WEBVTT - Supreme Court Decisions Under Scrutiny; Apple Approaches $3 Trillion Valuation

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>We begin with the Supreme Court. The final decisions of

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<v Speaker 3>the High Court's term are expected today, and among them

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<v Speaker 3>is a ruling on President Biden's student loan relief program.

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<v Speaker 3>Amy Morris has a preview from our Bloomberg ninety nine

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<v Speaker 3>one newsroom in Washington.

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<v Speaker 4>The administration's program would erase up to twenty thousand dollars

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<v Speaker 4>of federal student loan debt for forty million borrowers. Bloomberg

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<v Speaker 4>Supreme Court reporter Greg Store says there are questions about

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<v Speaker 4>the case and the challenges.

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<v Speaker 5>During arguments to the courts seem pretty skeptical that he

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<v Speaker 5>had the authority to do that, but there is a

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<v Speaker 5>lingering question about whether the states and others challenging the

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<v Speaker 5>plan have legal standing to even get in the court.

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<v Speaker 4>No matter what the ruling is, today, the payment pause

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<v Speaker 4>is lifted and borrowers must resume their monthly payments in

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<v Speaker 4>October until the Education Department can process their debt relief applications.

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<v Speaker 4>That is, if the court allows the program to continue.

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<v Speaker 4>In Washington. I Maye Morris, Bloomberg Day break all.

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<v Speaker 2>Right, Amy, thank you well. Today's rulings come after a

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<v Speaker 2>decision yesterday that revers to decades of president and college admissions.

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<v Speaker 2>In a six to three vote, that justices ruled that

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<v Speaker 2>race can no longer be considered in enrollment decisions, and

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<v Speaker 2>that drew a harsh response from President Biden.

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<v Speaker 6>If a students has overcome, had to overcome adversity on

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<v Speaker 6>their path education, college should recognize and value that our

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<v Speaker 6>nation college and university should be engines of expanding opportunity

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<v Speaker 6>through upper mobility. But today too often that's not the case.

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<v Speaker 2>And the President says the court is putting its legitimacy

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<v Speaker 2>in doubt, but he still opposes large scale reforms like

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<v Speaker 2>expanding the court or imposing term limits on justices.

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<v Speaker 3>Well, just the decision, Karen is drawing sharp response from

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<v Speaker 3>other Democrats on Capitol Hill. Congressman Robin Kelly says universities

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<v Speaker 3>should still push for diverse student bodies even after the ruling.

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<v Speaker 7>The promise of America is big enough for all of

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<v Speaker 7>us to succeed, and I just hope that colleges will

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<v Speaker 7>continue their mission of bringing in a diverse student body legally,

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<v Speaker 7>of course, not breaking any rules but it is so

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<v Speaker 7>important for the college end for society.

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<v Speaker 3>Democrat Robin Kelly of Illinois spoke with Joe Matthew on

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<v Speaker 3>Bloomberg Sound on listen weekdays one pm Eastern on Bloomberg

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<v Speaker 3>Radio or on demand wherever you get your podcasts.

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<v Speaker 2>Well, another note out of Washington this morning, Nathan, we're

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<v Speaker 2>learning a man who took part in the January sixth

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<v Speaker 2>attack on the Capitol has been arrested in the neighborhood

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<v Speaker 2>where former President Barack Obama lives. Reports say the man

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<v Speaker 2>had weapons and explosive materials. It was not known if

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<v Speaker 2>Obama and his family were home at the time.

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<v Speaker 3>Let's turn to markets now, Karen. This is the final

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<v Speaker 3>trading day of the first half of the year, and

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<v Speaker 3>it has been a good twenty twenty three for the bulls.

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<v Speaker 3>Leading the games the tech heavy Nasdaq. It has surged

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<v Speaker 3>almost thirty percent this year. Shares of Apple have helped

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<v Speaker 3>fuel the rally. Now the tech giants on the cusp

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<v Speaker 3>of becoming the first company with a market value of

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<v Speaker 3>three billion dollars. Still there is caution in the air.

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<v Speaker 3>Sonia Maskin is head of US Macro at BNY Melon.

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<v Speaker 8>I think the risk is really frankly inequities. I think

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<v Speaker 8>I'd be quite cautious about and very mindful of equity

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<v Speaker 8>selection process here because higher term premium and high real

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<v Speaker 8>rates are not necessarily the equity's friend.

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<v Speaker 3>Bny Mel and Sonia Mescan notes the S and P

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<v Speaker 3>five hundred has now posted gains for three straight quarters.

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<v Speaker 2>Well, helping boost sentiment today, Nathan is the belief that

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<v Speaker 2>the Federal Reserve is almost done raising rates, even though

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<v Speaker 2>Fetchier J. Powell signaled two more hikes are on the way.

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<v Speaker 2>Atlanta FED President Raphael Bostik disagrees and thinks the Fed

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<v Speaker 2>should pause.

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<v Speaker 9>The Median Committee participant believes the FMC needs to do

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<v Speaker 9>more to get inflation back to our target, and here

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<v Speaker 9>I have to confess I do not fully share this view.

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<v Speaker 2>And speaking in Ireland, Rafael Bostik said he thinks the

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<v Speaker 2>policy rate should hold steady because of signs that inflation

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<v Speaker 2>is easy and the labor market is cooling.

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<v Speaker 3>Members of the Fed are going to get more KEYDA today, Karen,

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<v Speaker 3>ahead of next month's policy decision. This morning we get

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<v Speaker 3>PCEE price data plus readings on household income and spending.

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<v Speaker 3>Bloomberg's Michael McKee has a preview.

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<v Speaker 10>Americans likely continued to spend more in May, but not

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<v Speaker 10>a whole lot. Analysts are predicting a pullback as people

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<v Speaker 10>ran down their pandemic savings and tired of buying stuff.

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<v Speaker 10>The question is will spending on services continue to surprise

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<v Speaker 10>as it did in the first quarter, helping push GDP

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<v Speaker 10>growth through March to two percent from one point four percent.

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<v Speaker 10>The fat in particular, will also be focused on the

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<v Speaker 10>May PCE inflation numbers. While core inflation is forecast to

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<v Speaker 10>remain sticky, headline inflation should drop below four percent for

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<v Speaker 10>the first time since the pandemic. Michael McKee, Bloomberg Daybreak.

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<v Speaker 2>All right, Michael, thank you well. Economic data is also

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<v Speaker 2>in focus in Asia today. China's economy decelerated in June

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<v Speaker 2>as manufacturing activity contracted once again. Bloomberg Daybreak Asia anchor

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<v Speaker 2>Brian Curtis has more from Hong Kong.

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<v Speaker 11>The official PMI was forty nine, matching estimates but barely

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<v Speaker 11>up from May. Manufacturing gage slipped to fifty three point

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<v Speaker 11>two from fifty four point five the prior month. While

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<v Speaker 11>slightly disappointing, at least it was firmly an expansion now

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<v Speaker 11>the numbers suggest the government will dole out more stimulus.

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<v Speaker 11>It's not that there hasn't been an effort to provide support,

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<v Speaker 11>but the question remains is it working. New Orders Export

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<v Speaker 11>Orders engages on employment all below fifty in Hong Kong.

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<v Speaker 11>Brand Curtis Bloomberg dbreak.

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<v Speaker 3>Ran thanks back here in the US. Shares of Nike

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<v Speaker 3>are down nearly four percent. The outlook for the full

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<v Speaker 3>year failed to win over Wall Street sales top estimates,

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<v Speaker 3>but profit fell short. And for that look at other

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<v Speaker 3>stories making news in New York and around the world.

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<v Speaker 3>We are joined by Bloomberg's Michael Barr Good Friday Morning, Michael.

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<v Speaker 12>Good, Morning, Nathan. The verdicts are in on charges for

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<v Speaker 12>the former Florida Sheriff's deputy who was first on the

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<v Speaker 12>scene at the twenty eighteen Parkland school shooting but took

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<v Speaker 12>cover instead of taking action. Bloomberg's Dan Schwartzmann reports.

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<v Speaker 13>Former Broward County Deputy Scott Peters has been acquitted on

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<v Speaker 13>felony child neglect charges, amongst other charges, for failing to

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<v Speaker 13>actoring the Parkland school massacre back in twenty eighteen, the

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<v Speaker 13>left seventeen dead. Peterson at the time was a campus

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<v Speaker 13>deputy at Marjorie Stoneman Douglas High School, was accused of

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<v Speaker 13>failing to confront shooter Nicholas Cruz as he went on

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<v Speaker 13>his rampage. Video shows Peterson taking cover in the alcove

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<v Speaker 13>of a neighboring building from the shooting with his gun

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<v Speaker 13>drawn and not moving from that location for over forty

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<v Speaker 13>minutes until well after other officers stormed the building and

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<v Speaker 13>captured Cruise. In New York, I'm Dan Schwartzman Bloomberg Daybreak.

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<v Speaker 12>New York City Mayor Eric Adams defended his handling of

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<v Speaker 12>migrants arriving in the city from Republican led states. Adams

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<v Speaker 12>said he has visited El Paso, Texas, where he saw

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<v Speaker 12>migrant families sleeping in the airport and on the streets.

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<v Speaker 12>The mayor said, while New York will seek help to

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<v Speaker 12>ease the burden on the city, it will not refuse

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<v Speaker 12>care to migrants.

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<v Speaker 14>We have navigated over seventy thousand people in our city.

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<v Speaker 9>No child of family are sleeping on the streets of

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<v Speaker 9>the City.

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<v Speaker 12>Of New York. Mayor Adams made his comments while taking

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<v Speaker 12>questions on the city's budget. Adams and the city Council

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<v Speaker 12>speakers struck a deal on a record one hundred and

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<v Speaker 12>seven billion dollar budget. The agreement, which comes as the

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<v Speaker 12>city faces a potentially deteriorating economic climate, will cut some

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<v Speaker 12>funding for Rikers Island and homeless services. Republican Representative George

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<v Speaker 12>Santos returns to a New York court today for the

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<v Speaker 12>first time since pleading not guilty last month to fraud charges.

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<v Speaker 12>The hearing for the Long Island congressman is expected to

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<v Speaker 12>focus on future court dates, among other things, Santos is

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<v Speaker 12>accused of duping donors, stealing from his campaign, and collecting

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<v Speaker 12>fraudulent unemployment benefits. The holiday travel rushes on after what's

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<v Speaker 12>been a stressful week for travelers, with more than six

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<v Speaker 12>hundred flights canceled yesterday alone and more than seven thousand

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<v Speaker 12>canceled since Saturday. Passengers are on edge, with bags filing

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<v Speaker 12>up at airports, some people stranded for days, and the

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<v Speaker 12>TSA says today will be its busyest of the holiday weekend.

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<v Speaker 12>Global News twenty four hours a day, powered by more

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<v Speaker 12>than twenty seven hundred journalists and analysts and over one

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<v Speaker 12>hundred and twenty countries. I'm Michael Barr, and this is Bloomberg.

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<v Speaker 3>Nathan, Thank you, Michael, time for the Bloomberg Sports Update.

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<v Speaker 3>Good morning, John Staneshawer.

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<v Speaker 12>Morning Nathan.

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<v Speaker 14>The Yankees and Mets both displayed game number eighty one,

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<v Speaker 14>so halfway through. Yankees at forty five and thirty six.

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<v Speaker 14>They love a tough time repeating as AL East champ.

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<v Speaker 14>They're nine and a half games behind Sampa Bay, but

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<v Speaker 14>they figured the battle for a wild card in Oakland.

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<v Speaker 14>They trailed three to one, exploded for eight runs in

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<v Speaker 14>the sixth, then he beat the lowly a ten to

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<v Speaker 14>four to win the series. This win coming after the

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<v Speaker 14>Domingo Hermann perfect game. Who's Aaron Boone.

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<v Speaker 15>Thought the guys were really energetic, almost that like you, Forick.

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<v Speaker 10>Didn't have time to think.

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<v Speaker 15>It's like here we go, let's go tomorrow, and you're

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<v Speaker 15>coming off the high of Domingo, so so I really

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<v Speaker 15>thought the energy was really good.

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<v Speaker 14>Three hits Isaiah Connor for Lefahomer drove in three runs.

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<v Speaker 14>Yankees fight tonight in Saint Louis. The Cardinals a huge

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<v Speaker 14>first half disappointment after winning the NL Central last season.

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<v Speaker 14>They're in last place. They're fourteen games under five hundred,

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<v Speaker 14>and the Mets not all that much better after one

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<v Speaker 14>hundred and one wins a year ago. Their record halfway

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<v Speaker 14>through thirty six and forty five. They've lost eighteen of

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<v Speaker 14>their last twenty four games. Beaten again by Milwaukee at

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<v Speaker 14>City Field three to two. Mets got back to back

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<v Speaker 14>home runs third inning Brett Baty Brandon Nimo. They led

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<v Speaker 14>to nothing with Max Schurz on the mound, but they

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<v Speaker 14>didn't score again. The Liberty of much hype team this

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<v Speaker 14>season with the class of the WNBA, the Las Vegas

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<v Speaker 14>Aces won the championship last season. They are fourteen and one.

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<v Speaker 14>They've beat Liberty by seventeen. NBA free agency about to

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<v Speaker 14>kick off. Kyrie Irving on the list. There's a report

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<v Speaker 14>he's talking to the Phoenix Suns. James Harden is one

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<v Speaker 14>time teammate in Brooklyn, opted in in Philadelphia and make

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<v Speaker 14>thirty five million.

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<v Speaker 12>He could still get traded by the six Ers. John

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<v Speaker 12>Stasheller Bloomberg.

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<v Speaker 16>Sports from coast to coast, from New York to San Francisco,

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<v Speaker 16>Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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<v Speaker 16>Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 16>Good morning, I'm Nathan Hager. President Biden is delivering his

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<v Speaker 16>strongest criticism of the Supreme Court yet following its decision

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<v Speaker 16>to end affirmative action, essentially in college admissions. At the

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<v Speaker 16>White House yesterday, the President told reporters, quote, this is

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<v Speaker 16>not a normal court. Then he expanded on that in

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<v Speaker 16>an interview on MSNBC.

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<v Speaker 6>I just find it just so out of sorts with

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<v Speaker 6>the basic value system the American people. The vast majority

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<v Speaker 6>of American people don't agree with a lot of the

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<v Speaker 6>decisions courts to make.

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<v Speaker 7>You.

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<v Speaker 3>Yeah, that was the President yesterday following that affirmative action decision.

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<v Speaker 3>And this Court has yet another high profile decision coming

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<v Speaker 3>today on the final day of its term, on the

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<v Speaker 3>President's student debt relief program. For more on the politics

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<v Speaker 3>of the High Court, we are joined by Julie Norman,

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<v Speaker 3>the co director of the Center on US Politics at

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<v Speaker 3>University College London. Julie, it's good to speak with you

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<v Speaker 3>once again. There have been so many questions over the

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<v Speaker 3>last several months about the standing of this Supreme Court.

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<v Speaker 3>Now following the decisions that are coming at the end

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<v Speaker 3>of this term, how would you assess the legitimacy of

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<v Speaker 3>the Supreme Court right now as an institution.

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<v Speaker 17>Well, good morning, Nathan. You know, I would say the

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<v Speaker 17>ruling that we saw yes during affirmative Action was certainly expected.

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<v Speaker 17>We've also seen several unexpected decisions, especially regarding voting rights

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<v Speaker 17>and preserving legislators say in that, So I would say

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<v Speaker 17>it's been a mix so far this season with the

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<v Speaker 17>court's rulings that expected and unexpected. But I would say

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<v Speaker 17>I would Biden's comments, I think are shared by by

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<v Speaker 17>many that this is an unusual court. But I would

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<v Speaker 17>say the rulings that we're seeing come down are actually

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<v Speaker 17>pretty rational and pretty much a mix of what you

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<v Speaker 17>would expect from from many Supreme courts. So I would

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<v Speaker 17>personally hesitate from saying this is particularly unusual.

0:11:58.040 --> 0:12:00.319
<v Speaker 3>Yeah, it is interesting to hear the price that think

0:12:00.360 --> 0:12:02.280
<v Speaker 3>go so far as to say this is not a

0:12:02.360 --> 0:12:05.080
<v Speaker 3>normal court. You think about as well, the decision last

0:12:05.160 --> 0:12:10.319
<v Speaker 3>year on overturning abortion rights. What is the potential risk

0:12:10.440 --> 0:12:14.600
<v Speaker 3>for the president to come so hard against the Supreme Court,

0:12:14.720 --> 0:12:15.800
<v Speaker 3>at least rhetorically.

0:12:17.240 --> 0:12:20.280
<v Speaker 17>Yeah, So I think this is something that Biden played

0:12:20.600 --> 0:12:24.760
<v Speaker 17>right politically with abortion because Democrats did get a big

0:12:24.840 --> 0:12:26.760
<v Speaker 17>boost out of that, and that's mainly because it's an

0:12:26.800 --> 0:12:28.640
<v Speaker 17>issue that matters to a lot of people, I think,

0:12:28.640 --> 0:12:32.200
<v Speaker 17>regardless of what Biden said about it or not. Regarding

0:12:32.200 --> 0:12:35.640
<v Speaker 17>affirmative action. Again, for Democrats, this has been a big

0:12:35.679 --> 0:12:39.640
<v Speaker 17>issue within the party. But somewhat contrary to Biden's comments,

0:12:40.400 --> 0:12:42.880
<v Speaker 17>public opinion is rather split on this. You know, the

0:12:42.920 --> 0:12:46.480
<v Speaker 17>majority of Americans do not support the inclusion of race

0:12:46.600 --> 0:12:50.400
<v Speaker 17>in college admissions, and even among Democrats, it's quite split.

0:12:50.440 --> 0:12:53.199
<v Speaker 17>And we saw that with California in twenty twenty trying

0:12:53.200 --> 0:12:56.400
<v Speaker 17>to bring affirmative action back in California, very liberal state.

0:12:56.920 --> 0:12:59.160
<v Speaker 17>You know, I fifty seven percent said no, we don't

0:12:59.160 --> 0:13:02.000
<v Speaker 17>want affirmative action. So I would say public opinion is

0:13:02.120 --> 0:13:04.960
<v Speaker 17>much more nuanced on this issue than I think Biden

0:13:05.480 --> 0:13:07.120
<v Speaker 17>and many Democrats have portrayed it to be.

0:13:07.640 --> 0:13:10.200
<v Speaker 3>What does it tell you, Julie, that the Supreme Court

0:13:10.240 --> 0:13:12.400
<v Speaker 3>has waited until the final day of its term to

0:13:12.720 --> 0:13:15.760
<v Speaker 3>come out with its decision on a case that is

0:13:15.800 --> 0:13:19.839
<v Speaker 3>going to affect the president's political standing pretty directly, I

0:13:19.840 --> 0:13:22.160
<v Speaker 3>think it's pretty safe to say on the student debt

0:13:22.200 --> 0:13:26.160
<v Speaker 3>relief program, which is so popular with his young educated

0:13:26.280 --> 0:13:27.360
<v Speaker 3>Democratic voter base.

0:13:28.320 --> 0:13:30.880
<v Speaker 17>Well, yeah, so, Nathan, we usually see the Court wait

0:13:30.960 --> 0:13:33.120
<v Speaker 17>until the very last couple of days to release the

0:13:33.120 --> 0:13:37.280
<v Speaker 17>most controversial rulings. So affirmative Action yesterday, probably student loans today,

0:13:37.880 --> 0:13:41.360
<v Speaker 17>and the student loan relief was again an executive action

0:13:41.720 --> 0:13:45.199
<v Speaker 17>that Biden put in place last year to relieve dead

0:13:45.280 --> 0:13:47.800
<v Speaker 17>up to twenty thousand for some applicants and of ten

0:13:47.840 --> 0:13:52.040
<v Speaker 17>thousand for others. The Court has been hearing arguments this

0:13:52.120 --> 0:13:55.839
<v Speaker 17>is executive overreach, and it's expected that they will likely

0:13:56.600 --> 0:13:59.640
<v Speaker 17>put a stop to that. So while affirmative action has

0:13:59.679 --> 0:14:02.320
<v Speaker 17>its own implications, I think the case today certainly has

0:14:02.360 --> 0:14:06.280
<v Speaker 17>political implications because it's really the Justice Department, the Supreme

0:14:06.280 --> 0:14:09.360
<v Speaker 17>Court putting a very direct check on Biden and on

0:14:09.440 --> 0:14:12.840
<v Speaker 17>the executive and that's politically going to be you know,

0:14:13.040 --> 0:14:15.240
<v Speaker 17>that's going to hit Biden. But I would say this

0:14:15.280 --> 0:14:17.040
<v Speaker 17>is something that was somewhat expected. If this is the

0:14:17.040 --> 0:14:18.000
<v Speaker 17>way it comes out.

0:14:18.160 --> 0:14:20.320
<v Speaker 3>Is this a kind of political impact that could have

0:14:20.440 --> 0:14:25.320
<v Speaker 3>implications into twenty twenty four got about a minute left, I.

0:14:25.240 --> 0:14:28.640
<v Speaker 17>Think it would. I mean, the student loan program definitely

0:14:28.640 --> 0:14:31.240
<v Speaker 17>helped Democrats in the midterms, and I think many of

0:14:31.280 --> 0:14:33.320
<v Speaker 17>them knew that, even knowing that it might get struck

0:14:33.360 --> 0:14:37.000
<v Speaker 17>down later. I think realistically, you know, this is something

0:14:37.040 --> 0:14:39.920
<v Speaker 17>that matters for many of Democrats base. I think it

0:14:39.960 --> 0:14:44.120
<v Speaker 17>matters for getting support for Biden and many Democrats in primaries.

0:14:44.440 --> 0:14:46.040
<v Speaker 17>But at the end of the day, again, this was

0:14:46.040 --> 0:14:49.000
<v Speaker 17>also an issue that was very controversial. Many working class

0:14:49.080 --> 0:14:52.080
<v Speaker 17>voters in particular felt left out of loan relief that

0:14:52.200 --> 0:14:54.440
<v Speaker 17>was going to students and not to say small businesses

0:14:54.600 --> 0:14:57.560
<v Speaker 17>or other enterprises. So in the general elections, I could

0:14:57.560 --> 0:14:59.160
<v Speaker 17>say this could come out in a wash, but it

0:14:59.200 --> 0:15:02.360
<v Speaker 17>was definitely galvin from many young Democrats in particular to

0:15:02.360 --> 0:15:04.160
<v Speaker 17>come out and support Biden, support the Democrats.

0:15:04.200 --> 0:15:04.640
<v Speaker 7>Nicolls.

0:15:06.120 --> 0:15:09.200
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