Sheets good return on equity Come on Emily Emily cut to the chase Are you long Amazon this morning We have actually fade away from consumer discretionary because there's a couple of big names in that sector that don't exhibit those quality characteristics They don't have the cash on the balance sheet We're a little bit more concerned about that We're more overweight and traditional technology names Again that are going to give us those great balance sheets and those organic growth drivers You've got to have a great solid position in your industry to compete again as that macro tide comes away Is Amazon no longer a growth stock Well you think about sort of what is the impetus right You look at the year over year comps I think that's the biggest challenge for Amazon now coming out of the pandemic I mean we had two years of extraordinary demand for that business model and now we need to see you know what are those organic growth drivers going forward And I think that's going to be a challenge How many rounded of John Hancock Emily great to catch up What an earnings season It's been Lisa Just the numbers themselves have been pretty decent pretty solid but it's all about that outlook And I think as we round out earnings season for the big tech names that's exactly where we started the quarter What's going to happen in the future What's the outlook where's the guidance And that's where we're finishing it with the same concerns The fact that the NASDAQ was already down nearly 20% heading into the big tech week It shows you how much pessimism was already baked in And then to see the further declines in the shares after the earnings speaks to that pessimism and that uncertainty baked into the outlook I think the bifurcation within big tech might be the story from this earnings season We've got to set up the conversation for the next few hours On that bifurcation I'm going to catch you with Dan Ives of Wedbush a little bit later Lisa that is exactly his ankle right now But for our next conversation with ECB chief economist Philip lane Tom inflation at 7.5% I have to say in the track a year did you ever think we'd get back to 7.5% on CPI in Europe And most importantly John professor lane never did I really want to emphasize for an American audience This is one of the Giants of modern economics This is must listen must watch for global Wall Street Now core CPI in Europe is much lower than core CPI in the United States but this will be uncomfortable for the ECB because it's moving in the wrong direction still So core CPI comes up to 3.5 from 2.9 and the estimate was 3.2 And what we're really interested now in the ECB is the sequencing Winding down QE and the then what How much space between that which could end in July and then that first thing that we haven't seen Tom since 2011 a rate hike from the ECB Okay that's the process and John your expert at that whether you're years in Frankfurt I'm just looking at the core theory which is it's a more sluggish tepid run rate a more sluggish nominal GDP and that top line inflation there is absolutely unacceptable given compared to the United States I should say I think the way we frame it Lisa is a rock and a hard place That's good Central Bank officials in Europe at the moment You've characterized it as the emerging markets alumni at the European Union is experiencing that How do you hike into a weakening economy I was looking at some of the components of the inflation print that came out of Europe this morning 38% increase in oil and gas This is an energy fueled kind of inflation and that is the worst kind because what that means is that crimps the consumer And that is the dilemma that this ECB is facing The ECB chief economist Philip lane is going to be joining us in just about 5 minutes time from New York City this morning Good morning with Tom Keene Lisa abramo and Jonathan farrow futures are down 9 tenths of 1% on the S&P on the NASDAQ 100 we are down by 1.23% And Amazon is trading lower in early trading by around about 9 full percentage points Heard on radio seen on TV this is Bloomberg surveillance Now the latest news from New York City and around the world here's Michael Barr Tom Lisa John Ukrainian officials say one person died in the Russian air strike that rocked the center of the capitol key yesterday Today Keith mayor Vitaly kalicho visited the area and says Kyiv is the goal and Russia wants to occupy it And this keeps still with target of Russians Mayor Klitschko says that Russian president volodymyr zelensky said that Russia was trying to embarrass the United Nations when they bombed Kyiv yesterday while the UN chief was there The road to congressional approval for President Biden's $33 billion Ukraine relief bill may not be easy Bloomberg's at Baxter reports The Ukraine part has broad support across Congress but it risks getting snarled in his ask for COVID funding and immigration The Senate could vote on the emergency spending next week but the house will be on recess So Congress could finish by the week of May 9 and send it to the president but if Democrats insist on attaching long stalled funding for vaccinations and immigration costs it could be delayed indefinitely Biden did urge Democrats to pass them together In San Francisco I met Baxter Bloomberg radio The Oklahoma House has given final approval to a Texas style abortion ban that prohibits abortion after about 6 weeks of pregnancy Women from Texas and other states with strict laws have been crossing into Oklahoma to have abortions Zach gingrich gay lord is communications director of trust women None of these states were set up to accept thousands of patients from another state we have access issues of our own in each of these states Trust women Zach gingrich Gaylord as the bill passed by the GOP led house now heads to Republican governor Kevin stead Round one of the NFL Draft is in the books the first 5 picks were all defensive players the Jaguars took Trayvon walker with the top pick 8 and Hutchinson went second to the Lions their extinguish went to Texas but jets at number four pick cornerback Ahmad Gardner and at 5 the Giants picked kayvon thibodeaux Lie from the Bloomberg interactive broker studios this is global news 24 hours a day.