emily: i'm emily chang in san francisco and this is "bloomberg technology." big tech stocks continue to sink the nasdaq 100 dropping more than 3%, dragged down by amazon and tesla. this on top of a big bloomberg scoop that tesla just laid off hundreds of autopilot workers in another round of job cuts. we will bring you all the details. we will be joined by the most decorated u.s. track and field athlete of all time. olympic medalist allyson felix joins us to talk about her tech and investing play and how she continues to fight for women and moms as she retires from professional sports. it is the new tiktok for kids and it's got the backing of the nba. we will talk to the head of the social network about their plan for kids and the metaverse later this hour. but first i want to get a look at the markets. big rout in big tech pushing stocks down as a new report shows americans are now more downbeat about our recession. take it away. katie: the gains of last week seem like a long time ago because it was another down day on wall street. the nasdaq 100 up there, l

with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. two trading players could be looking to tie the knot with the markets in freefall. ftx is exploring an acquisition of robinhood. robinhood is down some 75% since it was public last year. we will tell you where the talks stand. we will bring you our exclusive with the coinflex ceo about why they froze withdrawals. tech companies may be willing to cover travel fees for employees looking to get an abortion, but what about protecting your data? we will talk to a civil rights attorney up about the power tech companies have over your digital rights in a post-roe era. theranos -- his fate in the hands of the jury. his girlfriend elizabeth holmes was found guilty of defrauding investors. first, we want to get a look at the markets and volatility is back, after the best week for stocks since stocks falling march again to start this week with the tech sector a big drag. bloomberg's ed ludlow is here with the latest. ed: it's not uncommon to see i'm the last few days of the quarter volatility cr

emily chang is there with an exclusive interview. emily: thank you. i am at the bloomberg tech summit. joining me is michael miebach, ceo of mastercard. great to see you. mike: great to see you. emily: apple launched apple pay later on the apple card network. what is their role in this deal? what is in it for mastercard? like mike: it has been around. 80% of people around the world are saying we have heard of buy now, pay later. what is in it for us? we look at this and said here is another way to pay. they pay from the card, their bank account and so forth. we set if it is relevant, we have to offer it. we make this available to any merchant and that is in it for us because we are relevant. we need lending partners who provide the loan. >> are you concerned about the regulator follow? there is the ongoing investigation. is there any hesitation on your end given the regulatory scrutiny? >> this is a really interesting question. in the end, responsible landing is something we are always concerned about but we are not the lenders. we are engaging all pa

i am emily chang. this is bloomberg.

emily: i am emily chang incense two and this is bloomberg technology. coming up, elon musk tells bloomberg there are still unresolved matters when it comes to a bid for twitter and that a recession is likely. we will bring you our conversation with him. and apple workers at a retail store in maryland have voted to unionize. we will talk about -- we will talk with apple. and how meta is shifting priorities and their algorithm in an effort to chase tiktok. first, u.s. stocks rebounding. katie is here to walk us through the day. katie: it was a broad rally today. the s&p 500 and nasdaq 100 pushing 2.5% higher even though yields continued to climb. 10 year shifting five basis points higher today but volatility taking a breather. the vix is breaking below 30 at one point. seeing some volatility exit the market as stocks rebounded today. in the rally, two stoxx caught my eye. tesla and twitter, we heard elon musk. on the twitter front, he said there are still unresolved matters with the twitter deal, leaving some questions. shares finished 3% higher. and elon

emily: i am emily chang in san francisco. in the next hour, microstrategy makes another $10 million bet on bitcoin even as cryptocurrencies continued to slide. plus, nft sales getting a new look for the year. -- hitting a new low for the year. we will discuss. subscribing to snapchat here with the social media company announcing a new monthly subscription to premium content. but what does premium content look like on snap, and will customers pay $3.99 a month? moderna co-founder will join us to talk about the future of omicron-specific boosters, and why he is taking on the fight against climate change. we will get to all of that in a moment. tech stocks ending in the green, snapping two straight days of losses amid choppy trading. ed ludlow is here with all the moves. ed: you look at the s&p 500, we are down for a third straight day, potentially flat as a floppy disk. the nasdaq 100 is up. if there was real pain, it was in semiconductor is. just some space. the semiconductor index, which we will come onto in a minute -- it is

emily: i'm emily chang in san francisco and this is bloomberg technology. stocks rocked by recession fears in an ugly selloff. tech during the brunt of the nasdaq slumping almost 5%. we will dig into this monday market meltdown. plus, google suspends the engineer who claims the search zone ai is actually a person with feelings and even a soul. we will share transcripts of his communications and debate the possibility and limits of this cutting edge technology. and yet another crypto meltdown, bitcoin hitting another 18 month low and celsius hitting one of the biggest lenders. we will have the details on what went down and what happens next. all of that in a moment. the pandemic arable run for stocks has officially come to an end -- the pandemic era bull run for stocks has officially come to an end. a painful day across the markets and tech especially. >> the nasdaq 100 a very tech heavy index down almost 5%. that index seeing the biggest drop in around a month and we are trading at levels we saw in november of 2020. four straight days of declines, the worst

emily: i'm emily chang in san francisco in this is bloomberg technology. bitcoin sliding more than 6%, below $19,000 for the second time in two weeks. what it means, and how low can it go? plus, washington is finally taking note of sexism that has run rampant in the tech industry where women have long been underrepresented. stephen lynch on the heels of a hearing he chaired on combating the culture. what he thinks congress can do to help fix the problem. and airlines are canceling flights up and down the board as they struggled to keep up with demand. the future of travel in a post-pandemic world. rest -- recession fears are back, sending stocks down across the board. ed ludlow has all the latest. ed: you can see that spending fell for the first time in the year, reinforcing recession fears out in the market. big drops across the major indices. i keep going back to u.s. 10-year gilts, down another seven or eight basis points. when yields are rising we saw a pain in tech stocks. when yields are coming down, look at the red on the screen. it's june 30, we ma

emily: i'm emily chang in san francisco. this is bloomberg technology. coming up in the next hour, stocks set for the longest losing streak since january over concern the fed combating inflation will throw the u.s. into recession. it's another sign of a worsening crypto downturn -- coinbase announced it will lay off 18% of its workforce following other crypto companies also cutting staff. and my exclusive interview with chuck robbins on where he sees the economy headed and how the company is navigating the downturn and supply chain pains. he will join me for an exclusive interview. you will get to all that but u.s. stocks on their longest losing streak in six months. but tech faring better with a late in the day rebound, helping to keep the sector in the green. what change for tech today? ed: it was volatility swinging between gains and losses. snapping four straight days of declines and in pockets of that performance, semiconductors up, the mega caps really interesting, pushing the index higher. the bond market leading the equity market by the nose. the

emily: i'm emily chang in san francisco and this is bloomberg technology. the fed raises interest rates by 75 basis points, the biggest increase since 1994. stocks rallied. what this could signal about a possible recession. plus, new funds launching even in a downturn. the heavy hitters behind the $450 million fund, including a top morgan stanley alum. and elon musk getting even more political as he reveals who he is backing for president in 2024, as he prepares to address employees at an all hands meeting, divided on whether he will save the company or destroy it. first, this they will go down in history. the fed raising interest rates by 75 basis points, the most in almost 30 years. jay powell gave his views in the fight against overly high inflation. ed ludlow is here with more. ed: an effort to calm prices. this historic day -- 75 basis points by taking the federal funds rate to 1.5%, for the interest rate could rise to 3.4% by the end of this year, 3.8% by the end of next year. saying the fed is strongly committed to returning inflation to its 2% objec

emily: i emily chang in san francisco and this is bloomberg technology. multiple spacex employees fired after an open letter criticizing elon musk. what this says about his leadership and what it means for twitter. plus, does ai have feelings? google just suspended an engineer who claims the answer to the question is yes. we will have a conversation with googles former ai ethicist. crypto traders go from the fear of missing out to straight up fear. we talked to microstrategy strategist michael sailor. first, i look at the markets. another day for bitcoin in the red. broader stocks are rallying. the tech heavy nasdaq is surging. the s&p is closing at its lowest point since september 2020. taylor riggs is here to break down the day and week. taylor: the biggest weekly decline on the s&p 500 since march of 2020. that really puts it into perspective. you can see all the major indices in the red for the week and lower for 10 of the last 11 weeks. this has been another wild a loss for the week or so. that negative sentiment continues with equity markets. i want

emily: i'm emily chang in san francisco and this is bloomberg technology. u.s. stocks oscillating as investors walked to position after the latest comments from fed chair jay powell saying a recession could lie ahead. we will speak with shopper five president about how it's impacting consumers at where the company is placing its bets when it comes to the future of e-commerce. plus, slack unveils a slew of new features to the hybrid work world. they have been building company since before the.com boom. we will also get his view on the market lockdown. and jeffrey katzenberg them joins to talk about the future of entertainment and disrupting the legacy industries. plus, we will get his thoughts on what's happening at netflix and disney. all of that in a moment, but first let's look at the markets with ed ludlow. everyone listening to those comments from fed chair jay powell. >> all eyes on the fed. we are down by less than 2/10 of a percent on the s&p 500 and nasdaq 100. nothing changed in terms of wet fed powell said on the outlook. it's whether they can deliver

chang. >> i am emily chang in san francisco and this is bloomberg technology. stocks are set for the longest losing streak since january. this is to combat high inflation. we will throughout the u.s. into recession. plus, another sign of a worsening crypto downturn. coinbase announcing in a lay off, 18% of its workforce. following other crypto companies that are also cutting staff. and my exclusive interview with chuck robbins on where he sees the economy headed and how the company is navigating the downturn. he will jointly in an exclusive interview later this hour. u.s. stocks on their longest losing streak in six months with the s&p 500 falling for a fifth straight. but tech turns better with a late in the day rebound. helping to put the sector in the green. >> it was really a session here. there is the pocket of outperformance. negative cash really interesting as well. shares of chinese tech companies as well. the story is the same. the bond market leading here. he is continuing to push higher here. there are all eyes on the fed. the right-hand side of the

i'm emily chang in san francisco. we have heard so much about mental health over the last few years, as we have all had to navigate the uncertainty of a pandemic, from home to work. this is why thrive is partnered with the society for human resource management to get some of the biggest companies, from microsoft, salesforce, uber, and walmart, to make a commitment to employee health and well-being. joining me right now, ceo of thrive, arianna huffington. great to have you back with us. so what exactly are these companies committing to do? arianna: basically, they are committing, during these tough economic times ahead, not to cut mental health and well-being offerings through their employees. as you know, emily, over the last two years we have seen an incredible increase, over 90 companies, have increased their mental health and well-being offerings to their employees. over the last two years every company practically became a health care company. these are amazing advances. as companies are making tough decisions, we

emily: i'm emily chang in san francisco and this is bloomberg technology. it coming up, a tumultuous may for markets in an almost exactly where it started, what does it mean? to tech valuations and summer months to come, we will discuss. could online dating be the one market that will be spared? we will talk to analyst to says companies like bumble, tinder and haynes are recession proof. plus, from where the next covid wave will hit to how high inflation will go to the winners of the grammys. a new predictions market lets you bet on just about anything. were going to meet a controversial exchange that is actually legal for now. and finally, the supreme court just blocked a texas law that could transform twitter and meta. we will have a report live from washington. all of that in a moment, but first let's get a look at the markets and stocks in particular. tech ending may almost exactly where they started this month. ed ludlow here with the latest. what was all the fuss about? ed: one of those days where you ripped up the script. i was here and prepared i ha

with emily chang. emily: i am emily chang in apple headquarters in cupertino, california. this is "bloomberg technology." we are coming to you live from the worldwide developers conference, the much-anticipated gathering of developers which kicks off today. the tech giant announcing new software, new chips, and even a couple of new macbooks. we will talk to analysts and developers about the key updates throughout the hour. plus, elon musk threatens to end his deal to buy twitter. why he says the social network is "14 his information rights." can twitter actually steal the deal? we will discuss. apple beats twitter to an edit button. that might be the biggest news of the day. we are going to get to all of that. let's get a look at the markets, and a lot going on in tech. emily griffey a here now with more. walk us through the day. >> let's get right to apple. it is all about that conference that you are attending. i know you will dive into the details, unveiled new ipad features, new lock screen, and they debuted that highly anticipated apple pay later today. it did not mov

i am taylor riggs in new york in four emily chang. this week started pride month, bloomberg television focusing on a wide range of topics when it means for -- as well as investors. and matches it users with the freelancers by using matchmaking out rhythms. the ceo is on -- algorithms, ceo is creating inclusion for underrepresented individuals, 95% of the workers identify as female, 65% by the by park community and more that -- bipoc community. the kickoff pride mark and a renewed vocus on -- focus on equality, today is jobs day, continue to see underrepresented individuals not have the same opportunity come what you see is the way to help that ford? -- forward? >> thank you so much, i think all companies are starting to gear towards inclusion and equity in the workplace. we see a lot more in canada we have a lot more work to do, it is important that tech companies need to focus on putting diversity out there right up front for everyone on their team to see. but the numbers on their site, all this is extremely important so because your

i am emily chang in san francisco. this is bloomberg. isaac notes -- ♪ >>

emily: i'm emily chang in new york and this is "bloomberg technology." he helped introduce michelle sandberg to -- sheryl sandberg to mark zuckerberg. we'll be discussing where they go from here. he sat on the board of facebook for seven years and has known sandberg for more than 20. my exclusive conversation with donald graham and where meta- goes from here. and inflation keeps raging. no relief in sight according to president biden as the market, tech, and crypto stocks in particular keep whip sign. we will be joined by the author of a new book about whether silicon valley can hold onto its role as the center of power, later in the hour. all of that in a moment first a look at microsoft, giving the market a scare by revising its outlook. microsoft, the michael -- the story of the day. ed: we started thursday with nerves, the stocks down, saying the stronger dollar and look rising interest rate story of course has been a real headwind, revising the outlook around earnings, 400 $60 million on that strong dollar with unfavorable currency conditions. looki

with emily chang. emily: i am emily chang in san francisco. coming up,musk's skepticism about pots has one investor suing the company. more on the threat to blow up the $44 billion buyout. plus, the future of flying cars. ed ludlow on the ground where leaders and investors have gathered. he will bring us an exclusive interview later this hour. my exclusive conversation on the heels of apple announcing its offering a competing version of by now, pay later. all of that in a moment. first a look at the markets. apple and microsoft driving shares higher. katie greifeld with us now. katie: like you said, it was a risk on day thanks to tech. we saw a lot of energy in the last hour. the s&p and nasdaq finishing 1% higher give or take. as a result, volatility breathed a sigh of relief. the vix at 24. something to watch in the days to come. bitcoin, even though you saw a resurgence in some big tech names, not as much love for bitcoin. the coinage did trade above $31,000 a coin. i'm thinking about twitter. elon musk threatening to end the deal. that cau

with emily chang. emily: we will bring you our exclusive interview. tech companies may be willing to cover travel fees for employees looking to get an abortion, but what about protecting your data? we will talk to a civil rights attorney. theranos -- his fate in the hands of the jury. we will get the latest. all of that in a moment. want to get a look at the markets, volatility is back, stocks falling again to start this week with the tech sector a big drag. ed ludlow is here with the latest. ed: it's not uncommon to see volatility creep back in, portfolio managers adjust the composition. the tech sector is the underperformer. the nasdaq is down 8/10 of 1% after a game last week. yields are such a big part of the story. up seven basis points. when we saw the gain and equity markets last week, yields were coming down. that is quite interesting. i'm going to bring you a silver lining. valuations have come down, they peaked. names like meda, for example, value buyers have started to come back and. that is important, we are asking ourselves where the bott

emily: i'm emily chang in san francisco and this is bloomberg technology. coming up, elon musk tells bloomberg there are still unresolved matters when it comes to his bid for twitter. he believes a recession is likely. we bring you our conversation with the tesla ceo from the qatar economic forum in delhi. a first for apple. workers in maryland vote to unionize. we talk to the former chair of the national labor relations board about whether the iphone maker should brace for a wave of union votes at stores around the world. monetizing meta-. how the company is shifting priorities and its algorithm in an effort to chase tiktok. we look at all of that in a moment. u.s. stocks rebounding after last week's trillion dollar slide on the s&p 500. katie greifeld here to walk us through the day. take it away. kati: it was a broad rally today. s&p 500 and nasdaq 100 finishing 2.5% higher. you did see yields continue to climb. look at the 10 year treasury yield, finishing five basis points higher today. you are looking, breaking below 30 at one point. finishing above 3

emily chang, bloomberg, cupertino, california. shery: you saw emily there. here's a quick check of the latest business flash headlines. here's a little more about the stock split i told you about. amazon rose in the first trading session since their 20 for one split of stocks. shares gained about 2% in new york but the stock is still down about 10% since reporting the plan in march. amazon saying the move was to make the stock more accessible for average investors. bloomberg sources say the sec is investigating whether finance broke securities rules over its 2017 additional coin offering. we are told regulators looking into whether the offer was actually registered. investigations in washington, the bnp token is the world's fifth biggest crypto. citigroup will hire more than 4000 tech staff to help move its institutional clients online. more than 1000 of the recruits will join the markets technology team. demand for data specialists and software engineers has intensified in banking and other industries, with companies operating decades-old tech platforms to

i'm emily chang at the city club of san francisco, where we had a host of special guests, including the uber ceo dara khosrowshahi about the current economic climate and how it could impact uber's business. dara: we don't see any signal of a recession coming. what is different about us than most companies out there is just as you saw during the pandemic a shift from spend on services to spend on retail, that shift is now going back to services and we are the definition of a service. travel is back, etc. i think our service is benefiting from the shift back. certainly the mobility business is growing at very high rates, highly profitable. the delivery business, delivery of everything at home, continues to be strong. at this point we don't see any signal whatsoever. we have gone through recessions in south america and brazil and mexico in the past. what you see in those recessions is that has the labor pool heats up, and we don't see signs of that here in europe, more drivers come onto the platform. has more drivers come on to the platform, service levels get better. versus many other com

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emily: i'm emily chang in san -- in new york and this is bloomberg technology. coming up in the next hour, the end of the silicon valley era, sheryl sandberg is stepping down after 14 years at facebook and now meta as chief operating officer. i spoke to her in an exclusive interview. sheryl: i made a final decision this weekend and let mark know. emily: we will have more on that decision them of why she's leaving now and what it means for meta's future. and if you want to keep working at tesla, forget about working from home. elon musk sending any mail with the subject line, remote work is no longer acceptable. first a quick check of the markets and how meta shares moved on news of sheryl sandberg leaving the company after 14 years. bloomberg's ed ludlow here with more. big day for the markets. ed: fantastic reporting on sheryl sandberg and the role that the selloff in meta shares, even though it was the last 20 minutes of the session, had an impact on the broader markets. s&p and nasdaq down, those declines accelerated as we saw meta shares selloff more rapidly

emily: i am emily chang in the san francisco. coming up, in the next hour. >> today the supreme court of the united states expressly took away a constitutional right for the american people. already recognized. they did not limit it, they took it away. emily: president biden reacting to an unprecedented moment in american history, the supreme court's decision to overturn roe v. wade. protests are wrapping outside of the high court as women respond to the news and companies are responding too. plus, the cofounder of the blockchain the developer is out with the new crypto cell phone. we will ask him why he's dialing in to the world of mobile. nft, nyc comes to a close, we will look at the future of nft's as trading close down and companies are raking in more funding and more celebrities are jumping on the bandwagon, where is it going, we will discuss that in more later this hour. i want to get a look at the markets with katie. despite what is going on in washington, stocks rebounding for their best week in month. >> absolutely. it

chang. >> i am emily chang in san francisco this is "bloomberg technology." coming up the next hour we are live at the port of l.a. after fiery comments from president biden on soaring inflation and what because the exploitation of oil companies that is spiking gas prices. developing, tesla is asking shareholders to authorize a 3 for 1 stock split and there a surprising departure from the board of directors. a culture clash at disney, we will talk about the future of the annotated -- the entertainment giant under a ceo. >> katie, there is surprisingly high cpi numbers, seems to be dragging everything down. >> nowhere to hide today, when you look at the s&p 500, down almost 3% on the day, that is contributing to its worst week since january, we started this week out on a good note, did not matter because the cpi numbers you mentioned. both on the headline number and on the core number. what is interesting to me as he look at the yield over your numbers, you have a 2.6% percentage point gap. that is the widest spread since 2008, the widest divergence in those n

emily chang, thank you for joining us. this is bloomberg. ♪ >> coming up, we will look at trends in mna. marc cooper of solomon partners joins us shortly. this is bloomberg. ♪ alix: we are an hour into the u.s. trading session. talking about the financial conditions and how they have tightened. 50 basis point hikes over the next couple of meetings makes sense. it is hard to make a case for a pause in september. a little more hawkish from lyle brainard. abigail doolittle tracking all the moves in the markets. >> those comments helping the s&p 500 go near session lows. this is the intraday chart. prior to those lyle brainard comments, microsoft out for the fiscal fourth-quarter to the downside. you have the s&p 500 futures higher earlier and then taking a leg lower, down 0.5% on that announcement having to do with fx, currency headwinds according to the company. most analysts seemed to be accepting that. let's see if that is the case or if currency headwinds continue to be a problem, that would be an inflationary signal.

i'm emily chang in cupertino, california live from apple's worldwide developers conference. the key word being oliver -- developer. hundreds of developers here this week to learn more about apple's key updates and of course millions taking part in this event around the world. we saw a redesigned macbook air, macbook pro, with the m2 chip, along with upgrades to the ipad and apple watch as well as safari, and a shift away from passwords. i am joined now by jes wolfe, ceo and chairwoman of rebel girls, a brand with a mission of inspiring the next generation of girls. and you guys are finalists for the apple design award. what exactly does that mean? jes: we are and we are thrilled. emily: congratulations. what do you think apple sees in the design? the you guys have come up with. jes: the rebel girls app is a finalist for the design and social impact. there are six categories of awards and we are one of the finalists for them. it is around the design, the intentionality behind the app and what we are doing. we're an empowerment brand for girls, we're a storytelling company. we

emily chang, bloomberg, cupertino, california. francine: apple, if you are listening, i have a new iphone 13, and i can't use my old case, so every time they take a photo, i invoke siri. tom: they designed this just to frustrate francine lacqua. they have got this payments thing as well, so you can split the payments across four interest-free payments. francine: u.s. investigators are investigating whether binance broke security rules by selling tokens as they were getting up the ground five years ago. joining us to discuss is our senior crypto reporter, joanna ossinger, what are the issues at stake? joanna: this review is looking into binance's origins and those of the -- token, which is now the world's fifth biggest. they are looking at whether the initial coin offering was a sale of a security that was not registered at the agency, and according to sources, could be difficult for binance because it is already fending off a number of investigations in washington. they are looking at a number of things related to the beginnings o

emily chang is joining us from the event in california. we appreciate it. what is your focus today? emily: we are back at apple parked in person for the first time in three years and today as always we are expecting it to be about the software. we could see some news hardware, clues about new hardware, but we are focused on software. we are expecting a big revamp of ipad software. apple is every to make the ipad a lot more like a laptop. to be able to use multiple apps at the same time. we did also see updates to iphone software. apple tv software. if we see new software our colleague has reported we might see a macbook air. it could be the biggest revamp in a decade. there have been supply chain in many factoring challenges in china. maybe we will see a look at the new m2 chip from apple, but we are focused on the software. and may be a glimpse of apple's vision for augmented and virtual reality. alix: no headset for ar/vr? emily: i am not expecting to see a headset. i am hoping for some clues about how apple is thinking about ar nvr. as mark has reported, he believes apples next b

emily: what will change for workers at unionized stores? david: they will have the ability to have a say in their future. they will have a voice on the job scheduling. they love their job, they do great stuff, they connect people to these products that we cannot figure them out, we go to the stores, highly technical, highly skilled, they help us get our stuff together. for them, i think because they love their job, they want to have more say in the schedule, anything to do with their future, working conditions, safety on the job. they will have the ability to do that. emily: we are seeing a similar conversation at amazon and i spoke to andy jassy about union efforts. take a listen to what he had to say. >> we think they are better off without a union for a number of reasons including the fact that it is much harder when you have a union to have a direct relationship with your manager and to get things done quickly. emily: how would you respond to that? david: i think that is silly. just to be frank. for us, the union is the people on site,

>> in silicon valley and beyond, this is bloomberg technology with emily chang. emily: this is bloomberg technology. coming up come of the silicon valley era. sheryl sandberg is stepping down after 14 years at facebook and now meta as she's operating officer. i spoke to her in an exclusive interview. >> i made a final decision this weekend and let mark know. emily: more on that decision, why she's leaving now, and what it means for medicine future. if you want to keep working at tesla, forget about working from home. remote lurk -- work is no longer acceptable. a quick check of the markets. how meta shares moved on news of sheryl sandberg leaving the company after 14 years. ed ludlow here with more. a day for the markets. ed: fantastic reporting. the role that the selloff in meta shares had. it did have an impact on the market. look at the s&p 500. the nasdaq 100. both down by 7/10 of one percent. the clients accelerated as we saw meta shares selloff more rapidly in the last 30 minutes of trading. the biggest points laggard on the nasdaq 100, weighing down that i

chang. emily: coming up in the next hour, global recession fears ramp up. the federal reserve struggles to tackle widespread inflation. the nasdaq 100 leading the charge and tumbling u.s. stocks. >> the fed position to boost rates, tech at the heart of it. ed ludlow is here with more. stocks rallied yesterday after the fed boosted the rates and plunged today. what gives? >> this real sense of deja vu. a fed meeting where they take action, stocks rise, less than 24 hours later, lots of red on the screen. the nasdaq 100 very tech heavy. the s&p 500 closing edits lowest level since 2020. the u.s. 10 year yield was almost 3.5%. it has come down to 3.2%. that's a drop of almost 30 basis points since the time i woke up. i have been awake for a long time. it is a serious move in yield that is had an impact on the equity market. come with me into this chart. yesterday we saw $24 trillion shed from market cap indices all around the world. a large percentage of that comes from the u.s. alone. meta cap

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with emily chang.

emily chang, bloomberg. manus: that's the latest on apple. manus: it's bloomberg daybreak: europe. these are the stories that set your agenda. dani: down but not out, boris it survives a confidence vote, the mutiny suggests his days are numbered. no holding back, the rba hikes rates by a jumbo 50 basis points, setting inflation higher than expected even a month ago. aussie yield surged. record upon your record of a supply constraints, the war in ukraine and easing supply -- covid constraints, is jumbo rate hikes again, this time from the rba. not just upsetting the bond market but seeing some reaction across the different asset classes. manus: because the view on inflation we will talk about whether we see some incremental peak inflation a bit later. across the assets you saw the aussie role rampant. you saw on the fx base, 7% inflation and set of 6% the aussie dollar gives back its gains in the first instance because, they are on a trajectory for high rates. capital economics says 3% is on the way. at a 20 year low, and possibly further to go, the yen. that is something -- policy

change their path of tightening? >> this is not unusual. it is often what you see, with the risk of recession getting higher and higher, this market will adjust as soon it senses the federal reserve is willing to shift to an easing policy you will see it reflected in a huge relief of the credit market. for right now the credit market looks equities, sees the prospects of earnings downgraded. because of the stagflation situation we have right now. that is no good for bondholders, no good for people to need to refinance. campaign is being seen in the credit market and will last a bit longer -- the pain is being seen in the credit markets will last a bit longer. >> mark, we gave it back to the china manufacturing figures we saw an expansion in june at a muted place -- pace. services blowout, while the economy emerges from the recent lockdowns. , let's get over to our greater china editor, he says it is a long-term economic good on top of that. this is, i suppose, reinforcing the policies in pl

. >> michael saylor speaking with emily chang. let's get to vonnie quinn. vonnie: thank you. the central bank lack in raising rates is partly to blame for rising recession risks. cps will take several years to return to the 2% inflation go. w you on slowing growth was shared by janet selin -- janet yellen who sit on except be high-priced likely going to stick with consumers through the rest of this year. >> we have had high inflation in the first half of this year and that locks in high inflation for the entire year. but i do expect in the months ahead that the pace of inflation is likely to come down, although there are many uncertainties related to global developments. vonnie: the u.s. is set to reject china's assertion that the taiwan strait is not international waters. president biden has been briefed on the matter and his national security team is examining beijing's claim. the state department says the taiwan strait is in -- is an international waterway. adam schiff told cnn mike pence could be asked to testify to the house select committee investigating the january 6 r

emily: certainly it's a huge announcement from president biden. he's one of the very old school way of looking at things. he wasn't in support of banning the filibuster or abolishing the filibuster the way that many progressives in his party called for. exactly what this means it might not mean too much because it's not just biden. it's actually senators now who have to agree to overturn the filibuster. we have seen numerous senators, senator joe manchin, certainly other senators as well who said they do not want to eliminate the fable. they are worried about what this could mean if republicans take over the senate. they want to make sure that precedent is in place. it's unclear if biden changing tacts on this will change some of the thoughts and opinions. we have already seen senator joe manchin's perspective on this change. he voted against a bill that would codify roe vs. wade in may. after the supreme court ruling came out with a statement saying that he would nower support such legislation to do so. we know that they have 50 votes. they still

are we going to see a change? emily: to a certain extent we have seen that pivot. i think to a certain extent, we're hitting the point were white house officials, there are certain factors that are beyond their control. what they can do with oil, with a can-do with food prices and the supply chain. we expect them to keep a message what they can do. difficult because republicans will push the narrative that this high inflation is a direct result of the covid bill that was best -- passed back in 2021. jonathan: thank you. emily wilkins there alongside maria tadeo. 8.1%, the data point. you have to give a hawk something unhappy about. that is such a massive change. maria: there is this question of why we have not seen more volatility with a complete reset of the regime in europe. this is on the heels not only of a toy five point rate hike, but it was priced in from september. looking at this and thinking, can they? jonathan: yields are still climbing. they are still climbing. we have not seen chaya. tom: sebastian is an outlier. are we mentally there for that strong y

how it has changed. >> emily: exactly. my family is small business is outside portland. we've seen the precipitous decline of the community there. it's pretty localized to be honest. outside of portland, it's more rural. there's a beautiful wine country there. people going there are devastated. they're appalled by what they're seeing daily. the problem with the policies and programs, maybe they sound nice but when applied, it's people's sons and daughters. we covered the article that came out of new york city that said that we should be sort of proud and confident and safe in the fact that you're being a safe drug user. being encouraged to do so to the tune of $40 million of taxpayers dollar that have been spent out of 300 million. the organians are paying with their tax dollars to watch people die and have the administration and the local city council do nothing about it. >> kalyeigh: in san francisco, there's this area that was supposed to help drug users. it shut down. only .1% of people actually were helped. $75,000 a year. >> i was looking at the numbers. i'm on fis

. >> emily: that was one of the reasons articulated for the change in this policy. obviously in terms of protecting officer safety. that is our paramount wish as well. there was an additional reason that she gave, which was about officer accountability and community trust. wouldn't you say maintaining community trust is maintaining members of the community's safety in perpetrators that are able to engage in simply assault, which is one of the reasons that has been wiped off? >> ben: this is part of the strategy to get rid of police officers. if you're a police officer, this makes you want to quit your job. if you have police in places like chicago and you're continuing to tell them that they can't do their job -- there's no police officer that says i want to protect and defend but i don't want to run after bad guys. that's not in their dna. if you're a good police officer and you're being handcuffed again, you can't do this, you can't do this, you can't do this, this is part of the strategy of the left to defund the police and get rid of the police officers because