Harvard President Resignation Fallout; Trump Sues Maine; Wall Street Tech-Selloff
On today's podcast:
1) Claudine Gay is stepping down as president of Harvard University, ending a brief and tumultuous tenure marred by allegations of plagiarism and a campus controversy over antisemitism.
2) Donald Trump filed a lawsuit seeking to restore his name to Maine’s presidential primary ballot after the state disqualified him over his attempt to reverse the result of the 2020 election he lost to Joe Biden.
3) Traders hoping that a pan-markets year-end rally would pick up where it left off got the opposite on 2024’s first trading day, a session that featured one of the worst-ever concerted drops in stocks and bonds to start a year.
Full transcript:
Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the leadership shakeup at the top of the IVY League. Claudine Gay is stepping down as president of Harvard University weeks after her highly criticized congressional testimony about the school's handling of campus anti semitism, alongside the presidents of MIT and the University of Pennsylvania. Bloomberg's David Weston begins our team coverage. It has been sort of a firestorm for these three presidents to deal with exactly how you control and influence discussion on the campus. There were also questions that developed over time about some of the work that President Gay had done for her dissertation for her PhD, and allegations that she had improperly used sources that she did not identify. Initially, the Corporation of Harvard, which is what they call the Board of Trustees of corporation, said there'd been an investigation and they had totally exonerated her. There was no problem. But now she said, she stepped down, and I take her to ward. At this point, and at some point, a leader becomes a distraction. Bloomberg's David Weston reports this is a dramatic about face for Harvard. Claudie Gay became the university's first black president just six months ago. Well Nathan, one of Gay's harshest critics, says her stepping down is long overdue, and Bloomberg's At Baxter has that part of the story. Congresswoman Elis Stefanik says Gay in the December hearing never condemned calls for genocide against Jews as a violation of university policy. This is part of what Gay said at that December hearing. We embrace a commitment to free expression, even of views that are objectionable, offensive, hateful. Stefanica is a Harvard alum who said Gay's statements were morally bankrupt. And Bill Ackman now who's also gone after Gay posted at two sally an apparent reference to the president of MIT at Baxter Bloomberg Radio, okay, and thanks. Sticking with politics, another legal battle is set in motion involving Donald Trump's ability to return to office. S Bloomberg's Amy Morris has the latest. Trump is not just appealing the decision in Maine to remove his name from the primary ballot. He's also suing the official mains Secretary of State, Senna Bellows, who made that decision. It's another legal argument that will likely be settled by the US Supreme Court, along with a case from Colorado where a group of voters is calling for the justices to quickly step in. They're asking for that case to be expedited. They'd like a ruling by February eleventh, and we could learn whether the Supreme Court will it Dervine in the Colorado case by this Friday. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thanks now to the latest developments in the Middle East. A senior Hamas leader has been killed by Israel on a explosion in Beirut. Hamas says Israel killed Sileai al Rory, deputy headed the group's polit bureau, who was known as the mastermind behind its armed wing in the West Bank. Began more from a Bloomberg Silary Liebert, it's sort of a no brainer that if they had a senior Hamas leader, they could find an attack who wasn't in some underground hiding place wherever he was, if they would go after him, and Bloomberg Larry Liebert. It says aler Rory would be the most senior Hamas leader killed during the war. Turning to markets now, Karen wall Street kicked off the new year with a thud. Both tech stocks and treasuries sold off. The Nasdaq one hundred index fell one point seven percent, at benchmark's biggest drop in two months. Rich Weiss is chief investment Officer of multi asset Strategies at American Century Investments. If you look from the start of twenty twenty two through the end of twenty twenty three, cash basically outperformed most equities, maybe not the Magnificent seven, but most equity portfolios. So cash has been king, likely to be king at least for the first half of this coming year, at least, we believe American Century Investments. Rich Weiss thinks it could be a tough earning season for corporate America well. One of the biggest losers in yesterday sell off, Nathan was Apple I lost more than one hundred seven billion dollars in value after Barclay's analysts downgraded the tech giant. Bloomberg's Mark German explains the bearish view of the iPhone maker four quarters plus in a row of holiday declines. The earnings report that's coming at the end of January early February will indicate that Q one was either in line, maybe a little bit more a little bit less than the prior quarter. You have these patent situations which are likely to crop up in higher frequency now given the success that Massimo has had over the past few months. And Bloomer's Mark German notes that Apple shares rose around fifty percent to a record last year. Well, on the flip side, shares of JP Morgan closed at a record to kick off the new year. The bank's rebound from its twenty twenty two low has now pushed its market capitalization to about five hundred billion dollars. The lender's been a top performer in the banking industry following record results last year. Well Nathan investors will turn their attention for more clues on the future of interest to rates. This afternoon, the Federal Reserve issues minutes of dece meeting, and Bloomberg's Vinidel Judai reports Bloomberg Economics as the minutes could signal interest rate cuts aren't imminent, they'll fetcher. Jerome pal did strike a dubvish tone last month's news conference that officials voted to hold the benchmark interest rate target steady for the third time at December's meeting after more than a year of tightening. Next session, January thirtieth and thirty first. Also on today's US economic agenda, job openings, as well as ISM factory data. If Anny Dale, Judeace, Bloomberg Radio, Sorry, and Ethan Thanks. It's time out for a look at some of the other stories making news around the world, and for now we're joined by Bloomberg's Amy Morris. Amy, good morning, Good morning, Karen. Migrants sent mostly from Texas, have been showing up at train stops outside New York City over the weekend, sidestepping a new order limiting how they arrive. Hundreds of migrants took a detour in New York and New Jersey to bypass the New York order limiting the seat the number of arrivals. New York City and Chicago recently began restricting migrant bus arrivals, and now the crackdown spreading to the suburbs. Woodstock Mayor Michael Turner spoke at a city council meeting, we do not have the staff the expertise for the money, and that may not be the ideal. We may all wish it was something different, but that's the reality for Chicago. Suburbs in Hinsdale, Woodstock, Buffalo Grove, and Juliette taking official action now passing ordinances to find bus companies dropping off migrants without notice. Meanwhile, four ports of entry at the southern border will be reopened tomorrow. Those ports were closed because of a record influx of migrants. Officials said closing the border crossings was just a last resort to stem the flow of people crossing the border. Hospitals across the country now initiating some new policies in response to a rise in respiratory illness cases, more emergency room visits because of flu, COVID and RSV, prompting some hospitals to require prior off authorization for visitors younger than twelve years old. Duke Health infectious disease specialist doctor Cameron Wolf says, for the most part, people understands it. Ever easy decisions like people want to be able to come and visit their love ones in a hospital, but I think in general people understand. The CDC says more than half the country is experiencing a rise in COVID flu and RSV cases. Hospitals in at least ten states and Washington, DC have now reinstated mask mandates. Israel is planning to withdraw several thousand troops from the Gaza Strip. The IDF announced the move, noting the nearly three month war has taken a growing toll on the Israeli economy. The United Nations says more than eighty five percent of Gaza's residents have been displaced from their homes and the fighting has left more than twenty thousand people dead. And a messy winter storm is headed for the East Coast this weekend. Forecasters are expecting measurable snow from Washington, DC to New York and rain showers down south. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morrison. This is Bloomberg Karen all right, Amy, thank you well. As Amy said you, we do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. You just subscribed to Bloomberg News. Now he can get the latest headlines right at the click of a button get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update, here's John Stashaur John Karen. Just two years ago, the Oklahoma City Thunder lost fifty eight games. This year they might end up winning fifty eight. Fifth straight win for OKC now twenty three at nine on the season. They beat the league leading Celtics one twenty seven to one twenty three. Shay Gilgess Alexander's been on a scoring tear. He went for thirty six points. Christaph Porzingis had Boston with thirty four. Jayson Tatum scored thirty, but Jalen Brown shot only four of eighteen thirty six points for Steph Curry's Golden State Feed, Orlando won twenty one to one fifteen. Terry Rozier scored thirty four Charlotte with a win at Sacramento, John Moran twenty six points, ten assists Memphis Town San Antonio and Joe Lamby thirty one points at a triple double easy win for Philadelphia over Chicago. The Sixers were up by twenty five in the first quarter New Orleans out of twenty five point lead at halftime. Pelicans rolled to an easy win over the book for the Nets Perdue number one in college basketball and now thirteen and one boiler Makers with a big ten win at Maryland sixty seven to fifty three. Acced Duke rolled pass Syracuse eighty six to sixty six, Big East Yukon and easy win over De Paul eighty five to fifty six. College Football's National Championship game Monday in Houston, and Michigan is a four and a half point favorite to beat Washington. Both teams are undefeated, but Washington has only had one win by a ten or more points since September. They may not have running back Dylan Johnson. He got caught it off late in that semifinal win over Texas Johns Dan Shower. Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Washington may have just flexed its muscles with the IVY leagues now that Claudine Gay is stepping down as president of Harvard University, comes weeks after widely criticized testimony about her handling anti Semitism on campus alongside the presidents of MIT and Penn, along with new questions specifically about Clining Gay's academic record some of her past dissertations. Meanwhile, with less than two weeks until voting begins in the Republican presidential race, former President Donald Trump is fighting to stay on a second state's primary ballot after Maine kicked him off over his actions on January sixth, twenty twenty one. Lots of political news to discuss this morning, and here to do that with us is Greg Valier, chief US policy strategist at AGF Investments. Greg, good morning. First, I want to get your reaction to the sudden departure of Claudine Gay as Harvard University. She just became Harvard's first black president in July. Now, apparently after this widely panned congressional testimony and the mounting political end donor pressure, she's out. I mean, what does that say about Washington's influence over higher education. Well, there is influence, Navan, good morning, But I think a bigger factor may have been the donor's donations were way down and applications were way down, and I think that may have had a bigger impact. Well, we did have the impact of a last Stephonica Harvard alum with that viral testimony, the questioning that she gave asking them pointedly whether calling for the genocide of Jews it violates school policy, and sort of wiggling on the answers. I mean this says something about a least stephonics clout as well, doesn't it. Yeah, two points. First of all, I think she is going to be a real player. She is already, but I think she's going to be a pit bull on these issues and she summoned to watch over the next few years. Secondly, I think that the university presidents, all three of them, were just extraordinarily tone deaf. You know, maybe what they said technically was correct, but it certainly did not soothe the issue. It just inflamed the issue. Not just that we know that the committee that brought those university presidents to Capitol Hill is expanding its investigation into some of these allegations of plagiarism against now former president Claudine Gay. Where do you see this investigation going into what's happening on these campuses. Well, I think that that is going to be fair game throughout the country, and I think it's not just these three presidents. I think it's probably a lot of other university officials that are now going to have to worry. I want to talk about the constitutional crisis potentially here with former President Donald Trump now suing to try to stay on Main's primary ballot after the Secretary of State made that move. Where do you see this going? Well, first of all, Nathan, I think it's probably ninety ninety five percent chance that the Supreme Court will take the issue. I think they have to beyond that. I think the odds would favor this court, which has three Trump appointees of six to three conservatives on the court. I suspect they would reject the argument that Trump has to be taken off the ballot. I think the Court could decide this within the next few weeks, before Super Tuesday on March five. I think that in the final analysis, Trump will be on the ballots. There is a difference between a secretary of state making a move like this and a Supreme Court like what happened in Colorado, Does that make any difference for the Supreme Court if it does come to that. It could, and there will be lots of issues debated, but I think the main one is can you quickly prove that Trump supported an insurrection? I mean that's a case that could take years, certainly many many months, and we don't have that kind of time with an election coming up. So barring any definitive ruling on the January sixth insurrection, I just don't see this going anywhere. Well, that being said, why do you think the Supreme Court would make a decision quickly if, as you say, it would take a substantial amount of time before the Supreme Court to determine whether former President Trump did indeed commit insurrection? Well, I think the Court we'll just have a cotton dried decision saying that that they don't have the jurisdiction right now to define insurrection or decide whether there was insurrection. And I think without that finding, again, I just don't think it's going to go anywhere. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one sixty one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Election device. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak
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Good morning. 0:00:03.080 --> 0:00:05.920 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:05.960 --> 0:00:07.440 stories we're following today. 0:00:08.000 --> 0:00:10.760 We begin with the leadership shakeup at the top of 0:00:10.800 --> 0:00:14.720 the IVY League. Claudine Gay is stepping down as president 0:00:14.760 --> 0:00:19.239 of Harvard University weeks after her highly criticized congressional testimony 0:00:19.280 --> 0:00:22.880 about the school's handling of campus anti semitism, alongside the 0:00:22.920 --> 0:00:26.720 presidents of MIT and the University of Pennsylvania. Bloomberg's David 0:00:26.760 --> 0:00:28.600 Weston begins our team coverage. 0:00:28.760 --> 0:00:31.360 It has been sort of a firestorm for these three 0:00:31.440 --> 0:00:35.520 presidents to deal with exactly how you control and influence 0:00:35.600 --> 0:00:38.760 discussion on the campus. There were also questions that developed 0:00:38.800 --> 0:00:41.760 over time about some of the work that President Gay 0:00:41.800 --> 0:00:45.280 had done for her dissertation for her PhD, and allegations 0:00:45.320 --> 0:00:50.160 that she had improperly used sources that she did not identify. Initially, 0:00:50.200 --> 0:00:52.040 the Corporation of Harvard, which is what they call the 0:00:52.040 --> 0:00:54.560 Board of Trustees of corporation, said there'd been an investigation 0:00:54.920 --> 0:00:57.360 and they had totally exonerated her. There was no problem. 0:00:57.400 --> 0:00:59.200 But now she said, she stepped down, and I take 0:00:59.240 --> 0:01:00.480 her to ward. At this point, and at some point, 0:01:00.520 --> 0:01:01.680 a leader becomes a distraction. 0:01:01.840 --> 0:01:05.080 Bloomberg's David Weston reports this is a dramatic about face 0:01:05.120 --> 0:01:08.920 for Harvard. Claudie Gay became the university's first black president 0:01:09.080 --> 0:01:10.080 just six months ago. 0:01:10.520 --> 0:01:13.280 Well Nathan, one of Gay's harshest critics, says her stepping 0:01:13.319 --> 0:01:16.200 down is long overdue, and Bloomberg's At Baxter has that 0:01:16.280 --> 0:01:17.120 part of the story. 0:01:17.480 --> 0:01:21.600 Congresswoman Elis Stefanik says Gay in the December hearing never 0:01:21.800 --> 0:01:25.480 condemned calls for genocide against Jews as a violation of 0:01:25.640 --> 0:01:29.040 university policy. This is part of what Gay said at 0:01:29.040 --> 0:01:30.199 that December hearing. 0:01:30.600 --> 0:01:34.360 We embrace a commitment to free expression, even of views 0:01:34.520 --> 0:01:38.839 that are objectionable, offensive, hateful. 0:01:39.040 --> 0:01:42.520 Stefanica is a Harvard alum who said Gay's statements were 0:01:42.640 --> 0:01:46.520 morally bankrupt. And Bill Ackman now who's also gone after 0:01:46.600 --> 0:01:50.800 Gay posted at two sally an apparent reference to the 0:01:50.840 --> 0:01:54.400 president of MIT at Baxter Bloomberg Radio. 0:01:54.320 --> 0:01:57.680 Okay, and thanks. Sticking with politics, another legal battle is 0:01:57.760 --> 0:02:01.640 set in motion involving Donald Trump's ability to return to office. 0:02:01.640 --> 0:02:03.720 S Bloomberg's Amy Morris has the latest. 0:02:03.920 --> 0:02:06.360 Trump is not just appealing the decision in Maine to 0:02:06.400 --> 0:02:09.600 remove his name from the primary ballot. He's also suing 0:02:09.639 --> 0:02:12.680 the official mains Secretary of State, Senna Bellows, who made 0:02:12.680 --> 0:02:15.520 that decision. It's another legal argument that will likely be 0:02:15.600 --> 0:02:18.280 settled by the US Supreme Court, along with a case 0:02:18.320 --> 0:02:21.360 from Colorado where a group of voters is calling for 0:02:21.400 --> 0:02:24.280 the justices to quickly step in. They're asking for that 0:02:24.400 --> 0:02:28.239 case to be expedited. They'd like a ruling by February eleventh, 0:02:28.360 --> 0:02:30.480 and we could learn whether the Supreme Court will it 0:02:30.520 --> 0:02:33.840 Dervine in the Colorado case by this Friday. In Washington, 0:02:33.880 --> 0:02:35.160 Amy Morris, Bloomberg Radio. 0:02:35.440 --> 0:02:37.799 All right, Amy, thanks now to the latest developments in 0:02:37.840 --> 0:02:40.680 the Middle East. A senior Hamas leader has been killed 0:02:40.680 --> 0:02:44.640 by Israel on a explosion in Beirut. Hamas says Israel 0:02:44.760 --> 0:02:48.480 killed Sileai al Rory, deputy headed the group's polit bureau, 0:02:48.480 --> 0:02:51.000 who was known as the mastermind behind its armed wing 0:02:51.040 --> 0:02:54.480 in the West Bank. Began more from a Bloomberg Silary Liebert, 0:02:54.840 --> 0:02:55.680 it's sort of. 0:02:55.600 --> 0:02:59.200 A no brainer that if they had a senior Hamas leader, 0:02:59.680 --> 0:03:04.240 they could find an attack who wasn't in some underground 0:03:04.360 --> 0:03:08.040 hiding place wherever he was, if they would go after him, and. 0:03:08.040 --> 0:03:10.440 Bloomberg Larry Liebert. It says aler Rory would be the 0:03:10.440 --> 0:03:12.760 most senior Hamas leader killed during the war. 0:03:13.080 --> 0:03:15.720 Turning to markets now, Karen wall Street kicked off the 0:03:15.760 --> 0:03:19.000 new year with a thud. Both tech stocks and treasuries 0:03:19.000 --> 0:03:21.920 sold off. The Nasdaq one hundred index fell one point 0:03:22.040 --> 0:03:25.679 seven percent, at benchmark's biggest drop in two months. Rich 0:03:25.720 --> 0:03:29.040 Weiss is chief investment Officer of multi asset Strategies at 0:03:29.080 --> 0:03:30.480 American Century Investments. 0:03:30.840 --> 0:03:33.600 If you look from the start of twenty twenty two 0:03:33.639 --> 0:03:37.760 through the end of twenty twenty three, cash basically outperformed 0:03:37.840 --> 0:03:42.400 most equities, maybe not the Magnificent seven, but most equity portfolios. 0:03:42.440 --> 0:03:46.360 So cash has been king, likely to be king at 0:03:46.440 --> 0:03:48.840 least for the first half of this coming year, at least, we. 0:03:48.920 --> 0:03:52.240 Believe American Century Investments. Rich Weiss thinks it could be 0:03:52.280 --> 0:03:55.040 a tough earning season for corporate America well. 0:03:55.080 --> 0:03:57.720 One of the biggest losers in yesterday sell off, Nathan 0:03:57.920 --> 0:04:01.200 was Apple I lost more than one hundred seven billion 0:04:01.280 --> 0:04:04.840 dollars in value after Barclay's analysts downgraded the tech giant. 0:04:05.040 --> 0:04:08.280 Bloomberg's Mark German explains the bearish view of the iPhone 0:04:08.320 --> 0:04:09.400 maker four. 0:04:09.280 --> 0:04:13.600 Quarters plus in a row of holiday declines. The earnings 0:04:13.600 --> 0:04:16.320 report that's coming at the end of January early February 0:04:16.640 --> 0:04:19.680 will indicate that Q one was either in line, maybe 0:04:19.720 --> 0:04:21.320 a little bit more a little bit less than the 0:04:21.360 --> 0:04:25.080 prior quarter. You have these patent situations which are likely 0:04:25.200 --> 0:04:28.760 to crop up in higher frequency now given the success 0:04:28.800 --> 0:04:31.360 that Massimo has had over the past few months. 0:04:31.520 --> 0:04:34.440 And Bloomer's Mark German notes that Apple shares rose around 0:04:34.520 --> 0:04:36.880 fifty percent to a record last year. 0:04:37.000 --> 0:04:39.800 Well, on the flip side, shares of JP Morgan closed 0:04:39.880 --> 0:04:42.120 at a record to kick off the new year. The 0:04:42.160 --> 0:04:44.600 bank's rebound from its twenty twenty two low has now 0:04:44.640 --> 0:04:47.920 pushed its market capitalization to about five hundred billion dollars. 0:04:48.160 --> 0:04:50.719 The lender's been a top performer in the banking industry 0:04:50.760 --> 0:04:52.440 following record results last year. 0:04:52.960 --> 0:04:55.679 Well Nathan investors will turn their attention for more clues 0:04:55.720 --> 0:04:58.120 on the future of interest to rates. This afternoon, the 0:04:58.120 --> 0:05:02.440 Federal Reserve issues minutes of dece meeting, and Bloomberg's Vinidel Judai. 0:05:02.279 --> 0:05:06.320 Reports Bloomberg Economics as the minutes could signal interest rate 0:05:06.360 --> 0:05:09.960 cuts aren't imminent, they'll fetcher. Jerome pal did strike a 0:05:10.000 --> 0:05:13.960 dubvish tone last month's news conference that officials voted to 0:05:13.960 --> 0:05:16.839 hold the benchmark interest rate target steady for the third 0:05:16.920 --> 0:05:19.600 time at December's meeting after more than a year of tightening. 0:05:20.000 --> 0:05:24.719 Next session, January thirtieth and thirty first. Also on today's 0:05:24.800 --> 0:05:29.320 US economic agenda, job openings, as well as ISM factory data. 0:05:29.560 --> 0:05:36.080 If Anny Dale, Judeace, Bloomberg Radio. 0:05:34.839 --> 0:05:36.680 Sorry, and Ethan Thanks. It's time out for a look 0:05:36.720 --> 0:05:38.920 at some of the other stories making news around the world, 0:05:39.000 --> 0:05:41.320 and for now we're joined by Bloomberg's Amy Morris. 0:05:41.400 --> 0:05:46.080 Amy, good morning, Good morning, Karen. Migrants sent mostly from Texas, 0:05:46.320 --> 0:05:48.640 have been showing up at train stops outside New York 0:05:48.680 --> 0:05:52.159 City over the weekend, sidestepping a new order limiting how 0:05:52.200 --> 0:05:55.400 they arrive. Hundreds of migrants took a detour in New 0:05:55.480 --> 0:05:58.599 York and New Jersey to bypass the New York order 0:05:58.680 --> 0:06:01.719 limiting the seat the number of arrivals. New York City 0:06:01.760 --> 0:06:05.000 and Chicago recently began restricting migrant bus arrivals, and now 0:06:05.000 --> 0:06:08.400 the crackdown spreading to the suburbs. Woodstock Mayor Michael Turner 0:06:08.440 --> 0:06:10.640 spoke at a city council meeting, we do not. 0:06:10.560 --> 0:06:14.800 Have the staff the expertise for the money, and that 0:06:15.279 --> 0:06:17.680 may not be the ideal. We may all wish it 0:06:17.760 --> 0:06:21.600 was something different, but that's the reality for Chicago. 0:06:21.839 --> 0:06:26.240 Suburbs in Hinsdale, Woodstock, Buffalo Grove, and Juliette taking official 0:06:26.320 --> 0:06:30.000 action now passing ordinances to find bus companies dropping off 0:06:30.040 --> 0:06:33.680 migrants without notice. Meanwhile, four ports of entry at the 0:06:33.720 --> 0:06:37.479 southern border will be reopened tomorrow. Those ports were closed 0:06:37.520 --> 0:06:40.880 because of a record influx of migrants. Officials said closing 0:06:40.920 --> 0:06:43.960 the border crossings was just a last resort to stem 0:06:44.000 --> 0:06:47.440 the flow of people crossing the border. Hospitals across the 0:06:47.480 --> 0:06:50.440 country now initiating some new policies in response to a 0:06:50.560 --> 0:06:54.760 rise in respiratory illness cases, more emergency room visits because 0:06:54.800 --> 0:06:59.279 of flu, COVID and RSV, prompting some hospitals to require 0:06:59.400 --> 0:07:03.040 prior off authorization for visitors younger than twelve years old. 0:07:03.440 --> 0:07:07.240 Duke Health infectious disease specialist doctor Cameron Wolf says, for 0:07:07.279 --> 0:07:09.400 the most part, people understands it. 0:07:09.400 --> 0:07:11.560 Ever easy decisions like people want to be able to 0:07:11.600 --> 0:07:14.200 come and visit their love ones in a hospital, but 0:07:14.280 --> 0:07:16.000 I think in general people understand. 0:07:16.120 --> 0:07:19.000 The CDC says more than half the country is experiencing 0:07:19.040 --> 0:07:22.760 a rise in COVID flu and RSV cases. Hospitals in 0:07:22.800 --> 0:07:26.560 at least ten states and Washington, DC have now reinstated 0:07:26.600 --> 0:07:31.400 mask mandates. Israel is planning to withdraw several thousand troops 0:07:31.400 --> 0:07:34.760 from the Gaza Strip. The IDF announced the move, noting 0:07:34.800 --> 0:07:38.280 the nearly three month war has taken a growing toll 0:07:38.400 --> 0:07:41.640 on the Israeli economy. The United Nations says more than 0:07:41.640 --> 0:07:44.400 eighty five percent of Gaza's residents have been displaced from 0:07:44.400 --> 0:07:46.720 their homes and the fighting has left more than twenty 0:07:46.800 --> 0:07:50.239 thousand people dead. And a messy winter storm is headed 0:07:50.280 --> 0:07:54.320 for the East Coast this weekend. Forecasters are expecting measurable 0:07:54.360 --> 0:07:57.640 snow from Washington, DC to New York and rain showers 0:07:57.680 --> 0:08:00.400 down south. Global news twenty four hours a day and 0:08:00.400 --> 0:08:03.680 whenever you want it with Bloomberg News Now. I'm Amy Morrison. 0:08:03.720 --> 0:08:05.160 This is Bloomberg Karen. 0:08:05.000 --> 0:08:07.520 All right, Amy, thank you well. As Amy said you, 0:08:07.920 --> 0:08:09.680 we do bring you news throughout the day here on 0:08:09.720 --> 0:08:12.280 Bloomberg Radio. But now you can get the latest news 0:08:12.320 --> 0:08:15.560 on demand, and that means whenever you want it. You 0:08:15.680 --> 0:08:17.720 just subscribed to Bloomberg News. Now he can get the 0:08:17.800 --> 0:08:20.120 latest headlines right at the click of a button get 0:08:20.160 --> 0:08:23.480 informed on your schedule. You can listen and subscribe to 0:08:23.520 --> 0:08:27.440 Bloomberg News Now on the Bloomberg Business app, Bloomberg dot 0:08:27.440 --> 0:08:32.520 Com plus apples, Spotify, and anywhere else you get your podcasts. 0:08:36.000 --> 0:08:39.239 Time now for the Bloomberg Sports Update, here's John Stashaur 0:08:39.440 --> 0:08:40.440 John Karen. 0:08:40.600 --> 0:08:44.000 Just two years ago, the Oklahoma City Thunder lost fifty 0:08:44.000 --> 0:08:46.640 eight games. This year they might end up winning fifty eight. 0:08:46.640 --> 0:08:49.400 Fifth straight win for OKC now twenty three at nine 0:08:49.400 --> 0:08:51.880 on the season. They beat the league leading Celtics one 0:08:51.960 --> 0:08:55.920 twenty seven to one twenty three. Shay Gilgess Alexander's been 0:08:55.960 --> 0:08:58.559 on a scoring tear. He went for thirty six points. 0:08:58.600 --> 0:09:02.920 Christaph Porzingis had Boston with thirty four. Jayson Tatum scored thirty, 0:09:02.960 --> 0:09:05.920 but Jalen Brown shot only four of eighteen thirty six 0:09:06.000 --> 0:09:08.880 points for Steph Curry's Golden State Feed, Orlando won twenty 0:09:08.920 --> 0:09:12.720 one to one fifteen. Terry Rozier scored thirty four Charlotte 0:09:12.720 --> 0:09:15.800 with a win at Sacramento, John Moran twenty six points, 0:09:15.800 --> 0:09:19.080 ten assists Memphis Town San Antonio and Joe Lamby thirty 0:09:19.080 --> 0:09:22.000 one points at a triple double easy win for Philadelphia 0:09:22.040 --> 0:09:25.280 over Chicago. The Sixers were up by twenty five in 0:09:25.320 --> 0:09:27.720 the first quarter New Orleans out of twenty five point 0:09:27.760 --> 0:09:30.760 lead at halftime. Pelicans rolled to an easy win over 0:09:30.800 --> 0:09:33.040 the book for the Nets Perdue number one in college 0:09:33.040 --> 0:09:35.840 basketball and now thirteen and one boiler Makers with a 0:09:35.840 --> 0:09:38.160 big ten win at Maryland sixty seven to fifty three. 0:09:38.200 --> 0:09:42.400 Acced Duke rolled pass Syracuse eighty six to sixty six, 0:09:42.480 --> 0:09:45.400 Big East Yukon and easy win over De Paul eighty 0:09:45.440 --> 0:09:49.520 five to fifty six. College Football's National Championship game Monday 0:09:49.520 --> 0:09:51.600 in Houston, and Michigan is a four and a half 0:09:51.600 --> 0:09:55.080 point favorite to beat Washington. Both teams are undefeated, but 0:09:55.679 --> 0:09:59.440 Washington has only had one win by a ten or 0:09:59.440 --> 0:10:02.480 more points since September. They may not have running back 0:10:02.559 --> 0:10:05.200 Dylan Johnson. He got caught it off late in that 0:10:05.280 --> 0:10:07.600 semifinal win over Texas Johns Dan Shower. 0:10:07.679 --> 0:10:09.720 Bloomberg Sports. 0:10:11.400 --> 0:10:14.400 From coast to coast, from New York to San Francisco, 0:10:14.720 --> 0:10:19.360 Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg 0:10:19.400 --> 0:10:23.559 Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. 0:10:24.760 --> 0:10:27.880 Good morning. I'm Nathan Hager. Washington may have just flexed 0:10:27.880 --> 0:10:30.480 its muscles with the IVY leagues now that Claudine Gay 0:10:30.600 --> 0:10:33.880 is stepping down as president of Harvard University, comes weeks 0:10:33.920 --> 0:10:38.280 after widely criticized testimony about her handling anti Semitism on 0:10:38.360 --> 0:10:42.200 campus alongside the presidents of MIT and Penn, along with 0:10:42.280 --> 0:10:46.320 new questions specifically about Clining Gay's academic record some of 0:10:46.320 --> 0:10:50.520 her past dissertations. Meanwhile, with less than two weeks until 0:10:50.600 --> 0:10:54.079 voting begins in the Republican presidential race, former President Donald 0:10:54.120 --> 0:10:57.360 Trump is fighting to stay on a second state's primary 0:10:57.360 --> 0:11:01.200 ballot after Maine kicked him off over his actions on 0:11:01.360 --> 0:11:04.440 January sixth, twenty twenty one. Lots of political news to 0:11:04.480 --> 0:11:06.440 discuss this morning, and here to do that with us 0:11:06.520 --> 0:11:11.280 is Greg Valier, chief US policy strategist at AGF Investments. Greg, 0:11:11.320 --> 0:11:13.480 good morning. First, I want to get your reaction to 0:11:13.760 --> 0:11:18.120 the sudden departure of Claudine Gay as Harvard University. She 0:11:18.520 --> 0:11:23.280 just became Harvard's first black president in July. Now, apparently 0:11:23.360 --> 0:11:28.840 after this widely panned congressional testimony and the mounting political 0:11:28.960 --> 0:11:31.480 end donor pressure, she's out. I mean, what does that 0:11:31.559 --> 0:11:33.920 say about Washington's influence over higher education. 0:11:34.320 --> 0:11:37.400 Well, there is influence, Navan, good morning, But I think 0:11:37.559 --> 0:11:40.679 a bigger factor may have been the donor's donations were 0:11:40.720 --> 0:11:43.600 way down and applications were way down, and I think 0:11:43.640 --> 0:11:45.160 that may have had a bigger impact. 0:11:45.400 --> 0:11:48.760 Well, we did have the impact of a last Stephonica 0:11:48.840 --> 0:11:53.480 Harvard alum with that viral testimony, the questioning that she 0:11:53.600 --> 0:11:59.280 gave asking them pointedly whether calling for the genocide of 0:11:59.360 --> 0:12:04.520 Jews it violates school policy, and sort of wiggling on 0:12:04.640 --> 0:12:09.240 the answers. I mean this says something about a least 0:12:09.240 --> 0:12:11.959 stephonics clout as well, doesn't it. 0:12:12.360 --> 0:12:14.440 Yeah, two points. First of all, I think she is 0:12:14.480 --> 0:12:17.000 going to be a real player. She is already, but 0:12:17.120 --> 0:12:19.200 I think she's going to be a pit bull on 0:12:19.320 --> 0:12:22.400 these issues and she summoned to watch over the next 0:12:22.400 --> 0:12:26.720 few years. Secondly, I think that the university presidents, all 0:12:26.800 --> 0:12:30.240 three of them, were just extraordinarily tone deaf. You know, 0:12:30.280 --> 0:12:33.640 maybe what they said technically was correct, but it certainly 0:12:33.760 --> 0:12:37.520 did not soothe the issue. It just inflamed the issue. 0:12:37.840 --> 0:12:42.240 Not just that we know that the committee that brought 0:12:42.280 --> 0:12:47.960 those university presidents to Capitol Hill is expanding its investigation 0:12:48.240 --> 0:12:52.840 into some of these allegations of plagiarism against now former 0:12:52.920 --> 0:12:56.560 president Claudine Gay. Where do you see this investigation going 0:12:56.720 --> 0:12:58.920 into what's happening on these campuses. 0:12:59.360 --> 0:13:01.440 Well, I think that that is going to be fair 0:13:01.520 --> 0:13:04.400 game throughout the country, and I think it's not just 0:13:04.880 --> 0:13:07.840 these three presidents. I think it's probably a lot of 0:13:07.840 --> 0:13:11.000 other university officials that are now going to have to worry. 0:13:11.880 --> 0:13:17.200 I want to talk about the constitutional crisis potentially here 0:13:17.240 --> 0:13:21.120 with former President Donald Trump now suing to try to 0:13:21.160 --> 0:13:24.960 stay on Main's primary ballot after the Secretary of State 0:13:25.080 --> 0:13:26.680 made that move. Where do you see this going? 0:13:27.400 --> 0:13:30.040 Well, first of all, Nathan, I think it's probably ninety 0:13:30.480 --> 0:13:33.720 ninety five percent chance that the Supreme Court will take 0:13:33.800 --> 0:13:37.040 the issue. I think they have to beyond that. I 0:13:37.080 --> 0:13:41.320 think the odds would favor this court, which has three 0:13:41.360 --> 0:13:45.280 Trump appointees of six to three conservatives on the court. 0:13:45.559 --> 0:13:50.079 I suspect they would reject the argument that Trump has 0:13:50.120 --> 0:13:53.040 to be taken off the ballot. I think the Court 0:13:53.040 --> 0:13:56.840 could decide this within the next few weeks, before Super 0:13:56.880 --> 0:14:01.880 Tuesday on March five. I think that in the final analysis, 0:14:02.080 --> 0:14:04.360 Trump will be on the ballots. 0:14:05.520 --> 0:14:09.400 There is a difference between a secretary of state making 0:14:09.440 --> 0:14:12.560 a move like this and a Supreme Court like what 0:14:12.760 --> 0:14:16.200 happened in Colorado, Does that make any difference for the 0:14:16.240 --> 0:14:18.440 Supreme Court if it does come to that. 0:14:19.600 --> 0:14:24.600 It could, and there will be lots of issues debated, 0:14:24.640 --> 0:14:28.080 but I think the main one is can you quickly 0:14:28.280 --> 0:14:32.880 prove that Trump supported an insurrection? I mean that's a 0:14:32.920 --> 0:14:36.520 case that could take years, certainly many many months, and 0:14:36.560 --> 0:14:38.880 we don't have that kind of time with an election 0:14:39.280 --> 0:14:43.840 coming up. So barring any definitive ruling on the January 0:14:43.880 --> 0:14:47.359 sixth insurrection, I just don't see this going anywhere. 0:14:47.480 --> 0:14:49.880 Well, that being said, why do you think the Supreme 0:14:49.880 --> 0:14:53.000 Court would make a decision quickly if, as you say, 0:14:53.280 --> 0:14:57.960 it would take a substantial amount of time before the 0:14:58.000 --> 0:15:02.400 Supreme Court to determine whether former President Trump did indeed 0:15:02.560 --> 0:15:03.400 commit insurrection? 0:15:04.080 --> 0:15:07.320 Well, I think the Court we'll just have a cotton 0:15:07.440 --> 0:15:12.960 dried decision saying that that they don't have the jurisdiction 0:15:13.120 --> 0:15:20.160 right now to define insurrection or decide whether there was insurrection. 0:15:20.240 --> 0:15:23.000 And I think without that finding, again, I just don't 0:15:23.040 --> 0:15:24.280 think it's going to go anywhere. 0:15:27.520 --> 0:15:30.440 This is Bloomberg day Break Today, your morning brief on 0:15:30.520 --> 0:15:34.160 the stories making news from Wall Street to Washington and beyond. 0:15:34.320 --> 0:15:37.080 Look for us on your podcast feed at six am 0:15:37.160 --> 0:15:40.840 Eastern each morning, on Apple, Spotify, and anywhere else you 0:15:40.920 --> 0:15:42.080 get your podcasts. 0:15:42.200 --> 0:15:44.880 You can also listen live each morning starting at five 0:15:44.920 --> 0:15:47.520 am Wall Street time on Bloomberg eleven three to zero 0:15:47.600 --> 0:15:50.479 in New York, Bloomberg ninety nine to one in Washington, 0:15:50.520 --> 0:15:54.080 Bloomberg one sixty one in Boston, and Bloomberg ninety sixty 0:15:54.200 --> 0:15:55.160 in San Francisco. 0:15:55.520 --> 0:15:58.680 Our flagship New York station is also available on your 0:15:58.760 --> 0:16:04.200 Amazon Election device. Just say Alexa play Bloomberg eleven thirty plus. 0:16:04.200 --> 0:16:07.640 Listen coast to coast on the Bloomberg Business app, SERRIUSXM, 0:16:07.760 --> 0:16:12.000 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager. 0:16:11.800 --> 0:16:12.960 And I'm Karen Moscow. 0:16:13.160 --> 0:16:15.920 Join us again tomorrow morning for all the news you 0:16:16.040 --> 0:16:19.240 need to start your day right here on Bloomberg Daybreak