Market Rally Drives Dow to 40,000; China Boosts Property Market

Bloomberg Audio Studios, Podcasts, radio news. 0:00:11.039 --> 0:00:11.480 Good morning. 0:00:11.520 --> 0:00:14.120 I'm John Tucker and I'm Karen Moscow. Here are the 0:00:14.160 --> 0:00:15.640 stories we're following today. 0:00:16.000 --> 0:00:18.400 Karen Stacks begin the last trading day of the week 0:00:18.440 --> 0:00:22.600 near record territory. Yesterday, the downgelends of dust leverage hit 0:00:22.600 --> 0:00:26.320 the forty thousand mark before pulling back. Investors this morning 0:00:26.400 --> 0:00:30.440 reprising US rate cut expectations to only one reduction this year, 0:00:30.680 --> 0:00:34.040 and several Fed officials, including Cleveland Fed President of the Redemester, 0:00:34.440 --> 0:00:37.440 say the central Bank should keep borrowing costs higher for 0:00:37.560 --> 0:00:41.640 longer as policymakers wait more evidence inflation is easing. 0:00:42.120 --> 0:00:45.400 Incoming economic information indicates that it's going to take longer 0:00:45.440 --> 0:00:49.440 to gain that confidence, So holding our restrictive stance for 0:00:49.560 --> 0:00:52.400 longer is prudent at this point as we gain clarity 0:00:52.440 --> 0:00:53.639 about the path of inflation. 0:00:53.840 --> 0:00:57.000 Cleveland Fed President of the Redemester, New York FED President 0:00:57.040 --> 0:01:01.320 John Williams at Richmond FED President Thomas Barkin, all speaking separately, 0:01:01.440 --> 0:01:04.560 argued it may take longer for inflation to reach their 0:01:04.600 --> 0:01:05.640 two percent target. 0:01:06.080 --> 0:01:06.480 Well John. 0:01:06.560 --> 0:01:09.760 The economy also in focus in Asia, China has announced 0:01:09.760 --> 0:01:12.759 its most forceful attempt yet to shore up the belieguer 0:01:12.800 --> 0:01:16.199 in property market. It's easy mortgage rules and encouraging local 0:01:16.240 --> 0:01:19.640 governments to buy unsold homes from developers for a conversion 0:01:19.680 --> 0:01:20.920 into affordable housing. 0:01:21.880 --> 0:01:25.600 And meanwhile, China's economy has become even more lopsided, has 0:01:25.640 --> 0:01:30.000 factories some while shoppers lag A. Bloomberg Daybreak Asia anchor 0:01:30.040 --> 0:01:32.320 Brian Curtis has more from Hong Kong. 0:01:32.720 --> 0:01:38.280 China's consumer spending slowed significantly, but industrial production accelerated. It's 0:01:38.319 --> 0:01:43.119 another indication of the country's uneven recovery. Retail sales expanding 0:01:43.160 --> 0:01:45.760 two point three percent, well below the estimate of three 0:01:45.800 --> 0:01:50.240 point seven percent. Auto sales actually contracted. On the other hand, 0:01:50.280 --> 0:01:53.720 industrial output jumping six point seven percent from a year ago, 0:01:53.960 --> 0:01:57.120 a handy beat of the five point five percent forecast. 0:01:57.600 --> 0:02:01.480 An investment in property development plunging nine point eight percent. 0:02:01.880 --> 0:02:04.040 In On Kong, Brian Curtis, Bloomberg. 0:02:03.720 --> 0:02:06.400 Radio, All right, Brian, thanks well. On the political front, 0:02:06.520 --> 0:02:10.760 China and Russia are promising to intensify cooperation against what 0:02:10.919 --> 0:02:15.120 they see as US containment. This is President Chishin paying 0:02:15.200 --> 0:02:18.560 welcome to Russian President Vladimir Putin to Beijing for a 0:02:18.639 --> 0:02:22.040 state visit. JP Morgan Chase CEO Jamie diamond says, do 0:02:22.040 --> 0:02:24.560 you have political tensions are high, but the US needs 0:02:24.600 --> 0:02:26.919 to engage fully and deeply, which China. 0:02:27.280 --> 0:02:29.680 China is not a natural end of the United States. 0:02:29.800 --> 0:02:31.360 They have a lot of their own problems. 0:02:32.320 --> 0:02:34.480 So you know, to me, we could work together as 0:02:34.480 --> 0:02:38.359 best we can and then we have common interest climate, anti. 0:02:38.120 --> 0:02:43.000 Nuclear perforation and still given the heightened tentions, JP morganst 0:02:43.040 --> 0:02:46.000 Jamie diamond says he's moving with Kashin in China. He 0:02:46.080 --> 0:02:48.960 spoke with Bloomberg's Francy and Illaqua from the Banks Global 0:02:49.000 --> 0:02:52.000 Markets Conference in Paris. Catch their full conversation on the 0:02:52.040 --> 0:02:53.359 Bloomberg Talks podcast. 0:02:53.520 --> 0:02:56.840 And President Joe Biden's top economic advisor, Leel Brainerd is 0:02:56.880 --> 0:02:59.959 defending new terriffs on Chinese imports. She says the terraces 0:03:00.040 --> 0:03:04.320 are necessary to avoid economic turbulence from unfair trade practices. 0:03:04.680 --> 0:03:08.200 China's using the same playbook it has before to power 0:03:08.280 --> 0:03:11.440 its growth at the expense of others by investing in 0:03:11.560 --> 0:03:17.359 significant industrial over capacity and flooding global markets with artificially 0:03:17.480 --> 0:03:18.520 cheap exports. 0:03:18.600 --> 0:03:22.640 The White House Economic Council Director Brainer's remarks come after 0:03:22.680 --> 0:03:25.120 Biden announced a sweeping set of tariffs on a range 0:03:25.120 --> 0:03:28.560 of goods he said was necessary to protect American businesses. 0:03:29.200 --> 0:03:31.600 Well, John, it's an off day in the hush money 0:03:31.639 --> 0:03:35.440 trial of Donald Trump. Yesterday his attorneys grilled the prosecution 0:03:35.640 --> 0:03:38.040 star witness Michael Cohen, and we get the latest from 0:03:38.040 --> 0:03:39.680 Bloomberg Law host June Grasso. 0:03:40.040 --> 0:03:44.480 Trump's lawyer Todd Blanche grilled Michael Cohen for hours yesterday 0:03:44.800 --> 0:03:49.400 about possible inconsistencies in his trial testimony and his well 0:03:49.480 --> 0:03:53.640 documented history of lying under oath, questioning whether he really 0:03:53.640 --> 0:03:57.200 got approval from Trump for the hush money payment. Blanche 0:03:57.240 --> 0:04:02.119 made some inroads in undercutting Cohen's creditability and even undercutting 0:04:02.120 --> 0:04:05.200 some of Cohen's testimony at the trial. Cohen will be 0:04:05.240 --> 0:04:08.600 back on the stand for more cross examination on Monday 0:04:08.840 --> 0:04:12.920 when trial resumes in New York. June Grosso Bloomberg Radio. 0:04:12.920 --> 0:04:15.360 Thanks Ju, and now back to the markets and checking 0:04:15.360 --> 0:04:18.000 some stocks on the move this morning. Shares of Reddits 0:04:18.040 --> 0:04:21.159 of more than twelve percent, the social media company forging 0:04:21.160 --> 0:04:24.240 a partnership with open Ai that'll bring its content to 0:04:24.320 --> 0:04:27.760 the chatbot chat GPT and other products. 0:04:28.480 --> 0:04:32.039 And Johnny stick with his artificial intelligence theme Snowflake and 0:04:32.120 --> 0:04:35.480 talks to acquire an AI startup, and Bloomberg's Doug Krisner 0:04:35.520 --> 0:04:36.279 has that story. 0:04:36.560 --> 0:04:39.560 It's Raca AI, and we're told the price being discussed 0:04:39.640 --> 0:04:43.000 is greater than a billion dollars. Reyka ai makes large 0:04:43.080 --> 0:04:45.880 language models, the software trained on data from the Internet. 0:04:46.200 --> 0:04:47.839 These llms can be used. 0:04:47.640 --> 0:04:52.080 For things like captioning images or chatbots. Reykaai was founded 0:04:52.120 --> 0:04:55.039 in twenty twenty two by former researchers from Google and 0:04:55.120 --> 0:04:58.640 Meta Platforms. In a funding round last year, reyka ai 0:04:58.839 --> 0:05:01.479 was valued at about three hhundred million dollars now that 0:05:01.600 --> 0:05:06.480 round reportedly including funding from Snowflake's venture arm. Snowflake makes 0:05:06.480 --> 0:05:09.520 tools to organize and analyze data in the cloud, and 0:05:09.600 --> 0:05:13.320 it sees generative AI as a growth driver. Last month, 0:05:13.360 --> 0:05:17.320 Snowflake released its own LLM Arctic in New York Time 0:05:17.400 --> 0:05:18.839 Doug Prisoner Bloomberg Radio. 0:05:18.880 --> 0:05:21.599 Thanks Doug and the mame. Stocks on the move once again. 0:05:22.000 --> 0:05:25.240 Game Stop shares of nine percent, while AMC is gaining 0:05:25.279 --> 0:05:28.200 four percent pre market. These gains coming after the two 0:05:28.279 --> 0:05:32.000 stocks slumped for a second day. About seven billion dollars 0:05:32.040 --> 0:05:35.600 of the roughly eleven billion dollars of market value gains 0:05:36.040 --> 0:05:37.960 have been wiped out and John. 0:05:38.000 --> 0:05:41.400 The World super Rich Club now has fifteen members, its 0:05:41.440 --> 0:05:44.760 fortunes over one hundred billion dollars, the most on record. 0:05:44.760 --> 0:05:47.000 We get more with the Bloomberg's Charlie Pillett. 0:05:47.240 --> 0:05:51.480 They are riding the waves of artificial intelligence, luxury goods, 0:05:51.480 --> 0:05:56.039 and geopolitical shifts. According to the Bloomberg Billionaires Index, the 0:05:56.120 --> 0:05:59.880 combined net worth of these people is up thirteen per 0:06:00.160 --> 0:06:04.120 sent this year to two point two trillion dollars, beating 0:06:04.200 --> 0:06:07.839 the pace of inflation and the broader stock market. Between them, 0:06:07.880 --> 0:06:10.159 they hold nearly a quarter of the wealth of the 0:06:10.200 --> 0:06:14.920 world's five hundred richest people in New York. Charlie Pellett, 0:06:14.920 --> 0:06:15.880 Bloomberg Radio. 0:06:16.040 --> 0:06:21.039 All right, Charlie, thank you, and it's time now for 0:06:21.040 --> 0:06:22.800 a look at some of the other stories making news 0:06:22.800 --> 0:06:24.560 in New York and around the world. And for that 0:06:24.600 --> 0:06:28.480 we're joined by Bloomberg Michael Barr Michael, Good Morning, Good. 0:06:28.240 --> 0:06:31.880 Morning, Care and severe thunderstorms have hit southeastern Texas for 0:06:31.920 --> 0:06:35.280 the second time this month. Houston's mayor says at least 0:06:35.279 --> 0:06:38.640 four people are dead. There have also been windows blown 0:06:38.680 --> 0:06:41.880 out of high rise buildings, down trees, and power outages 0:06:42.240 --> 0:06:45.640 for more than eight hundred and forty thousand customers. Houston 0:06:45.680 --> 0:06:48.360 Fire Chief Samuel Pina, the majority. 0:06:48.040 --> 0:06:51.680 Of our calls have been gas leaks and down wires, 0:06:52.000 --> 0:06:56.200 and if you smell gas inside your home, please leave 0:06:56.240 --> 0:06:59.599 the area and dial nine one one from the outside, 0:07:00.440 --> 0:07:03.240 especially of the powers down when that comes up. If 0:07:03.240 --> 0:07:07.560 you're smelling gas inside your home, it could be potentially hazardous. 0:07:08.200 --> 0:07:11.960 Flights were briefly grounded at Houston's two major airports. The 0:07:12.000 --> 0:07:15.480 suspected gunman in the shooting of Slovak Prime Minister Robert 0:07:15.480 --> 0:07:19.000 Fico has been charged with attempted murder. Fico was in 0:07:19.120 --> 0:07:23.840 serious but stable condition. The suspect has not been formally named, 0:07:24.200 --> 0:07:27.040 but reports have widely identified him as a seventy one 0:07:27.120 --> 0:07:31.080 year old. The Republican led House Overside Committee voted last 0:07:31.160 --> 0:07:35.560 night to recommend a contempt of Congress resolution against Attorney 0:07:35.600 --> 0:07:39.560 General Merrick Garland for his failure to turnover audio recordings 0:07:39.760 --> 0:07:43.760 of the Special Counsul Robert Herr interview with President Joe Biden. 0:07:44.240 --> 0:07:47.720 The vote came after an ugly session as members traded 0:07:47.760 --> 0:07:52.560 personal attacks. Democrats came to Texas representative of Jasmine Crockett's 0:07:52.560 --> 0:07:56.840 defense after this comment from Georgia Republican Marjorie Taylor Green. 0:07:57.160 --> 0:07:58.560 Do you know who we're here for? 0:07:58.880 --> 0:08:02.040 You know we're here. I don't you know what you're 0:08:02.080 --> 0:08:02.520 here for? 0:08:02.840 --> 0:08:05.080 Well, you don't want to talking about I think your 0:08:05.120 --> 0:08:08.880 fake eyelashes are messing up nothing. 0:08:09.840 --> 0:08:14.360 Order Later, Crockett fired back after Green's words remained in 0:08:14.400 --> 0:08:14.920 the record. 0:08:15.240 --> 0:08:20.480 If someone on this committee then starts talking about somebody's bleach, blind, 0:08:20.640 --> 0:08:24.440 bad built, butsh body, that would not be engaging in personalities. 0:08:24.440 --> 0:08:25.600 Correct what now? 0:08:26.280 --> 0:08:29.960 Crockett later posted, this is what happens when mentally divisioned 0:08:29.960 --> 0:08:33.360 people who can't read and follow rules, or just don't 0:08:33.360 --> 0:08:36.800 give a damn somehow end up in Congress. Senator Bob 0:08:36.800 --> 0:08:40.200 Menendez says that his wife will undergo mistectomy after she 0:08:40.320 --> 0:08:44.240 was diagnosed with breast cancer. That a Jersey Democrats bribery 0:08:44.280 --> 0:08:48.679 trial is underway in Manhattan. The process continues toward reclassifying 0:08:48.720 --> 0:08:51.920 marijuana as a less dangerous drug took a big step 0:08:51.960 --> 0:08:55.480 from the Justice Department. President Biden, in an online video, 0:08:55.559 --> 0:08:56.600 called it a major move. 0:08:56.920 --> 0:08:59.280 Far too many lives and been upended because of failed 0:08:59.280 --> 0:09:02.880 approach to my and I'm committed to writing those wrongs. 0:09:03.320 --> 0:09:04.360 You have my word on it. 0:09:04.840 --> 0:09:08.160 A sixty day public comment period will soon begin. Global 0:09:08.200 --> 0:09:10.440 news twenty four hours a day and whenever you want 0:09:10.440 --> 0:09:12.640 it with the Bloomberg News Now, I'm Michael Barr, and 0:09:13.040 --> 0:09:14.080 this is Bloomberg Karen. 0:09:14.360 --> 0:09:21.040 All right, Michael Barr, thank you time now for the 0:09:21.040 --> 0:09:23.320 Bloomberg Sports Update with John stash Hour. 0:09:23.440 --> 0:09:24.720 John, good morning, Good morning care. 0:09:24.720 --> 0:09:27.200 And it was certainly looking like the Rangers we're gonna 0:09:27.200 --> 0:09:29.160 be the tenth team in Stanley Cut playoff history to 0:09:29.280 --> 0:09:31.920 win the first three games of a series and lose 0:09:31.960 --> 0:09:33.840 the next three. Carolina led three to one in the 0:09:33.840 --> 0:09:37.280 third period to the rescue. The longest tenured Ranger, Chris 0:09:37.320 --> 0:09:39.840 Crider has the most playoff goals in team history. He 0:09:39.920 --> 0:09:42.720 knocked one in. Five minutes later he tipped in another 0:09:42.760 --> 0:09:45.320 on the power play, and four minutes after that he's 0:09:45.320 --> 0:09:46.079 struck again. 0:09:46.559 --> 0:09:50.680 Rangers seven. And here Trepp takes tank. 0:09:50.920 --> 0:09:54.960 God, the Ragers lead it four day. 0:09:57.840 --> 0:10:00.040 Oh my goodness, Gratus. 0:10:00.559 --> 0:10:03.600 With a hat trick. He's the third period. 0:10:03.840 --> 0:10:06.640 They were happy on WVPN. Rangers added ft ntter one 0:10:06.679 --> 0:10:08.520 five to three, take the series four to two. They're 0:10:08.559 --> 0:10:11.720 off to the Eastern Conference Finals. So the Rangers win 0:10:11.760 --> 0:10:13.880 a series clinching game six on the row, and we'll 0:10:13.880 --> 0:10:16.240 see if the Knicks can do likewise tonight at Indiana. 0:10:16.600 --> 0:10:18.360 For the Knicks in zero to four on the season, 0:10:18.360 --> 0:10:21.720 they've lost those four by an average of seventeen points. 0:10:21.760 --> 0:10:25.800 Minnesota dismantled the Nuggets by forty five, so they'll play 0:10:25.800 --> 0:10:28.760 games seven in Denver. Back in the NHL, Vancouver scored 0:10:28.800 --> 0:10:31.160 final minute, beat Edmonton three to two, leads the series 0:10:31.160 --> 0:10:33.760 three to two. At the US Open, last year's Anders, 0:10:33.800 --> 0:10:36.360 Shopley shot an opening round sixty two. He did the 0:10:36.400 --> 0:10:39.760 same thing yesterday at the PGA in Louisville. Shopley broke 0:10:39.800 --> 0:10:42.280 the course record at Valhalla. He's got a three shot lead. 0:10:42.320 --> 0:10:45.960 He's had twelve top ten finishes in majors, He's never 0:10:46.000 --> 0:10:48.960 won one. Bloomberg Radio with Round two covered today. After 0:10:49.000 --> 0:10:52.400 the US Markets closing, Philadelphia Mets blew two leads, including 0:10:52.440 --> 0:10:54.760 another ninth inning blown saved by Edwin Diaz with the 0:10:54.800 --> 0:10:57.680 Mets one, six, five and eleven, and the Yankees finished 0:10:57.679 --> 0:11:00.720 a dominant sweep in Minnesota five enough, and the Twins 0:11:00.720 --> 0:11:03.680 at a home run first at bat of the series opener. 0:11:03.720 --> 0:11:05.880 They never scored again. The Yanks out scored them in 0:11:05.920 --> 0:11:09.680 the series. Fourteen to one. Kitlin Clark struggling in the 0:11:09.800 --> 0:11:14.280 WNBA only nine points. Indiana lost the Liberty by thirty six. 0:11:14.679 --> 0:11:17.080 John Stashing of Bloomberg Sports. 0:11:18.640 --> 0:11:23.040 Coast to Coast on Bloomberg Radio nationwide on Sirius XM, and. 0:11:23.040 --> 0:11:26.359 Around the world on Bloomberg dot Com and the Bloomberg 0:11:26.400 --> 0:11:29.680 Business app. This is Bloomberg Daybreak. 0:11:30.400 --> 0:11:33.679 From the Bloomberg Interactive Brokers Studios. I'm John Tucker five 0:11:33.840 --> 0:11:37.160 twelve on Wall Street. We're seeing some caution in risk 0:11:37.240 --> 0:11:41.160 Marxists this morning after lackluster close on Wall Street. Let's 0:11:41.200 --> 0:11:42.920 get you set up for the trading day you hit 0:11:43.000 --> 0:11:46.160 now with our first guests, Ben Laidler, global market strategist 0:11:46.400 --> 0:11:48.680 for e Turo. Nice to talk to you, Ben, Thanks 0:11:48.720 --> 0:11:52.400 for being with us. Let me get your impression first 0:11:52.559 --> 0:11:57.480 of the Dow crossing over forty thousand yesterday. Just another number, 0:12:00.520 --> 0:12:02.840 but new all time highs. 0:12:02.880 --> 0:12:07.040 Typically forgets new all time highs, and the Dow's sitting 0:12:07.120 --> 0:12:09.120 on one. We've had twenty three from the S and 0:12:09.120 --> 0:12:13.760 P five hundred this year. Similarly, you know nansdak's all 0:12:13.800 --> 0:12:18.719 three major US indices at all time highs. Price momentum 0:12:18.920 --> 0:12:23.800 is the most powerful factor in markets, and I think 0:12:23.840 --> 0:12:27.520 this is very fundamentally supported. We have an earnings recovery, 0:12:27.800 --> 0:12:31.880 and we have interest rate cuts still on the horizon, 0:12:32.000 --> 0:12:33.439 so I think it's all pretty positive. 0:12:33.960 --> 0:12:37.120 Yeah, at this point, is it momentum that's in the 0:12:37.200 --> 0:12:39.840 driver's seat or the combination of everything that you just 0:12:39.960 --> 0:12:40.480 mentioned there. 0:12:42.080 --> 0:12:45.480 Yeah, I think it's the combination. I mean, fundamentals obviously lead, 0:12:46.120 --> 0:12:49.120 and we've just come off a very good first quarter 0:12:49.679 --> 0:12:52.880 earning season. We had to have Nvidia next week, which 0:12:52.920 --> 0:12:54.839 is the sort of last hurrah, but so far it's 0:12:54.840 --> 0:12:57.559 been very strong, and the fact kept the door open 0:12:57.640 --> 0:13:01.360 to interest rate cuts. You know, those are the fundamentals, 0:13:01.440 --> 0:13:03.280 but I also think, you know, the technicals are important. 0:13:03.320 --> 0:13:05.920 New all time highs typically leads to new all time highs. 0:13:06.160 --> 0:13:08.560 There's a lot of cash citty on the sidelines, and 0:13:08.640 --> 0:13:11.679 we saw what that meant with the last recent sort 0:13:11.720 --> 0:13:15.320 of pullback, which we've rebounded pretty strongly from, because I 0:13:15.360 --> 0:13:17.240 think some of that cash, you know, saw that as 0:13:17.240 --> 0:13:19.320 an opportunity and came off the sidelines. So I think 0:13:19.320 --> 0:13:22.520 it's the fundamentals lead, but the technicals are also important. 0:13:22.720 --> 0:13:25.880 Is it a time to be fully invested in risk assets? 0:13:28.240 --> 0:13:28.680 I think so. 0:13:28.800 --> 0:13:31.480 I think this is the early innings of a ball market. 0:13:31.720 --> 0:13:34.120 I think those twin pillars of earnings and interest rate 0:13:34.200 --> 0:13:38.640 cuts are in place. I guess, you know. The caveat 0:13:38.800 --> 0:13:41.120 is that we've basically made an annual return in five 0:13:41.160 --> 0:13:43.200 months given them. We're up about eleven percent for the 0:13:43.240 --> 0:13:45.520 S and P five hundred this year, so you know, 0:13:45.600 --> 0:13:47.880 everything in moderation. There will be pullbacks, there will be 0:13:47.960 --> 0:13:50.520 volatility along the way, but I think the message of 0:13:50.559 --> 0:13:54.280 the last month is that those dips will be bought 0:13:54.880 --> 0:13:57.800 and that the fundamentals remain pretty strong. 0:13:58.480 --> 0:14:02.240 Do you buy in from your respective into the US 0:14:02.240 --> 0:14:04.480 exceptionalism story. 0:14:06.600 --> 0:14:09.079 Yes and no. Yes in the sense that I think 0:14:09.080 --> 0:14:11.199 you just look at the data and it's there, whether 0:14:11.240 --> 0:14:13.760 it's the economy, whether it's the stock market. But I 0:14:13.760 --> 0:14:17.160 do think what's interesting right now is the rally is 0:14:17.160 --> 0:14:20.840 broadening out out of aside from big tech in the US, 0:14:20.840 --> 0:14:23.680 into other sectors and especially globally. China's back in a 0:14:23.720 --> 0:14:26.240 bull market. Even the UK, which is where I'm sitting, 0:14:26.240 --> 0:14:28.680 which everyone likes to be depressed on, is having a 0:14:28.720 --> 0:14:29.560 mini rally here. 0:14:30.000 --> 0:14:31.040 And it's not just stocks. 0:14:31.040 --> 0:14:33.280 Commodities are also having a sort of bit of a 0:14:33.320 --> 0:14:36.240 stealth rally, and I think this is very very healthy. 0:14:37.160 --> 0:14:41.080 We're less reliant on one sector which is doing very well, 0:14:41.480 --> 0:14:44.760 but you know, makes it somewhat vulnerable to a stumble there. 0:14:45.360 --> 0:14:48.120 And it's a reminder I think that the rest of 0:14:48.160 --> 0:14:50.800 the world is in a slightly different place where growth 0:14:50.840 --> 0:14:56.000 will reaccelerate, where interest rate cuts will come early. So, yes, 0:14:56.600 --> 0:14:59.480 US exceptionalism is a fact. I think some of these 0:14:59.520 --> 0:15:02.920 investments opportunities lie elsewhere at this point. 0:15:03.320 --> 0:15:06.360 Yeah, there's some regulatory filings. They gave us insight what 0:15:06.680 --> 0:15:09.200 high profile investors are doing with their money. Do you 0:15:09.240 --> 0:15:10.480 find any value in that? 0:15:13.720 --> 0:15:17.640 Yes, and no. I think it's a good, great source 0:15:17.680 --> 0:15:21.000 of new ideas. And to your points, they are asked 0:15:21.000 --> 0:15:23.720 to are broadening their views. I mean, if there's a generalization, 0:15:23.840 --> 0:15:26.800 they're truing back on big tech and they're looking to 0:15:26.800 --> 0:15:29.080 take a little bit more risk and a bit more diversification. 0:15:29.120 --> 0:15:32.160 They're looking at small caps, they're looking at financials, they're 0:15:32.160 --> 0:15:37.120 looking at China. But I guess the caveat a lot 0:15:37.200 --> 0:15:39.520 of those managers haven't performed very well so far this year. 0:15:40.920 --> 0:15:42.720 If I look at what retail investors have owned, they've 0:15:42.720 --> 0:15:47.800 actually performed much better. Again, small picture in time, so 0:15:47.920 --> 0:15:50.080 take it with a prince of salt. But I think 0:15:50.120 --> 0:15:52.080 it's very interesting just to see what they're thinking and 0:15:52.120 --> 0:15:54.160 what they're doing. And I guess it melts right now 0:15:54.200 --> 0:15:57.000 with our views that people should be sort of broadening 0:15:57.040 --> 0:15:59.320 out from big tech and looking at other parts of 0:15:59.320 --> 0:15:59.680 the world. 0:16:01.000 --> 0:16:04.000 You're listening to Bloomberg Daybreak today, your morning brief on 0:16:04.080 --> 0:16:07.520 the story's making news from Wall Street to Washington and beyond. 0:16:07.680 --> 0:16:10.440 Look for us on your podcast feed at six am 0:16:10.520 --> 0:16:14.200 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:14.240 --> 0:16:15.360 get your podcasts. 0:16:15.480 --> 0:16:17.840 You can also listen live each morning starting at five 0:16:17.880 --> 0:16:20.360 am Wall Street time on Bloomberg eleven three to zero 0:16:20.400 --> 0:16:24.000 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:16:24.000 --> 0:16:26.880 one O six one in Boston, and Bloomberg nine sixty 0:16:26.960 --> 0:16:27.840 in San Francisco. 0:16:28.000 --> 0:16:31.120 Our flagship New York station is also available on your 0:16:31.160 --> 0:16:36.240 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty. 0:16:36.240 --> 0:16:39.200 Plus listen coast to coast on the Bloomberg Business app, 0:16:39.320 --> 0:16:43.560 serious XM Beeeheart Radio app, and on Bloomberg dot Com. 0:16:43.640 --> 0:16:46.480 I'm John Tucker, and I'm Karen Moscow join us again 0:16:46.520 --> 0:16:49.280 tomorrow morning for all the news you need to start 0:16:49.320 --> 0:17:02.000 your day right here on Bloomberg Daybreak