when i compare amazon versus apple, amazon had years of investment in losing money, which steals them from taxes for years to. come. -- shields them from taxes for years to come. 21% to 28 percent is not as much of a threat for amazon and apple as it would be for u.s. only company. lisa: -- even though they account for much smaller subset of actual sales. something like $15 billion of revenue. i wonder how much room there is to expand given some of the competitors, specifically microsoft, that are gaining a lot of clout. jonathan: i think microsoft is gaining but the story in 2021 for aws is amazon intentionally scaled-back usage for travel and leisure companies to help them save money to manage the pandemic. as we have the reopening and the economy rebounds, the travel and leisure companies will accelerate their spend on cloud computing, including aws. that will benefit them more than any competitive pressure from microsoft. lisa: this is for tom keene. why didn't they do a stock split? tom: for tom keene. i have followed the internet long enough to remember that in the late 1990's a

amazon crushed estimates. it is their fourth quarter of a hundred pleasant -- 100 plus dollars revenue. twitter after reporting earnings, getting crushed. getting absolutely penalized. jonathon: what do you make of that? third quarter revenue up 44%. apple app store negative in yesterday's session. the negatively skewed price action. lisa: the question is is it peak growth. it seems like for the big companies, it is anything but ptech -- but peak growth. it seems like anxiety. perhaps they price in too much perfection especially after data comes out showing the region. maybe people feel like the good times cannot last much longer. jonathon: we will talk about this later in the hour. euro-dollar back through 120. negative growth in europe. positive growth in america. that story is well known through q1. i thought q2, q3, q4, things start to pick up a little more. europe starts to participate in this global growth story. lisa: i don't know what to make of it. i have no idea why there is not more of a rally in te

amazon has taken a commanding lead in a historic election to determine whether workers at an amazon warehouse in alabama will become the first in the u.s. to join a retail union. with about half the votes counted, amazon is ahead by a two to one margin. the retail, wholesale, and department store union calls the system broke in and says it will appeal. 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. i'm ritika gupta. this is bloomberg. ♪ >> populism, if it keeps going on for too long, just blows up. if you get a lot of stimulus, you say that works great, let's do it again. let's keep doing it. that is how you get into trouble. jonathan: the words of the harvard university professor of economics and public policy, catching up with us right here on "bloomberg surveillance" just moments ago. good morning. alongside tom keene, i'm jonathan ferro. lisa abramowicz back with us on monday. let's look at the price action to get you set up for this friday morning. equity futures breaching 4100 briefly on the

amazon will be a big winner. the amazon business has been strong. last night they announced a new deal with disney plus. they are continuing to be a juggernaut in the retail and technology, and just dominating our numbers will probably go up. our model will have to adjust after their reporting. i'm expecting good results. lisa: a juggernaut with a target on its back. we saw apple trying to get ahead of that. are we going to hear something similar out of amazon? joseph: i think they are. they continue to invest in the future. they are getting closer to the customer with more facilities, whether it is distribution or grocery. they are leveraging new technology. we will have contactless shopping at a new level because of the technology amazon has. distribution capabilities continue to improve. aws, they are becoming more dominant there. with more people working from home and that likely to continue, aws becomes more important to have things in the cloud. they will continue to push and lead the direction for most others in the consumer space. troy: ther

amazon on thursday. knowing my luck now, there will be a stock split later this week just for tom keene. apple committing $430 billion in u.s. investment over the next five years, adding 20,000 new jobs. tom: what is so important here, it is very lengthy, basically they speak like a government. what do you do when you're building a submarine or an aircraft carrier? you put the suppliers in 38 of the 50 states. that is pretty much what apple is doing. they are spreading out $500 billion over the 50 states, and the get state after state. i happen to be looking at texas, and the ability to grow out there. but there's many other cities and states as well. jonathan: tim cook will saying at this moment of recovery and rebuilding, apple is redoubling on the commitment to u.s. innovation and manufacturing across all 50 states. much more still to come on the story and the latest in bitcoin, with a big rally this monday. troy gayeski of skybridge joining us in about 20 minutes. equity futures down 0.1%. from new y

you talk about the amazonization of the american economy. do we underestimate the cardboard boxes and the cloud out there for mr. bezos? peter: amazonization has a number of factors, but one important for the fed is despite this very rapid growth and a tightening of the labor market, unlike what we have seen for quite some time, amazonization is a factor we think will keep inflation from getting out of control. certainly the vast increase in new information flow about supply and demand of all kinds of commodities and services, price information globally is going to keep, after some initial disruptions as bottlenecks appear during this normalization process, amazonization working in the background will be there. lisa: even at amazon we are seeing pressure in terms of labor shortages. having to offer higher wages to more people, not to mention the fact of unionization. jonathan: you want to stick cap you in? three, two, one. we are restarting. you can go again. we can tried again. lisa: there is a question about whether amazon will face longer

amazon and twitter coming out after the bell. expected to blow things out of the water, given what we have seen from apple and facebook. i do wonder what will make traders respond. why has there not been a bigger respond to beats that are astronomical? these are way above normal beats. jonathan: it's not just the companies that have had big year to date gains. still, the stock has hardly moved. i know one focus for you on amazon is the fact that it is north of 3500, and you think perhaps they should deliver a stock split. tom: we are seeing all of these companies adapting to the reality of their success. they've got a pr effort to the nation, frankly to their employees. i saw that yesterday afternoon with the amazon out front about pay raises coming quicker to the people. one of those things is just to be more visible and more accessible. why don't they do a stock split to recalibrate with other big companies like mcdonald's and that ilk? jonathan: steve schiffer own -- steve shive around -- steve chiavarone, federated hermas, jo

imagine how we are going to reset tomorrow on amazon. jonathan: we talk about a quite selloff in the treasury market. we have had a move of 10 basis points on a 10 year yield on the week so far. 4200 on the s&p 500. there it is in futures. we are up seven -- .7%. goldman thinks maybe 80 in the next six months. we have a lot to get through. lisa: commodities super cycle seems to be a common theme. today is 8:30, jobless claims are expected to come down somewhat significantly. we are expecting a first quarter gdp number of 6.6%. there was a question here about how hot this economy can run before people recognize it as such. 11:00 a.m., randy pearl is speaking at an s.e.c. meeting talking about financial regulation. i wonder how much he is going to come out and talk about regulating some of the derivatives are giving more transparency around some of these trades. amazon and twitter expected to report earnings. i'm watching the stock price reaction. what exactly are they pricing in? it seems like no the really matters when it comes to the st

apple coming out tomorrow, amazon on thursday. into the bard month -- into the bond market, where yields higher which 1.5792%. racing through the earnings for you, this one is just for you, tom. tom: when you and i had lunch the other day, you had on those classic crocs. jonathan: i had no idea people actually wore these seriously, but apparently they do. tom: i bring this up because this is anecdotal. company to company, we are all focused on amazon and all that, but each company has a story about how they are doing in this horrific natural disaster. jonathan: they are doing pretty well, i raise -- pretty well, apparently. lisa: the story is that everyone is at home, and they prize comfort over all else. jonathan: this trend continues? people have just given up? [laughter] lisa: they've given into a new life. tom: -- joins us from washington this morning. jack, the president will speak, and it will be a most interesting speech to the middle of both parties. how do those middle parties shift with the census announcements yesterday

[laughter] christopher: amazon is actually -- amazon has actually underperformed. what you are finding it a lot more banks, industrials, more value type companies, more cyclical type companies then you will see for a lot of the tech companies. a lot of the tech companies will continue to fall out of that moment in basket. lisa: whenever going to see the inflation you talked about? i know jon was trying to pin you down on a timeframe, but when do we start seeing the reality we are pricing out of hope or face? -- hope or faith? christopher: we are already seeing price inflation with a lot of companies across and us trills and chemicals. demand we think will be exceptionally strong, so we will see it over the next several months. we are beginning to see it already, and we think it just begins to accelerate. lisa: just to cut in, then why is it that the bid into treasuries has just gotten stronger? why is it that people are dismissing this? christopher: for a long time, what we are looking at when the vaccine was beginning to roll out, rates didn't move. here, the othe

let's talk about the explosive growth at amazon. i feel like i might be personally responsible for this because all through the pandemic , i've been getting at least three amazon packages a week, and it seems everyone else's, too. revenue up 44%, and the thing about it is the outlook also very strong. the company does not think that pandemic online shopping behavior is ending anytime soon. that stock is higher by more than 2% in premarket trading. but talking about the advertising boom that you were just speaking to, facebook and google, the thing is twitter is not benefiting from that in the same way. it only had revenue growth of 28% in the quarter just reported. that met expectations, but it is much smaller than the growth seen for some of those other advertising competitors. the outlook also missed, so that stock is down by 12.5% in premarket trading. western digital is higher. it beat on the current quarter, eight on the outlook. it is benefiting from demand for those memory chips. texas roadhouse, apparently people are very hu

amazon, microsoft, google, and apple. i am usually not big on this but i must omit, the restatement of the profitability -- admit, the restatement of the profitability of american technology. lisa: that was quite a way to start. a lot of people are looking at any indication of the taper debate. a lot of economists are expecting the fed to taper. the fed seems to be indicating. they may indicate just how much their willing to shift -- they are willing to shift position. jonathan: from new york city this morning, here is how we start things. s&p 500 futures look a little like this. into the bond market, yields are higher. they are up two basis points. lisa: the idea is the vaccination pace seems to be picking up in europe. the upside surprise potentially greatly exceeds that in the u.s. right now. durable goods in the u.s., 8:30 a.m. the expectation is for a slow down. people are looking for how many big-ticket items, how much companies are willing to invest. today, 11:30 a.m., we get a $60 billion two-year sale from the u.

amazon, shadow banking systems, and talks about the country, racial and economic rights as he says. he calls for a marshall plan. tom: a marshall plan for jeff bezos? sonali: for the country. he believes that americans and the united states have lost belief in their institutions, everything from government, to schools, to business. >> this has been the ongoing theme this morning, the political nature of the bank in this particular letter. looking at the google threat, is he looking for more regulation for tech that is trying to get into the financial sector? is he looking for an acquisition? sonali: both. he signals a want to buy something. he's been doing that for a while. the specific interest is interesting and he does lay out the size of a ball -- of evolving competitors as a $5.6 trillion estimate about their size in this space. it's not just technology, its other shadow banking rivals, people in private credit, private equity, regulation is a part of this. we've been talking about regulation for days, but it's also the recognition, the first page of the report is j.p. morgan r

this is the opposite of the amazon ceo's attacks and he supports a. number two, you have to imagine of course corporate ceos do not like this and the likes of janet yellen site if we reduce some of the loopholes, we will bring all of this capital back to the u.s. i want to see the studies. this is a difficult time. i want to see the actual data, not just rhetoric. jonathan: pretty simple. you have to have incentives in the united states. the corporate snapback the last couple of weeks no doubt will increase. coming up, dennis gartman. from new york city, good morning. this is "bloomberg." ♪ jonathan: this is "bloomberg surveillance." markets is looking really good. the nasdaq flying over the last week or so. futures up. s&p 500 index also up. apple up almost 10% off the lows of early march. i wonder how much stability in this market, the bond market compass helping that. let's get there quickly. the average of the last 30 days as well, some real stability. it may be helps fuel some of that enthusiasm back into big tech. the movie of see in high-yiel

that is amazon. the new rules that would apply to any large companies that exceed certain numbers for their annual revenue. amazon is a low-margin tech giant and other countries are bopping at the idea that would mean it would not be covered by attacks agreement. verizon lost wireless subscribers for the first time in a year. the largest carrier posted a loss of 170,000 wireless customers. analysts had forecast and increase. it is a troubling sign for verizon, which is trying to catch up with at&t and t-mobile in the race for 5g subscribers. prescription eyewear seller is considering an ipo, possibly this year. bloomberg has learned the company is in talk with advisors. warby parker has a value of $3 billion. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> we will reach the time at which we will taper asset purchases when we have made substantial further progre

amazon is on deck. tom: rumors on apple, the leadership here of course from our wonderful mark gurman who is front and center. they are already modeling out a press release of the next chip. apple is looking beyond with all the investment in north carolina. the chip is substantially fancier. maybe we will hear about that today. jonathan: do you know how any messages i've had about a potential stock split? that's what you want. tom: i don't care. jonathan: explict -- tom: explained to me why we have a $3000 stocks -- stock price. this is part of the american fabric. they are to bring it down to a dow equivalency so they can join the index that matters. jonathan: it's 2021 you don't have to be in the dow. there is such thing as fractional share ownership. do you want to be -- do you need a stock split in 2021? tom: amazon should be in the dow. jonathan: i'm not a bite back. too much energy for later on today. i'm just knocking to do it. tom: jerome powell quotes the dow. jonathan: when they look at financ

and amazon has taken a commanding lead in an historic election. the vote will determine whether workers at an amazon warehouse in alabama will become the first in the u.s. to join a retail union. with about half of the votes counted, amazon is ahead by a two-to-one margin. the retail, wholesale, and department store union calls the system broken and says it will appeal. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ ♪ >> in the united states, there is now a lot of discussion about infrastructure, including green infrastructure. adding to this two elements, green and social services, social infrastructure, is positive. broadly speaking, yes, we do support it. jonathan: that was the managing imf director on the u.s. infrastructure plan. good morning. lisa abramowicz back on monday. let's get straight to the price action. the nasdaq 100 up on the week by more than 3%. the russell down on the week by about. 0.5%. . the s&p 500 fut

would apply to any large company that exceeds certain numbers of annual revenue profit margins but amazon is a low-margin tech giant. other countries are balking at the idea, that could mean it would not be covered by the tax agreement. shares of -- fell after the japanese company set up a buyout. the board had urged caution saying they might not need -- it might not lead to a deal. bain capital is considering taking a private. apple has unveiled a faster ipad pro. it's a more powerful version of its pricier tablet aimed at workers and students learning to office -- returning to offices and schools. 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. i'm ritika gupta, this is bloomberg. ♪ >> once we get to around may 40% of the population vaccinated based on israel we will see a decline in cases. we are already seeing benefits based on hospitalizations. older individuals who are most likely to have severe complications is not happening so much because of how many have been vaccination -- vaccinated.

i don't think the minefields are microsoft or google or apple or amazon. they are going to have margins that are pretty good. jonathan: coming up, a little bit more cautious. we are going to follow up on that in the next hour. equity futures up on the s&p. the bond market up one basis point to 158. from new york city this morning, good morning. this is bloomberg. ritika: president biden is expected to sign an executive order that would raise the minimum wage for contractors to $15 an hour. it is currently $10.95. it will start next january. the latest census figures are good news for republicans. texas will gain two seats in the house under the new numbers. states in the northeast and midwest will lose seven seats in a shift of political cloud to were struggling -- in a shift of political clout. americans may soon get clearance to take off their masks outdoors. president biden is excited to announce that the cdc will issue new guidance on wearing facial coverings outside. some public health experts are calling for less strict guidelines as warmer weather a

how is that being received on capitol hill given the fact amazon has been a very low tax rate for a long time. emily: you see a couple of different opinions from lawmakers about what they need the tax rate to be. i think his statement yesterday with -- spoke in favor of the plan to raise the corporate tax rate. you've already heard from senator joe manchin who is a very key senate democrat vote that he does not want to see the corporate tax rate go that high prayed it's going to be interesting to watch president biden over the next several days and weeks as he tries to sell the infrastructure plan both to the american people also to businesses and corporations and other groups like amazon. trying to get them on board and hopefully put pressure on republican lawmakers to consider backing parts of bidens plan. lisa: is this to four-year-olds with their forehead pressed against each other saying it's one way or the other or are they bringing real evidence to the table of what tax hikes could do , how potentially it affect growth. are we looking at real statistics and empirical evidence or i

jonathan: do you think the release on thursday from amazon changes a little bit? lisa: it already has. it has got more and more political. tom: they have to shake things up. jonathan: have used shake things up? -- how do you shake things up? lisa: i cannot taken seriously. jonathan: tom keene, lisa abramowicz, jonathan ferro. i'm getting out of here. tom: is ok. it will be transitory. jonathan: the fake blackeye. i know we will already have some emails. they take everything so seriously. tom: they do. jonathan: this is bloomberg. ritika: i am ritika gupta. it has gone from bad to worse in india where there has been a million cases of the coronavirus in the last few days. the u.s. pledge descendant law materials and step up financing aid for vaccine production. prime minister modi imploring indians to get vaccinated and disregard rumors about dangerous side effects. boris johnson is fighting to get his government back on track, dealing with claims about his conduct. according to the daily mail, johnson said last year he would rather see bodies piled high in their t

chewy can do amazon like returns. lisa: you get two dogs and it is chewy all the time. tom: it is so easy to send money. lisa: you don't order from chewy, you order from some organic, high-quality place from the upper eastside for two different dogs that have two different culinary habits. this does raise the question of how much momentum there is behind the market that has not already been baked in as people start to get back to the world and savings start going into the real activities. tom: futures up 20. my slipped up to the market. europe closed, but america very much open. an important conversation next. stay with us. ritika: republicans may be willing to support a much smaller infrastructure spending bill now that president biden is supporting. one senator says he could see bipartisan support only if the administration cuts back on the proposal. the u.s. is moving ahead with plans to retaliate against six companies. they will be hit with tax that could total almost $1 million a year. everyone in england is now

we have that vote for the amazon workers coming out this week. do you think those efforts will lead to wage inflation beyond what people are currently expecting? dana: certainly, not only at the federal government level, but many state and local governments have been raising minimum wages. certainly, you will see inflationary pressures for certain industries. hotel and restaurants, nearly 60% of their workers are minimum-wage workers. offsetting that could be the rise of remote work where many businesses can hire workers in lower-cost jurisdictions or even from abroad. you are going to see some push and pull in terms of those different pressures with respect to inflation. lisa: how long will it take to determine the sea change underway of working from home and the shift in locations of some of these jobs? have we already started to see that? dana: it is a little tough to see. we do have surveys where we have asked businesses about remote work and many businesses are saying there is going to be a hybrid model going forward where some workers are g

is moving ahead with plans to retaliate against attacks against companies like amazon and facebook. shares of gamestop falling premarket. that is the videogame retail chain that says it will sell up to 3.5 million shares in and out the market offering. gamestop is the roller coaster stock that has been championed by reddit traders. jordan says it has uncovered a plot to destabilize the kingdom. the former crown prince has reportedly worked with unnamed entities and is under house arrest. an executive shakeup may be on the way at credit suisse. bloomberg has learned the swiss bank leaders are discussing whether to replace the risks chief while ceo thomas cap stein would stay in his job. -- thomas gottstein would stay in his job. 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. i'm ritika gupta. this is bloomberg. ♪ >> i think you can reinvigorate labor with this bill, but also the entire american economy as we move forward with the american jobs plan. inside that bill, there's lots of compo

amazon is ahead by a 2-1 margin. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> a new strain will get everywhere within three or four months. that makes it absolutely essential we have a global vaccine effort, a global testing effort, and, this is a critical point, we'll have one of these things every decade so. we need infrastructure to make sure we are constantly watching and ready to stop it at its source, at the beginning. tom: the economist larry summers, former treasury secretary. important comments. it has been a terrific day of economics, including richard clarida. we finish strong. angus deaton. the gentleman from princeton is our definitive voice on our inequalities. it is front and center for all of us in our economics and our politics. his new book is also definitive. it is francine lacqua's book of the year and we are thrilled to have angus deaton with us on the d

amazon at a record high. tom: are you telling me that the basis consensus -- the basic consensus is wrong here? romaine: i'm just telling you where the trend is right now, maybe not as bullish as you would think. tom: the record highs are they are, but i see a shift in the last three days since you helped anchor "bloomberg surveillance." i see a major shift going on. romaine: did you tell jon how well i did that day? jonathan: i'm really proud of you. well done, romaine. romaine: before we get too far off the rails, this was one of the most undervalued cloud application software companies out there. kkr now said to be in talks to take a stake in this company. aaron leavy, who was the ceo and chairman of the company, will relinquish the role. now you have the board full of hedge fund managers. jeff smith at star board had been kicking the tires on this for a while. you are finally getting those board changes at gamestop, solidifying ryan cohen's role as chairman of that company. in twitter, late last night we

if it was google, alphabet, amazon. for some reason, microsoft when it buys a company like this with a tiny revenue base, this company generates about $1.5 billion in revenue, it is not that big. i do not think so. having said that, it will be fun to see how this administration takes a look at many acquisitions in the marketplace. lisa: is this the beginning of a series of acquisitions for microsoft? there have been other rumors. >> it has been around here at we have not seen -- it has been around. we have not seen that big of an acquisition. think about why microsoft is buying some these companies, to improve the functionalities of their own products. this company has huge ramifications not just for the health care stock, imagine being able to order your office, do the work for you using voice commands. the technology is what microsoft is going after, and i expect not just microsoft but others to be part of it as well. tom: was this an offense of or defense of acquisition? did they make this so apple would not buy them

amazon jumps in, netflix jumps in, apple jumps in. whatever. lisa: i do think the idea of a money grab, you kind of can't feel too sorry for anyone involved. it is hard to feel like there's a some pathetic character. jonathan: i totally agree with you. refuse to advocate for either position right now. i find it ridiculous. away from that, you started this program by mentioning united airlines. domestic leasing is up more than 100% right now. that is the message out of the airlines. the ceo seeing fares returning to normal levels later in 2021. what we've heard from these companies, the international story has got to return for these companies to return back to prep -- back to pr ofitability. lisa: we are not going to see a return to some sort of international consensus on the pandemic until perhaps 2022. they said, though, that they also seafarers -- they also see fares returning to normal. jonathan: from new york this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. coming up, ben laidler, etoro global market

tom: whether it's amazon or bank -- banking we have to. gina: you also have to think about the cycle. we are in double-digit growth right now. where will we be in 2022 or 2023? jonathan: thank you. i wasn't even talking to gina, i was talking to our audience worldwide. we get earnings from jp morgan, looking forward to that. earnings after a stock pop of a little more than 20% so far year-to-date. trading up about 8/10 of 1%. i'm jonathan ferro. taking another deep breath. up four points on the s&p, we advance a little bit less then a 10th of 1% in the bond market. yields are higher by a basis point. crew doing ok. 61 handle on wti. euro-dollar 1.1961. that's a stronger euro. up next, it's earnings season and it kicks off with jamie dimon's jp morgan. this is bloomberg surveillance. ♪ >> with the first word news, i'm ready to go to. a giant -- egypt has seized the giant container ship the block the suez canal. the ship is insured for third-party losses. they claim the damages is largely unsupported. the rollout of johnson & johnson's cor

martin: it is very interesting, because you had jeff bezos at amazon supporting a rise in the corporate tax rate to 28% and infrastructure plan. of course, he stands to benefit from infrastructure such as roads and airports. but that has not been a groundswell of corporate support. in fact, there is a pr campaign being produced for television in opposition of any increase in the corporate tax rate. lisa: let's put aside infrastructure and look at other areas that could be bipartisan support. at noon, today there will be a meeting at the white house on infrastructure when it comes to the supply chain, when it comes to trying help, particularly the chip sector, is there bipartisan support for something to shore up supply chains? martin: sure there is, but the question is how do you accomplish it? it takes about two years to build a semiconductor plant, and that is if you get all of the agreements. republicans are definitely supportive of strengthening the supply chain and moving away from dependence on outside suppliers, but this will take time, and there is no solution. as our reporting

warren buffett, amazon, and blackrock are amongst the hundreds of companies and executives uniting to oppose limits on voting. they signed on to a letter denouncing any discriminatory legislation, making it harder for people to vote. republicans have been trying to enact new election rules in almost every state. we are still talking about it. bloomberg has learned credit suisse has sold about $200 billion of stocks tied to the implosion of archegos capital management. last month the firm became the center of one of the biggest margin calls of all time and cost credit suisse and other banks about $10 billion in losses. mcdonald's will require anti-harassment and workplace violence prevention training at all 39,000 locations. it is a move that helps fend off criticism that the chain overlooks workspace abuse. the management training at both company-owned and franchising locations will start next february. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. â

ritika: warren buffett, amazon, and blackrock are uniting to sign onto to a letter denouncing what they called any discriminatory legislation making it harder for people to vote. republicans have been trying to enact new election laws in almost every state. egypt has seized the giant container ship that blocked the suez canal last month. authorities are seeking more than $900 billion in cooperation -- then $900 million in compensation. credit suisse has sold about $200 billion of stocks tied to the implosion after archegos capital management. thanks from new york to zurich have been unwinding leveraged equity bets and became the center of one of the biggest margin calls of all time. it will cost credit suisse and other banks about $1 billion in losses. 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. i'm ritika gupta. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance." jp morgan is a little bit lower. goldman is absolutely flying. her

we think the tang store out of, john -- we thank the tang store out of amazon. jon, this is what my childhood was. jonathan: orange phosphate? tom: this garbage was my childhood. you could take it off the shelf and be like somebody on a gemini spacecraft. you've got to be kidding me. jonathan: is it a slow news day? tom: we are saved by anita bryant. she sold us on oranges. jonathan: lee ferridge, state street head of multi-asset. getting through it. i felt pretty bad this morning. lisa: we are helping out a lot, i'm sure. tom: get vaccinated, folks, like jon ferro. lisa: me today. tom: take someone with you. jon took vet bill. jonathan: for new york, for our audience worldwide, this is "bloomberg surveillance," live on tv and radio. i might walk. this is bloomberg. ♪ >> i think we could have an employment and productivity boom and a real change. >> we are looking not just at the peak. we are looking at the sustainability of these trends. >> what we have to question is have things structurally really changed. >> what the bond market is telling you, not so fast

get wage growth given technology and how you get wage growth given the concentration of wages like amazon and others? prof. spence: it is a complicated challenge. there are a number of things that are important. the tax system that is affect income. second, you need to strengthen the institution that supports unions and change the bargaining power. that is especially part and when you have buying power. third, you have to deal with the skills challenge that we face. wages will reflect the value of various labor in the marketplace regardless of these changes and bargaining power. we know that as our economy transforms digitally, we need a new set of skills, institutions, public and private, that help us. tom: professor, your wonderful book, what is the next labor convergence? do you perceive globally about a k shaped economy, do you see any power for labor to reaffirm what we see in our nostalgia? prof. spence: yes, i do, actually. we are in for a couple of things. one is a very powerful recovery that is underway in america and will come with a slight lag in europe. second, we have product

joe feldman takes amazon and reaffirms a $4000 price target this morning. jonathan: here's the brief from jonathan golub at credit suisse. just dropped in. 25 point 7% of the s&p market cap is reporting q1 results. earnings have surpassed estimates. 83% of companies topping projections. financials exceeding forecast by 37.4%. the rest of the market is beating by 13.4%. early decent q1. the individual that has pushed this story forward on the sell side has been mike wilson of morgan stanley. might not have moved is headline number for year-end on s&p, but where he has pulled back his on things like the small caps, talking about execution risk. execution risk after raising the bar, focused on input costs and the ability to actually meet demand a bigger way. lisa: the change to me is how long the cycle can run. i think that's where mike wilson has really shown a real brilliance. the idea of it runs hot, hotter than people were expecting, but shorter. tom: what is so oppressive -- so impressive here, talking about 42 people, all of them saying three zip codes.

joe feldman reaffirms 4000 on amazon. earnings season is starting with a bang, within a boom economy. jon: let's talk about that and bring in the global head of currency strategy. dollar delayed and not derailed, why? >> first of all, thank you for having me. the drivers that powered the dollar in q1 [indiscernible] you mentioned the tax hikes. we have two fiscal packages in the pipeline. one is funded by corporate tax hikes and one by personal tax hikes. huge stimulus coming down the pipeline greater than any other prospect on january 1. the virus numbers, the vaccination numbers continue to improve. when we are looking at 7% a percent growth in the u.s. and the next few quarters, it is hard to get beyond the headline numbers. aged outshines the rest -- it outshines the rest of the world. i continue to think the dollar remains. tom: give me an update on emerging markets. we have been deficient in our e.m. coverage. you are expert with this with your heritage, and miramar, and with the pandemic. what should we do? win: th

top of the pile, apple, microsoft, amazon, facebook. maybe they are the companies leading the transition in the united states, but when people buy that etf passively, do they know what they own? tom: in the etf world, i think that is dead on. we go to the statistics here of the r squared of about 0.992 the nasdaq. i will say -- of about 0.99 to the nasdaq. i will say the structural change in the u.s. folds into esg. jonathan: clearly there's a premium being attached to the companies making this push, which goes back to an earlier comment i think we have all made this morning. regardless of who is in the white house, there's clearly a credibility issue with the federal government. lisa: but there is a difficult time quantifying what is a green push. who is doing the best climate initiative in terms of corporations. i think frances donald said one of the most interesting things this morning. the way they are looking at it is countries, not companies, that are investing more heavily in combating climate change, that is where they are looki