1 00:00:00,880 --> 00:00:03,520 Speaker 1: News when you want it with Bloomberg News Now, I'm 2 00:00:03,640 --> 00:00:06,760 Speaker 1: Dan Schwartzman. Wall Street ends a five day losing shriek 3 00:00:06,760 --> 00:00:09,119 Speaker 1: with a record setting day as the Dow gained eight 4 00:00:09,240 --> 00:00:12,000 Speaker 1: hundred and forty six points, a nearly two percent spike. 5 00:00:12,320 --> 00:00:14,440 Speaker 1: The NAZAC also ended the day close to a two 6 00:00:14,520 --> 00:00:17,360 Speaker 1: percent gain, advancing three hundred ninety six points on the 7 00:00:17,440 --> 00:00:19,680 Speaker 1: S and P five hundred gain ninety seven points, or 8 00:00:19,680 --> 00:00:22,400 Speaker 1: one and a half percent. Markets reacting to fed share 9 00:00:22,440 --> 00:00:25,320 Speaker 1: Drome Palace speech on Friday from the Federal Reserve Symposium 10 00:00:25,640 --> 00:00:28,760 Speaker 1: in Jackson Hole, Wyoming, where Powell suggested an interest rate 11 00:00:28,760 --> 00:00:30,880 Speaker 1: cut is on the table in September due to risks 12 00:00:30,920 --> 00:00:34,720 Speaker 1: to the labor market. Here's powellin remarks broadcast on Bloomberg Radio. 13 00:00:35,240 --> 00:00:37,879 Speaker 2: Overall, while the labor market appears to be in balance, 14 00:00:38,080 --> 00:00:40,560 Speaker 2: it is a curious kind of balance that results from 15 00:00:40,600 --> 00:00:43,760 Speaker 2: a marked slowing in both the supply of and demand 16 00:00:43,840 --> 00:00:48,839 Speaker 2: for workers. This unusual situation suggests that downside risks to 17 00:00:48,880 --> 00:00:52,960 Speaker 2: employment are rising, and if those risks materialize, they can 18 00:00:53,000 --> 00:00:55,680 Speaker 2: do so quickly in the form of sharply higher layoffs 19 00:00:55,720 --> 00:00:56,960 Speaker 2: and rising unemployment. 20 00:00:57,280 --> 00:01:01,080 Speaker 1: That's fedchair Drome Powell the Trump administration stopped all work 21 00:01:01,080 --> 00:01:03,600 Speaker 1: on an offshore wind farm off the coast of Rhode Island. 22 00:01:03,920 --> 00:01:07,520 Speaker 1: The project is eighty percent complete, with all offshore foundations 23 00:01:07,520 --> 00:01:10,520 Speaker 1: and forty five out of sixty five WIN turbines already installed, 24 00:01:10,680 --> 00:01:13,639 Speaker 1: with the project set to be operational next year. Danish 25 00:01:13,640 --> 00:01:16,280 Speaker 1: from Horstead, who is building the wind turbines, say it 26 00:01:16,360 --> 00:01:19,920 Speaker 1: is quote evaluating all options to resolve the matter expeditiously. 27 00:01:20,319 --> 00:01:23,240 Speaker 1: The Revolution WIN project, which would provide power to three 28 00:01:23,280 --> 00:01:26,360 Speaker 1: hundred and fifty thousand homes in Rhode Island in Connecticut, 29 00:01:26,600 --> 00:01:29,640 Speaker 1: was approved by the Biden administration. In twenty twenty three. 30 00:01:29,959 --> 00:01:33,440 Speaker 1: President Trump met with Intel's chief executive officer Lipbutan at 31 00:01:33,440 --> 00:01:35,880 Speaker 1: the White House to finalize the deal, giving the US 32 00:01:35,959 --> 00:01:38,639 Speaker 1: government a nearly ten percent equity stake in the chip maker. 33 00:01:39,000 --> 00:01:41,240 Speaker 1: The government will receive four hundred and thirty three point 34 00:01:41,240 --> 00:01:44,200 Speaker 1: three million shares of common stock in Intel. Trump gives 35 00:01:44,200 --> 00:01:46,360 Speaker 1: details on the meeting with ten said, I. 36 00:01:46,280 --> 00:01:48,320 Speaker 3: Think it would be good having the United States as 37 00:01:48,360 --> 00:01:50,240 Speaker 3: your partner here agreed, and they've agreed to do it, 38 00:01:50,240 --> 00:01:52,280 Speaker 3: and I think it's a great deal for them, and 39 00:01:52,320 --> 00:01:55,400 Speaker 3: I think it's a great deal. He walked in wanting 40 00:01:55,480 --> 00:01:57,600 Speaker 3: to keep his job, and he ended up giving US 41 00:01:57,640 --> 00:01:59,440 Speaker 3: ten billion dollars to the United States. 42 00:01:59,480 --> 00:02:03,040 Speaker 1: Meanwhile, Trump administration officials says the administration will not seek 43 00:02:03,080 --> 00:02:05,800 Speaker 1: to take equity stakes and ship makers that are boosting 44 00:02:05,800 --> 00:02:09,640 Speaker 1: their US investments. Canada extended a dollar branch to President 45 00:02:09,639 --> 00:02:12,320 Speaker 1: Trump and will now remove italiatory tariffs on US made 46 00:02:12,360 --> 00:02:15,880 Speaker 1: products that comply with the US Mexico Canada trade agreement. 47 00:02:16,320 --> 00:02:18,520 Speaker 1: Canada will, though, keep in place of twenty five percent 48 00:02:18,560 --> 00:02:21,120 Speaker 1: tariffs on US mate steel and aluminum, as well as 49 00:02:21,120 --> 00:02:24,480 Speaker 1: on US made autos, according to Dominic LeBlanc, the minister 50 00:02:24,560 --> 00:02:28,200 Speaker 1: responsible for Canada US trade. In a Bloomberg television interview, 51 00:02:28,480 --> 00:02:30,960 Speaker 1: LeBlanc says Canada is confident of reaching a trade deal 52 00:02:31,000 --> 00:02:34,359 Speaker 1: with the US that is beneficial to both countries. Bloomberg's 53 00:02:34,360 --> 00:02:37,639 Speaker 1: Michael McKee says this is significant because this suggests a 54 00:02:37,720 --> 00:02:41,040 Speaker 1: deal between both countries may be possible. The bigger question, though, 55 00:02:41,040 --> 00:02:42,280 Speaker 1: is what would the deal include. 56 00:02:42,600 --> 00:02:46,760 Speaker 4: The questions will really be on autos and steel, and 57 00:02:46,840 --> 00:02:51,160 Speaker 4: perhaps on energy, because those cross the border a lot 58 00:02:51,280 --> 00:02:54,160 Speaker 4: from Canada and the United States, and they have been 59 00:02:54,240 --> 00:02:58,239 Speaker 4: tariffed by the administration even before he put on the other. 60 00:02:58,080 --> 00:03:00,560 Speaker 1: Tarft hear more from Michael McKeon the Bloom Balance of 61 00:03:00,600 --> 00:03:04,400 Speaker 1: Power podcast. Five passengers, all adults, were killed, with many 62 00:03:04,400 --> 00:03:07,000 Speaker 1: more injured after tour bus returning to New York City 63 00:03:07,000 --> 00:03:10,040 Speaker 1: from Niagara Falls with fifty four people on board, flipped 64 00:03:10,040 --> 00:03:12,600 Speaker 1: over on the highway. Police say the crash happened on 65 00:03:12,600 --> 00:03:15,800 Speaker 1: I ninety, twenty five miles east of Buffalo Stay. Police 66 00:03:15,800 --> 00:03:19,359 Speaker 1: say the driver who survived the accident got distracted before 67 00:03:19,360 --> 00:03:22,000 Speaker 1: losing control of the bus, then over corrected before the 68 00:03:22,000 --> 00:03:25,000 Speaker 1: bus flipped over on the right shoulder. Both the Maryland 69 00:03:25,000 --> 00:03:27,440 Speaker 1: home and the Washington d C. Office of former Trump 70 00:03:27,560 --> 00:03:30,920 Speaker 1: National security advisor John Bolton was searched Friday morning by 71 00:03:30,919 --> 00:03:34,000 Speaker 1: the FBI. Reports say that federal agents were searching for 72 00:03:34,080 --> 00:03:38,680 Speaker 1: classified records that Bolden supposedly possessed. The Justice Department has 73 00:03:38,760 --> 00:03:42,520 Speaker 1: released redactive transcripts of a recent interview conducted by Deputy 74 00:03:42,520 --> 00:03:46,880 Speaker 1: Attorney General Todd Blanche with Jeffrey Epstein's former associate Gilaine Maxwell. 75 00:03:47,240 --> 00:03:49,960 Speaker 1: In the interview, Maxwell says she never saw President Trump 76 00:03:50,080 --> 00:03:54,280 Speaker 1: quote in any inappropriate setting. Maxwell, who has granted limited immunity, 77 00:03:54,560 --> 00:03:57,600 Speaker 1: also said that former President Bill Clinton did not engage 78 00:03:57,600 --> 00:04:01,120 Speaker 1: a massages or activities with underage girls Girls. Round two 79 00:04:01,160 --> 00:04:03,800 Speaker 1: of the PGA Tour Championship complete from East Lake Golf 80 00:04:03,840 --> 00:04:06,840 Speaker 1: Club in Atlanta, Georgia, with Tommy Fleetwood and Russell Henley 81 00:04:06,840 --> 00:04:09,400 Speaker 1: atop the leaderboard heading into the weekend at thirteen under 82 00:04:09,680 --> 00:04:12,920 Speaker 1: two strokes at a Cameron Young Scottie Scheffler sits five 83 00:04:12,960 --> 00:04:15,480 Speaker 1: strokes back in sixth place at eight under, with Rory 84 00:04:15,560 --> 00:04:18,760 Speaker 1: McElroy one stroke behind Scheffler. That's news when he won 85 00:04:18,880 --> 00:04:21,720 Speaker 1: it with Bloomberg News. Now I'm Dan Schwartzman, and this 86 00:04:22,040 --> 00:04:22,960 Speaker 1: is Bloomberg