Speaker 1: Line from the Bloomberg Interacted Berger Studios is Bloomberg Daybreak
Speaker 1: four Thursday, June second two, Coming up the shower, Another
Speaker 1: deadly mass shooting in the US, this time in Tulsa.
Speaker 1: President Biden is likely to visit Saudi Arabia as gas
Speaker 1: prices surge and Cheryl Sandberg steps down from Facebook parent
Speaker 1: Metta after fourteen years. She tells this wine New York
Speaker 1: Mayor Adams name is a gun violence are plus. President
Speaker 1: Biden gets pushed back, saying no one anticipated the baby
Speaker 1: formula shortage. Hi'm Michael Barr. More ahead, I've done stands
Speaker 1: swards forwards. Another win for the Rangers. They beat Tampa
Speaker 1: Bay in Game one the Mets one there six in
Speaker 1: a row. That's all Strading ahead on Bloomberg Daybreak on
Speaker 1: Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nineteen and around the world
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app.
Speaker 1: And good Morning. I'm Karen Moscow, I'm Nathan Hagar. Bloomberg
Speaker 1: Daybreak is brought to you by Informatica. In the cloud,
Speaker 1: your data has the power to do the extraordinary. Manage
Speaker 1: data across any location in the cloud for accurate and
Speaker 1: actionable insights. More at Informatica, dot Com and US futures
Speaker 1: are higher this morning five about one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, U S and P future is up about
Speaker 1: sixteen voice this morning, Down futures have eighty six and
Speaker 1: NASDAG futures up sixties six. Nathan Well, Karen, We begin
Speaker 1: this morning with yet another mass shooting in the US,
Speaker 1: this time at a medical building in Tulsa, Oklahoma. Deputy
Speaker 1: Police Chief Eric Dagley says a man carrying a rifle
Speaker 1: and a handgun opened fire on employees and visitors before
Speaker 1: turning his gun on himself. We have four civilians that
Speaker 1: are um dead. We have one shooter that is dead
Speaker 1: and right now we believe that is self inflicted. Deputy
Speaker 1: Chief Eric Dougli says it took about three minutes for
Speaker 1: officers to arrive at the scene and they made contact
Speaker 1: with the gunman about ten minutes later. This comes after
Speaker 1: recent mass shootings in Yvaldi, Texas, and Buffalo, New York,
Speaker 1: that have Democratic leaders in Washington calling for greater restrictions
Speaker 1: on guns Nathan. While President Biden contends with another shooting,
Speaker 1: he is also grappling with rising gas prices that has
Speaker 1: him now planning a trip to Saudi Arabia. Amy Morris
Speaker 1: has details from our Bloomberg newsroom in Washington. Sources tell
Speaker 1: Bloomberg News President Biden is likely to visit Saudi Arabia
Speaker 1: later this month, and that could mean the President would
Speaker 1: also meet with Crown Prince Mohammed Ben Solomon, who the
Speaker 1: US blames for the twenty eight team murder of US
Speaker 1: based columnists Jamalka Shoji. Now Early in his presidency, Biden
Speaker 1: said he would only deal with Saudi Arabia's official head
Speaker 1: of state, King Solomon bin Abdula Ziz. But the president
Speaker 1: is under increasing pressure to meet with Ben Solomon as
Speaker 1: gas prices hit record highs in Washington. I maybe more
Speaker 1: as Bloomberg daybreak, All right, Amy, thank your consumers. Maybe
Speaker 1: getting a bit more relief at the pomp ahead of
Speaker 1: that proposed trip. According to the Financial Times, Saudi Arabia
Speaker 1: is prepared to produce more crude if Russian output the
Speaker 1: clients substantially meantime OPEC and its allies meet today, they
Speaker 1: are expected to ratify a modest increase in production. Checking
Speaker 1: prices right now, Nimex crudes down two percent or two
Speaker 1: dollars thirty cents at a hundred twelve dollars nine cents
Speaker 1: of barrel. Brent is down two point two a hundred
Speaker 1: thirteen dollars seventy six cents. Well. Nathan wall Street is
Speaker 1: still reacting to the resignation of Meta Chief operating officer
Speaker 1: Cheryl Sandberg. She became one of the most recognized figures
Speaker 1: in global business after helping Facebook transform from US start
Speaker 1: up into a multibillion dollar advertising powerhouse. Sandberg spoke about
Speaker 1: her decision with Bloomberg's Emily Chang. The decision I didn't
Speaker 1: come too rightly, but it's been fourteen years. It's been
Speaker 1: fourteen years, and I wanted to make more room to
Speaker 1: do more philanthropically. And Cheryl Sandberg caused her time had
Speaker 1: met U quote the honor and privilege of a lifetime.
Speaker 1: Sandberg leaves behind a complicated legacy, Karen. While she did
Speaker 1: help build Facebook into a global giant, the company's reputation
Speaker 1: was tarnished by developing blind spots on data and misinformation.
Speaker 1: Techonomy Media CEO David Kirkpatrick called Sandberg one of the
Speaker 1: most powerful women in the business world. Well, she served
Speaker 1: as a symbol of women's success in business. There's no question,
Speaker 1: I mean for most of the last fourteen years, certainly
Speaker 1: for the last maybe ten or eleven years. She could
Speaker 1: have left Facebook at any time and become the CEO
Speaker 1: of any company in the world. And I know she
Speaker 1: was solicited for those kinds of jobs time and time
Speaker 1: again and didn't show interest because she really wanted to
Speaker 1: stay here. Techonomy Media CEO David Kirkpatrick spoke with Bloomberg
Speaker 1: Technologies Emily Chang. For more from Emily and our tech team,
Speaker 1: subscribed to the Bloomberg Technology podcast. It's available daily wherever
Speaker 1: you get your podcasts. While turning to the economy now, Nathan,
Speaker 1: our focus remains on the FED. St. Louis FED President
Speaker 1: James Bullard wants to raise interest rates to three and
Speaker 1: a half percent this year to came inflation. As we
Speaker 1: get tangible evidence that inflation is definitely retreating, then we
Speaker 1: could look at reducing the policy rate future years, maybe
Speaker 1: late three or four, saying the West FED President James
Speaker 1: Bullard spoke at the Economic Club of Memphis. He's traditionally
Speaker 1: been the most hawkish official on the FED. Well A
Speaker 1: couple of Wall Street ceo s think Bullard and the
Speaker 1: FED have a very difficult road ahead of them. Karen
Speaker 1: Here's Wells Fargo CEO Charlie Scharf, the economy has to slow.
Speaker 1: The FED has been very clear about what their intentions
Speaker 1: are and the scenario of a soft landing is very
Speaker 1: difficult to achieve and I think extremely difficult to achieve
Speaker 1: in the environment that we're in today. Wells Fargo CEO
Speaker 1: Charlie Scharf says he sees loan growth starting to moderate.
Speaker 1: His comments follow a similar warning from JP Morgan CEO
Speaker 1: Jamie Diamond. It's a hurricane. It's right now, it's kind
Speaker 1: of sunny. Things are doing fine, and with thinks that
Speaker 1: the FED can handle this. That hurricane is right out
Speaker 1: there down the road coming our way. We just don't
Speaker 1: know if it's a minor one or Superstorm Sandy. Both
Speaker 1: JP Morgan's Jamie Diamond and Charlie Sharf of Wells Fargo
Speaker 1: spoke at a conference in New York. Well, let's update
Speaker 1: you now on some key earnings from late yesterday. Shares
Speaker 1: a Hewlett Packard Enterprise OR down more than six percent
Speaker 1: in early trading after the company lowered its forecast. Bloomberg's
Speaker 1: down Kristner has more. The company sided a few headwinds
Speaker 1: on favorable currency movements, supply chain disruptions, and the impact
Speaker 1: of the company's exit from the Russian market. Hewlett Packard
Speaker 1: Enterprise said profit excluding some items will be as much
Speaker 1: as seven cents less than the previous guidance issued in March.
Speaker 1: HPE has been working to reduce its reliance on sales
Speaker 1: of hardware such as data center servers by encouraging customers
Speaker 1: to pay for additional services with subscriptions. In New York,
Speaker 1: I'm Doug Prisner, Bloomberg Daybreak. All right, Doug, thanks Some
Speaker 1: other stocks on the move this morning. Shares A Chewy
Speaker 1: OR up more than seventeen percent. The pet products retailer
Speaker 1: reported profit in sales at top estimates, and as usual,
Speaker 1: some volatility and shares of games stop. The video game
Speaker 1: retailer reported a wider than expected first quartered at loss.
Speaker 1: After falling almost three game stock shares are now up
Speaker 1: about one Straight Ahead, your latest local headlines, and a
Speaker 1: check of sports. This is Bloomberg's five oh seven on
Speaker 1: Wall Street where sixty three degrees in Central Park, dealing
Speaker 1: with a tractor trailer accident South Bend two eight seven
Speaker 1: year egsitt ten. Details coming up in traffic First. Michael
Speaker 1: Barr with more on what's going on in New York
Speaker 1: and around the world. Michael, good morning, Good morning, Nathan.
Speaker 1: New York Mayor Eric Adams will name a gun violence are.
Speaker 1: Adams continues to be confronted with a stubbornly high number
Speaker 1: of gun offenses in the city. According to The New
Speaker 1: York Times, the Adams administration has also considered declaring a
Speaker 1: state of emergency related to the surgeon gun violence. Meanwhile,
Speaker 1: Mayor Adams also sent a stern letter to city employees
Speaker 1: that they need to stop working from home. Adams road,
Speaker 1: all city employee should be advised that, absent reasonable accommodation,
Speaker 1: you are required to report to work in person for
Speaker 1: every schedule, workday, and hybrid schedules of any kind they're
Speaker 1: not permitted. He called the move critical to New York's economy.
Speaker 1: Baby formula makers met with President Biden for an update
Speaker 1: on ending the supply crisis in the US. There's nothing
Speaker 1: more stressful than the feeling you can't get what your
Speaker 1: child needs he or she needs. And that's why I've
Speaker 1: directed my administration used every tool available or increase the supply,
Speaker 1: get more formula on shelves as quickly as possible. However,
Speaker 1: President Biden faced push back on his claims that no
Speaker 1: one predicted shutting one food plant would create a nationwide shortage.
Speaker 1: Perigo Baby formula producer executive Murray Kessler told President Biden
Speaker 1: he immediately knew there'd be a supply crisis when the
Speaker 1: FDA closed the Abbot formula plant. The very first thing
Speaker 1: we did when we heard about the Abbot recall was
Speaker 1: we could foresee that this was going to create a
Speaker 1: tremendous shortage. We um significantly increased all our material orders.
Speaker 1: Marie Kesler with Perry go Later, the White House Press
Speaker 1: Secretaries said the administration has been working to relieve the
Speaker 1: formula shortage since day one. The Queen's Platinum Jubilee is underway,
Speaker 1: a four day bash designed to honor her seventy years
Speaker 1: on the throne. Millions across Britain are ready to take
Speaker 1: to the streets for parties and big Jubilee lunches. Globally
Speaker 1: was twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists analysts in more than a hundred twenty countries. I'm
Speaker 1: Michael Barr, and this is Bloomberg. Nathan. Alright, Michael, thank you,
Speaker 1: five oh nine on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update. Good morning, John Sesshire, Morning, Nathan. The Rangers
Speaker 1: are in a place they had not been before in
Speaker 1: these Stanley Cup whofs ahead in a series before getting
Speaker 1: into a Game seven, Game one with Tampa Bay at
Speaker 1: the Garden at Chris Crider goal on the Rangers first
Speaker 1: shot of the series. They led to to one, then
Speaker 1: three to two, and then the kid line of Philip
Speaker 1: Halo Capocaco and elections La Frontier. We're on the ice
Speaker 1: for almost three minutes, getting which it up the board,
Speaker 1: take it back, another lifted, but it's fatted down by Cox,
Speaker 1: he said. The upfit to total, he said, collector games.
Speaker 1: We'll try the village villars legal he scars. What a
Speaker 1: shift by the Rangers and it ends up isn't like
Speaker 1: eat shit. It's four two Rachers w e p and
Speaker 1: second goal of the game for the suddenly red hot Philippo.
Speaker 1: He had eight goals in the regular season, He's got
Speaker 1: seven of the playoffs are Tammy Panarin scored open him
Speaker 1: into the third period. The makings a manage at Rangers
Speaker 1: beat the Lightning six to two. Tampa had only allowed
Speaker 1: a total of three goals in its four games sweeping Florida.
Speaker 1: The Rangers now won five of their last six seven
Speaker 1: a row at the Garden, where they'll be back for
Speaker 1: game two tomorrow night. Matt's hit the road now right
Speaker 1: in a sixth game winning streak. Shout out Washington five
Speaker 1: nothing buying Carlos Carrasco Tomas Neto had four hits and
Speaker 1: now a ten game road trip, all in southern California,
Speaker 1: playing the Dodgers tonight. French Open Women's Semifinals today in Paris.
Speaker 1: Eighteen year old Coco Golf playing her first Grand Slam
Speaker 1: semi NBA Finals Game one tonight Celtics and Warriors in
Speaker 1: San Francisco. John stash Atward Bloomberg Sports, Nathan Okay, John,
Speaker 1: thanks right now. SMP futures are higher by seventeen points.
Speaker 1: Staff futures up a hundred two nestack futures leading the
Speaker 1: games this morning. They're up seventy points. That's a game
Speaker 1: of almost six tents of one percent. Tend your treasury
Speaker 1: right now, down one thirty second the yield two point
Speaker 1: nine one percent yield on the two year two point
Speaker 1: six six nine X. Crude is down two point one
Speaker 1: dollars forty three cents at a hundred twelve dollars eighty
Speaker 1: four cents of barrel on report, Saudi Arabia could boost
Speaker 1: output if Russian supplies falls significantly. Guns and gas dual
Speaker 1: challenges for President Biden will be tie about it next
Speaker 1: with Bloomberg government reporter Jack Fitzpatrick in Washington. This is
Speaker 1: Bloomberg Bloomberg eleven three oh whether. Mostly cloudy today, a
Speaker 1: chance for showers and storms are behind near eighty. We'll
Speaker 1: clear out tomorrow, upper seventies, sunshine for the weekend with
Speaker 1: highs in the upper seventies. Right now sixty three degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Out, and at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg business lash, and I'm Karen Moscow
Speaker 1: stocks in Europe in US Dock Index futures are climbing
Speaker 1: as investors assess attractive valuations and a drop in oil
Speaker 1: prices against hawkish messages from central bankers on raining and inflation.
Speaker 1: Crude oil is sliding on a report that Saudi Arabia
Speaker 1: is ready to pump more oil if Russian output declines.
Speaker 1: OPEC plus schedule to meet to discuss supply policy. We
Speaker 1: checked the markets every fifteen minutes to the trading day
Speaker 1: on Bloomberg has in P futures up nineteen points this morning,
Speaker 1: down futures of a hundred seventeen NASDACK futures have seventy
Speaker 1: six the decks in Germany's up three quarters of a percent.
Speaker 1: Ten year treasury down one thirty second two point on
Speaker 1: one percent. The yield on the two year two point
Speaker 1: six six percent. Non mix screwed oil is down two
Speaker 1: point one percent on two dollars thirty eight cents at
Speaker 1: a hundred twelve dollars eighty eight cents a barrel. Co
Speaker 1: mex schooled up four ten percent or seven dollars ten
Speaker 1: cents at eighteen fifty five seventy announced the euro one
Speaker 1: point six eight eight against the dollar British bound one
Speaker 1: point to five four o two and the yen is
Speaker 1: at one twenty nine point eight one and Bitcoin this
Speaker 1: morning higher up one point one percent at twenty nine thousand,
Speaker 1: nine hundred dollars. That's a Bloomberg Business Flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. Police officials say four people
Speaker 1: have been killed in a mass shooting, and it's also
Speaker 1: medical building on a hospital campus. Authorities also say the
Speaker 1: shooter was dead, apparently from a self inflicted The gunshot
Speaker 1: wound President Biden's as. No one anticipated the baby formula
Speaker 1: crisis until months after a crucial manufacturing plant owned by
Speaker 1: Abbott was shut down. Formula makers Biden met with disagree.
Speaker 1: Game one of the NHL East Final, the Rangers beat
Speaker 1: the Lightning six too. In baseball, the Yankees game was
Speaker 1: reigned out. The Mets beat the Nationals five zip. The
Speaker 1: Red Sox and Orioles won, the A's and Giants lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Date, powered by more than twenty seven
Speaker 1: hundred journalists and analysts, more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg. Nathan him Michael, thank you.
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak, and with yet
Speaker 1: another deadly mass shooting in the US, the issue of
Speaker 1: guns and gun restrictions once again is in focus in Washington,
Speaker 1: along with a mounting pile of challenges facing President Biden.
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick joins us from our
Speaker 1: Bloomberg studios in the Nation's cap all as we get
Speaker 1: more on all these stories, Jack, Good morning. This shooting
Speaker 1: in Tulsa once again has the gun issue back in focus,
Speaker 1: and it comes with debate already underway following other recent
Speaker 1: mass shootings. Yes, uh, this is one of those issues
Speaker 1: where I don't even know if it's back in focus,
Speaker 1: is just still in focus. There have been bipartisan talks
Speaker 1: in the Senate following the Uvaldi School shooting about what
Speaker 1: is realistic to get sixty votes in the Senate. What's
Speaker 1: the low hanging fruit? A very limited measure would be
Speaker 1: expected from these conversations, But you know, is there some
Speaker 1: sort of bill they can pass. Seems that the conversations
Speaker 1: are there's a lot of talk about maybe incentivizing state
Speaker 1: level red flag laws, other sort of limited measures. I
Speaker 1: don't know if there's enough political will to raise the
Speaker 1: age uh for purchases, say of semi automatic rifles from
Speaker 1: eight team to twenty one. That is more of a
Speaker 1: Democratic priority. But yes, it would stand to reason that
Speaker 1: this latest shooting, high profile shooting, high profile enough so
Speaker 1: the President has been briefed on. It would sort of
Speaker 1: keep the political pressure on those senators having those conversations.
Speaker 1: And in the meantime, Jack, there's a bill moving forward
Speaker 1: on the House side that I think it's probably safe
Speaker 1: to describe as much more than low hanging fruit. I mean,
Speaker 1: what's what's the impetus to put a bill like that
Speaker 1: forward when it probably has little did no chance of
Speaker 1: passing in the sidence? Right, this is the more aggressive version.
Speaker 1: This would be a House Democratic bill that the House
Speaker 1: Judiciary Committee is set to virtually mark up today. Uh.
Speaker 1: That's why I mentioned as an example, uh, the idea
Speaker 1: that's been put forth of increasing the legal age to
Speaker 1: purchase a semi automatic weapon from eighteen to twenty one.
Speaker 1: That is one of the measures in that bill. Uh,
Speaker 1: that does not seem to be part of the bipartisan conversations.
Speaker 1: This is how the House of Representatives operates. You know,
Speaker 1: the majority can pass what they want through the House
Speaker 1: and at least take a stand. It may be more
Speaker 1: of a messaging bill if it's not going to go
Speaker 1: anywhere in the Senate. But the fact that you see
Speaker 1: this dual track approach the House doing what it can,
Speaker 1: the Senate getting a group of bipartisan members together to
Speaker 1: see what's most realistic. That reflects the amount of pressure
Speaker 1: to at least do something. Along with this politically fraught
Speaker 1: issue of gun rights, Jack, we also have the economy
Speaker 1: posing a continuing challenge for President Biden, rising gas prices.
Speaker 1: Now we're getting this report that he could be headed
Speaker 1: to Saudi Arabia later this month. Right, yes, our colleague
Speaker 1: Jennifer Jacobs reported that, uh, citing people familiar that he's
Speaker 1: expected to visit Saudi Arabia later this month when he's
Speaker 1: traveling for NATO and G seven meetings. Uh. That is
Speaker 1: important because it would it would be a bit of
Speaker 1: a surprise if he were to visit Studi Arabia, not
Speaker 1: visit or communicate with the Crown Prince Mohammed Been Salmon,
Speaker 1: who's really the de facto leader after the President. Biden
Speaker 1: had previously said he would only deal directly with King
Speaker 1: Salomon bin Abdullah Ziz, which was a slight toward the
Speaker 1: Crown Prince. Uh. If this reflects some easing of the
Speaker 1: tensions between Biden and Mohammed Been Salmon, that would be
Speaker 1: a very significant thing. And I think it's clearly something
Speaker 1: with gas prices in mind, as Biden looks for more
Speaker 1: production out of oil producing countries obviously gas producing countries
Speaker 1: not called Russia and Ukraine. No, you have all about
Speaker 1: thirty seconds left here, but are there indications that we
Speaker 1: could see a meeting between President Biden the Crown Prince?
Speaker 1: I mean, MBS had basically been blacklisted over alleged links
Speaker 1: to the murder of Washington Post columnist Jamal kah That's
Speaker 1: something the White House has not confirmed, so at this
Speaker 1: point that the news is about the visit. But you're
Speaker 1: right that Biden would have to set aside the the
Speaker 1: frustration over the killing of Jamaica show g H and
Speaker 1: his his frustration with Mohammed Ben Salomon, and he had
Speaker 1: really made a point of pinning that on the Crown Prince,
Speaker 1: so to meet with him would be a significant change,
Speaker 1: certainly would be Jack Fitzpatrick a Bloomberg Government as always,
Speaker 1: thanks for being with us from the nation's capital. Will
Speaker 1: be checking back with Jack later on in the program
Speaker 1: for uh much more of the other stories happening in Washington,
Speaker 1: d C. As well. Looking ahead to the market open
Speaker 1: this morning, we have futures moving higher, with SMP futures
Speaker 1: up twenty one point, DAL futures up a hundred thirty three.
Speaker 1: NASTAC futures are higher by eighty six points ten. Your
Speaker 1: treasury down one thirty second, the yield two point nine,
Speaker 1: NIMEX screwed down two percent, or two dollars six cents
Speaker 1: and a hundred thirteen dollars of barrel. On that report,
Speaker 1: the President Biden could be headed to Saudi Arabia. Just ahead,
Speaker 1: the latest on the mass killing in Tulsa, and Cheryl
Speaker 1: Sandberg leans into Life after Phase book. Top stories of
Speaker 1: the morning straight ahead on Bloomberg day Break Bloomberg eleven
Speaker 1: three oh weather. Chance for showers and storms today with
Speaker 1: a high near eighty degrees. We'll clear out tomorrow with
Speaker 1: a high near eighty for Friday sunshine upper seventies for Saturday.
Speaker 1: Right now sixty three degrees in Central Park. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg
Speaker 1: Eloving Freedom to Washington, d C. Bloomberg On to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg sixty
Speaker 1: to the Country, Sirius XM Chidle one nine Tea, and
Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen
Speaker 1: moscowur just about four hours away from the open of
Speaker 1: US trade and let's get you up to date on
Speaker 1: the news you need to know at this show. Or
Speaker 1: We begin with another mass shooting in the US, this
Speaker 1: time at a medical building in Tulsa, Oklahoma, that left
Speaker 1: four dead plus the shooter. Deputy Chief Eric Daglish says
Speaker 1: it took about three minutes for officers to arrive at
Speaker 1: the scene and they make contact with the gunmen. About
Speaker 1: ten minutes later, the officers that did arrive, we're hearing
Speaker 1: shots in the building and that's what directed them to
Speaker 1: the second floor, and Deputy police Chief Eric Daglish says
Speaker 1: a man opened fire on employees and visitors before turning
Speaker 1: the gun on himself. This comes after recent mass shootings
Speaker 1: in Valdi, Texas, and Buffalo, New York that have Democratic
Speaker 1: leaders calling for greater restrictions on guns. Elsewhere in Washington, Karen,
Speaker 1: President Biden is planning a trip to Saudi Arabia as
Speaker 1: he looks to address rising gasoline prices. According to a
Speaker 1: report from The Financial Times, Saudi Arabia is prepared to
Speaker 1: pump more crude if Russia's output substantially declines. Bloomberg News
Speaker 1: Energy reporter chair As Sharon Show says that could significantly
Speaker 1: impact prices. Russia is among the world three largest crew producers,
Speaker 1: and that's why this kind of a move will have
Speaker 1: major round the stations or global supply. Whether Saudi Arabia
Speaker 1: and NUA can cover Russia's low supply, that's the question
Speaker 1: that remains. Bloomberg Sharon Show. Reporting from Singapore, OPEC plus
Speaker 1: meets today, it's expected to ratify a modest increase in production.
Speaker 1: Checking prices now, NIME ex cruis down two and a
Speaker 1: quarter percent or two dollars fifty nine cents at a
Speaker 1: hundred twelve dollars sixty eight cents of barrel. Brent is
Speaker 1: down two point three hundred thirteen dollars fifty seven cents. Well, Nathan.
Speaker 1: The financial world is reacting to the resignation of Meta
Speaker 1: Chief operating officer Cheryl Sandberg. She became a tough figure
Speaker 1: in global business and tech during her fourteen years of
Speaker 1: the company. Sendberg tells Bloomberg's Emily Chang the decision to
Speaker 1: step down was not easy. It really is about how
Speaker 1: I will spend my time, not how much I've been
Speaker 1: leaving the company. I believe in the company, but as
Speaker 1: much as I ever did and staying on board, and
Speaker 1: I really have some see confidence in the team Mark
Speaker 1: and I. Cheryl Sandberg says she wants to do more philanthropy.
Speaker 1: She helped transform Facebook from a start up into a
Speaker 1: multibillion dollar powerhouse, but the company's reputation was turnished by
Speaker 1: blind spots on data and misinformation. Sandberg spoke on Bloomberg Technology.
Speaker 1: You can subscribe to the daily podcast on all your
Speaker 1: podcast platforms. Turning too inflation Careen, We're keeping a close
Speaker 1: eye on the FED st Louis President James Bullard says
Speaker 1: he wants to raise rates to three and a half
Speaker 1: percent this year to bring down inflation. He spoke at
Speaker 1: the Economic Club of Memphis. Straight Ahead your latest local
Speaker 1: headlines plus a check of sports. This is Bloomberg. It's
Speaker 1: thirty three on Wall Street where at sixty three degrees
Speaker 1: in Central Park dealing with flooding on the Bronx River
Speaker 1: Parkway in White Plains. Details coming up in traffic. First
Speaker 1: Michael Barr with more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much. Nathan.
Speaker 1: Experts say installing technology to scan large numbers of people
Speaker 1: quickly for weapons and the New York City subway would
Speaker 1: be challenging. Mayor Eric Adams says the technology might still
Speaker 1: be worth trying, and a pop up fashion at select
Speaker 1: locations as a deterrent. Scanners are already used in some places,
Speaker 1: like sports stadiums, but need to be accompanied by human operators. Still,
Speaker 1: the idea has gotten a closer look after a mass
Speaker 1: shooting on the subway in April. It comes as The
Speaker 1: New York Times reports Adams plans to name a gun
Speaker 1: violence are Zoom. The White House is pulling back on
Speaker 1: statements made by President Biden that he was not aware
Speaker 1: the baby formula crisis would be so severe. Bloomberg's aid
Speaker 1: Baxter reports the President saying he doesn't think anybody knew.
Speaker 1: I don't think anyone anticipated the impact of the shutdown
Speaker 1: of one facility, but me Johnson Vice President Robert Cleveland
Speaker 1: says they anticipated the crisis. We knew from the very
Speaker 1: beginning this would be very serious about And now the
Speaker 1: White House says that they were on it from day one,
Speaker 1: and now that all production is ramping up in San Cisco.
Speaker 1: I'm at Baxter Bloomberg Day Break. The federal government will
Speaker 1: soon be lifting travel restrictions for Americans who want to
Speaker 1: go to Cuba. The flight restrictions put in place during
Speaker 1: the Trump administration prevented flights from going to Cuban cities
Speaker 1: other than Havanna. The Biden administration announced hundreds of thousands
Speaker 1: of students who attended the Corinthian Collegist Chain will automatically
Speaker 1: get their federal student loans canceled. Anyone who attended the
Speaker 1: now defunct chain from its collapse in twenty fifteen will
Speaker 1: get their federal student debt wipe Clane, it will erase
Speaker 1: five point eight billion dollars in debt for more than
Speaker 1: five hundred sixty thousand borrowers. Today Britain began celebrating the
Speaker 1: four day long weekend in honor of Queen Elizabeth seventy
Speaker 1: years on the throne. Global News twenty four hours a
Speaker 1: day on airand on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. Nick alright, Michael.
Speaker 1: Thanks on Wall Street, John Stash hours here at the
Speaker 1: Bloomberg Sports Update. Thanks Nathan. The Rangers keep winning another
Speaker 1: decisive victory like the last two with Carolina. Those were
Speaker 1: five to two and six to two, and more of
Speaker 1: the same at the Garden. In Game one with Tampa Bay,
Speaker 1: Rangers never trailed. Chris Cryer scored a minute eleven in.
Speaker 1: It was one one second periods up to fight long
Speaker 1: past the fox head of the middle of tough to
Speaker 1: pick up the trouble recovered, Try the Tronto high the spot,
Speaker 1: he dudes. He starts Frank for Tronto with the rice
Speaker 1: he shot game and the reachers free game. The league
Speaker 1: it's two to long w e P and then came
Speaker 1: two goals by Philip Heedo, who has now scored seven
Speaker 1: in this postseason, and then Artemi Panera making the bandaget
Speaker 1: third period. Rangers beat the Lightning six to two. It's
Speaker 1: their first Game one victory of the postseason. They'll look
Speaker 1: to keep it going. Game two is tomorrow night at
Speaker 1: the Garden, where the Rangers lost their playoff opener with
Speaker 1: Pittsburgh and triple overtime, but since then they are seven
Speaker 1: and oh on home ice. NBA Finals begin tonight Celtics
Speaker 1: Warriors in San Francisco, a Yankee doubleheader with the games
Speaker 1: Olds at the Stadium, a day game to make up
Speaker 1: last night's rainout, and then tonight the Yanks will face Showhyotani.
Speaker 1: Mets will visit the Dodgers to start a four game
Speaker 1: series and a ten game met road trip, all in
Speaker 1: southern California. Mets just won their sixth in a row,
Speaker 1: five nothing over Washington. Carlos Carrasco improved a six and
Speaker 1: one team with three relievers on the shutout four hits
Speaker 1: for Thomas Nto. French open Women's semifinals today in Paris,
Speaker 1: including the first ever Grand Stam Semi for the eighteen
Speaker 1: year old American Coco Gone John Stash were Bloomberg Sports Nathan,
Speaker 1: Thank you John. It's seven on Wall Street. Time for
Speaker 1: the Trice State Business Report, Here's Bloomberg Scott Car. Requirements
Speaker 1: for child resistant packaging and adult only marketing are among
Speaker 1: two sets of regulations just passed by a New York's
Speaker 1: Office of Cannabis Management. New York's emerging cannabis industry now
Speaker 1: has some guidance and planning the packaging, labeling, marketing, and
Speaker 1: lab testing of products. Lab regulations in particular help establish
Speaker 1: an important lake in the future supply chain. While across
Speaker 1: the Hudson, New Jersey is prepping for its bursion in
Speaker 1: cannabis industry. The New Jersey Tri State Canno Tech Expo
Speaker 1: is coming to Atlantic City and a couple of weeks
Speaker 1: In Connecticut, consumers already feeling the pins from rising inflation,
Speaker 1: are about to take another hit from a hike in
Speaker 1: the state's diesel tax. Connecticut officials are expected to announce
Speaker 1: soon a major increase in the states of diesel tax
Speaker 1: effective July one and six months from now, a new
Speaker 1: highway use tax on large commercial trucks goes into effect,
Speaker 1: expected to cost that industry collectively about ninety million a year.
Speaker 1: That's the Bloomberg cry State Business Report. I'm Scott Carr. Okay, Scott. Thanks.
Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve
Speaker 1: podascon ten ten Wins in New York. We're talking about
Speaker 1: how couples are determined to head down the aisle this
Speaker 1: year no matter what. I'm Lisa Matteo and on KYW
Speaker 1: in Philadelphia, I'll be reporting on a Carmaker's push to
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Speaker 1: in Fort Wayne. General Motors will make all of its
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Speaker 1: BBM in Chicago. I'm reporting that United Airlines is renewing
Speaker 1: the push for regulators to lessen congestion and delays at
Speaker 1: Newark International And those are some of the stories. Are
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. Thanks to
Speaker 1: the spectacular demise of Terry USD, a cryptocurrency that promised
Speaker 1: to be always worth a dollar but was suddenly worth
Speaker 1: a lot less, the world is better acquainted with table coins,
Speaker 1: and that's how unstable they can be. Luckily, the collapse
Speaker 1: hasn't had serious repercussions in the traditional financial system, but
Speaker 1: if the US doesn't act soon to regulate these things,
Speaker 1: the next one could. Unregulated stable coin issuers are prone
Speaker 1: to creating systemic risks, and the more connections the crypto
Speaker 1: world forms with traditional finance, the greater the chances that
Speaker 1: a stable coin crash will cause broader damage. There's no
Speaker 1: mystery about what needs to happen. The Treasury Department issued
Speaker 1: a report last year detailing steps that Congress and federal
Speaker 1: agencies ought to take. All the remains is to get
Speaker 1: the job done, preferably before stable coins trigger the next
Speaker 1: financial crisis. This editorial was written by the Bloomberg Opinion
Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or OPI and
Speaker 1: go on the Bloomberg terminal. These has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at OPI. N OH futures
Speaker 1: moving higher, with SMP futures right now up nineteen points,
Speaker 1: staff futures up a hundred thirteen, NASAC futures on the
Speaker 1: rise by eighty three points ten. Your treasury down one
Speaker 1: thirty second the yield two Nimex crew down two and
Speaker 1: a half percent at a hundred twelve dollars thirty eight
Speaker 1: cents a barrel. This is Bloomberg Bloomberg eleven three oh
Speaker 1: Weather mostly cloudy today, chance for showers and storms of
Speaker 1: the high near eighty will clear out Tomorrow. Friday, high
Speaker 1: in the upper seventies and sunshine Saturday upper seventies once again.
Speaker 1: Currently sixty three degrees in Central Park Markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business All, and at Bloomberg Quick Tape. This
Speaker 1: is a Bloomberg Business Flash and I'm Cameron. Moscow stocks
Speaker 1: in Europe in US Dot Index futures are climbing as
Speaker 1: investors assess attractive valuations and a drop an oil prices
Speaker 1: against hawkish messages from central bankers on reigning and inflation.
Speaker 1: Crude oil sliding under report that Saudi Arabia is ready
Speaker 1: to pump more oil if Russian output to clients. We
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg Guess and p futures of nineteen points this morning.
Speaker 1: Down futures have a hundred thirteen nast day futures of
Speaker 1: eighty two The decks in Germany's up eight tens of
Speaker 1: upper cent. The ten year treasury down one thirty second
Speaker 1: yield two point nine one percent yield on a two
Speaker 1: year two point six six percent nine x Scrude oil
Speaker 1: is down two point four percent, down two dollars eighty
Speaker 1: one cents at a hundred twelve dollars thirty nine cents
Speaker 1: of barrel comics gold a half percent or eight dollars
Speaker 1: seventy cents at eighteen fifty seven forty announced, the Euro
Speaker 1: one point six eight seven against the dollar, British bound
Speaker 1: one point to five four four the end at one
Speaker 1: twenty nine point seven six and Big Coin is up
Speaker 1: one percent at twenty nine thousand, nine hundred dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael bar with more
Speaker 1: on what's going on around the world. Muchael, thank you
Speaker 1: very much. Garin Telsa, police say a man carrying a
Speaker 1: rifle and a handgun opened fire in a medical office building,
Speaker 1: killing four people. Authorities say the gunman later took his
Speaker 1: own life. With record high gas prices, President Joe Biden
Speaker 1: is likely to visit Saudi Arabia later this month as
Speaker 1: part of an international trip for NATO and Group of
Speaker 1: Seven meetings. Game one of the NHL East Final, the
Speaker 1: Rangers beat the Lightning six two. In the NBA Finals,
Speaker 1: the Celtics play tonight baseball. The Yankees game was reigned out.
Speaker 1: The Mets beat the Nationals five zip, The Red Sox
Speaker 1: in Oriols won the A's and Giants lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take Power by more than journalists and analysts in
Speaker 1: more than a hundred twenty countries. On Michael bar this
Speaker 1: is Bloomberg, Nathan Celtics and Warriors looking great. That's gonna
Speaker 1: be quite the matchup. All right, Michael, thank you. It's
Speaker 1: five nine on Wall Street Live from the Bloomberg Interacted
Speaker 1: Broker Studios. This is Bloomberg Daybreak and Stephen Whiting is
Speaker 1: with us this morning to take a look at the market.
Speaker 1: Chief investment strate just chief economist at City Global Wealth. Stephen,
Speaker 1: good morning. The month of June certainly doesn't look like
Speaker 1: it's got enough to a very good start, though futures
Speaker 1: look like they're going to claw back some of yesterday's losses.
Speaker 1: How do you view this market right now? I think
Speaker 1: we look at it as constrained, constrained by the Federal Reserve.
Speaker 1: I think a great deal of that is priced in.
Speaker 1: It's not that we just uh went a lot in
Speaker 1: terms of monetary policy tighten sevent five basis points, but
Speaker 1: another two hundred over the course of what's left of
Speaker 1: a year priced in along with quantitative tightening beginning uh
Speaker 1: and we've got to remember the fiscal backdrop we've had
Speaker 1: a twenty drop in government spending. That income support that
Speaker 1: was helping consumers at a time when inflation is low
Speaker 1: is gone now at a time when inflation is high.
Speaker 1: So I think that the federal Reserve is going to
Speaker 1: be there to constrain any easing of financial conditions. But
Speaker 1: we will so again had a great big effect here
Speaker 1: with both stocks and bonds down together, and that's a
Speaker 1: big down payment on any kind of slowing in the
Speaker 1: economy that we should expect. So you're not looking for
Speaker 1: any slack from the Fed. Given where the tightening of
Speaker 1: financial conditions has gone in this market. At this point,
Speaker 1: you know that the Fiddle Reserve at the end of
Speaker 1: the day will have to be forward looking. We're not
Speaker 1: going to expect that that pricing and tightening over the
Speaker 1: coming year is going to infect employment data this month.
Speaker 1: Things like cancelations of new home contracts are not going
Speaker 1: to affect the building of housing, for example, and an
Speaker 1: immediate labor demand. But that's the issue here. The settle
Speaker 1: Reserve is aiming policy at what the economy will do
Speaker 1: in three but it's looking backwards and inflation, but yet
Speaker 1: getting just to the point where we can assess whether
Speaker 1: past policy action is sufficient. It's going to require again
Speaker 1: some months here and probably a couple more large rate
Speaker 1: moves out of the ft. So I think they can't
Speaker 1: allow the financial markets to have their party about a
Speaker 1: slowing FED before they've actually slowed. Now, we got a
Speaker 1: bit of a shutter for the market yesterday from Jamie
Speaker 1: Diamond over at JP Morgan warning of an economic hurricane coming.
Speaker 1: How do you see the economic backdrop? So look, I
Speaker 1: think there are constructive signs beneath the surface, really good ones.
Speaker 1: And you know, we're not seeing that we're out of
Speaker 1: the woods. We think that recession risk is quite unusually
Speaker 1: high for the coming year because of the way the
Speaker 1: Federal Reserve is addressing a supply shock tightening into it.
Speaker 1: But if you take a look, we've had a nice
Speaker 1: increase in domestic consumer goods production for the first time
Speaker 1: in a while. UM it's rising four percent. Imports in
Speaker 1: unit terms are growing twelve percent. I mean this is
Speaker 1: a lot faster than humor goods consumption. So again, getting
Speaker 1: to the point where market forces slow the inflation rate.
Speaker 1: I'm not talking about a particular commodity like oil, but
Speaker 1: generally speaking, again, a slower demand pase from fiscal tightening.
Speaker 1: Even more important than what I just talked about on
Speaker 1: rates UH and UH supply going up, that this is
Speaker 1: again pointing to a lower future inflation rate. Now, can
Speaker 1: that come faster than the Feds and patients with policy? Now,
Speaker 1: that's sort of a key question. So I think that
Speaker 1: the underlying signs again are very much with our view.
Speaker 1: That will be economy will slow. It has to inflation
Speaker 1: has to slow. There is a very visible path to
Speaker 1: do this without a recession. Though. Do you think there's
Speaker 1: gonna be any impact on the FEDS rate UH calculations
Speaker 1: when we get the May jobs report tomorrow, we continue
Speaker 1: to see signs of pretty extreme tightness in the labor market,
Speaker 1: it'll be hard for anything tomorrow to change the FITS view.
Speaker 1: I think again, if we started to see what we
Speaker 1: what we've be in to see, for example, with UH
Speaker 1: job openings for example, coming down, everyone's saying whatever it
Speaker 1: is I'm bidding for for labor, for orders for goods.
Speaker 1: If you actually see the underlying economy, the demand side,
Speaker 1: slow down, you will see some of those job openings
Speaker 1: go away. Now, I don't think that's something that you're
Speaker 1: going to see in real time and coincident indicators like
Speaker 1: uh nonfarm employment. So I think that the Federal Reserve
Speaker 1: is probably not going to get anything new to change
Speaker 1: their view with tomorrow's data as surprise as possible, of course,
Speaker 1: I mean there have been after a strong Mays in
Speaker 1: the year earlier, there month to month variation that can
Speaker 1: be a hurdle for a slower employment report. The summer
Speaker 1: will be more interesting the next couple of quarters. There
Speaker 1: are enough building signs that we should be in a
Speaker 1: decelerating employment path, but it is again from a very strong,
Speaker 1: unsustainable level. Thanks for this, Stephen. Good to get your
Speaker 1: insights this morning. Stephen Whiting with us this morning, chief
Speaker 1: investment strategist and chief economist at City Global Wealth. Karen
Speaker 1: Well Nathan, it is five fifty four on Wall Street,
Speaker 1: and here's a legal story we're watching this morning. It's
Speaker 1: been a month since the unprecedented leak of a draft
Speaker 1: opinion that would strike down Roe v. Wade, a leak
Speaker 1: that has sparked nationwide protests from abortion supporters. In the meantime,
Speaker 1: the investigation by the Marshal of the Supreme Court into
Speaker 1: who leaked the draft seems to be escalating and focusing
Speaker 1: on the clerks of the justices. For more on the matter,
Speaker 1: Jim Grasso speaks to Bloomberg Law Supreme Court reporter Kimberly
Speaker 1: Strawbridge Robinson. What's the latest on the investigation by the
Speaker 1: Supreme Court Marshal's Office. Well, you know, we have heard
Speaker 1: some more leaking from the leak that the Marshall's Office
Speaker 1: is taking. Particular that's to get personal phone records from
Speaker 1: the clerks, and we have Bloomberg haven't been able to
Speaker 1: independently verify that, but that's definitely something that signals kind
Speaker 1: of a unique and start change from the atmosphere the
Speaker 1: court before. You know, typically this is a very friendly
Speaker 1: institution and to see the Marshall's Office requesting the personal
Speaker 1: information of their clerks is something pretty jarring for someone
Speaker 1: like me has been watching the court for ten years.
Speaker 1: I do question, though, I've seen a lot of criticism
Speaker 1: that the Marshal's Office is an equipped to handle this
Speaker 1: kind of investigation to really fair at out the person
Speaker 1: who leaked and to punish them. But you know, I've
Speaker 1: been wondering if that's really the goal of the justices
Speaker 1: within the courthouse. Of course, they want to find out
Speaker 1: who did this and why, But punishing their law clerks,
Speaker 1: these young recent law school graduates, I'm not sure is
Speaker 1: their top priority. But we'll just have to wait and
Speaker 1: see where this investigation leads and see if the court
Speaker 1: actually tells us how going or how it's concluded. I
Speaker 1: still don't even know if that's going to happen. Do
Speaker 1: you know how many people have access to these draft rulings?
Speaker 1: Is it more than the justices and their clerks? It
Speaker 1: is a little bit more than the justices and their clerks.
Speaker 1: I think the best guest that I have now is
Speaker 1: somewhere around seventy eight people, because they're just some people
Speaker 1: around the buildings who have to you know, have access
Speaker 1: to emails, have access to printing, and there there of
Speaker 1: course will be some people doing some administrative things with
Speaker 1: the opinion. So it is a bit broader than the
Speaker 1: clerks and the justices. But if the news that we're
Speaker 1: hearing out of the investigation is true, it really does
Speaker 1: seem like the Marshall's office is focused on the clerks,
Speaker 1: so maybe they know something we don't. It seems odd
Speaker 1: because most legal experts say, well, you know, it wouldn't
Speaker 1: be the clerks because that would ruin the clerk's career. Well,
Speaker 1: that certainly is a good argument for why it wouldn't
Speaker 1: be a clerk. And we don't have leaks very often.
Speaker 1: We do have one kind of situation that we can
Speaker 1: look back to, after the plan her parents had versus
Speaker 1: Kasey abortion rulling. One of the clerks at that time,
Speaker 1: after the opinion had been announced then wrote sort of
Speaker 1: a telltale book and sort of shunned from at least
Speaker 1: the litigation aspect of the legal field, but beyond that,
Speaker 1: this is brilliant, unprecedented situation that we're in and so
Speaker 1: really no telling where this is going to lead up.
Speaker 1: And that's Bloomberg Law Supreme Court reporter Kimberly Strawbridge Robinson
Speaker 1: speaking with Juan Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news, by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com Slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b Law Go. SNP Future is
Speaker 1: up seventeen points this morning, down Futures up a hundred
Speaker 1: three Nasdag futures up seventy three and the tenure treasury
Speaker 1: down one thirty second held two point nine one. Still
Speaker 1: ahead of Bloomberg day break and check on the business
Speaker 1: headlaws and all the news you need to start your day.
Speaker 1: And this is Bloomberg