tv Bloomberg Markets Bloomberg May 26, 2022 1:00pm-2:00pm EDT
green on the screen and it is not just any marginal move, the s&p 500 up. look at this, the nasdaq, the russell 2000 outperforming. it is a momentum trade. what is driving it? it is about the retailers, the tech story. macy's, nordstrom -- i'm putting nordstrom up there because we heard about it earlier in the week, but macy's really driving the trade. those inflation concerns, we might not be that worried because our consumer can handle it, especially if you are making a little extra money. even in the face of bad news, nydia video and apple rallying. nvidia saying they are concerned about covid lockdowns in china. apple saying their production might be flat. look at this stock. you would not tell anything is wrong with it. let's start with the retail story. that is driving this momentum. caroline hyde interviewed the
macy's ceo earlier today and joins us now. >> i had a great sit down on the phone. here is a man who is managing to whether the inflation funds, the supply chain headaches by having the right item at the right price. macy's is macy's, it is also the higher end bloomingdale. he was saying, they bash people by income bracket and even those with subsidy $5,000 per year -- with sub $75,000 per year are spending more than they have seen in four years. yes, they are buried in the future that the pocketbooks will be hit by the lower income as you see the rents increase, but right now, he is saying the consumer is healthy, saying there's more active customers than we had a year ago and it is the highest in four years. the spending is up. he did say they are where young
about the income levels of those on the lower end, wearing about the higher end being impacted by the stock market and whether that will pull back on spending, but for now, they have not seen that and they are determined to have the right item at the right price. kriti: fascinating that we are talking about this at a time when we are talking about supply chain issues. this is something nordstrom said, that worried we were talking about might not be that relevant for us. but the supply-chain story seems to relevant for macy's. caroline: they have managed to keep their inventory levels relatively down. a lot of that is because of the changing pace of what we are buying. we are full up of our leggings, our pants, our track suits, we don't need that purchase. the inventory levels, perhaps that is where you're going to see sales going forward. they are saying, of late, the supply chain has been better than they expected, importing from china more swift in terms
of getting already made goods in whole and at a swift pace. he did one of storm clouds -- warn of storm clouds. when he is looking at a shanghai, when it comes to american ports, he is worried that could have an impact. kriti: that china story is crucial. thank you. very relevant to what is happening in the tech space. which is helping fuel today's rally. broadcom agreed to buy vmware for $61 billion, one of the largest tech deals of all time. let's talk about this deal. it is fascinating. this is not the first time. you are seeing nvidia do the same. is this going to be the start of a new trend when i come to chipmakers trying to become more insulated from the boom and bust cycle? >> thank you for having me on.
i think broadcom is unique in the sense that they embarked on this software diversification journey in 2018 as it relates to the acquisition, the semantic enterprise acquisition. now with the vmware deal, and even a 50-50 split from a trip to a software dynamic, if you look at the other software acquisitions the chipmakers have made, it is more of an add on functionality on chips and it is going to be following these longer, broader trends from a jamaican perspective whether it is ai software or machine learning software. from a chipmakers standpoint, someone like nvidia is going to be a chipmaking -- follow h a making cycle. kriti: i'm glad you brought up and video. we brought up the china piece of
the retail equation. i have to ask about the china piece of the tech equation. nvidia says it has record demand, it just cannot meet capacity because of lockdowns. how much of that can we expect across the sector? >> we have started to see signs of the china lockdowns hitting the chip sector and hitting it pretty hard. last week when we saw cisco's results, the supply chain lockdowns or supply chain disruptions affected forward guidance by 8%. they had to bring down there guidance. vmware, even though they did not have an earnings call but when i was looking through the numbers, they missed numbers primarily because hardware partners were unable to supply the servers that go along with the software. i think is going to be a broad-based, extended disruption to the hardware makers and broader tech.
it is not independent to the hardware makers, but the independent dimensioning. kriti: always a pleasure, thank you for breaking down a historic moment in the chip space. time for first word news. mark: u.s. secretary of state antony blinken says the u.s. is ready to increase communication with beijing while under xi, china has become more oppressive. >> rather than using its power to revitalize the principles, the institutions that enabled its success so other countries can benefit from them too, beijing is undermining them. under president xi, the chinese, this party has become more oppressive at home and more aggressive abroad. mark: he went on to say the u.s. is not seeking to transform china's political system, but businesses cannot sacrifice rallies for access to a country.
u.s. corporate profits fell in the first quarter by more than in two years. the economy shrank in the period. inflation gdp decreased at a 1.5% annualized rate. corporate profits decreased and annualized 2.3% from the prior quarter. last year was the most profitable year for american corporations since 1950. donald trump must answer questions under oath, new york state's appeals court enforcing subpoenas for mr. trump and his two eldest children to give deposition testimony in a probe into the family's business practices. james set her investigation has uncovered evidence the trump organization used fraudulent or misleading valuations to get loans and tax benefits. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries.
kriti: this is bloomberg markets. officials are prepared to raise interest rates by another 50 basis points at each of the next two meetings, something the market expected. part of that policy is aimed to cheek -- aimed to take heat out of the housing market. sales fell in april for the sixth straight month. for more, let's bring in the founder of stay-at-home order --
stay at home macro consulting. he start to see a slowdown from the massive move we did see, but the supply demand imbalances are still there. what is your take? >> imbalances are there, they have been for years. we are not building enough housing. that has been a pressure on affordability. what the fed can do is take some wind out of the sails of demand. we saw mortgage rates going up, we are seeing that demand soften up, but the fed cannot build houses. there is a limited ability to deal with the imbalances and there is good research that is showing some of those imbalances on the supply side has been moving around. the world has changed in terms of working from home and geography, those things are going to take time to work out in terms of building. kriti: it is a fair point but i
have to ask about what this might signal for the broader economy. a lot of the argument, if you start to see a housing slowdown, the rest of the economy is going to follow. even in those fomc minutes, a headline that got buried is a lot a fed officials looked at q1 data and said, this is not indicative of where q2 will be. they were more optimistic about the second quarter. is that a view that you share? claudia: two parts here. first, the housing sector is one of the more interest sensitive sectors. the fed is going to look to it as it is starting to have any effect. that is good. in terms of the strength, i agree that the first quarter is giving us two week of a signal -- too weak of a signal. if you look at the business
fixed investment and consumption data together, take out inventories, taking out a net exports, that looks strong in the first quarter. that is always a better signal of where things are going, and the fed has to get that to cool off a little. that is not what is in the first quarter data. kriti: it is interesting that you mention the first quarter was an anomaly. if you look at the markets, a lot of this volatility is pricing in a recession. i am wondering, what drives an economy from a 2% growth clip to a contraction to negative territory? what could be the biggest weight on that chain? claudia: what is the biggest downside risk right now? i will start with the fact that i don't think that we have a clear ascension signal. the labor market is very strong.
so we need to see that weakening before we get too worried about a rest session -- a recession. the biggest downside risk is the fed and other forces unable to get inflation out of control. they are going to keep tightening the screws until inflation starts coming down. we would like to do that in the least aggressive way possible, but that is not a given. that is going to be a serious issue for the fed. kriti: speaking of getting something under control, i would like to talk about the dollar. you mentioned the export part of the equation, as we look at a potentially stronger dollar in the grander scheme of things, the dollar might be a hurdle to that american export capability at a time when a lot a lot of american exports are attractive. talk about the dollar story. claudia: wrapped up in the
dollar is both the interest rate increases with the fed -- the other thing that is going to be tough on exports is we see a global economy that is softening. the united states, because we had such a fast recovery, so much extra money pumped in, we have more of a cushion than other major economies. europe and china have real signs of softening. you need to have buyers for the exports, in addition to not getting more expensive. the imported prices, these pass-through to domestic inflation. there's a lot of things going on globally that arvest factors to the united states, -- that are risk factors to the united states, but on the demand side, there is cushion, but there are export sectors -- it almost has
to hit them hard. kriti: we are going to watch the rippling effect. claudia sahm, we thank you so much for your time and insights. still ahead, we stick with the dollar and we even go the digital dollar. brainerd testifying on capitol hill speaking about crypto and regulation. we talked about establishing a digital dollar and the need for regulation, that conversation next. this is bloomberg. ♪ ® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪
we are happy that we have been able to go back in and reestablish operations there. we are functioning in 250 locations around the world. every day, we are talking about those locations, what we are seeing on the ground, what are the risks? what is the environmental condition we are working in from a security aspects, then along with those assessments, we will have detailed discussions on what shift -- what should the security profile be for us to continue to operate there? kriti: that was gentry smith. let's stick with the washington story. brainerd is testifying in front of the house financial services committee to discuss the growth in digital assets in the need for regulation. 20 us to talk about that is stephen lynch, part of that committee and has introduced the electronic currency and secure hardware act which would help
craft and establish a digital dollar. thank you for joining bloomberg television. we will start with one of the big concerns when it comes to the creation of a digital dollar. the idea that it might kill the banking system. why shouldn't it? rep. lynch: well, thank you first of all for having me. i think that that is a major consideration within the decisions of the fed and m.i.t. they have a hamilton project for developing a cbdc, and the architecture will have an impact and possibly disintermediation with respect to the current framework that involves the fed and commercial banking. that is an important aspect of this. there is need for concern because we have to get this right. that is why they are acting
cautiously, some would say slowly, trying to get this right. kriti: another one of the concerns is simply -- one of the positives, one of the use cases for this is include the 5% of american households that are not involved in the banking system, they do not have bank accounts. although that is a noble cause, i have to ask, some of these bank accounts are useful when it comes to trading or tracing illicit activities. why should a digital dollar b used when bank accounts are helpful for the safety of the united states? rep. lynch: i think we need to think in multiple terms here. we are not saying that one system would exclude the other. the digital system that i envision and is embodied in my bill would act in parallel with the existing system and act in parallel with the cbdc.
my bill would preserve their anonymity and fungibility of physical cash, because, as we have seen and other countries, especially china, they are pushing everyone into this digital currency that is traceable and allows the government to have full-spectrum surveillance on every transaction conducted by their citizens, and we want to preserve some privacy, some anonymity on behalf of the consumer so every transaction they make will not be observable. kriti: perhaps not observable by a foreign government, say the pboc, which is launching a digital yuan, but observable by the u.s. government if we are talking about a digital dollar. you have chaired congressional subcommittees on national security. if privacy is a concern in the digital dollar essentially
removes the layers between the private citizen and the u.s. government, shouldn't that be something that americans are concerned about? rep. lynch: not really. the digital currency that is in our bill as we have envisioned, and we have charged treasury with the actual architectural design and let them make the choice, all of the current anti-money laundering and terrorist financing legislation that is in effect that covers cash would also apply to the digital currency. all of those know your customer requirements and suspicious transaction reports would still be generated and triggered by the use of digital currency. there would be transparency at
certain levels. right now, we have a $10,000 limit that triggers a cash transaction report and that brings scrutiny. it would be the same in the digital context. kriti: it is interesting that we are talking about this digital context. as we talk about the digital dollar, we are far behind when it comes to the rest of the world. there's a digital yuan, there is a digital euro in the making. in the thought process of the u.s. being behind in given these concerns, what is the downside to having a digital dollar? rep. lynch: well, it could be very disruptive, as i mentioned. we've got a lot at stake because the u.s. dollar is the reserve currency. we are the nb of the world -- the envy of the world.
when other countries look for security, they look to the u.s., there is integrity there. we want to maintain that. whatever decisions we make in this realm will undoubtedly present some risk for us in terms of reputational hits if we don't get this right. that is the downside. if we are moving to this new digital medium, we have to make sure we get it right and we preserve those protections that our traditional system has embodied. kriti: congressman stephen lynch, we thank you as always for your time. let's get a check on the markets before we head off. the s&p 500 hovering your session highs, over 2% gains. look at the nasdaq, almost 3% on that level as well. if you look at the 10-year yield, it is unchanged. what is driving this momentous
growth? you look at the russell 2000, 2.4% gains. when you see the nasdaq higher, the russell higher, both outperforming the s&p 500, to me, that screams a momentum trade. we are looking at a vix that has dropped to a 27 handle. we are going to stick to the market story, hovering at session highs. our conversation coming up. this is bloomberg. ♪
mark: welcome to the audience. i'm mark crumpton with the first word news. democrats first attempts at responding to the back to back mass shootings in buffalo and uvalde, texas failed in the senate today as republicans blocked a terrorism bill that would confront questions surrounding hate crimes and gun safety.
>> if the slaughter of schoolchildren cannot convince republicans to blunt the nra, what can we do? this is not a case of the american people not knowing whether senators stand. they know. they know because my colleagues have been clear on this issue, crystal-clear. mark: the vote filled nearly on party lines, raising doubts about the possibility of robust debate, let alone eventual compromise, on gun safety measures. the final vote was 47-40 seven, short of the 60 needed to take up the bill, with senator susan collins of maine the only republican to vote in favor. the u.k. will impose a windfall tax on the profits of oil and gas companies to ease a cost-of-living crisis for the worst residence -- for the poorest residents. the chancellor of the exchequer spoke before the parliament today. >> we should be pragmatic. it is possible to tax
extraordinary profits fairly and incentivize investment. so like previous governments, we will introduce a temporary, targeted energy profit levy. mark: the 25% levy will raise about $6.3 billion. it will pay for one-time grants of $820 to more than one million low income households. prime minister boris johnson's government is under pressure to help struggling britons. germany's chancellor once a greater effort to contain russia. he called it an attempt to bomb us back when war was a common political tool. the premier of china warned of dire consequences if officials don't move decisively to prevent the economy from getting worse. li told thousands of local
officials a contraction in the second quarter is likely. he said it must be avoided. his comments were more candid than the official readout published. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. it'sglobal news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. >> welcome to bloomberg markets. >> let's dive into the price action. green on the screen on the s&p, 3% gains in the stock market. there hasn't been a ton of action when looking at yields, the dollar or oil for that matter, it is really all here. the nasdaq and dow outperforming
the s&p, screaming a momentum trade, at this point driven by retail. >> it certainly is. whether it is dollar tree or dollar general, both companies pleasing wall street and their stocks surging after many disappointing retail stories. i would add to that the takeaways for macy's financial picture as well. yet we are reminded of the challenges other companies are dealing with now, our colleagues reporting on paypal cutting staff as they deal with cost pressures now. so those headwinds, there are still plenty what it comes to the world of corporate america right now. >> those gaining as you point out but headwinds persist, mainly inflation. take a look at people discussing those pressures at davos this week. >> inflation is no doubt trading higher. >> higher costs are of concern.
we had a kind of perfect storm. >> we are going to have more conflict. we are going to have more inflation. inflation causes domestic political conflict. >> raising interest rates will not stop the problem of inflation. it is not going to create more food. it will make it difficult. >> it is a critical -- the critical thing for us is to not see second-round effects happening, not too much broadening of the things that are increasing in prices, and very important, make sure the medium-term inflation expectations remain anchored. kriti: let's bring in a senior equity analyst who covers retail. thank you for joining us. let's dive into perhaps the results we got this morning, macy's, even nordstrom earlier in the week saying, what inflation concerns? what margin pressures? saying there consumer is far more prepared perhaps for these pressures. but how much of these results
are a legacy or remnant of the wealth gap coming off of the pandemic? >> first, i think it is reassuring to see some of these retailers post top and bottom line beats, especially after last week's scare with walmart and target. we are learning not all retailers are created equal and some are outperforming others. we saw good results for macy's today. we upgraded macy's to a buy today, and one reason is this massive shift in consumer spending happen. people are returning outdoors again. you see more vacation based apparel purchases, things like beauty products doing well, and we have learned that the retailers that have a strong omni-channel presence, those are the ones that are really outperforming right now.
>> and staying with that theme, the fact that people maybe want to get out, go to a wedding or some summer infant and go to macy's to buy something. but a ceo acknowledging those supply chain issues our continuing. arun: right. we are still seeing supply chain issues. one positive is i think the environment is getting better. for example, other retailers reported today that dollar tree and dollar general are seeing some ease in terms of supply chain pressure relative to q4 last year. still, year-over-year, it is tough, but maybe the worst has come by and i think it is starting to lighten up a little bit for some of these retailers. and not talking about inventory shortages anymore, some retailers. some actually have too much inventory.
so the narrative has rapidly shifted over the past six to eight months or so and now we are seeing different challenges for the retail industry. kriti: let's stick with those, because it seems like inventory buildup was a big part of the conversation, but maybe the -- but those supply chain issues, do they not matter anymore? arun: one reason inventory is building is just because of normal cost inflation. that is the reason inventory is inflated on the balance sheets of many of these corporations, but they have been aggressive in their purchases. many made aggressive bets at the end of last year, before the holidays even, where they were chartering ships to get shelves stocked, and that really paid dividends during the holiday season, and now we are seeing the tail end of the effect of that strategy, and now some retailers are left with some excess general merchandise items, and the only way to get
rid of that are markdowns, which is impacting retailers like walmart and target, but further retailers like dollar general and dollar tree, they don't have the same bulky items in their stores. their products are smaller and take up less space so they are not experiencing the headwinds walmart and target are experiencing now. jon: wonderful breakdown, arun, of some of the different components of that industry. thank you very much. coming up, as we mentioned, it is not just retail on the move higher today. big tech in the spotlight. more on that sector next. this is bloomberg
kriti: this is bloomberg markets. i'm kriti gupta with jon erlichman. apple taking a conservative stance as the year -- turns increasingly challenging for the brand. we turn to a senior analyst with bloomberg intelligence covering software and i.t. thank you as always for joining us. let's start with the fact that they are keeping production flat. is this a temporary thing when it comes to their long-term plan, especially when dealing with margin costs, higher wages, higher inflation even? your take. >> flat is not bad, frankly speaking, because if you were to look at iphone numbers, i think
we already expected that to happen because of supply chain problems in china because of covid. as i have said many times, for us, this is not demand instruction. it is a case of expanding the refurb cycle. if the refurb cycle is 3.5 to four years, you will sell 200 million units a year irrespective of what is happening, so that is maybe where the catch is in our view. >> obviously a story like this is a reminder of how deeply tied a company like apple is to china both as a consumer market and clearly on the production side. i know you and the bloomberg intelligence team have done numbercrunching on that front. can you share some of those numbers with us? anurag: for apple, the biggest
issue is that the majority, almost all of their products, are assembled in china, so this is an issue if the u.s. and china have more geopolitical problems going forward. that does not bode well for apple and it needs to expand that supply chain and going -- and go into different areas, supply chains and countries. that remains the number one risk for apple. from a market point of view, china is a very important market for them. 20% of phones made by them are sold there. but i think supply chain is a bigger issue for them. kriti: an important market for china but not the primary maker of smart phones if i'm thinking about this correctly, but i have to ask, does it plan to get there? does it plan to become the primary supplier of smartphones in china and how does it? anurag: no because of the price point.
apple is a higher priced phone so it will not be the number one phone seller in china just because of that, but having said that, i think it is always going to be an aspirational thing anytime someone shoots up. you are going to go out and go buy an iphone. jon: no doubt. anurag, thank you for your insights as always. anurag rana with the bloomberg intelligence team on apple. speaking of, we have seen shares of nvidia moving today, now higher. obviously, the market was trying to digest the latest quarterly results from the company. obviously, the supply chain is front and center with this one too. the revenue is a reminder of how strong this company has become, but not immune to some supply chain challenges as well. >> yeah.
i think the gaming segment, which is more exposed, that is the one where the market is not clear in terms of whether it will grow 20% in the second half or it will slow down to mid to high single digits. my sense is we know consumer device shipments are slowing and you can see the price in the open market has come down. so clearly the demand tailwind we had for the last two years both on the enterprise and consumer side is not as strong going forward, so that will result in some tapering of the trade, but at the end of the day, nvidia is exposed to ai and is making chips that intel and amd don't have in terms of the configurations and processing capabilities, so clearly it still has a lead in terms of technology but there is some demand deceleration on the consumer side for sure. kriti: demand deceleration a key
point when it comes to tech earnings and really the economy broadly but regarding diversification, and nvidia isn't the only one in the news for that of course. another company in the news for their idea of diversifying as a chip maker, but i have to ask. nvidia has also said this. will this impact the space probably? mandeep: the chip space is cyclical and this time is going to be no different. the question is how much of a tailwind ai can provide because ai has become table stakes for every enterprise. we know public cloud is investing a lot and you add the metaverse and all the new stuff on the autonomous side, it is altered by semiconductors, and that's a driver, but when it comes to nvidia, the key thing is automotive -- but it hasn't
translated into revenue, so that is where new pockets of revenue have to show up in the income statements. we haven't seen that yet translating into growth but i think that is what investors are keeping an eye on. jon: you have to keep your eye on a lot these days, men -- mandeep, including that elon musk tweet saying he wished jack dorsey would stay on the board of twitter but he had to move on. where is this one go? mandeep: i think financing is getting harder because of where the market is now and you cannot expect new partners coming in, you know, to add to the $6.5 billion commitment the other partners have given, so elon at this point has to raise the money himself either by selling
his tesla shares or some other way he has to finance it. he doesn't want to do the margin loan, which is the right thing, but at the same time, you cannot expect people to come in at this valuation given the current state of the market. jon: we will keep watching, mandeep. thank you for your analysis. bloomberg's mandeep singh joining us on the subject of social media stocks. my interview with the ceo of one social media company next. this is bloomberg. ♪
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does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good? looks like we're feeling good. bring on today with comcast business. powering possibilities™. jon: this is bloomberg markets. i'm jon erlichman along with kriti gupta. for what it is worth, $680 million, that is how much nextdoor raised when i went public last year. nextdoor is a social
media platform focused on neighborhoods. the ceo spoke last week. >> every time we go through a market crash, i go, i don't want to go through one of those again, but here i am here at i lived through the tech bubble, the financial bubble, and now i don't know what this one is. certainly it has been a long bull market we've lived through. i always go back to my employees and customers to say let's control what we can. you have to build in these moments and not get overly focused on the market itself. how will nextdoor rise to meet this moment? for one, we helping people in their time of need. sometimes it is extreme. the war in neighbors to fund raise, and they were doing that on nextdoor. sometimes it is finding the lowest gas prices. inflation is a real thing now,
so helping people shop wisely and smarter. these are the moments when next-door can be there for our customers broadly defined and that is what i till 19. i am like, forget about the market now. go back to purpose. that is what keeps people building and ultimately the great companies rise. >> you make an interesting point because there's a common narrative in the markets now that investors are moving away from growth companies, but as a growth company, you are saying we can stay focused on growth? >> actually, in an inflationary environment, in an inflationary environment, ultimately people come back to growth, because that is the only way to create growth in a stock price, because if multiples are not going to expand than you need to make sure earnings will expand. so if you go to economies like
japan that have been through long periods of even stagflation, it is the growth stocks in the end that have been over performing. i don't know when that will happen. if you watch the markets long enough, it feels like they will go down forever or up forever and the reality is, of course, they make a turn. i don't know what corrects that. i have no ability to steer the macro environment but i can steer my macro -- my microenvironment with my team. in fact, we are hiring here in toronto. but again, back to controlling what we can control. >> just a few months ago, people could not stop talking about the blockchain in crypto and web 3, the metaverse, and you have to be on top of those things too. what happens to all those ambitious things we were hearing about from everybody a few months ago now going through this downturn? do you stay focused on those areas too? >> i think you have to. in my mind, it is good to take
some froth out of new technology areas because it gives everyone a chance to catch up and you are not chasing, may be, things that are's. this -- things that are spurious to that topic. we think back to the days where we would read the weather online on yahoo! before it became interactive. web2, it became interactive. web3 is the next big shift in my mind, where you are able to read, write and transact, currency and value moves in the software, smart contracts, shifting to an age of community, so giving communities back there power. i am excited about this. i joined the board of a company called consensus, a private company, known for metamask,
the largest crypto wallet in the world because i want to learn more about it and how to bring it onto a platform like next-door. jon: that was nextdoor ceo sarah friar. kriti: a check on the markets. s&p 500 up 2%, the nasdaq almost 3%. a green on the -- a green on the screen day. for jon erlichman, i am kriti gupta. this is bloomberg. ♪\ ha a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
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