Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: We begin with the leadership shakeup at the top of
Speaker 1: the IVY League. Claudine Gay is stepping down as president
Speaker 1: of Harvard University weeks after her highly criticized congressional testimony
Speaker 1: about the school's handling of campus anti semitism, alongside the
Speaker 1: presidents of MIT and the University of Pennsylvania. Bloomberg's David
Speaker 1: Weston begins our team coverage.
Speaker 3: It has been sort of a firestorm for these three
Speaker 3: presidents to deal with exactly how you control and influence
Speaker 3: discussion on the campus. There were also questions that developed
Speaker 3: over time about some of the work that President Gay
Speaker 3: had done for her dissertation for her PhD, and allegations
Speaker 3: that she had improperly used sources that she did not identify. Initially,
Speaker 3: the Corporation of Harvard, which is what they call the
Speaker 3: Board of Trustees of corporation, said there'd been an investigation
Speaker 3: and they had totally exonerated her. There was no problem.
Speaker 3: But now she said, she stepped down, and I take
Speaker 3: her to ward. At this point, and at some point,
Speaker 3: a leader becomes a distraction.
Speaker 1: Bloomberg's David Weston reports this is a dramatic about face
Speaker 1: for Harvard. Claudie Gay became the university's first black president
Speaker 1: just six months ago.
Speaker 2: Well Nathan, one of Gay's harshest critics, says her stepping
Speaker 2: down is long overdue, and Bloomberg's At Baxter has that
Speaker 2: part of the story.
Speaker 4: Congresswoman Elis Stefanik says Gay in the December hearing never
Speaker 4: condemned calls for genocide against Jews as a violation of
Speaker 4: university policy. This is part of what Gay said at
Speaker 4: that December hearing.
Speaker 2: We embrace a commitment to free expression, even of views
Speaker 2: that are objectionable, offensive, hateful.
Speaker 4: Stefanica is a Harvard alum who said Gay's statements were
Speaker 4: morally bankrupt. And Bill Ackman now who's also gone after
Speaker 4: Gay posted at two sally an apparent reference to the
Speaker 4: president of MIT at Baxter Bloomberg Radio.
Speaker 1: Okay, and thanks. Sticking with politics, another legal battle is
Speaker 1: set in motion involving Donald Trump's ability to return to office.
Speaker 1: S Bloomberg's Amy Morris has the latest.
Speaker 5: Trump is not just appealing the decision in Maine to
Speaker 5: remove his name from the primary ballot. He's also suing
Speaker 5: the official mains Secretary of State, Senna Bellows, who made
Speaker 5: that decision. It's another legal argument that will likely be
Speaker 5: settled by the US Supreme Court, along with a case
Speaker 5: from Colorado where a group of voters is calling for
Speaker 5: the justices to quickly step in. They're asking for that
Speaker 5: case to be expedited. They'd like a ruling by February eleventh,
Speaker 5: and we could learn whether the Supreme Court will it
Speaker 5: Dervine in the Colorado case by this Friday. In Washington,
Speaker 5: Amy Morris, Bloomberg Radio.
Speaker 2: All right, Amy, thanks now to the latest developments in
Speaker 2: the Middle East. A senior Hamas leader has been killed
Speaker 2: by Israel on a explosion in Beirut. Hamas says Israel
Speaker 2: killed Sileai al Rory, deputy headed the group's polit bureau,
Speaker 2: who was known as the mastermind behind its armed wing
Speaker 2: in the West Bank. Began more from a Bloomberg Silary Liebert,
Speaker 2: it's sort of.
Speaker 6: A no brainer that if they had a senior Hamas leader,
Speaker 6: they could find an attack who wasn't in some underground
Speaker 6: hiding place wherever he was, if they would go after him, and.
Speaker 2: Bloomberg Larry Liebert. It says aler Rory would be the
Speaker 2: most senior Hamas leader killed during the war.
Speaker 1: Turning to markets now, Karen wall Street kicked off the
Speaker 1: new year with a thud. Both tech stocks and treasuries
Speaker 1: sold off. The Nasdaq one hundred index fell one point
Speaker 1: seven percent, at benchmark's biggest drop in two months. Rich
Speaker 1: Weiss is chief investment Officer of multi asset Strategies at
Speaker 1: American Century Investments.
Speaker 7: If you look from the start of twenty twenty two
Speaker 7: through the end of twenty twenty three, cash basically outperformed
Speaker 7: most equities, maybe not the Magnificent seven, but most equity portfolios.
Speaker 7: So cash has been king, likely to be king at
Speaker 7: least for the first half of this coming year, at least, we.
Speaker 1: Believe American Century Investments. Rich Weiss thinks it could be
Speaker 1: a tough earning season for corporate America well.
Speaker 2: One of the biggest losers in yesterday sell off, Nathan
Speaker 2: was Apple I lost more than one hundred seven billion
Speaker 2: dollars in value after Barclay's analysts downgraded the tech giant.
Speaker 2: Bloomberg's Mark German explains the bearish view of the iPhone
Speaker 2: maker four.
Speaker 8: Quarters plus in a row of holiday declines. The earnings
Speaker 8: report that's coming at the end of January early February
Speaker 8: will indicate that Q one was either in line, maybe
Speaker 8: a little bit more a little bit less than the
Speaker 8: prior quarter. You have these patent situations which are likely
Speaker 8: to crop up in higher frequency now given the success
Speaker 8: that Massimo has had over the past few months.
Speaker 2: And Bloomer's Mark German notes that Apple shares rose around
Speaker 2: fifty percent to a record last year.
Speaker 1: Well, on the flip side, shares of JP Morgan closed
Speaker 1: at a record to kick off the new year. The
Speaker 1: bank's rebound from its twenty twenty two low has now
Speaker 1: pushed its market capitalization to about five hundred billion dollars.
Speaker 1: The lender's been a top performer in the banking industry
Speaker 1: following record results last year.
Speaker 2: Well Nathan investors will turn their attention for more clues
Speaker 2: on the future of interest to rates. This afternoon, the
Speaker 2: Federal Reserve issues minutes of dece meeting, and Bloomberg's Vinidel Judai.
Speaker 9: Reports Bloomberg Economics as the minutes could signal interest rate
Speaker 9: cuts aren't imminent, they'll fetcher. Jerome pal did strike a
Speaker 9: dubvish tone last month's news conference that officials voted to
Speaker 9: hold the benchmark interest rate target steady for the third
Speaker 9: time at December's meeting after more than a year of tightening.
Speaker 9: Next session, January thirtieth and thirty first. Also on today's
Speaker 9: US economic agenda, job openings, as well as ISM factory data.
Speaker 9: If Anny Dale, Judeace, Bloomberg Radio.
Speaker 2: Sorry, and Ethan Thanks. It's time out for a look
Speaker 2: at some of the other stories making news around the world,
Speaker 2: and for now we're joined by Bloomberg's Amy Morris.
Speaker 5: Amy, good morning, Good morning, Karen. Migrants sent mostly from Texas,
Speaker 5: have been showing up at train stops outside New York
Speaker 5: City over the weekend, sidestepping a new order limiting how
Speaker 5: they arrive. Hundreds of migrants took a detour in New
Speaker 5: York and New Jersey to bypass the New York order
Speaker 5: limiting the seat the number of arrivals. New York City
Speaker 5: and Chicago recently began restricting migrant bus arrivals, and now
Speaker 5: the crackdown spreading to the suburbs. Woodstock Mayor Michael Turner
Speaker 5: spoke at a city council meeting, we do not.
Speaker 10: Have the staff the expertise for the money, and that
Speaker 10: may not be the ideal. We may all wish it
Speaker 10: was something different, but that's the reality for Chicago.
Speaker 5: Suburbs in Hinsdale, Woodstock, Buffalo Grove, and Juliette taking official
Speaker 5: action now passing ordinances to find bus companies dropping off
Speaker 5: migrants without notice. Meanwhile, four ports of entry at the
Speaker 5: southern border will be reopened tomorrow. Those ports were closed
Speaker 5: because of a record influx of migrants. Officials said closing
Speaker 5: the border crossings was just a last resort to stem
Speaker 5: the flow of people crossing the border. Hospitals across the
Speaker 5: country now initiating some new policies in response to a
Speaker 5: rise in respiratory illness cases, more emergency room visits because
Speaker 5: of flu, COVID and RSV, prompting some hospitals to require
Speaker 5: prior off authorization for visitors younger than twelve years old.
Speaker 5: Duke Health infectious disease specialist doctor Cameron Wolf says, for
Speaker 5: the most part, people understands it.
Speaker 2: Ever easy decisions like people want to be able to
Speaker 2: come and visit their love ones in a hospital, but
Speaker 2: I think in general people understand.
Speaker 5: The CDC says more than half the country is experiencing
Speaker 5: a rise in COVID flu and RSV cases. Hospitals in
Speaker 5: at least ten states and Washington, DC have now reinstated
Speaker 5: mask mandates. Israel is planning to withdraw several thousand troops
Speaker 5: from the Gaza Strip. The IDF announced the move, noting
Speaker 5: the nearly three month war has taken a growing toll
Speaker 5: on the Israeli economy. The United Nations says more than
Speaker 5: eighty five percent of Gaza's residents have been displaced from
Speaker 5: their homes and the fighting has left more than twenty
Speaker 5: thousand people dead. And a messy winter storm is headed
Speaker 5: for the East Coast this weekend. Forecasters are expecting measurable
Speaker 5: snow from Washington, DC to New York and rain showers
Speaker 5: down south. Global news twenty four hours a day and
Speaker 5: whenever you want it with Bloomberg News Now. I'm Amy Morrison.
Speaker 5: This is Bloomberg Karen.
Speaker 2: All right, Amy, thank you well. As Amy said you,
Speaker 2: we do bring you news throughout the day here on
Speaker 2: Bloomberg Radio. But now you can get the latest news
Speaker 2: on demand, and that means whenever you want it. You
Speaker 2: just subscribed to Bloomberg News. Now he can get the
Speaker 2: latest headlines right at the click of a button get
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Speaker 2: Com plus apples, Spotify, and anywhere else you get your podcasts.
Speaker 2: Time now for the Bloomberg Sports Update, here's John Stashaur
Speaker 2: John Karen.
Speaker 11: Just two years ago, the Oklahoma City Thunder lost fifty
Speaker 11: eight games. This year they might end up winning fifty eight.
Speaker 11: Fifth straight win for OKC now twenty three at nine
Speaker 11: on the season. They beat the league leading Celtics one
Speaker 11: twenty seven to one twenty three. Shay Gilgess Alexander's been
Speaker 11: on a scoring tear. He went for thirty six points.
Speaker 11: Christaph Porzingis had Boston with thirty four. Jayson Tatum scored thirty,
Speaker 11: but Jalen Brown shot only four of eighteen thirty six
Speaker 11: points for Steph Curry's Golden State Feed, Orlando won twenty
Speaker 11: one to one fifteen. Terry Rozier scored thirty four Charlotte
Speaker 11: with a win at Sacramento, John Moran twenty six points,
Speaker 11: ten assists Memphis Town San Antonio and Joe Lamby thirty
Speaker 11: one points at a triple double easy win for Philadelphia
Speaker 11: over Chicago. The Sixers were up by twenty five in
Speaker 11: the first quarter New Orleans out of twenty five point
Speaker 11: lead at halftime. Pelicans rolled to an easy win over
Speaker 11: the book for the Nets Perdue number one in college
Speaker 11: basketball and now thirteen and one boiler Makers with a
Speaker 11: big ten win at Maryland sixty seven to fifty three.
Speaker 11: Acced Duke rolled pass Syracuse eighty six to sixty six,
Speaker 11: Big East Yukon and easy win over De Paul eighty
Speaker 11: five to fifty six. College Football's National Championship game Monday
Speaker 11: in Houston, and Michigan is a four and a half
Speaker 11: point favorite to beat Washington. Both teams are undefeated, but
Speaker 11: Washington has only had one win by a ten or
Speaker 11: more points since September. They may not have running back
Speaker 11: Dylan Johnson. He got caught it off late in that
Speaker 11: semifinal win over Texas Johns Dan Shower.
Speaker 5: Bloomberg Sports.
Speaker 12: From coast to coast, from New York to San Francisco,
Speaker 12: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg
Speaker 12: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.
Speaker 1: Good morning. I'm Nathan Hager. Washington may have just flexed
Speaker 1: its muscles with the IVY leagues now that Claudine Gay
Speaker 1: is stepping down as president of Harvard University, comes weeks
Speaker 1: after widely criticized testimony about her handling anti Semitism on
Speaker 1: campus alongside the presidents of MIT and Penn, along with
Speaker 1: new questions specifically about Clining Gay's academic record some of
Speaker 1: her past dissertations. Meanwhile, with less than two weeks until
Speaker 1: voting begins in the Republican presidential race, former President Donald
Speaker 1: Trump is fighting to stay on a second state's primary
Speaker 1: ballot after Maine kicked him off over his actions on
Speaker 1: January sixth, twenty twenty one. Lots of political news to
Speaker 1: discuss this morning, and here to do that with us
Speaker 1: is Greg Valier, chief US policy strategist at AGF Investments. Greg,
Speaker 1: good morning. First, I want to get your reaction to
Speaker 1: the sudden departure of Claudine Gay as Harvard University. She
Speaker 1: just became Harvard's first black president in July. Now, apparently
Speaker 1: after this widely panned congressional testimony and the mounting political
Speaker 1: end donor pressure, she's out. I mean, what does that
Speaker 1: say about Washington's influence over higher education.
Speaker 13: Well, there is influence, Navan, good morning, But I think
Speaker 13: a bigger factor may have been the donor's donations were
Speaker 13: way down and applications were way down, and I think
Speaker 13: that may have had a bigger impact.
Speaker 1: Well, we did have the impact of a last Stephonica
Speaker 1: Harvard alum with that viral testimony, the questioning that she
Speaker 1: gave asking them pointedly whether calling for the genocide of
Speaker 1: Jews it violates school policy, and sort of wiggling on
Speaker 1: the answers. I mean this says something about a least
Speaker 1: stephonics clout as well, doesn't it.
Speaker 13: Yeah, two points. First of all, I think she is
Speaker 13: going to be a real player. She is already, but
Speaker 13: I think she's going to be a pit bull on
Speaker 13: these issues and she summoned to watch over the next
Speaker 13: few years. Secondly, I think that the university presidents, all
Speaker 13: three of them, were just extraordinarily tone deaf. You know,
Speaker 13: maybe what they said technically was correct, but it certainly
Speaker 13: did not soothe the issue. It just inflamed the issue.
Speaker 1: Not just that we know that the committee that brought
Speaker 1: those university presidents to Capitol Hill is expanding its investigation
Speaker 1: into some of these allegations of plagiarism against now former
Speaker 1: president Claudine Gay. Where do you see this investigation going
Speaker 1: into what's happening on these campuses.
Speaker 13: Well, I think that that is going to be fair
Speaker 13: game throughout the country, and I think it's not just
Speaker 13: these three presidents. I think it's probably a lot of
Speaker 13: other university officials that are now going to have to worry.
Speaker 1: I want to talk about the constitutional crisis potentially here
Speaker 1: with former President Donald Trump now suing to try to
Speaker 1: stay on Main's primary ballot after the Secretary of State
Speaker 1: made that move. Where do you see this going?
Speaker 13: Well, first of all, Nathan, I think it's probably ninety
Speaker 13: ninety five percent chance that the Supreme Court will take
Speaker 13: the issue. I think they have to beyond that. I
Speaker 13: think the odds would favor this court, which has three
Speaker 13: Trump appointees of six to three conservatives on the court.
Speaker 13: I suspect they would reject the argument that Trump has
Speaker 13: to be taken off the ballot. I think the Court
Speaker 13: could decide this within the next few weeks, before Super
Speaker 13: Tuesday on March five. I think that in the final analysis,
Speaker 13: Trump will be on the ballots.
Speaker 1: There is a difference between a secretary of state making
Speaker 1: a move like this and a Supreme Court like what
Speaker 1: happened in Colorado, Does that make any difference for the
Speaker 1: Supreme Court if it does come to that.
Speaker 13: It could, and there will be lots of issues debated,
Speaker 13: but I think the main one is can you quickly
Speaker 13: prove that Trump supported an insurrection? I mean that's a
Speaker 13: case that could take years, certainly many many months, and
Speaker 13: we don't have that kind of time with an election
Speaker 13: coming up. So barring any definitive ruling on the January
Speaker 13: sixth insurrection, I just don't see this going anywhere.
Speaker 1: Well, that being said, why do you think the Supreme
Speaker 1: Court would make a decision quickly if, as you say,
Speaker 1: it would take a substantial amount of time before the
Speaker 1: Supreme Court to determine whether former President Trump did indeed
Speaker 1: commit insurrection?
Speaker 13: Well, I think the Court we'll just have a cotton
Speaker 13: dried decision saying that that they don't have the jurisdiction
Speaker 13: right now to define insurrection or decide whether there was insurrection.
Speaker 13: And I think without that finding, again, I just don't
Speaker 13: think it's going to go anywhere.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
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