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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we began with the main political event of the moment,

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Speaker 3: President Donald Trump's State of the Union Address.

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Speaker 4: Members of Congress, and my fellow Americas. Our nation is back, bigger, better, richer,

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Speaker 4: and stronger than ever before.

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Speaker 3: Over a record one hour and forty seven minutes, the

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Speaker 3: President delivered a strident defense of his economic record in

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Speaker 3: a speech that was heavy on patriotism.

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Speaker 4: This July fourth, we will mark two and a half

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Speaker 4: centuries of liberty and triumph, progress and freedom in the

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Speaker 4: most incredible and acceptional nation ever to exist on the

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Speaker 4: face of the earth. And you've seen nothing yet.

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Speaker 3: President Trump touted falling food and gasoline prices and blamed

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Speaker 3: Democrats for costs that have stayed elevated since before the pandemic.

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Speaker 3: And after the Supreme Court struck down his signature tariffs

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Speaker 3: last week, President Trump gave little indication he plans to

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Speaker 3: steer away from import duties.

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Speaker 4: They will continue to work along the same successful path

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Speaker 4: that we had negotiated before the Supreme Court's unfortunate involvement.

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Speaker 4: So despite the disappointing ruling, these powerful country saving it's

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Speaker 4: saving our country the kind of money we're taking in.

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Speaker 3: President Trump delivered his remarks before four of the Supreme

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Speaker 3: Court's justices, three of whom voted to reject his emergency tariffs,

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Speaker 3: Well Nathan.

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Speaker 2: President Trump did not offer many new policy proposals in

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Speaker 2: his speech, though he did promise a thousand dollars retirement

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Speaker 2: saving match for workers without four oh one case. He

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Speaker 2: also called for a congressional ban on stock trading, and

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Speaker 2: he took aim at Democrats for opposing his tough stand

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Speaker 2: on immigration enforcement.

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Speaker 4: These people are crazy, I'm telling you crazy.

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Speaker 2: The President accused Democrats of destroying the country. After starting

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Speaker 2: the speech with a recognition of Olympic gold medal winners,

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Speaker 2: President Trump also touched on foreign policy with awarding about

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Speaker 2: Iron's nuclear program.

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Speaker 4: They continue starting it all over. We wiped it out,

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Speaker 4: and they want to start all over again, and are

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Speaker 4: this moment again pursuing their sinis to ambitions. We are

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Speaker 4: in negotiations with them. They want to make a deal,

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Speaker 4: but we haven't heard those secret words. We will never

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Speaker 4: have a nuclear weapon.

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Speaker 2: President Trump also praised the operation in Venezuela that captured

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Speaker 2: former President Nicholas Maduro and awarded the Congressional Medal of

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Speaker 2: Honor to one of the helicopter pilots involved in the raid.

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Speaker 2: In one of the speech is more poignant moments, the

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Speaker 2: President awarded the Purple Heart the National Guard member who

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Speaker 2: survived an attack in Washington last November.

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Speaker 3: The reaction, of course, Karen is pouring in to President

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Speaker 3: Trump's speech. Davis was national campaign manager of John McCain's

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Speaker 3: two thousand and eight presidential campaign and is now a

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Speaker 3: Bloomberg Politics contributor.

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Speaker 5: I think it was a different kind of speech than

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Speaker 5: what we're used to seeing from President Trump. Normally, he

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Speaker 5: paints a pretty dark picture of the country in order

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Speaker 5: to say how much he has changed and made it better.

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Speaker 5: He actually started off with the positive report card, and

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Speaker 5: at a time when most people are tuned in the

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Speaker 5: first thirty minutes of this speech, he's going to get

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Speaker 5: the highest number of eyeballs on the TV. He talked

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Speaker 5: about affordability, the economy.

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Speaker 3: And like Rick Davis, Genie Sheenzano is also a Bloomberg

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Speaker 3: Politics contributor.

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Speaker 6: I think he.

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Speaker 7: Got the memo from Susie Wilds affordability, affordability with our

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Speaker 7: first hour was on affordability. But what he didn't do

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Speaker 7: is say how he is going to fix and address

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Speaker 7: how people feel. And I don't think he changed any mind.

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Speaker 7: So I think it was better than I thought it

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Speaker 7: might be, but it wasn't enough to give people confidence

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Speaker 7: that anything is going to change in the next year

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Speaker 7: or two.

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Speaker 3: Bloomberg Politics contributors Jeanie she and Zano and Rick Davis

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Speaker 3: made their comments on a special edition of Bloomberg's Balance

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Speaker 3: of Power with Joe Matthew and Kaylee Lyines Nathan.

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Speaker 2: Virginia Governor Abigail Spanberger delivered the Democratic rebuttal to President

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Speaker 2: Trump's State of the Union address.

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Speaker 6: Since this president took office last year, his reckless trade

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Speaker 6: policies have forced American families to pay more than seventeen

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Speaker 6: hundred dollars each in tariff costs. Small businesses have suffered,

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Speaker 6: farmers have suffered, some losing entire markets. Every day Americans

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Speaker 6: are paying the price.

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Speaker 2: Virginia Governor Abigail Spenberger was flanked by American flag, so

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Speaker 2: she delivered the speech from Colonia Williamsburg. Democratic Senator Alex

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Speaker 2: Padia of California delivered the party's Spanish language response.

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Speaker 3: Now, Karen, we turned to the latest in the search

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Speaker 3: for the mother of Savannah Guthrie. The Today's Show host says,

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Speaker 3: the families putting out a new reward for information leading

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Speaker 3: to the recovery of Nancy Guthrie.

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Speaker 8: We need her to come home. For that reason, we

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Speaker 8: are offering a family reward of up to one million

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Speaker 8: dollars for any information that leads us to her recovery.

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Speaker 3: Savannah Guthrie made that announcement on Instagram. Nancy Guthrie went

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Speaker 3: missing from her Arizona home more than three weeks ago.

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Speaker 2: Let's turn to the markets now, Nathan futures are a

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Speaker 2: higher ahead of yesterday's tech field rally on Wall Street.

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Speaker 2: The one percent gain for the Nasdaq comes ahead of

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Speaker 2: this afternoon's earnings report from AI behemoth and Vidia. We

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Speaker 2: get a preview with Bloomberg's Tom Busby, and.

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Speaker 9: Nvidia needs to deliver another blowout earnings report to justify

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Speaker 9: the hundreds of billions of dollars being spent by tech

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Speaker 9: giants on its artificial intelligence chips and other AI infrastructure.

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Speaker 9: CEO Jensen Wong is the short investors that demand remains

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Speaker 9: high as customers like Alphabet and meta platforms have detailed

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Speaker 9: aggressive spending plans over the blame few weeks, but investors

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Speaker 9: are eager to hear about additional ways for Nvidia to grow,

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Speaker 9: including planned chip sales in China. Bloomberg consensus calls for

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Speaker 9: revenue of sixty five point nine to one billion dollars

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Speaker 9: on adjusted earnings per share of a.

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Speaker 10: Dollar fifty three.

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Speaker 9: Tom buzzby Bloomberg Radio.

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Speaker 3: All right, Tom, thank you. In Europe, shares of HSBC,

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Speaker 3: you're trading near a record right now. They're up four

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Speaker 3: and a half percent. Europe's largest bank reported better than

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Speaker 3: expected earnings and raised some targets. In an interview with Bloomberg,

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Speaker 3: HSBC CEO Georgio Henri said the bank will continue to evolve.

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Speaker 11: We are transforming with precision, with discipline, and we're doing

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Speaker 11: it at pace, and we expect to be able to

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Speaker 11: conclude a number of the actions we set out to

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Speaker 11: do earlier than initially planned.

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Speaker 3: HSBC's GEORGEO. Henri says the strong results boosted the bonus

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Speaker 3: pool by about ten percent to three point nine billion dollars.

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Speaker 3: That is the highest in at least a decade.

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Speaker 2: Nathan, we have new developments this morning in the takeover

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Speaker 2: battle for Warner Brothers, and we get the details with

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Speaker 2: the Bloomberg's John Tuckert.

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Speaker 12: Good morning, Good morning County.

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Speaker 10: Yeah, this is the Hollywood drama that seems to have

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Speaker 10: no ending. Warner Brothers Discovery says a new thirty one

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Speaker 10: dollars a share of buyout offer from Paramount Skuydance could

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Speaker 10: lead to a better deal than its existing agreement with Netflix.

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Speaker 10: This may lead to yet another round of bidding for

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Speaker 10: the iconic Hollywood studio. Now, Warner Brothers isn't withdrawing its

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Speaker 10: recommendation that investors get behind Netflix's twenty seven to seventy

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Speaker 10: five is share agreement, but the latest Paramount terms might

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Speaker 10: just need a closer look of Paramount's latest salvo shows

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Speaker 10: the company led by David Allison isn't dropping it's pursuit

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Speaker 10: of Warner Brothers anytime soon. Well, Sweden offer is going

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Speaker 10: to test Netflix's willingness to pay out for the Warner

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Speaker 10: Brothers production studios in a library that includes DC comics

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Speaker 10: and Game of Thrones. I'm John Tucker, Bloomberg Radio.

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Speaker 3: Hight John, Thanks, turning to the economy now, Chicago Fed

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Speaker 3: President Austin goles Be says the Supreme Court's decision to

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Speaker 3: strike down many a President Trump's tariffs may help cool inflation.

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Speaker 3: In an interview with Bloomberg, Golesby also raised FED Chair

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Speaker 3: Jay Powell.

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Speaker 13: I've said, unapologetically, I think Jay Powell's a first ballot

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Speaker 13: Hall of Fame FED chair, and I'm a big supporter

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Speaker 13: of his. I don't know what the rules are when

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Speaker 13: people's terms expire as chair? Are they allowed to stay on?

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Speaker 11: If they are?

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Speaker 13: I'm a big Jay.

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Speaker 3: Powell supporter and Chicago FED President. Austin Gilesby also praised

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Speaker 3: President Trump's pick to succeed Powell as chair, former FED

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Speaker 3: Governor Kevin Warsh. You can catch the full interview at

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Speaker 3: the new Bloomberg video hub. Find it at Bloomberg dot

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Speaker 3: com slash videos.

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Speaker 2: And we have a programming note, Nathan. The markets may

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Speaker 2: pause for the weekend, but the world does not. That's

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Speaker 2: why we're bringing you a new radio and TV show,

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Speaker 2: Bloomberg This Weekend is looking beyond the daily headlines to

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Speaker 2: the bigger themes driving politics, business and culture. Join David Gura,

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Speaker 2: Christina Ruffini, and Lisa Matteo for smart conversations and in

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Speaker 2: depth interviews that help make sense of the week that's

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Speaker 2: been and what comes next, Saturdays and Sundays from seven

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Speaker 2: am Eastern on Bloomberg Radio TV and the Bloomberg Business App.

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Speaker 2: Time Now for look at some of the other stories

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Speaker 2: making news in New York and around the world. And

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Speaker 2: for that we're joined by Bloomberg's Michael Barr Michael, Good Morning.

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Speaker 12: Good Morning Karen. During President Trump's State of the Union speech,

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Speaker 12: he referenced New York City Mayor Zoron Mamdani. The President

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Speaker 12: says New Yorkers are required to provide identification showing US

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Speaker 12: citizenship to register to vote, but do not have to

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Speaker 12: show ID to cast a ballot.

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Speaker 4: And even the new comtist may of New York City,

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Speaker 4: I think he's a nice guy. Actually speak to him alone.

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Speaker 4: Bad policy, but nice guy just said. They want people

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Speaker 4: to shovel snow. They got hit hard. Want them to

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Speaker 4: shovel snow. But if you apply for that job, you

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Speaker 4: need to show two original forms of ID at a

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Speaker 4: social security club. Yet they don't want identification for the

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Speaker 4: greatest privilege of them all, voting in America.

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Speaker 12: National good President Trump has proposed to enact a national

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Speaker 12: voter id law. American tourists are still stuck in Porto

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Speaker 12: vine Arta, days after the Mexican army killed a cartel

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Speaker 12: boss Sunday, sparking clashes. This man was visiting from Chicago

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Speaker 12: with his husband and friends when he says, a gunman

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Speaker 12: approached their rental car.

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Speaker 14: He got to the car, pointed at my head and

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Speaker 14: through the window said get out of the car. He

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Speaker 14: threw the combomber and the sundiary device in it, and

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Speaker 14: the car exploded.

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Speaker 12: He hunkered down for days after the State Department orged

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Speaker 12: US tourists across Mexico to shelter in place. The calls

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Speaker 12: for resignation are getting louder for Republican Congressman Tony Gonzalez

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Speaker 12: following the release of explicit text messages with a congressional

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Speaker 12: aid who died by suicide last year. Gonzales says, though

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Speaker 12: he won't step down, t Rosano stock in Rosa. I

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Speaker 12: worked every day for the People's Texas.

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Speaker 9: I you kereen and there would be an opportunity for

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Speaker 9: all the details, and Fox atmout what you've seen is not.

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Speaker 12: All the Fox speaker Mike Johnson said the matter is

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Speaker 12: under investigation. However, the speaker stops short of calling for

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Speaker 12: Gonzalez to step down, despite a growing number of House

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Speaker 12: Republicans who have called for his resignation. French President Emmanuel

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Speaker 12: McCraw has accepted the resignation of the Louver Museum's president,

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Speaker 12: Leron de car had been under fire in the wake

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Speaker 12: of a stunning and embarrassing heist of the French crown jewels.

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Speaker 12: Global News twenty four hours a day and whenever you

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Speaker 12: want it with the Bloomberg News. Now now Michael Barr

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Speaker 12: and this is Bloomberg, Karen.

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Speaker 9: Thanks Michael.

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Speaker 2: All time now for our Bloomberg Sports update, and for

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Speaker 2: that we bring in John stash Hour.

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Speaker 15: Thanks Karen. The top four teams in college basketball all

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Speaker 15: played in one that includes Number one Duke a forty

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Speaker 15: four point victory at Notre Dame, I ranked Arizona one

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Speaker 15: at Baylor, Third ranked Michigan beat Minnesota. All three of

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Speaker 15: those teams have a record of twenty six and two.

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Speaker 15: Also winning was fourth ranked Iowa State and Miami of Ohio,

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Speaker 15: who's now twenty eight in oh The Atlanta Falcons say

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Speaker 15: they will release quarterback Kirk Cousins when free agency begins

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Speaker 15: next month. He played the last seven games for the

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Speaker 15: Falcons and they went five and two. That's your Bloomberg

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Speaker 15: Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. After more than a year

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Speaker 3: back in office and with polls showing more anxiety over

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Speaker 3: the economy, President Donald Trump used his first State of

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Speaker 3: the Union address of his second term to declare, our

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Speaker 3: nation is back.

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Speaker 4: I can say with dignity and pride that we have

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Speaker 4: achieved a transformation like no one has ever seen before,

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Speaker 4: and a turnaround for the ages.

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Speaker 3: President Trump in the record setting one hour and forty

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Speaker 3: seven minutes State of the Union this morning. We're joined

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Speaker 3: by Jennifer Lawless, professor of politics at the University of Virginia.

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Speaker 3: Appreciate you coming on so early this morning. After that

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Speaker 3: long speech. I wonder if you watched the whole thing

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Speaker 3: and what your reaction to it was. Good morning, professor, Good.

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Speaker 16: Morning, Thanks for having me. It was a long speech

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Speaker 16: and it was basically exactly what Republicans and Democrats were expecting.

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Speaker 16: Donald Trump touted his successes, and those successes are perceived

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Speaker 16: by Republicans as the energy that they need heading into

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Speaker 16: the midterms, and those same successes are perceived as failures

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Speaker 16: by the Democrats, who believe that the Trump agenda is

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Speaker 16: just completely wrong and leading the country in the wrong direction.

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Speaker 16: So I don't think that anybody who watched the speech

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Speaker 16: left surprised.

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Speaker 3: So this was a chance for the president to offer

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Speaker 3: something of a reset with the polls showing as I mentioned,

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Speaker 3: some of those anxieties around the economy, immigration enforcement, even

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Speaker 3: foreign policy as well. Did he offer that reset?

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Speaker 16: I don't think so. He has a problem that Joe

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Speaker 16: Biden had a few years ago, which is that you

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Speaker 16: can name a bunch of metrics that suggest that the

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Speaker 16: economy is moving in the right direction, but if people

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Speaker 16: don't feel it, it doesn't matter. And you have to

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Speaker 16: be really careful about how you thread that needle, because

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Speaker 16: you don't want to tell people that they feel something

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Speaker 16: or they're experiencing something that's wrong, and he was unable

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Speaker 16: to do that. It's one thing to itemize a bunch

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Speaker 16: of statistics. It's another to actually make people feel like

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Speaker 16: the economy is improving, and I don't think he was

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Speaker 16: successful on that front.

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Speaker 3: Though he did offer a few policy proposals, he made

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Speaker 3: it pretty clear that he's going to stick with tariffs

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Speaker 3: and mention things like retirement matches for people who don't

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Speaker 3: have four oh one k's congressional stock ban, that sort

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Speaker 3: of thing. Are those the kind of things that reson

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Speaker 3: with voters.

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Speaker 16: The polls suggest that what matters right now to voters

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Speaker 16: is affordability. The twenty twenty five election in the fall

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Speaker 16: made that very clear. The Democrats outperformed expectations largely with

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Speaker 16: candidates who were pushing that affordability message, and the Trump

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Speaker 16: administration just hasn't been able to do that in a

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Speaker 16: compelling way. So they can talk about other issues. They

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Speaker 16: can talk about four oh one case. People are more

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Speaker 16: concerned right now about whether they have money in their

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Speaker 16: pockets to buy groceries. So again, these are not necessarily

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Speaker 16: policies that would be viewed as very unpopular, but they're

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Speaker 16: not what people are looking for when they wake up

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Speaker 16: in the morning and they're trying to figure out how

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Speaker 16: to put food on the table.

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Speaker 3: Well, it kind of gets us too. The Democratic rebuttal

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Speaker 3: as well. For people who stayed up long enough to

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Speaker 3: see Virginia Governor Abigail's span Berger, it was pretty late.

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Speaker 3: Does that hinder the message for Democrats? Just from the timing?

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Speaker 3: And if you did see the message, what did you

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Speaker 3: make of that?

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Speaker 16: I did watch Abigail Spamberger's speech. It was very similar

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Speaker 16: to the campaign's speech that she was giving over the

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Speaker 16: course of her gubatatorial campaign that resonated in Virginia. It

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Speaker 16: resonated with Democrats and independents and even a handful of

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Speaker 16: Republican voters. The problem is it was well after eleven o'clock.

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Speaker 16: People were tuned out. Most people don't watch the State

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Speaker 16: of the Union address in the first place, and frankly,

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Speaker 16: the people who are tuning in already have solid views

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Speaker 16: of both Donald Trump and the Democrats, and so I

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Speaker 16: think she was quite effective. It's a terrible speech to

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Speaker 16: have to give. The rebuttal is well known as a

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Speaker 16: very difficult endeavor, but I'm not sure that that matters

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Speaker 16: much either.

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Speaker 3: Speaking with Jennifer Lawless, professor of politics at the University

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Speaker 3: of Virginia, So given that we didn't see very many

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Speaker 3: policy proposals and we did see a lot of attacks

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Speaker 3: at times from President Trump against the Democrats. How does

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Speaker 3: this potentially set the tone heading into the midterms.

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Speaker 16: Well, I do want to note one policy change that

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Speaker 16: we saw, and that was the rhetoric around immigration. It

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Speaker 16: does seem that the President and the Republicans learned something

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Speaker 16: from what happened in Minneapolis, and so he was focused

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Speaker 16: more on border security, and he was focused more on

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Speaker 16: immigrants who he's deemed criminals than just sort of deportations

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Speaker 16: in general. And so I think that does suggest that

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Speaker 16: heading into the midterms, the Republicans might be a little

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Speaker 16: bit more careful about how they talk about immigration because

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Speaker 16: their harsh rhetoric and actions have backfired. But other than that,

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Speaker 16: my expectation is that twenty twenty six is going to

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Speaker 16: look a lot like twenty twenty four, and it's really

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Speaker 16: going to come down to which side could turn out

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Speaker 16: their voters because the Republicans are basically sticking with the script.

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Speaker 3: Sticking with the script as well when it comes to

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Speaker 3: foreign policy, we heard the President touch on the tensions

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Speaker 3: with Iran as well. Did you see the President tip

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Speaker 3: his hand at all in terms of where things could

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Speaker 3: go after the negotiations that are set to resis in

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Speaker 3: Geneva tomorrow.

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Speaker 16: I think he was pretty careful. I don't think that

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Speaker 16: he wanted to pollute those negotiations. I'm not sure that

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Speaker 16: he knows exactly what it is that he's going to do,

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Speaker 16: and given that the world was watching and that world

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Speaker 16: leaders are watching, I don't think he wanted to say

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Speaker 16: much ahead of time. I was actually surprised at how

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Speaker 16: little attention foreign policy received at the speech, given what

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Speaker 16: a big central part of his agenda.

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Speaker 3: It is just the fact that we did see so

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Speaker 3: much of a focus on domestic policy as well. What

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Speaker 3: does that tell us about what the focus could be

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Speaker 3: from the President and the White House over the next

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Speaker 3: few months. I mean, we've heard from the White House

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Speaker 3: Chief of Staff, Susie Wilds a while back saying that

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Speaker 3: the President was going to be out on the road

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Speaker 3: almost weekly touting the economy. Do you see that continuing.

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Speaker 16: If that's going to continue, the President needs to work

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Speaker 16: on the messaging, because again, there was a disconnect between

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Speaker 16: the kinds of statistics and successes that he was touting

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Speaker 16: and the average Americans' perceptions of whether anything is affordable.

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Speaker 16: It may be that he was trying out some lines.

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Speaker 16: It may be that he's beginning to think about what

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Speaker 16: his campaign trail speeches will sound like when he's campaigning

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Speaker 16: for other Republicans. But at this point, I don't think

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Speaker 16: that the words that he used last night and the

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Speaker 16: policies that he talked about last night are going to

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Speaker 16: lead to major successes for Republican candidates, because people in

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Speaker 16: America are just not feeling economic gains right now.

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Speaker 3: Just about a minute left here, professor, what moments from

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Speaker 3: the speech or moments do you think are going to

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Speaker 3: stand out if any? And we usually see a post

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Speaker 3: State of the Union bounce in the polls for the president,

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Speaker 3: do you think we'll see that again this time around?

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Speaker 16: The bounce in the polls is tricky because the people

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Speaker 16: who are tuned in tend to be the copartisans of

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Speaker 16: the president. That's true for both Democrats and Republicans, depending

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Speaker 16: who's in office. So the bump is usually short lived

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Speaker 16: and a little bit artificial. And the moments that the

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Speaker 16: media attend to cover are the moments that are unusual

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Speaker 16: or rare or provocative. I think we're going to keep

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Speaker 16: seeing over and over again the stand up. If you

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Speaker 16: agree with this statement attack that he took, which basically

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Speaker 16: was an attempt to get the Democrats either to agree

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Speaker 16: with him about what the United States is about and

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Speaker 16: what our goals as Americans should be, or to differentiate

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Speaker 16: them from Republicans. And you know, it was a pretty

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Speaker 16: bold move on his part. The Democrats did not stand up,

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Speaker 16: they did not take the bait. And my bet is

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Speaker 16: that we'll see that over and over and over again

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Speaker 16: for the next forty eight hours.

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