve policy is going
to look like. They seem to have been giving us
the signal they may not cut interest rates in December
which the market have been hyping for and expecting.
Speaker 3 (01:09):
Now Bloomberg's Paul Dobson says, the S and P five
hundred is about three percent below it's October peak.
Speaker 2 (01:15):
Even harder hit than equities, Nathan has been Bitcoin. It's
wiped out all of its gains this year, and earlier
this morning fell below ninety thousand. Mike McLoone covers cryptocurrencies
for Bloomberg Intelligence.
Speaker 5 (01:28):
So I'll give you a good indication. I think it's
going to go lower. The Bloomberg Galaxy crypto Innix is
down ten percent of the year now. About a third
of that's Bitcoin. It's the rest of the space I
think is finally we're realizing it's unlimited supply, massive hubrey
and just speculative accesses look like they're just getting.
Speaker 2 (01:46):
Pers and Bloomberg Intelligence senior Commodities strategist Mike mcgloane, they're
checking Bitcoin right now. It is training at ninety one thousand,
three hundred dollars. That's down half percent.
Speaker 3 (01:56):
Another worry for investors, Karen, what we get from Nvidia
earnings that's coming up tomorrow. Bloomberg's Charlie Pellett continues, our
global team coverage of these markets.
Speaker 6 (02:06):
In videos report, We'll be closely watched as investors are
uneasy over high AI valuations. Cameron Dawson is chief investment
officer at New Edge Wealth.
Speaker 7 (02:16):
In video has shown a very consistent ability to jump
over that high bar. Earnings are expected to grow sixty
percent this quarter, and this is the third quarter twenty
twenty six earnings for them on a fiscal basis, so
in video is very much living in the future.
Speaker 6 (02:31):
The chip maker is widely expected to deliver another earnings
beat in New York Charlie Pellett, Bloomberg Radio.
Speaker 2 (02:38):
Meanwhile, Nathan notices of impending mass layoffs by US company
search in October to among the highest levels on record.
According to a tally by Federal Reserve Bank of Cleveland researchers,
about thirty nine thousand Americans were given advanced notice of
losing their job in monthly data from two thousand and six.
That number has only ever been higher in two thousand
(02:59):
and eight to twenty and nine, twenty twenty and May
twenty twenty five.
Speaker 3 (03:03):
And Karen Fed Governor Christopher Waller is repeating his view
that the Central Bank should lower interest rates when policymakers
meet next month, Waller spoke in London.
Speaker 8 (03:13):
My focus is on the labor market, and after months
of weakening, it is unlikely that the September jobs report
later this week, or any other data that's going to
come out in the next few weeks, is going to
change my view that another cut is an order.
Speaker 3 (03:27):
Christopher Waller was appointed to the Fed's Board of Governors
by President Trump in twenty twenty. He is one of
five candidates that the White House is considering for the
FED chair position when Jay Powell's term expires in may Well.
Speaker 2 (03:39):
On Capitol Hill, Nathan, the focus is about to turn
to the Jeffrey Epstein files. The House is set to
vote today on a bill that would force the Justice
Department to release its documents on the late sex offender.
Speaker Mike Johnson had resisted bringing the bill to the
House floor for months, but a discharge petition forced his hand,
and now President Trump says House Republican should vote for it.
(04:01):
Democratic Congressman Rocana is one of the bill's sponsors, and
he says today's vote could be overwhelming.
Speaker 9 (04:07):
We may get to a unanimous vote. Look, this is
the most horrific disgusting scandal in American history. You had
Epstein with basically a rape violin thousand plus victims, and
rich and powerful men who raped underage girls or covered
it up and haven't had accountability.
Speaker 2 (04:27):
Democrat Rocana spoke to ABC News. The meantime, the Epstein
records that have been released are forcing a reckoning. Former
Treasury Secretary Larry Summers says he's stepping back from his
public commitments after emails showed he'd been in correspondence with Epstein.
Summers is a paid Bloomberg TV contributor and a professor
at Harvard University. He says he'll continue to teach, but
(04:47):
will step away from public duties to repair relationships with
the people closest to him.
Speaker 3 (04:52):
The White House, Karen, President Trump is getting ready for
a visit from Saudi Crown Prince Mohammed Ben Salmon. President
says he's ready to offer this Saudi leader something he's
wanted for years.
Speaker 6 (05:02):
F thirty five fighter jets.
Speaker 10 (05:04):
You're in a great allay. They've got to like us
very much. Look at the Iran situation, what we did their.
Speaker 3 (05:11):
President Trump spoke there from the Oval Office. Former Vice
President Mike Pence says the F thirty five is America's
most advanced fighter jet. He notes Saudi Arabia has a
close relationship with China.
Speaker 11 (05:21):
I have concerns about the sale of F thirty five
so to Saudi Arabia or any nation that could not
assure the United States that technology and the great advancements
that we've made with the F thirty five don't fall
into the hands of nations that are hostile to our interests.
Speaker 3 (05:41):
Former Vice President Mike Pence tells Bloomberg's Pritty Gupta he
hopes today's visit with the Crown Prince brings Saudi Arabia
closer to normalizing ties with Israel under the Abraham Accords
and Nathan.
Speaker 2 (05:51):
President Trump said his administration is making progress on lowering
prices as he faces new political headwinds, and a speech
to franchise owners from a Donalds, he thanked the fast
food giant for offering cheaper options.
Speaker 8 (06:04):
I here you are.
Speaker 10 (06:05):
Recommitting to the affordable options of Americans that we really
know and love all of the items that we love.
And I hear that McDonald's is playing a very big
role in that we're getting prices down for this country.
Speaker 2 (06:17):
And McDonald's and his franchisees brought back extra value meals
at five dollars and eight dollars price points. I'm not
for look at some of the other stories making news
in New York and around the world. For that, we're
joined by Bloomber's Monica Ricks Monica, good morning.
Speaker 12 (06:32):
Good morning, Karen. The United Nations has overwhelmingly approved the
Trump Administration's plan for the future of Gaza.
Speaker 5 (06:39):
The drops resolution has been adopted as Resolution twenty eight
zero three.
Speaker 12 (06:46):
Russia and China abstain from the vote, but the approval
is a crucial step now that provides international support for
US efforts to rebuild the war ravage region, in part
by establishing a Board of Peace that would run Gaza
over the next couple of years. Israeli officials have criticized
the resolution since it also offers a pathway to Palestinian statehood.
(07:07):
President Trump says he hasn't ruled out sending US troops
to Venezuela, following an announcement from the Trump administration that
it would designate of vellezuel and Cartel as a foreign
terrorist organization. President Nicolas Maduto is pleading for peace. Meantime,
Trump is urging more foreigners now to apply for visas
to watch next year's World Cup.
Speaker 10 (07:27):
This will be a once in a lifetime opportunity to
showcase the greatness of American world class athletic competition as
we celebrate our nations two hundred and fiftieth year. The
World Cup will also be an incredibly significant economic opportunity
for Conculus American workers and businesses.
Speaker 12 (07:44):
The massive tournament will feature more than one hundred matches
in the US, Canada, and Mexico next summer, and federal
prosecutors are now being forced to turn over all grand
jury material to former FBI Director James Comy's defense team
over a quote disturbing pattern of profound investigative missteps in
the handling of the case. Comy's accused of making false
(08:05):
statements and obstructing a congressional proceeding relating to his testimony
before the Senate Judiciary Committee back in twenty twenty. Both
sides expected in court tomorrow in Virginia. Global News twenty
four hours a day and whenever you want it with
Bloomberg News Now. I'm Monica Rix and this is Bloomberg Karen.
Speaker 6 (08:22):
Thanks Monica.
Speaker 2 (08:23):
Time now for our Bloomberg Sports Update, and for that
we bring in John stash Hour.
Speaker 13 (08:27):
Thanks Jaren byther My football was in Las Vegas. A
three touchdowns second quarter for the Cowboys. They beat the
Raiders thirty three to sixteen. Dak Prescott finished with four
touchdown passes to four different receivers. Aaron Rodgers has an
injury to his left wrist. He's fifty to fifty to
play for the Steelers Sunday against the Vikings. The Atlanta
quarterback Michael Pennix as a knee injury. He's likely done
for the season. James Franklin surprisingly fired in mid season
(08:51):
by penn State, as landed as the new coach at
Virginia Tech. That's form Bloomberg Sports Update.
Speaker 2 (08:57):
Stay with us more from Bloomberg day Break coming out after.
Speaker 1 (09:00):
This coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (09:15):
Good morning, I'm Nathan Hager. Not such a good morning
if your long equities markets are under pressure once again
this morning on concerns around AI valuations, the federal reserve outlook,
and a sell off in bitcoin. Grace Peters, co head
of Global Investment Strategy at JP Morgan Private Bank, says
she'd sum up her outlook for next year in three words,
pressure but promise.
Speaker 14 (09:37):
Pressure from AI all we in a bubble. Questions still
around the meanings of global fragmentation and inflation as well.
But you know, as the title suggests, we do think
promise is going to win out.
Speaker 3 (09:49):
That's Grace Peters of JP Morgan Private Bank. For more,
We're joined by Bloomberg Markets reporter Valerie Titel, So that's
the long term outlook, Valerie. But this morning feels like
pressure is front and center. Good morning, Hey.
Speaker 15 (10:02):
Good morning, Nathan. Y S and P futures are in
the red for a fourth straight session in a row.
We're continuing to see underperformance in these tech shares, and
Video was one of the worst decliners on the Nasdaq
yesterday and the Nasdaq frankly, we really want to see
these tech shares at least find some balance, find some
ground somewhere before those earnings released from Nvidia on Wednesday night.
(10:26):
We know that can really be something that could set
the tone for tech stocks into your end. And as
Grace Peters was pointing out there, you don't really want
to end your end on a wobbly foot, because come January,
when these slates are wiped clean for the year, investors
really begin to rethink their allocations, and possibly the courus
is growing for those to rethink their allocations away from
(10:47):
US big tech. Now, what really started the weakness yesterday
was another hyperscaler approaching the bond market. We had Amazon
announcing a fifteen billion dollar bond offering, raising debt through
investment grade credit. This has been a theme of late
now that these hyperscalers have been needing to fund their
next stage of their buildout when it comes to data
(11:10):
centers using debt, and that does tie this tech story
in with the broader narrative when it comes to the
US Central Bank to the Federal Reserve. If they're needing
to use debt financing in order to scale up, they
are going to be dependent on whether the Federal Reserve
has been hawkish or dubvish, And lately the Federal Reserve
has been hawkish, putting that December cut wildly in doubt.
(11:32):
We're now down to around forty percent chance of a
Federal Reserve cut in December, their last meeting of twenty
twenty five.
Speaker 3 (11:38):
Yeah, it's adding to all this debate about whether we're
in an AI bubble right now from the analysts and
strategists that you've been speaking to, Valerie, is it a
feeling that the bubble is popping or that some of
the air is just getting let out.
Speaker 15 (11:51):
Look, I think that all really comes down to Nvidia
and what we hear on Wednesday night. Frankly, there has
been a lot of two way discussion about whether this
huge investment that we've seen into data centers is something
that's going to pay off or is it going to
be something that's going to have to mark down From
part now, it goes to that saying that the investment
(12:11):
in data centers this year has been something that has
held up GDP growth broadly for the US economy. We've
been hearing from the likes of other CEOs across the
world saying that data center spending an investment is still
holding up into the fourth quarter. So whether or not
it will pose another boom to GDP in twenty twenty six,
or perhaps we'll investors start to shy away from this
(12:33):
investment and perhaps cause this AI bubble to burst. I
think time is We're going to need some time on
our hands to tell. But I think what the equity
market is telling us right now is that there's a
lot of jitters going into end video's release.
Speaker 3 (12:47):
Adding to those jitters some technical signals as well. With
the S and P five hundred falling below it's fifty
day moving average for the first time in months, we've
been talking about how we could be on track for
the four day losing streak. Here for the U S
and P five hundred, what's the technical signal that we're getting.
Speaker 15 (13:03):
Well, Look, yesterday the S and P five hundred, as
you mentioned, did close below the fifty day moving average.
It's been something that it's been battling with though throughout
this equity weakness through the month of November. It's whether, Nathan,
we have a sustained break lower from that, then that
will be a key tell that momentum is on a
back foot, and essentially the market needs more good news
(13:24):
outweighing anything of just being the status quo in order
to rally back. But that being said, you know, we
do have to frame this and the fact that the
Nasdaq is still up seventeen percent on the year, the
broader S and P five hundred is up some twelve
and a half percent, So it has still been a
good year for the equity market. It's just the last
few weeks have been a struggle.
Speaker 3 (13:45):
And when it comes to breaking news and gaming out
what the Fed could do. We are starting to get
a trickle of official economic data. We just got the
first round of weekly jobless claims from a month ago.
What does that tell us?
Speaker 15 (13:59):
Yeah, so this this is a very odd one. The
Department of Labor, which runs the Bureau of Labor Statistic
posted figures for job as claims for the week ending
October eighteenth. Now, this does seem like to some a
random week in October that they were publishing figures for. However,
it is this survey week for non farm payrolls that
is their monthly survey of how many jobs the US
(14:20):
economy has added alongside the unemployment rates. So perhaps this
is telling us that the BLS is getting that October
jobs report in line. However, what the jobles claims figures
did show us that they job as claims were at
two hundred and thirty two k that week in October.
That is broadly in line with what city economists had
penciled in using state wide level data, and that gave
(14:44):
some solace to the market that economists who have been
estimating essentially seasonally adjusted jobbles claims from the non seasonally
adjusted state level figures have been broadly in lines that
did give some calm to the market when that was
released earlier this morning.
Speaker 2 (15:00):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (15:07):
Look for us on your podcast feed by six am
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Speaker 2 (15:13):
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Speaker 3 (15:28):
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Speaker 13 (15:44):
All day long.
Speaker 2 (15:45):
I'm Karen Moscow.
Speaker 3 (15:47):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Bray
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we are in the midst of a global market
sell off this morning, and if the future's on Wall
Street or any indication, the S and P five hundred
is on track for its fourth straight day of losses.
That would be the index's longest losing streak since August
In Asia, the n e K two to twenty five
stock average closed down three point two percent. Paul Dobson
is a Bloomberg Markets executive editor.
Speaker 4 (00:37):
We sort of know a few of the risks that
are hanging over markets at the moment. Those about are
the valuation or the overvaluation potentially of the technology sector,
in particularly the AI companies, which have had such a
strong performance this year, and they're very extensive investment plans,
and whether there's appetite to fund that. That's one thing
that's worrying people at the moment. On top of that,
(00:59):
there's also of what the federal reserve policy is going
to look like. They seem to have been giving us
the signal they may not cut interest rates in December
which the market have been hyping for and expecting.
Speaker 3 (01:09):
Now Bloomberg's Paul Dobson says, the S and P five
hundred is about three percent below it's October peak.
Speaker 2 (01:15):
Even harder hit than equities, Nathan has been Bitcoin. It's
wiped out all of its gains this year, and earlier
this morning fell below ninety thousand. Mike McLoone covers cryptocurrencies
for Bloomberg Intelligence.
Speaker 5 (01:28):
So I'll give you a good indication. I think it's
going to go lower. The Bloomberg Galaxy crypto Innix is
down ten percent of the year now. About a third
of that's Bitcoin. It's the rest of the space I
think is finally we're realizing it's unlimited supply, massive hubrey
and just speculative accesses look like they're just getting.
Speaker 2 (01:46):
Pers and Bloomberg Intelligence senior Commodities strategist Mike mcgloane, they're
checking Bitcoin right now. It is training at ninety one thousand,
three hundred dollars. That's down half percent.
Speaker 3 (01:56):
Another worry for investors, Karen, what we get from Nvidia
earnings that's coming up tomorrow. Bloomberg's Charlie Pellett continues, our
global team coverage of these markets.
Speaker 6 (02:06):
In videos report, We'll be closely watched as investors are
uneasy over high AI valuations. Cameron Dawson is chief investment
officer at New Edge Wealth.
Speaker 7 (02:16):
In video has shown a very consistent ability to jump
over that high bar. Earnings are expected to grow sixty
percent this quarter, and this is the third quarter twenty
twenty six earnings for them on a fiscal basis, so
in video is very much living in the future.
Speaker 6 (02:31):
The chip maker is widely expected to deliver another earnings
beat in New York Charlie Pellett, Bloomberg Radio.
Speaker 2 (02:38):
Meanwhile, Nathan notices of impending mass layoffs by US company
search in October to among the highest levels on record.
According to a tally by Federal Reserve Bank of Cleveland researchers,
about thirty nine thousand Americans were given advanced notice of
losing their job in monthly data from two thousand and six.
That number has only ever been higher in two thousand
(02:59):
and eight to twenty and nine, twenty twenty and May
twenty twenty five.
Speaker 3 (03:03):
And Karen Fed Governor Christopher Waller is repeating his view
that the Central Bank should lower interest rates when policymakers
meet next month, Waller spoke in London.
Speaker 8 (03:13):
My focus is on the labor market, and after months
of weakening, it is unlikely that the September jobs report
later this week, or any other data that's going to
come out in the next few weeks, is going to
change my view that another cut is an order.
Speaker 3 (03:27):
Christopher Waller was appointed to the Fed's Board of Governors
by President Trump in twenty twenty. He is one of
five candidates that the White House is considering for the
FED chair position when Jay Powell's term expires in may Well.
Speaker 2 (03:39):
On Capitol Hill, Nathan, the focus is about to turn
to the Jeffrey Epstein files. The House is set to
vote today on a bill that would force the Justice
Department to release its documents on the late sex offender.
Speaker Mike Johnson had resisted bringing the bill to the
House floor for months, but a discharge petition forced his hand,
and now President Trump says House Republican should vote for it.
(04:01):
Democratic Congressman Rocana is one of the bill's sponsors, and
he says today's vote could be overwhelming.
Speaker 9 (04:07):
We may get to a unanimous vote. Look, this is
the most horrific disgusting scandal in American history. You had
Epstein with basically a rape violin thousand plus victims, and
rich and powerful men who raped underage girls or covered
it up and haven't had accountability.
Speaker 2 (04:27):
Democrat Rocana spoke to ABC News. The meantime, the Epstein
records that have been released are forcing a reckoning. Former
Treasury Secretary Larry Summers says he's stepping back from his
public commitments after emails showed he'd been in correspondence with Epstein.
Summers is a paid Bloomberg TV contributor and a professor
at Harvard University. He says he'll continue to teach, but
(04:47):
will step away from public duties to repair relationships with
the people closest to him.
Speaker 3 (04:52):
The White House, Karen, President Trump is getting ready for
a visit from Saudi Crown Prince Mohammed Ben Salmon. President
says he's ready to offer this Saudi leader something he's
wanted for years.
Speaker 6 (05:02):
F thirty five fighter jets.
Speaker 10 (05:04):
You're in a great allay. They've got to like us
very much. Look at the Iran situation, what we did their.
Speaker 3 (05:11):
President Trump spoke there from the Oval Office. Former Vice
President Mike Pence says the F thirty five is America's
most advanced fighter jet. He notes Saudi Arabia has a
close relationship with China.
Speaker 11 (05:21):
I have concerns about the sale of F thirty five
so to Saudi Arabia or any nation that could not
assure the United States that technology and the great advancements
that we've made with the F thirty five don't fall
into the hands of nations that are hostile to our interests.
Speaker 3 (05:41):
Former Vice President Mike Pence tells Bloomberg's Pritty Gupta he
hopes today's visit with the Crown Prince brings Saudi Arabia
closer to normalizing ties with Israel under the Abraham Accords
and Nathan.
Speaker 2 (05:51):
President Trump said his administration is making progress on lowering
prices as he faces new political headwinds, and a speech
to franchise owners from a Donalds, he thanked the fast
food giant for offering cheaper options.
Speaker 8 (06:04):
I here you are.
Speaker 10 (06:05):
Recommitting to the affordable options of Americans that we really
know and love all of the items that we love.
And I hear that McDonald's is playing a very big
role in that we're getting prices down for this country.
Speaker 2 (06:17):
And McDonald's and his franchisees brought back extra value meals
at five dollars and eight dollars price points. I'm not
for look at some of the other stories making news
in New York and around the world. For that, we're
joined by Bloomber's Monica Ricks Monica, good morning.
Speaker 12 (06:32):
Good morning, Karen. The United Nations has overwhelmingly approved the
Trump Administration's plan for the future of Gaza.
Speaker 5 (06:39):
The drops resolution has been adopted as Resolution twenty eight
zero three.
Speaker 12 (06:46):
Russia and China abstain from the vote, but the approval
is a crucial step now that provides international support for
US efforts to rebuild the war ravage region, in part
by establishing a Board of Peace that would run Gaza
over the next couple of years. Israeli officials have criticized
the resolution since it also offers a pathway to Palestinian statehood.
(07:07):
President Trump says he hasn't ruled out sending US troops
to Venezuela, following an announcement from the Trump administration that
it would designate of vellezuel and Cartel as a foreign
terrorist organization. President Nicolas Maduto is pleading for peace. Meantime,
Trump is urging more foreigners now to apply for visas
to watch next year's World Cup.
Speaker 10 (07:27):
This will be a once in a lifetime opportunity to
showcase the greatness of American world class athletic competition as
we celebrate our nations two hundred and fiftieth year. The
World Cup will also be an incredibly significant economic opportunity
for Conculus American workers and businesses.
Speaker 12 (07:44):
The massive tournament will feature more than one hundred matches
in the US, Canada, and Mexico next summer, and federal
prosecutors are now being forced to turn over all grand
jury material to former FBI Director James Comy's defense team
over a quote disturbing pattern of profound investigative missteps in
the handling of the case. Comy's accused of making false
(08:05):
statements and obstructing a congressional proceeding relating to his testimony
before the Senate Judiciary Committee back in twenty twenty. Both
sides expected in court tomorrow in Virginia. Global News twenty
four hours a day and whenever you want it with
Bloomberg News Now. I'm Monica Rix and this is Bloomberg Karen.
Speaker 6 (08:22):
Thanks Monica.
Speaker 2 (08:23):
Time now for our Bloomberg Sports Update, and for that
we bring in John stash Hour.
Speaker 13 (08:27):
Thanks Jaren byther My football was in Las Vegas. A
three touchdowns second quarter for the Cowboys. They beat the
Raiders thirty three to sixteen. Dak Prescott finished with four
touchdown passes to four different receivers. Aaron Rodgers has an
injury to his left wrist. He's fifty to fifty to
play for the Steelers Sunday against the Vikings. The Atlanta
quarterback Michael Pennix as a knee injury. He's likely done
for the season. James Franklin surprisingly fired in mid season
(08:51):
by penn State, as landed as the new coach at
Virginia Tech. That's form Bloomberg Sports Update.
Speaker 2 (08:57):
Stay with us more from Bloomberg day Break coming out after.
Speaker 1 (09:00):
This coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (09:15):
Good morning, I'm Nathan Hager. Not such a good morning
if your long equities markets are under pressure once again
this morning on concerns around AI valuations, the federal reserve outlook,
and a sell off in bitcoin. Grace Peters, co head
of Global Investment Strategy at JP Morgan Private Bank, says
she'd sum up her outlook for next year in three words,
pressure but promise.
Speaker 14 (09:37):
Pressure from AI all we in a bubble. Questions still
around the meanings of global fragmentation and inflation as well.
But you know, as the title suggests, we do think
promise is going to win out.
Speaker 3 (09:49):
That's Grace Peters of JP Morgan Private Bank. For more,
We're joined by Bloomberg Markets reporter Valerie Titel, So that's
the long term outlook, Valerie. But this morning feels like
pressure is front and center. Good morning, Hey.
Speaker 15 (10:02):
Good morning, Nathan. Y S and P futures are in
the red for a fourth straight session in a row.
We're continuing to see underperformance in these tech shares, and
Video was one of the worst decliners on the Nasdaq
yesterday and the Nasdaq frankly, we really want to see
these tech shares at least find some balance, find some
ground somewhere before those earnings released from Nvidia on Wednesday night.
(10:26):
We know that can really be something that could set
the tone for tech stocks into your end. And as
Grace Peters was pointing out there, you don't really want
to end your end on a wobbly foot, because come January,
when these slates are wiped clean for the year, investors
really begin to rethink their allocations, and possibly the courus
is growing for those to rethink their allocations away from
(10:47):
US big tech. Now, what really started the weakness yesterday
was another hyperscaler approaching the bond market. We had Amazon
announcing a fifteen billion dollar bond offering, raising debt through
investment grade credit. This has been a theme of late
now that these hyperscalers have been needing to fund their
next stage of their buildout when it comes to data
(11:10):
centers using debt, and that does tie this tech story
in with the broader narrative when it comes to the
US Central Bank to the Federal Reserve. If they're needing
to use debt financing in order to scale up, they
are going to be dependent on whether the Federal Reserve
has been hawkish or dubvish, And lately the Federal Reserve
has been hawkish, putting that December cut wildly in doubt.
(11:32):
We're now down to around forty percent chance of a
Federal Reserve cut in December, their last meeting of twenty
twenty five.
Speaker 3 (11:38):
Yeah, it's adding to all this debate about whether we're
in an AI bubble right now from the analysts and
strategists that you've been speaking to, Valerie, is it a
feeling that the bubble is popping or that some of
the air is just getting let out.
Speaker 15 (11:51):
Look, I think that all really comes down to Nvidia
and what we hear on Wednesday night. Frankly, there has
been a lot of two way discussion about whether this
huge investment that we've seen into data centers is something
that's going to pay off or is it going to
be something that's going to have to mark down From
part now, it goes to that saying that the investment
(12:11):
in data centers this year has been something that has
held up GDP growth broadly for the US economy. We've
been hearing from the likes of other CEOs across the
world saying that data center spending an investment is still
holding up into the fourth quarter. So whether or not
it will pose another boom to GDP in twenty twenty six,
or perhaps we'll investors start to shy away from this
(12:33):
investment and perhaps cause this AI bubble to burst. I
think time is We're going to need some time on
our hands to tell. But I think what the equity
market is telling us right now is that there's a
lot of jitters going into end video's release.
Speaker 3 (12:47):
Adding to those jitters some technical signals as well. With
the S and P five hundred falling below it's fifty
day moving average for the first time in months, we've
been talking about how we could be on track for
the four day losing streak. Here for the U S
and P five hundred, what's the technical signal that we're getting.
Speaker 15 (13:03):
Well, Look, yesterday the S and P five hundred, as
you mentioned, did close below the fifty day moving average.
It's been something that it's been battling with though throughout
this equity weakness through the month of November. It's whether, Nathan,
we have a sustained break lower from that, then that
will be a key tell that momentum is on a
back foot, and essentially the market needs more good news
(13:24):
outweighing anything of just being the status quo in order
to rally back. But that being said, you know, we
do have to frame this and the fact that the
Nasdaq is still up seventeen percent on the year, the
broader S and P five hundred is up some twelve
and a half percent, So it has still been a
good year for the equity market. It's just the last
few weeks have been a struggle.
Speaker 3 (13:45):
And when it comes to breaking news and gaming out
what the Fed could do. We are starting to get
a trickle of official economic data. We just got the
first round of weekly jobless claims from a month ago.
What does that tell us?
Speaker 15 (13:59):
Yeah, so this this is a very odd one. The
Department of Labor, which runs the Bureau of Labor Statistic
posted figures for job as claims for the week ending
October eighteenth. Now, this does seem like to some a
random week in October that they were publishing figures for. However,
it is this survey week for non farm payrolls that
is their monthly survey of how many jobs the US
(14:20):
economy has added alongside the unemployment rates. So perhaps this
is telling us that the BLS is getting that October
jobs report in line. However, what the jobles claims figures
did show us that they job as claims were at
two hundred and thirty two k that week in October.
That is broadly in line with what city economists had
penciled in using state wide level data, and that gave
(14:44):
some solace to the market that economists who have been
estimating essentially seasonally adjusted jobbles claims from the non seasonally
adjusted state level figures have been broadly in lines that
did give some calm to the market when that was
released earlier this morning.
Speaker 2 (15:00):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (15:07):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (15:13):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
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Speaker 3 (15:28):
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Speaker 2 (15:34):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed.
Speaker 13 (15:44):
All day long.
Speaker 2 (15:45):
I'm Karen Moscow.
Speaker 3 (15:47):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Bray
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