annmarie: 30 minutes into the trading day. here are the top stories we are following. employment starts to weaken as u.s. firms pull back on hiring. the on them rate -- unemployment rate with a surprise drop. falling below 4.8 percent as traders price in rate cuts early in the year. austan goolsbee the fed president will join us to talk through his expectation for the central bank easing.

>> welcome to bloomberg markets. green day across the screen. the s&p 500 up and the nasdaq 100 2% higher on the day. both indices down on the week but the earnings love it hitting the take and the two year yield 30 basis points and whipped sign for the week but below the 4.80 level. the 10 year below 4.50 on the day. breaking ism services data crossing the terminal. we have bloomberg's mike mckee with the details. michael: if you are trading on the economy slowing down, keep doing it. the ism services number comes below 50, the line that is supposed to demarcate between

contraction and expanses. services pmi 40 9.4, lowest since december. a rebound on for the moment. production at 50.9 and new orders at 52 point two, both down a little from where they had been. employment comes in at 45.9, still below 50 and just confirms what we saw in the services and overall jobs numbers that we are not seeing a huge job gain in the recent months. the one thing everyone wants to look at, 59 point two come up from 53 point four and the same pattern we saw with the ism manufacturing numbers, the overall number went down. let's talk about the jobs numbers. that is what everyone will be focusing on today. coming in later than expected,

175,000 jobs created in may according to the establishment survey. april was revised up to 313,000, a total of a -22,000 revision all in march. unemployment ticks up to 3.9%, but you have to go out three decimal places to see why. a 36 basis point move is what pushed it up. not a major problem. add -- average hourly earnings coming lower than anticipated, point two percent, 3.9% year-over-year -- zero .2 percent, 3.9% year-over-year. average hourly were looking to rise in the 3.5% range which would be sustainable with a 2% inflation rate. we are making progress getting toward that. it's something to keep an eye on.

i guess everyone is genuinely happy on wall street compared with what they were thinking on wednesday. sonali: we thank you very much. mike will be back later this hour for an exclusive conversation with chicago fed president austan goolsbee at 10:30 easter egg. let's see how jobs date it is impacting markets. joining us is sarah hunt at alpine, chief strategist. you have lower yields and decent earnings. how are you rethinking this market? sarah: the last week you saw bears and bulls. on the earnings it was a bulls and data points were somewhat bare and there was concern about what would happen. the data points being bullish with the ones that were quite strong as people were starting to be concerned. we got a muted version of what is going on and this data is

proving that out. this is about the sweet spot for equities. people were looking for a little bit of a slowdown because they don't want to think about rates staying high for much longer for a hike. they want to think about easing and that puts this back on the table. sonali: if you had the equity market still holding up in this environment but the economy starting to show signs of weakening, where do you worry about the spillover effects into the equity market in terms of potentially taking chips off of the table on certain wagers? sarah: i think the good news for technology which had a tough time coming into this year relative to last year is that the earnings came through and you can see that. the concern would be the economy and what we are looking for a slowdown that isn't so bad that you start to seek employment -- unemployment start to really take up and start to see pulling back on spending. we are not there yet.

you have seen issues in the consumer spending markets, companies like mcdonald's and starbucks as people got to where they are no longer to take price increases as companies were putting out. you are seeing some of the margin problems and you look for margin degradation but we are not there yet. sonali: when do we get there? can you trust outlooks we have been getting from some companies given that a lot of that data is now lagging and we are getting new data in real-time about this economy? sarah: from a company outlook they are being fairly cautious because they don't want to get too far ahead of themselves. there outlooks have been reasonably ok. we are not rushing to hire as many people as quickly so maybe if you looked at the wage numbers it was within the parameters people were looking for. you are seeing a little deceleration there. that is probably beneficial for markets. also looking at the global

market which is important for the u.s. given we are big exporter. sonali: looking at the apple numbers, we were talking about the macro and when you look at the latest set of earnings for big tec, apple showing its biggest gain since lateh 2022. do you buy at these levels? sarah: for something like apple, it comes into the year underperforming and there are reasons why. china is something to have to contend with and grapple. will that meet the biggest story about apple and are they going to meet continuously in a situation for each quarter they don't show growth? they have talked about it but i don't think the stock is massively under owned but i think there is a great relief that it wasn't worse because the price of the stock coming into earnings was showing some fear

and that fear is coming up the table. i think there is a sigh of relief. you have to look at these companies, buying back stock. the cash generation is there but it is about growth and if they can return to growth that will be positive. sonali: you look at the philadelphia semiconductor index where it currently every single stock is in the green. do you have that much conviction in the sector given the run-up we have seen and the sensitivity to the broader economy? sarah: so what happened to amd when they reported. they didn't take the numbers up enough to make people as excited as they had been there the semiconductors come off of it. qualcomm had good news. it will be company by company. i think the overall ai story which the market had been hanging on since the fall of

last year is playing out in the way people can get their hands behind it and if people can see earnings come through because of the change in technology, the modernity ceo talked about how much faster they can run calculations because of ai. i think that is why you are seeing enthusiasm in the tech center. sonali: what are your favorite trades around the ai right now and what we have seen this week and the more unlikely areas where we see at night making a splash? sarah: it has been telegraphed already but places like the utility sector, data center reads were getting appreciation but laces like utilities and suppliers get into the sector because of the power grab you will need and the availability you will need if you will scale up the data centers people would like to. i think there will be ancillary areas and it will include

construction, engineering and construction companies and other pieces of the puzzle and the plumbing of this has to work. i think they are seeing branching out. sonali: the yield move has been incredible, more than a 30 basis points in the two-year this week alone. do you think the levels we are at our sustainable and if they got higher with that have an impact on the market? sarah: all you can say is we have a lot of unknowns in the yield market and volatility. that is part of the narrative bouncing back between we have to be more hawkish and dovish which is what we have seen all year. what is most certain is the uncertainty. will they find the level? yes. are they too high for people to contend with? i don't think they are. i don't know where the long and will go but what happened on wednesday, we have taken

enthusiasm for higher rates of the short end in the near term. sonali: thank you so much. happy friday. a busy week of data and earnings. that is sarah hunt of alpine woods investors. now what is moving markets. his belly, we are talking about apple. isabelle: apple shares -- isabel, we are talking about apple. isabelle: stronger sales growth. this is concerns in china that a slowdown will end. even if revenue was falling, it was better than expected. profit topped expectations. the buyback is the biggest in u.s. history. the company authorize $110 million in share buybacks and apple talked its own record in 2018 when it authorized 100 billion. lots of relief to investors that a been waiting for apple to come out of the long slump. sonali: you have expedia having a tough day today.

isabelle: shares are down and company missed bookings and cuts sales forecast. they were expecting a boost. this was the vacation rentals. travelers should be able to book across brands but gross bookings and adjusted eps lower than expected. rhett investors look past that. hyper downgraded. we also have a bookings seeing room reservations expected to soar. maybe it is a tough time for the space. sonali: coinbase, a report that beat profit expectations and revenue estimates went down on the day. isabelle: there is really no pleasing crypto. they are expecting a revenue drop in the coming months and you know the regulatory risks. coinbase posted higher than

forecast first quarter revenue. this is as we saw a boom in the first quarter. people must have downloaded so much because of the launch of the etf's. that is why we saw them the surgeon a record. revenue more than doubled. they took a 30% loss they were expecting. it is a mix. there is no pleasing the crypto crowd. if you look through twitter, a lot of people concerned because bitcoin prices turning back, 61,000 compared to the 74,000 we saw earlier this year. sonali: be sure to tune into bloomberg technology in an hour or so where they will be joined by the coinbase ceo at the shots --alish we will speak to the gym and ina haas co-founder.

, jason robbins of a draftkings. ♪ (♪♪) at enterprise mobility,

our experts always see another road. because when there's no limit to how far mobility can go, there's no limit to how far businesses can go. (♪♪) you have to make it.

and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. sonali: a winning year for draftkings, the digital sports entertainment and gaming company raising guidance for the rest of the year. the growth boosted by an influx of new customers. the stock now up 10% so far this year. joining us is jason robins the chairman and cofounder. you had the guidance being raised and i hate to do this to you, but can you raise it even more given the new customers you are getting in? how much upside do you expect throughout the year and what could raise the bar for you? jason: i think there is a lot of

upside throughout the year. we have a number of different initiatives underway and customer acquisition keeps outperforming what we expect. we think the trend is good right now and a lot of the initiatives for the back half of the year will roll out with the start of football season. we will know more than. i definitely feel like we have good stuff on the product front and definitely upside. sonali: when you think about new customers, where are they coming from and how a new? what is the market potential for you? jason: coming across the board. we launched two new states north carolina and vermont and they have a lot of pent up demand and we get a lot of new customers in the first few months. but even in the older states like new jersey continues to see new customers enter the market. it is just a matter of where the industry is at right now, very early. even the oldest state, new jersey, launch 5.5 years ago and

a lot of room to grow. sonali: what are your expectations for the nfl season on how much that will draw to the platform? jason: i think the nfl is like our holiday season, the biggest time of year to acquire customers. make -- we make a lot of money then but the nfl doesn't have high frequency in games but the spread between how much money you make between nfl and nba isn't as big as you would think but from a customer acquisition, activation, engagement standpoint, the nfl is the most important time of year. typically the way we orient our entire product calendar is around planning for what we want to do for nfl season and working backwards. sonali: speaking of the nba, what you think about an nba amazon immediate deal given your work with amazon already? jason: we have a number of great media partners, amazon is one. it would be exciting to see if they are any of our partners

could increase their area in the nba. we will stay engaged and look forward to partnering with hopefully multiple companies in the space. it sounds like nba might be thinking about doing at least three or four deals. it could be an interesting landscape. sonali: every additional media partner, what does it translate to in terms of work for you? jason: for us, really a lot of it is the same playbook. we do different things with different partners but we try to optimize across the entire marketing portfolio. when we figure out something that is working with one relationship, we will typically try something similar is applicable to others. we can scale our marketing. sonali: are you seeing new types of customers? you talked about customers by state but are you seeing different demographics started to come online, thinking about betting more on different sports, given you saw all the

taylor swift fans start to watch football at a greater scale. you are seeing more interest in women's sports as well. what does this mean for you? jason: we definitely see those things impacted. the taylor swift impact was a significant one during the nfl season. caitlin clark and what she was able to do for women's college basketball is extraordinary and that drove interests across all of women's basketball. while we were seeing that, we also now -- are now seeing people become interested in the wnba and other women's exports. and it's it's what's in general is one of the fastest-growing segments we have and no doubt there are new demographics coming in. sonali: we repurposed a story that had been about your presence over at wrigley field. also curious about what baseball will be bringing you this year. jason: baseball is a great sport because not only does it get a lot of customer engagement, a

ton of games and different things you can bet on. there are stoppages between each pitch and lots of opportunity for people to bet in real-time, live betting. baseball is a well-built sport for betting and really looking forward to seeing continued engagement. we have gotten off to a great start in baseball is a sport that really in the last year has driven interest in the game and really that viewership lift is also translated over nicely to seeing growth on our side as well. sonali: when you think about the way draftkings is evolving and moving forward into different sports and thinking about the media landscape and how it is changing around sports, what is for you, landing new partnerships are more inquisitive in the future? jason: for us it is really not one thing but a matter of looking at different opportunities and more about the

individual opportunity itself then categorically m&a is the answer or a big new partnership would be the answer. we feel like we are pretty good with what we have, not to say we are always looking for ways to expand and do new deals, but we don't feel like we have to do anything right now and feel like if we continue to execute in the way we have been executing with existing partners in geographies and product categories we are in, we will do just fine. that makes it so we can have a high bar for new opportunities we take on and we don't take lightly the fact there is an opportunity cost to everything you do, not just the financial cost. sonali: what would be the bar for you to do something inquisitive now? what would you look for? jason: we have to weigh it between the other ways we can allocate profits and resources. we looked at what we saw what jackpot was and there were

similar metrics we used to determine whether it is an organic or other forms of asset allocation. we have a return threshold we would like to get on any capital and resources that we deploy. at that threshold is met, we tried to find a way to fund it. obviously being that we can handle it from a resource and capacity standpoint. we compare it to refining the threshold to where we think we are at in terms of the value of equity and other uses of capital. sonali: thank you for joining us on a busy earning seasons. that is jason robbins of draftkings -- jason robins of draftkings. stay with us. this is bloomberg. ♪

when you automate sales tax with avalara,

you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh sonali: time known for social climbers, a look at the stocks

making waves on social media. amgen making rounds after the ceo touted progress in an experimental obesity drug. the company is emerging as a potential competitor to eli lilly and novo nordisk -- did a sports car at farah rate for over a $400,000 inspired by cars from the 1960's and was unveiled yesterday in miami ahead of the formula one grand prix happening this weekend. monster beverage reporting first quarter better than investors feared but not fully easing fears and the drink market in the u.s. they also plan to raise prices in the fourth quarter. you can follow the latest company bus on your bloomberg terminal. coming up, an exclusive interview with the president of the chicago fed jason robins --

fed, austan goolsbee. that is coming up. ♪ that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall.

>> welcome to the campus of stanford university, the military policy conference. we are excited to have with us austan goolsbee, the president of the chicago federal reserve bank. thank you for making time for us on a morning when all of a sudden the disappointments the markets had on wednesday went away. three but he is happy this morning. jobs came in lower than expected , 100 75,000. what was your reaction. -- reaction? austan: 175,000 is a solid

report. a root of our friction may be it is a day trader timetable and there is an economic timetable for setting monetary policy. we have inflation on employment. registering to figure out, after the excellent dual mandate performance of any 23, where inflation fell almost as much as it has fallen on record, and did so without a recession -- how much can we continue that into 2024? we hit a bump for sure at the start of the year on the inflation front. and now, everybody has just got to take a step back and try to figure out, is that a sign that the economy is overheating? or is that a sign of some other thing? the more jobs report to get like this, where they are solid but it is clearly moving back into

something that looks like pre-covid and conventional times, the more confident we can be that the economy is not overheating. but we have just got to watch this. mike: you were one of the -- i don't want to use the word dovish, but more optimistic people about the possibility that rates could be cut this year. how do you feel now? we do see this slow down. the ism numbers show slowdowns. spending numbers were lower than anticipated and lower than in the last quarter. are we setting up to go back to the idea that rate cuts are going to happen this year? austan: i don't like committing, tying our hands, even for the next meeting, much less when it comes to the fall and going into next year. i will say i was optimistic in 2023 that we could hit what i was calling the golden path, that there were reasons why, in

an unprecedented way, we potentially could get inflation down significantly without having a big recession, which previous to 2023, that really does not happen. we did that in 2023. as we are looking in 2024, we clearly hit a bump at the start of this year. we have just got to get comfort that it is not a sign of a re-acceleration of the economy. we got some crosscurrents going. there is no question about that. i think what has happened so far in the job market this year is a little colored by -- you have got to take into account that we actually had significantly more immigration than we anticipated or than we thought at the time. so everything has got to kind of be normed to a per capita basis.

that makes aggregate numbers like aggregate gdp growth or aggregate consumption or aggregate payroll growth -- you have got to scale it down a bit and we are still trying to wrap our head around how much. mike: what about the idea of the need to raise rates? the chairman was asked about it a number of times on wednesday, said it did not seem like something that was going to happen. was that all on the table for you? austan: like i say, i don't like speculating when we are going to get a lot of information before the next meeting and before all the meetings for the rest of the year. in an unclear way, i say don't think that nothing is never not on the table. the job of a central banker is to be paranoid about everything at all times and to have thought through plans and how could we react to different circumstances. it is not productive to say

something is not on the table ever, or something is on the table. we are going to find out these data and the key element on the economic timetable, not the market trading timetable, is are we continuing the progress, slow and steady, that we saw last year? or is some other thing happening that we are re-accelerating? the more jobs numbers like the ones we saw today, the more you see easing of inflation, the more comfort we would have -- i would have -- on the committee. i don't speak for anybody else. and if it goes the other way, we will react to that. that is the midwestern way, is there is no bad weather. there is only bad clothing. we will deal with it. we are out here at stanford. there is definitely no bad weather. back in chicago, it is different. mike: to drill down on that, the

question that becomes -- do you think monetary policy is tight enough? if so, how do you square that with the idea that inflation has started going up again? austan: there are two separate parts to that. the first is, how restrictive is monetary policy? i think it is restrictive. i think if you look at the real federal funds rate, it is high. it is as high as it has been in some decades. and i think that lately, if you look at the interest rate sensitive parts of the economy, you see that restrictiveness. the second part of the question is, what happened with inflation? i think the answer -- but that is partly what we are trying to find out -- is there is a lot of other things besides monetary policy and besides the aggregate state of demand that drive inflation rates. you have definitely seen things happening on the supply side of the economy with shipping and

bridges and canals, shutdowns, things like that. commodity prices, you have seen movement. energy prices, you have seen movement. we have just got to get a better -- more comfort, i think, on this question of are we on the long arc that we saw all of last year, but especially the second half of last year, where inflation is steadily coming down? or are we in some different environment? mike: if you are in some different environment, is it things monetary policy can affect? austan: it might be. if it is all supply shock, probably not. we kind of saw that dynamic play out at the beginning of the pandemic when the supply chain shut down. that is another important aspect that is in this effort. as i kind of say, everyone

thinks it is a battle between dovishness and hawkishness. but it is not about the birds. it is the data dogs. the first rule of the data dogs is, know when to walk and know when to sniff. the time to sniff is when you are trying to figure these out. mike: when you look at the overall economy, we mentioned earlier that we are seeing some slowdowns. fed officials have said we can wait because the economy is in good shape. how much do you worry that you are going to slow the economy too much? because things like unemployment are a lagging indicator, you find yourself with really slow growth or recession before you can react. austan: that is the balance. we have to strike that delicate balance. that is the dual mandate. there was a time when the job market was explosively hot and

inflation was well off the chart and worse than we wanted. there is no balance in an environment like that. you are just trying to get the inflation rate down. if we remain as restrictive as this for too long, we are, in my view, evidently going to have to be thinking about the employment side of the mandate. so far, we have got some crosscurrents going. as i say, the job numbers today are solid. in a previous world, if you said you are getting jobs numbers in the 175,000, 200,000 range, people would be quite happy with that. i just say i have to say that in normal times when the business cycle turns the wrong way, it does not do so -- it is not subtle. there is no subtlety about it. the unemployment rate goes up significantly.

you see a durable goods manufacturing and other cyclically sensitive sectors deteriorate. in a noticeable way. you have not seen that. that is part of where we are monitoring. mike: you have a manufacturing intensive district but also a lot of services. at our ceo's telling you about their vision and planning in terms of employment and prices? austan: the chicago fed district is the most manufacturing intensive of all the fed, and four of the five most manufacturing intensive states are in the district. our business contacts on the menu's factoring side -- mainly, they can pay -- convey more of the same. 2024, it is not accelerating. it is not decelerating.

they are just trudging along in a decent environment. i think we are still seeing play out -- we got past the supply chain bottlenecks. you don't hear a lot of input on that. but we are still in what you might call a consumer spending transformation. in covid, services went down, which normally does not happen in a recession, because people could not go to the dentist and people could not go to the movies or see sports, and they shifted to buying physical goods, so the share of their budget that they spent on manufactured goods went way up. we are shifting back. you are seeing that shift back. that is playing out in manufacturing. mike: questions you can answer with a yes or no -- the things people wanted me to ask you -- was there any talk at the meeting of raising rates are about raising rates?

did you have an advanced look at the jobs numbers? austan: you don't have an advance look at the jobs numbers. you have to wait five years to get the transcript from the meetings. the minutes would come out in a few weeks. i'm definitely not going to say what people talk about. as you know, i never put anything on the table or off the table. i try to be as paranoid as possible about all potentialities and what could happen. mike: very good dodge on that last question. you are auditioning. austan goolsbee, the president of the chicago fed, joining us today from the hoover institution's monetary policy conference in stanford. i will send it to you. sonali: michael mckee speaking with chicago fed president austan goolsbee.

it is time now for our daily wall street week conversation. today, we are focusing on the protests happening on college campuses around the country. denny behar, run university associate professor, spoke with wall street we coast david westin about the calls for universities to divest from israel. danny: universities, especially the ivy leagues, have big endowments. these endowments are invested in stockmarket market securities, alternative investments -- a large number of different things that usually are not publicly available. they are actually managed usually by an independent advisory -- a financial advisory body that reports to the university. but it is not the university making these traits themselves and having control over these. they just -- part of the returns of these endowments go to fund a

lot of the university activity, year-to-year, including salaries, scholarships, and things of that sort. david: think about the mechanics there. if the university decided it wanted to disinvest -- ron said it will hear a proposal from the students on that. if they wanted this investment, how would it work? if they put their investment with a big fund like blackrock, blackrock invests in a lot of things, not just israel-related investment. dany: specifically in the case of israel, i think i can tell you that i will put your question on maybe -- in other words which come from me, i think that when the protesters find out what is really in these investments, i think they are going to be very disappointed. there is really not a lot to divest from when it comes to israel. we do not have these on a public level. understanding the economy, the

financial markets -- there is not a lot to divest from. it is hard to exactly say this without knowing the details of the divestment demands that they have. but in a basic scenario, if they just want to do vest from israeli companies, companies based in israel -- table pharmaceuticals, for instance -- there is very few of them in the stock market exchanges in the u.s.. i looked at the number. there were about 120 of these out of 9000 securities. so it is very unlikely that in portfolios that are highly diversified there is going to be a significant chunk going to any of these companies, which are small in the big scheme of things compared to other companies. there is not much to divest from.

whether there are other things, we can go into that. but our perception is that even if there is a proposal and even if there is a serious attempt to look at the books -- and these are big if's, there is not going to be much there to make changes or have a significant impact. david: professor, as you say, is really companies may be small on the global stage. in tech, they over index. in the tech sector, what danger could there be for the israeli tech sector attracting capital? dany: it is interesting to talk about the whole tech sector. in particular, the israeli tech companies -- there are not that many. for many reasons, israel is really good at creating firms like startups and growing them to a certain point. any of them end up being bought out by bigger firms outside of israel.

ways, -- waze was bought by google. there is a lot of funding which is not publicly traded, but private equity funds, go into israeli companies at an earlier stage. a lot of those funds do come from outside of israel. i also think that people tend to overestimate how big this is. last year, which was not a great year for israel -- israel received -- there was investment for about -- between $6 million and $10 million. i know that is a big range, but these numbers are not super clear. let's say $10 million of investment in the startups and small enterprises. that is a large number, but it is not that large compared to the world economy. in the u.s., the number of funds that invest in startups and larger firms are north of $100 billion.

it is going to be very hard to actually divest from particular funds. some of those funds may be investing in israeli firms, but israel has one of the largest numbers of venture capital per capita, which speaks about the attractiveness of its startups. even if there is some divestment, which would be minimal, i think that plenty of investors will take the opportunity to jump in. sonali: that was dany bahar, and wall street we coast david westin. don't miss david on wall street week, airing tonight. and it was a top and bottom line beat for booking holdings. we speak to glen vogel, the company ceo and president.

♪

sonali: for today's etf friday, we are looking at the invesco etf. it has underperformed the s&p 500 by nearly 16 percentage points in the last year. we are going to talk more about the travel industry, fresh off and earnings beat. we are joined by glenn fogel, inc. holdings ceo and president. there is a lot of optimism in your report here. and signs of more growth moving forward. talk through where you see most of this growth coming from for the rest of this year. glenn: thanks for having me. we were very happy about last night's call. it is wonderful to put up numbers that are really positive and exceeding expectations. we have a healthy amount of business on the books for the

summer. a lot of it is cancelable. but it is nice to see that business on the books already. people like to travel. post-pandemic, it is something we see in some parts of the world. asia is still doing well. they are the last part of the world to come out of pandemic. have a good calm year. in 24 years at this company, the ins and outs, the fact is that one thing never changes, and that is people's desire to travel. sonali: talk through this worry about potential cancellations. one thing a lot of people are wondering about is how the persistent state of inflation is impacting travelers amid this rebound. at what point does it become a problem? glenn: first thing is i am not concerned about cancels. i make a point that one of the great things about our product is the cancel ability of it. i want to make sure that we know things can happen.

it may not turn into revenue. that is my usual cautionary thing. i don't see anything different happening. in terms of inflation, one thing we have been thinking about is we have seen the looking window over the last few quarters running up until the first quarter, the booking winter -- window -- people are booking further ahead for actual travel. we saw people doing it further out. the hypothesis was maybe people are trying to get ahead of inflation -- book now in anticipation the price will be more down the road. that is the hypothesis. there is no way to get into people's heads and know the reason, but we certainly saw that happening. one thing i really like is you see that wages are continuing to go up. inflation in terms of prices go up, but if wages go up as much or more so, it is no different. people are going to spend that money on travel. sonali: where are people going to? what are the top destinations

for the rest of the year? where are they coming from? glenn: i still like to see the international rebound. during the pandemic, nobody traveled anywhere. when people started traveling again, it was more local. then they went a little bit further, but still within the country they lived in. now, we finally saw people going more international, and that is continuing. we are extremely global, so i see it all over the world. for u.s. viewers, we are seeing a lot of u.s. outbound internationally. people are still 20 catch up. maybe during the pandemic, they meant to go to europe. they could not go. now, that is a great thing to see. sonali: what is the plan you have in the alternative accommodations business? how big can this business become? what are the big cities people are going to? are they coming from corporations, or from vacationers? glenn: our company, perhaps it

is not understood well. about two thirds of the leader -- that is a large number of room nights we booked in the alternative accommodations area, and all at different times. where they come from, there is still a lot more leisure than business. you have to go to someplace for a meeting, you don't want to have to worry about if there will be any problem. is the property exactly what you want? like consistency. a lot of times, you will go to a hotel, knowing exactly what it is going to be. for leisure, maybe you are more relaxed and want to get something special. our product, you see both right on the site. you see the reviews. you are able to compare the price, the alternative accommodation, the hotel, your needs. we will see people go back and forth trying to decide what they want, and then they choose one or the other. you have different needs uses. if i am with the family and want

separate bedrooms for everybody, separate bathrooms, a place or wreck fist -- that is a home thing. on a business trip in the city, i just want a hotel. the great thing is, we offer both. sonali: thanks for joining us on a busy earnings day. that is glenn fogel of booking holdings. i want to get you a check on the market before i let you go, because it is interesting. you are seeing the bond market give up some of its gains. the two-year yield is still hanging out around that 480 level, or hundred 81 on the day. -- 481 on the day. the s&p 500 is holding onto gains of about 1%, but still down. the nasdaq is about 1.7 percent higher. you can think apple, amgen, and bookings. coming up on blumer technology, i'm going to be speaking with the coinbase ceo, alongside ed

ludlow. we are looking forward to that conversation. that does it for bloomberg markets. stick with us. a busy day into the close. big moves in the bond market. ♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses

and more in prospectus at invesco.com and they're all coming? investment objectives, rithose who are stillses with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly.

>> the heart of where money, innovation, and power collide in silicon valley and beyond, this is "bloomberg technology" with ed ludlow and caroline hyde. ed: i'm ed ludlow in san francisco. caroline hyde is off today. this is "bloomberg technology." full coverage throughout the hour. pl