Doctor down ahead of a busy week for big tech earnings while those in Europe and Asia are also lower this all as China's COVID outbreak continues to compound fears sparked by faster Federal Reserve tightening bonds are up A flight to havens looked at the global government bonds with a yield in the U.S. benchmark note down 13 basis points The dollar extended an advance while the Euro fell after Emmanuel Macron's win in the French election removed the key risk for market gold shed nearly 2% Federico pictet asset management tells Bloomberg COVID and China are both problems for the markets All companies that would be more linked to China to China consumer First thing and second thing you know to companies that were more linked to growth we know that we had a fantastic growth last year is going down but you have revision even further and maybe these companies that are too sensitive to growth would underperform in there And finally we have small margins that are squeezed by higher committee's prices which suffer as well The S&P 500 is down 1% down 41 Dow Jones Industrial Average is down 7 tenths of a percent down 245 and the NASDAQ is little change down 9 The ten year is up 30 30 seconds with the yield of 2.78% West Texas intermediate crude is down 5 and a half percent at 96 50 a barrel while comics gold is down 1.9% at 1898 even per ounce The dollar yen one 27 70 the Euro a dollar 7 12 and the British pound is a dollar 27 25 silver is currently priced down 2% That is a Bloomberg business flash balance of power continues now on Bloomberg radio and Greg Garrett This is balance of power on Bloomberg television and radio I'm David Weston It's Monday which means it is time for our balance of power update on midterms 2022 with political contributors Rick Davis of stone court capital and Jeannie of iona college So we normally talk about house races or Senate races We thought we might start with governors races We had a big debate over the weekend between the former senator mister perdue of Georgia and the current governor mister camp So Jeannie what about this debate It was all about exactly what had been said about in two mister Trump I think It really was It was a very contentious race debate rather in a very contentious race although Kemp is leading by about double digits But of course Donald Trump has endorsed David perdue and Brian Kemp is getting a lot of support from people in the maga world And so you know it was a contentious debate I thought the most fascinating things was that 8 Stacey Abrams really loomed large over the debate You had David perdue reminding everyone that Brian Kemp beat her very very narrowly and you also then had Brian Kemp coming back and saying to David perdue you couldn't beat her in a general election because you couldn't even beat when you were running for Senate You couldn't even beat Warnock So they went back and forth trading barbs on that and then of course trying to run to the right to prove their conservative bona fides and the fact that they would be better in the general election beating a more liberal Stacey Abrams I would say David the only thing that came out was Stacey Abrams probably high 5 and everybody in her campaign because the two Republicans one of which will oppose her just spent that time just hauling off and socking each other in the face And I don't think anything productive came of that debate I don't think it's going to change any of the numbers there because I think it's exactly what Jeannie said I mean I'm attacking you for beating Stacey Abrams last time I mean I figured that one out Is that a real attack line or is that just sort of bizarre It strikes me Rick that we're spending a lot of our time covering this midterm not about the racism themselves but what they say about president Trump former president Trump is an endorsement He may be in trouble in Georgia He was out campaigning for JD Vance for the Senate race up in Ohio in the meantime we just had a headline across the Bloomberg that he apparently mister Trump has been held in contempt of court For failing to respond to subpoenas in a New York State probe up here So are the Trump is it too early to call it quits on the Trump endorsements Rick Absolutely not In fact I think everybody ought to just buckle their seatbelt because maize the month where a lot of these Trump endorsements are going to land in the ballot box And we're going to find out whether or not his endorsement makes sense I mean JD Vance there's no question his race is a different race now that he's got the Trump endorsed me maybe leading substantially by some polls that are coming out just this weekend And in Georgia for instance Herschel Walker you know it looks like he's going to run away with the nomination And that is a complete invention of Donald Trump So we're going to see the scorecard for the first time on Trump endorsements in May and ought to be very interesting and frankly telling for a future presidential run by the former president potentially So Jeannie I'm not sure he's going to endorse him for Speaker of the House if the Republicans win but certainly president Trump has said he's not going to stand in the way of mister McCarthy Is he passed that danger Is there a chance of being House speaker if in fact Republicans win Because last week when we were talking he had that bad tape that had come out For Kevin McCarthy it was a very bad week in which he was caught lying essentially about what he had said and then the tape came out You know I thought it was fascinating that former president Donald Trump told The Wall Street Journal over the weekend when he was asked whether he would support McCarthy for speaker of Republicans take the house He was sort of non committal as you can imagine And McCarthy really needs Trump's support if he is going to hold that caucus together My guess is that this tape is not going to matter in 8 months when they vote for speaker but I do think it was a very bad week for Kevin McCarthy because it shows that he's saying one thing in private and one thing in public You know I was reminded of John Kerry windsurfing in the 24 campaign that ad That's a little bit of what we're seeing about Kevin McCarthy before he even has a chance to run for speaker And it doesn't bode well for him And of course speaker is going to be a very tough job with this very big raucous caucus He would have to leave if he's elected Rick is there a danger in the Republicans measuring the drapes a little too soon for their majority in the House We now have Patrick mchenry saying okay I don't want to be the whip I don't want to be the majority of whip I'm happy to run the finance committee Is there a risk here that are getting a little ahead of themselves Well I actually think the Patrick mahat mchenry decision to not run for is an interesting one because he was kind of a shoe in for that But maybe it's because of all the problems that are happening in that caucuses is Genie said I do think that Republicans still continue to be in a very favorable position I kind of.