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Speaker 1: Live from the Bloomberg Interact at Brooker Studios. This is

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Speaker 1: Bloomberg day Break for Friday at fifth two. Coming up,

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Speaker 1: the Shower. Investors a weight the July jobs report for

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Speaker 1: signs of a slowing or strong labor market. Democrats agree

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Speaker 1: at our advised version of their tax in climate bill,

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Speaker 1: TESLA shareholders agree on a three for one stock split,

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Speaker 1: and US health officials to clare monkey Parks a public

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Speaker 1: health emergency conspiracy. Theorist Alex Jones has been ordered to

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Speaker 1: pay four point one billion dollars in the Sandy Hook case.

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Speaker 1: I'm Michael Blaer. More Ahead, I'm John Stash and sports

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Speaker 1: the Mets at four home runs beat the Braves and

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Speaker 1: the start of the Big Five Game Series. The Yankees

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Speaker 1: play tonight in St. Louis. That's all straight Ahead on

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Speaker 1: Bloomberg day Break on Bloomberg eleven three on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen

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Speaker 1: and around the world Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business Actor. Thank good morning. I'm Karen Moscow.

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Speaker 1: I'm Nathan Hager Bloomberg Daybreak brought to you by b

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Speaker 1: n Y Melon's Pershing. We'll learned why the world's most

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Speaker 1: sophisticated wealth management and institutional firms rely on Pershing to

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Speaker 1: help them improve profitability, create efficiency, attract talent, and manage

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Speaker 1: risk at Pershing dot Com and Futures are little change

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Speaker 1: this morning six oh one on Wall Street, and we

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Speaker 1: check the markets every fifteen minutes throughout the trading day

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Speaker 1: on Bloomberg, Guess and p and Nasdack Future is a

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Speaker 1: little change. Dal Future is higher up thirty nine and

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Speaker 1: attend your treasury down to thirty seconds here at two

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Speaker 1: point six nine per cent. Nathan Karen Global stocks are

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Speaker 1: trading near two month high this morning. Ahead of the

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Speaker 1: July jobs report. Economists, you're looking for a slowdown in

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Speaker 1: the labor market. The median forecast is for a gain

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Speaker 1: of tune and fifty thousand jobs. We get more from

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Speaker 1: Bloomberg Smichael McKee. Since it's backward looking July is change

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Speaker 1: in US payrolls won't have much value for forecasters trying

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Speaker 1: to predict recession. Companies are also reluctant to let go

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Speaker 1: of workers, even if businesses starting to slow given the

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Speaker 1: current labor shortage. While a consensus print would be the

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Speaker 1: lowest since the economy lost jobs in December, it would

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Speaker 1: still be above the average of one thousand jobs created

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Speaker 1: per month in the five years before the pandemic, and

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Speaker 1: it would continue to reassure feed officials that rising interest

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Speaker 1: rates aren't taking the economy yet. Michael McKey, Bloomberg Daybreak.

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Speaker 1: All right, Michael, thank you. Another major story out of Washington.

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Speaker 1: Senate Democrats are closer to passing their tax and Energy

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Speaker 1: bill Arizona. Is Kirston Cinema, one of the last holdouts

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Speaker 1: on the deal, now says she's on board. Now's after

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Speaker 1: Democrats took out a provision that would have narrowed a

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Speaker 1: tax loophole for fund managers and added a new one

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Speaker 1: percent tax on stock buybacks. But there's still one hurdle left,

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Speaker 1: and as according to Jim Keshler, co founder of Third

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Speaker 1: Way and former legislative policy director for Majority leader Chunk Schumer,

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Speaker 1: the parliamentarian is looking at this bill. There's always things

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Speaker 1: that don't pass. Was called the bird bath. Some of

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Speaker 1: the procedure or rules with rapid sliation, which means language

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Speaker 1: will need to be tweeked. Third Way co founder Jim

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Speaker 1: Kensler spoke with Our Washington corresponded Joe matthew On Bloomberg

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Speaker 1: sound on the parliamentary and should rule on the bill today.

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Speaker 1: Democrats could work into the weekend to vote on the

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Speaker 1: measure tomorrow. We've seen new tensions between the U. S

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Speaker 1: and China this morning, care and over how Speaker Nancy

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Speaker 1: Pelosi's trip to Taiwan. Beijing has announced sanctions against the

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Speaker 1: speaker and her immediate family. It also says it's stopping

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Speaker 1: climate talks with the US, along with any military dialogue

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Speaker 1: and meetings with the Defense Department. Well, we have some

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Speaker 1: major news on the health front this morning, Nathan, with

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Speaker 1: the US declaring a federal emergency because of monkeypox. Researchers

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Speaker 1: are trying to get some answers on how to combat

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Speaker 1: the disease, Bloomberg said. Baxter has the story. Health and

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Speaker 1: Human Services says about sixty six undred cases nationwide, with

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Speaker 1: researchers now asking questions like does a person who had

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Speaker 1: a smallpox vaccine as a child have immunity? The head

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Speaker 1: of the White House COVID Task Forces, dr Ash's Jack

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Speaker 1: Smallpox monkey box very related to each other as viruses go,

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Speaker 1: you would think that if you got vaccinated as a

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Speaker 1: kid against small park, you would have protection. We don't

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Speaker 1: know yet. We're still looking at the data. We are

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Speaker 1: seeing some older people still get infected. Meanwhile, as well

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Speaker 1: as a federal government, more and more states are declaring

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Speaker 1: states of emergency as well. In San Francisco, I'm at

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Speaker 1: Baxter Bloomberg Gay break. All right, thanks, turning to corporate

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Speaker 1: news this morning, shares of Tesla are a little changed

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Speaker 1: in the pre market. The shareholders have approved a three

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Speaker 1: for one stock split. Ed Ludlow has more from our

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Speaker 1: Bloomberg nine sixty news room in San Francisco. This stock

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Speaker 1: split takes the shares to around three hundred dollars a share.

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Speaker 1: Was first tweeted by Tesla in March, and then when

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Speaker 1: this meeting was confirmed and scheduled with the agenda a

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Speaker 1: month ago, we knew it was coming. And the thing

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Speaker 1: that's missing for investors out there is we do not

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Speaker 1: know more details about the date that this stock split

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Speaker 1: becomes effective. Of you've seen this before. There was a

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Speaker 1: five for one stock split in August twenty really boosted

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Speaker 1: the stop the logic, bring the price down, make it

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Speaker 1: more accessible, and Tesla has a massive retail investor base,

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Speaker 1: said Ludlow says this explit could give a lift to

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Speaker 1: Tesla shares again. They're up nearly fifty percent from a

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Speaker 1: late May Low Well, Nathan. One other note from Tesla

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Speaker 1: shareholder meeting has Elon Musk giving his anecdotal view on

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Speaker 1: the economy. The Tesla CEO says he thinks the worst

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Speaker 1: may be over when it comes to inflation. Most of

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Speaker 1: our commodities, most of the things that going to Tesla,

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Speaker 1: not all, but I don't know. More than half the

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Speaker 1: prices are trending down in six months six months from now.

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Speaker 1: That this could change obviously, but but the trend is down,

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Speaker 1: which suggests that, uh, we're past peak inflation. Musk also

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Speaker 1: reiterates that he expects a mild recession in the US

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Speaker 1: that could last about eighteen months. We got lots of

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Speaker 1: stocks on the move this morning, Karen, Following a slew

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Speaker 1: of earnings Like yesterday, shares of Lift are up almost

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Speaker 1: eight percent. The company says rideshare volumes are on track

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Speaker 1: to exceed pre COVID levels, as it reported the highest

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Speaker 1: earnings in its history. The story from Bloomberg's Charlie Pellett,

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Speaker 1: it's a sign that investment to stem a shortage of

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Speaker 1: drivers is paying off. Then he rose from a year

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Speaker 1: earlier to nine ninety one million dollars, beating the nine

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Speaker 1: hundred eighty six point seven million dollars street estimate. The

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Speaker 1: quarter shows lift as approaching a full recovery from the pandemic,

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Speaker 1: amid a broad based rebound in right hailing that also

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Speaker 1: boosted rival Uber in the period in New York. Charlie

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Speaker 1: Pellett Bloomberg Daybreak. All right, Charlie, thank you. Well, let's

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Speaker 1: get a look at some other stocks on our radar

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Speaker 1: this morning, and Bloomberry's John Tucker joins us live with

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Speaker 1: the latest. Don Good morning, Karen. The quarterly launsed door

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Speaker 1: Dash worse than what analysts expected, but the company says

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Speaker 1: it's food delivery business remains healthy and growth continues in

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Speaker 1: the second quarter. Well, that's what investors lashed onto door

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Speaker 1: Dash shares jumping twelve percent this morning. Yelp reporting a

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Speaker 1: profit and the last quarter boosting its full year, earning

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Speaker 1: his guidance the online directors that strong advertising demand drove

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Speaker 1: record net revenue. The shares jumped eighteen percent and Beyond Meat,

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Speaker 1: slashing its revenue outlook for the full year. Shoppers are

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Speaker 1: trading down for Mu's plant based food to cheaper animal proteins.

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Speaker 1: Shares down over one percent this morning, Live in New York.

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Speaker 1: I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks X

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Speaker 1: and p Futures are down one point down, futures up

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Speaker 1: twenty five. Nastac features are lower by nineteen points. Straight

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Speaker 1: ahead your latest local headlines and a check of sports.

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Speaker 1: This is Bloomberg six oh seven on Wall Street, seventy

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Speaker 1: nine degrees in Central Park. Still dealing with a crash

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Speaker 1: northbound Major diagu in a Yankee Stadium. More coming up

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Speaker 1: in traffic. First Michael Barr with more on what's going

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Speaker 1: on in New York and around the world. Michael, thank

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Speaker 1: you very much. Nathan. The Tri State area will have

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Speaker 1: another hot day. Bloomberg Meteorologies. Rob Caroline has the latest. Michael.

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Speaker 1: Heat advisory remains in the fact for the Tri State

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Speaker 1: area until eight pm this evening. We're back up into

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Speaker 1: the nineties today with the humidity of feel like it's

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Speaker 1: around the hundred. Only different today over yesterday is the

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Speaker 1: potential for some cooling showers and thunderstorms this afternoon. Not

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Speaker 1: everyone will see them, but those folks who do could

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Speaker 1: see some very heavy downpours and will remain warm through

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Speaker 1: the up coming weekend. Michael rob thank you, sir. Donald

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Speaker 1: Trump's lawyers are in talks with federal prosecutors over conversations

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Speaker 1: the former president had with advisors and whether he'd be

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Speaker 1: able to shield them from investigators of the January six

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Speaker 1: that sold on the Capitol. CNN reports it is the

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Speaker 1: first indication the two sides are in direct talks as

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Speaker 1: the federal probe accelerates. Texas jury ruled conspiracy theorist Alex

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Speaker 1: Jones must pay more than four million dollars in defamation

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Speaker 1: damages for falsely claiming the twelve Sandy Hooks school shooting

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Speaker 1: was a hoax. While it was less than the one

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Speaker 1: hundred fifty million dollars being sought, Council Mark Bangston was

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Speaker 1: happy with the verdict. It was my goal when I

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Speaker 1: started on this case to get this family a multimillion

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Speaker 1: dollar verdict for their pain and suffering, and I've already

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Speaker 1: done that, plus additional money for the million dollars and

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Speaker 1: sanction Jones, said, US Council Mark Hank Bangston says the

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Speaker 1: jury returns today for the peanotive phase of the case. Meanwhile,

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Speaker 1: the January six Committee has asked for texts from the

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Speaker 1: infull Wars post a face off in Florida over abortion.

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Speaker 1: Governor Round de Santis says he's suspended Tampa's top prosecutor,

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Speaker 1: but at Hillsborough County State Attorney Andrew Warren says he's

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Speaker 1: an elected official just like the governor and is not

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Speaker 1: going anywhere. At issue is Warren's decision not to criminalize abortions,

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Speaker 1: which a new state law bands after fifteen weeks with

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Speaker 1: some exceptions. Warren says the cord already as rule the

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Speaker 1: band violates Florida's constitutional right to privacy. However, the Santis

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Speaker 1: said prosecutors cannot pick and choose which laws to enforce.

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Speaker 1: You can exercise discretion and individual case, but that discretion

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Speaker 1: has to be individualized in case specific. You can't just

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Speaker 1: say you're not gonna do a certain offenses, Governor de Santis.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts, are more than a hundred twenty countries,

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Speaker 1: Michael Barren, this is Bloomberg, Nathan. Thanks Michael. Count up

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Speaker 1: to six ten on Wall Street time for the Bloomberg

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Speaker 1: Sports Update with John stesshow thanks Nathan Big granted city field,

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Speaker 1: but have a playoff atmosphere. For the start of Mets

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Speaker 1: frames five games in four days between the top two

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Speaker 1: in the NL East, the Mets led five to nothing.

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Speaker 1: They went on to win six to four, and then

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Speaker 1: Elliet Atlanta by four and a half games. Four Matt

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Speaker 1: home runs, Pee Alonso was twenty nine, Daniel vogelback his

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Speaker 1: second in as many days, and another new Matt Tyler

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Speaker 1: Naquin played his first home game of his new team

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Speaker 1: home or twice. He even, I've been playing here for

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Speaker 1: four years. That's a good night. But um no, man,

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Speaker 1: it's the very enjoyable the fans, you know, even from

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Speaker 1: you know, warming up on the line made me feel

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Speaker 1: um right at home. So even going off to the

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Speaker 1: left just just to make me feel good. So it's uh,

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Speaker 1: it's nice to feel that way and step into the

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Speaker 1: box comfortable. Carlos Carasto got to win Edwin Diaz to

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Speaker 1: save the first of his twenty four saves, where he

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Speaker 1: pitched two in he'to indication him how big This series

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Speaker 1: is continues tonight double header tomorrow. Yankees are in St.

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Speaker 1: Louis tonight, then tomorrow they'll face Jordan Montgomery, who will

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Speaker 1: make his Cardinals debut against his old team. The NFL

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Speaker 1: named Peter Harvey to hear its appeal of the Deshaun

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Speaker 1: Watson six games suspension they wanted to be longer. Harvey

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Speaker 1: is the former Attorney general for the State of New Jersey.

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Speaker 1: Preseason football Hall of Fame game Can't Know High That's

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Speaker 1: where Josh McDaniels grew up. He played high school games

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Speaker 1: in that stadium. Longtime Patriots assistant. He's now the head

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Speaker 1: coach of the Raiders, who beat Jacksonville, who is now

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Speaker 1: coached by ex Eagles coach Doug Peterson. Very few starters played.

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Speaker 1: No Derek Carr, No Davante Adams now a Raider. No

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Speaker 1: Trevor Lawrence. The Hall of Fame ceremonies take place tomorrow.

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Speaker 1: Seven inductees and Canton, John Stashuallyward Bloomberg, Sports Nick Thanks

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Speaker 1: John SMP future is little change now. DAL future is

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Speaker 1: up thirty five points. NaSTA futures are lower, down fourteen points.

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Speaker 1: The tenure Treasury is down two thirty seconds, yield two

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Speaker 1: point six nine percent to yield on the two year

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Speaker 1: three point zero five percent. Ahead of July jobs. Will

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Speaker 1: preview the numbers with Tom Porcelli, Senior US economist to

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Speaker 1: RBC Capital Markets. This is Bloomberg Bloomberg eleven three oh

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Speaker 1: weather partly sunny today, chance for showers and storms. With

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Speaker 1: a heat advisor and effect till eight tonight we get

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Speaker 1: up to your ninety five degrees will be in the

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Speaker 1: upper eighties tomorrow. Right now seventy nine in Central Park Markets.

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Speaker 1: Headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, a Bloomberg Business outland at Bloomberg Quicktake.

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Speaker 1: This is a Bloomberg business flash and I'm Karen Moscow.

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Speaker 1: Stocks in Europe and US stock index futures are struggling

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Speaker 1: for direction. This morning is investors race for the monthly.

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Speaker 1: US jobs are poor. That's likely to add to the

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Speaker 1: recession debate. We checked the markets every fifteen minutes about

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Speaker 1: the trading day on Bloomberg. Right now, SNP futures are

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Speaker 1: a little changed. Our futures they're up thirty nes Day

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Speaker 1: futures down twenty the decks. In Germany, it's down about

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Speaker 1: to town about percent. Ten year Treasury down one thirty

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Speaker 1: second yeld two point six nine percent, yield on the

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Speaker 1: two year three point five percent. Nimex screwed oil is

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Speaker 1: down a quarter percent or twenty three cents at eighty

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Speaker 1: eight dollars thirty one cents a barrel. Comex schoold is

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Speaker 1: down a quarter percent or four dollars thirty cents at

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Speaker 1: eighteen o two sixty announce and bit coin up two

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Speaker 1: point eight percent at twenty three thousand one. As a

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Speaker 1: Bloomberg business flash, now here's Michael Barr with more on

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Speaker 1: what's going on around the world. Michael Karen. China has

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Speaker 1: announced sanctions on US House Speaker Nancy Pelosi and her

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Speaker 1: immediate family members. It's over her recent trip to Taiwan.

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Speaker 1: The Biden administration declared monkey pox of public health emergency.

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Speaker 1: More than seven thousand cases have been detected in the

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Speaker 1: US so far. A lightning strike just in front of

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Speaker 1: the White House in Lafayette Square has critically injured four people.

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Speaker 1: In baseball, the Mets beat the Brave six four, the

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Speaker 1: Red Sox lost to the Royals. The Nationals and Giants

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Speaker 1: also Lost, The A's Beat the Angels, eight seven NFL

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Speaker 1: Hall of Fame game, The Raiders Over the Jaguar. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

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Speaker 1: bar and this is Bloomberg. Nathan Alright, Michael, thank you.

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Speaker 1: In his sixth nineteen on Wall Street Live from the

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Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg day Break, which

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Speaker 1: means we're just about two hours and ten minutes away

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Speaker 1: from the release of the July payrolls report from the

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Speaker 1: Labor Department. Ahead of that, we are joined live this

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Speaker 1: morning by Tom Porcelli, Managing Director in chief US economist

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Speaker 1: at RBC Capital Markets. Tom, it's great to speak with

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Speaker 1: you this morning. We have seen signs ahead of the

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Speaker 1: release of this overall report that we are getting some

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Speaker 1: cooling in the labor market. What do you expect we're

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Speaker 1: gonna see when the data comes out at eight thirty

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Speaker 1: this morning? Yeah, good morning. Um, Look, I think this

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Speaker 1: actually could be another pretty decent number. I mean, we're

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Speaker 1: north of consensus. We're looking for about three twenty thousand

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Speaker 1: on the headline for private UM. You know, and and

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Speaker 1: that would be I don't know what that is. You

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Speaker 1: probably know this better than me. Fifty or more above consensus.

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Speaker 1: I think if you get a number like that, UM,

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Speaker 1: I think what that does is it just sort of

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Speaker 1: you know, it feeds this this narrative UM that's been

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Speaker 1: put in place, but particularly starting on Monday, UM, when

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Speaker 1: you had all these FED officials come out and basically

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Speaker 1: unwind so much of of what Powell had said UM

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Speaker 1: during the during his EFFI and C pressor, which is

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Speaker 1: to say, hey, you know, look, we're not stopping the

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Speaker 1: cycle anytime soon. So I think you get another strong report,

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Speaker 1: and I think that's certainly UM will lend itself to UM.

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Speaker 1: You know, people sort of really pushing that idea even more.

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Speaker 1: I would caution against that, because even though I were

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Speaker 1: expecting a pretty strong number here, UM, the reality is,

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Speaker 1: as you rightly highlight, there's already factors that are suggesting

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Speaker 1: to us that things are going to cool down and

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Speaker 1: probably cool down pretty considerably going into your end. Well,

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Speaker 1: why are you looking at the makes you think that

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Speaker 1: we are going to get a stronger number than consensus?

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Speaker 1: Because we did see some moderation in the jobless claims

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Speaker 1: yesterday and some other signs of potentially wages as well. Yeah. No,

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Speaker 1: I look, let me be very very in anyone who

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Speaker 1: reasoned research no well knows this. Um. You know, we

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Speaker 1: we go where the data take us. If there's a

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Speaker 1: single month where our models are telling us it's going

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Speaker 1: to be a decent number, that's fine. UM. But as

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Speaker 1: I'm sort of fond of saying like, I'm less interested

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Speaker 1: in sort of any single month's number, I'm more interested

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Speaker 1: in sort of the narrative. And the narrative is exactly

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Speaker 1: what you highlight. UM. So I would discount the strong number, um,

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Speaker 1: even if even if we're right and you get it,

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Speaker 1: because what we're looking at our things like claims UM.

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Speaker 1: And again I said this yesterday with Tom Keenan the team. UM,

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Speaker 1: I think what you have to keep in mind is

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Speaker 1: we're up meaningfully from the lows. We're a hundred and

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Speaker 1: six or six thousand UM as a low three months ago. UM,

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Speaker 1: we're fifty UM from a claims perspective, that usually feeds

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Speaker 1: into the into rising unemployed with a bit of a

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Speaker 1: lag UM. So by the end of the year I

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Speaker 1: mean we've said this many times. You could be staring

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Speaker 1: at job losses. I mean, I don't think that that

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Speaker 1: is um a stretch at all, Like we're not going

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Speaker 1: on a limb by saying that. So uh And and

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Speaker 1: just one last point, because I think you're right. If

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Speaker 1: the labor backdrop was as tight as people think, then

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Speaker 1: why are wage pressures slowing down right now? And and

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Speaker 1: just to be clear, it's not like they've gone from like,

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Speaker 1: you know, six percent to five and a half percent.

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Speaker 1: They've done from six percent to like two and a

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Speaker 1: half percent, right Like, there's been a meaningful slowing in

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Speaker 1: in wages if you look at it the right way,

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Speaker 1: and if you look at the right measure of wages.

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Speaker 1: To write, average early earnings are an incomplete way of

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Speaker 1: thinking about wage dynamics. You've got to look at average

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Speaker 1: weekly earnings, which obviously includes the hours component um. And

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Speaker 1: when you do that, you see that there's actually already

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Speaker 1: been a pretty notable slowing. It sounds like you're on

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Speaker 1: board with a lot of what we're hearing from FED

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Speaker 1: speakers lately that they've still got a ways to go

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Speaker 1: to keep hiking interest rates and keep getting inflation down.

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Speaker 1: Is is the payrolls report that we get part of

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Speaker 1: what's feeding into that for you know, So let me

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Speaker 1: just be clear, Um, that's not the right way of

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Speaker 1: characterizing our stands. I don't think that they just have

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Speaker 1: to keep on like haphazardly hiking rates here. I think

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Speaker 1: if they want to get rates into a restrictive territory,

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Speaker 1: I'm totally sympathetic to that, And in fact, I would

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Speaker 1: have argued or I have argued that we should have

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Speaker 1: been there a long time ago. Um. But this notion

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Speaker 1: that we're just supposed to just continue to hike rates aggressively, right,

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Speaker 1: we like, without any like sort of real end in

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Speaker 1: sight in the near term, I think that's foolish and

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Speaker 1: I think the problem with that is it will drive

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Speaker 1: us into a much deeper slowing than I think we

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Speaker 1: have to have. Well, when do you think that you

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Speaker 1: have fed well need to pivot away from rate hikes.

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Speaker 1: What's your call on that? We've got about a minute

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Speaker 1: left here, Yeah, I mean I could be very quick

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Speaker 1: on that. I think that they they're done by the

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Speaker 1: end of the year, and then I think an easing

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Speaker 1: cycle starts shortly thereafter. All Right, Tom Porcelly, the chief

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Speaker 1: US Economists at RBC Capital Markets coming in ahead of consensus.

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Speaker 1: The median forecast of economists survey by Bloomberg calls for

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Speaker 1: two or fifty new jobs added in the month of

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Speaker 1: July and an unemployment rate of three point six percent.

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Speaker 1: Tom and the team at RBC are going for three

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Speaker 1: hundred thousand. We get the complete numbers eight thirty am,

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Speaker 1: Wall Street Time time. Of course, we'll have full coverage

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Speaker 1: for you here on Bloomberg Radio. Will get reaction as

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Speaker 1: well from Labor Secretary Marty Walls shall be joining us

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Speaker 1: here on Bloomberg Radio and television after the release of

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Speaker 1: the July payrolls report. Tom again, thanks for your insights

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Speaker 1: ahead of the release of the data. Looking ahead to

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Speaker 1: the market open this morning, we have SMP futures down

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Speaker 1: two points down, futures up twenty five NASDAC future is

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Speaker 1: lower by twenty three points. It's been pretty much little

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Speaker 1: changed throughout the early morning session. Market's kind of been

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Speaker 1: waiting c mode ahead of the payrolls release. Ten Your

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Speaker 1: treasuries down one thirty second, the yield two point six

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Speaker 1: nine percent. Yield on the two year right now three

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Speaker 1: point zero five percent. Nom X Scrude fell below ninety

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Speaker 1: dollars in barrel still theree U down about a ten

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Speaker 1: percent on the session. Comex gold is down four dollars

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Speaker 1: eighty cents eighteen O two ten. Announced the euro one

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Speaker 1: point zero two to eight against the dollar. The end

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Speaker 1: is at one thirty three point zero three. You're listening

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Speaker 1: to Bloomberg Dave Rake, Bloomberg eleven three oh weather heat

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Speaker 1: advisory till eight tonight. We'll get up to your ninety

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Speaker 1: five degrees with the chance for a shower storm uper

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Speaker 1: eighties tomorrow back in the low nineties on Sunday. Right

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Speaker 1: now seventy nine in Central Park, broadcasting live from the

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Speaker 1: Bloomberg the Interactive Broker Studio in New York, Bloomberg E

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Speaker 1: Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco, Bloomberg N sixteen

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Speaker 1: to the Country Sirius XM chto one nineteen and around

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Speaker 1: the globe the Bloomberg Business app in Bloomberg Radio dot com.

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Speaker 1: This is Bloomberg Daybreak. It's six thirty on Wall Streak.

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Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow and

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00:20:54,040 --> 00:20:56,280
Speaker 1: We're just about three hours away from the open of

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00:20:56,359 --> 00:20:58,639
Speaker 1: US trading. It's time for the five things you need

402
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Speaker 1: dot com slash Global Trader. First. US futures are little

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00:21:15,880 --> 00:21:18,399
Speaker 1: change this morning. I have the July jobs report. The

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Speaker 1: media and forecast is for again of two hundred fifty

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Speaker 1: thousand jobs. That would be down from three hundred seventy

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Speaker 1: two the prior month. They get more from Bloomberg's Michael McKee.

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Speaker 1: The consensus forecast for job growth anticipates a bit of

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Speaker 1: a labor market slowdown, but not necessarily because the economy

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Speaker 1: is slowing. Companies are still reporting it's difficult to find workers,

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Speaker 1: and economist surveyed by Bloomberg don't see any change in

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Speaker 1: the unemployment rate. If that's the case, the Fed can

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Speaker 1: continue to prioritize the fight against inflation first, continuing raising

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Speaker 1: interest rates. Michael McKee, Bloomberg Daybreak. I'm Mike, thanks for

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Speaker 1: following another major story this morning. Out of Washington. Senate

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Speaker 1: Democrats planned to vote as soon as tomorrow on their

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Speaker 1: tax and energy spending bill. Arizona's Kirsten Cinemas says she

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Speaker 1: is on board after tweaks to its tax provisions. Jim Kessler,

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Speaker 1: co founder Third Way, says, this does not have to

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Speaker 1: be a Democrat's only bill. You know, I think if

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Speaker 1: Republicans were being really honest in the Senate, if it

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Speaker 1: was a secret ballot, I bet about fifteen or twenty

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Speaker 1: Republicans would vote for this bill. Third Way co founder

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Speaker 1: Jim Kessler spoke with our Washington correspondent Joe Matthew on

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Speaker 1: Bloomberg sound On. Catch the show weekdays at five pm

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00:22:23,720 --> 00:22:27,000
Speaker 1: Eastern on Bloomberg Radio. We're seeing new tensions between the

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00:22:27,119 --> 00:22:30,280
Speaker 1: US and China. Nathan over how Speaker and Nancy Pelosi's

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00:22:30,320 --> 00:22:33,320
Speaker 1: trip to Taiwan. Beijing is announced sanctions against the speaker

432
00:22:33,359 --> 00:22:36,240
Speaker 1: and her immediate family. It also says it will stop

433
00:22:36,320 --> 00:22:39,240
Speaker 1: climate change talks with the US, along with any military

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00:22:39,320 --> 00:22:41,960
Speaker 1: dialogue and meetings to the U s Defense Department. And

435
00:22:42,080 --> 00:22:44,679
Speaker 1: Returning to corporate news this morning, Karen shares of Tesla

436
00:22:44,760 --> 00:22:47,520
Speaker 1: are down nearly one percent in early trading that's after

437
00:22:47,600 --> 00:22:50,640
Speaker 1: shareholders have proved a three for one stock split. Well, Nathan,

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00:22:50,680 --> 00:22:53,600
Speaker 1: after a strong dely for stocks, some well known strategists

439
00:22:53,600 --> 00:22:55,879
Speaker 1: say it's time to sell more. In this live report

440
00:22:55,920 --> 00:22:58,760
Speaker 1: for the Bloomberg's John Tucker, John Bank, Karin Michael hartn

441
00:22:58,800 --> 00:23:01,359
Speaker 1: At at Bank of America's his investors should fade the

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00:23:01,560 --> 00:23:04,600
Speaker 1: SMP five hundred. He maintains the bottom for the benchmark

443
00:23:04,720 --> 00:23:08,320
Speaker 1: is below thirty six hundred, or percent below carred levels.

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00:23:08,640 --> 00:23:11,800
Speaker 1: He points to data showing global equity phones that outflows

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00:23:11,840 --> 00:23:14,240
Speaker 1: of two point six billion dollars in the latest period.

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00:23:14,880 --> 00:23:18,240
Speaker 1: HSBC strategist mc kepner also warning of a sharp end

447
00:23:18,280 --> 00:23:21,520
Speaker 1: of the rally, changing his stance on equities to maximum

448
00:23:21,680 --> 00:23:25,399
Speaker 1: underweight and Karen, all right, John, thank you. That's the

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00:23:25,480 --> 00:23:27,239
Speaker 1: five things that you need to notice start your day.

450
00:23:27,320 --> 00:23:30,040
Speaker 1: Brought to you by Interactive Broker straight Ahead, your latest

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00:23:30,080 --> 00:23:33,560
Speaker 1: local headlines plus the check of sports. This is Bloomberg.

452
00:23:38,160 --> 00:23:41,840
Speaker 1: Thanks on Wall Street. Seventy degrees in Central Park, still

453
00:23:42,040 --> 00:23:45,160
Speaker 1: dealing with the crash northbound major dig in a Yankee Stadium.

454
00:23:45,440 --> 00:23:47,840
Speaker 1: We'll get you more in traffic shortly. First, Michael Barr

455
00:23:47,960 --> 00:23:49,440
Speaker 1: with what else is going on in New York and

456
00:23:49,520 --> 00:23:52,360
Speaker 1: around the world. Good morning Michael, Good morning Nathan. Heat

457
00:23:52,400 --> 00:23:54,960
Speaker 1: advisory remains in a fact for today and the Dry

458
00:23:55,080 --> 00:23:58,440
Speaker 1: State area. Temperatures were hit ninety degrees in New York

459
00:23:58,480 --> 00:24:01,760
Speaker 1: City and the humidity will broom sane. Experts say there

460
00:24:01,880 --> 00:24:05,040
Speaker 1: is an increased danger for heat stroke. Give outside for

461
00:24:05,200 --> 00:24:08,920
Speaker 1: extended periods of time during plenty of fluids to stay hydrated.

462
00:24:09,280 --> 00:24:13,080
Speaker 1: And Texas jury rule that conspiracy theorist Alex Jones has

463
00:24:13,119 --> 00:24:15,320
Speaker 1: to pay more than four million dollars and convince the

464
00:24:15,400 --> 00:24:17,760
Speaker 1: story damages to the parents of one of the first

465
00:24:17,800 --> 00:24:20,760
Speaker 1: graders killed in the Sandy Hook massacre. Jones pushed his

466
00:24:20,840 --> 00:24:24,920
Speaker 1: false claims on his Info Wars broadcast after shooting, which

467
00:24:24,960 --> 00:24:27,399
Speaker 1: left twenty six people dead, was a hoax. Plane of

468
00:24:27,400 --> 00:24:29,919
Speaker 1: Attorney Mark Bankston says the verdict is just the beginning.

469
00:24:30,359 --> 00:24:32,639
Speaker 1: We're not even done yet, and I'm already getting to

470
00:24:32,680 --> 00:24:35,240
Speaker 1: tell my families. Yes, Mr Jones is going to transform

471
00:24:35,320 --> 00:24:36,760
Speaker 1: your life with the money that we take from him.

472
00:24:37,400 --> 00:24:40,280
Speaker 1: Plane of Attorney Mark Bankston says the jury returns today

473
00:24:40,359 --> 00:24:43,760
Speaker 1: for the punitive phase of the trial. Hungarian Prime Minister

474
00:24:43,840 --> 00:24:47,639
Speaker 1: Victor Urban addressed the Conservative Political Action Conference in Dallas Texas.

475
00:24:48,040 --> 00:24:51,280
Speaker 1: Orban called on the audience to unite with him against

476
00:24:51,359 --> 00:24:56,200
Speaker 1: progressive liberals. We have seen what kind of future the

477
00:24:56,280 --> 00:24:59,840
Speaker 1: globally s ruling cloths has to offer, but we have

478
00:25:00,240 --> 00:25:03,960
Speaker 1: a different future in mine. The global is can all

479
00:25:04,080 --> 00:25:07,639
Speaker 1: go to how I have come to Texas. Orbon is

480
00:25:07,680 --> 00:25:11,640
Speaker 1: a close political alle of Russian President Vladimir Putin. Britney

481
00:25:11,640 --> 00:25:14,960
Speaker 1: Grinder's w NBA teammates reacted to her sentence in a

482
00:25:15,040 --> 00:25:19,240
Speaker 1: Russian prison camp. Grinder's Phoenix Mercury teammates and opposing players

483
00:25:19,320 --> 00:25:22,520
Speaker 1: held forty two seconds of silence before their game to

484
00:25:22,600 --> 00:25:25,720
Speaker 1: show support for the basketball stars sentenced to nine years

485
00:25:26,040 --> 00:25:29,320
Speaker 1: in a Russian prison camp. Forty two is the number

486
00:25:29,400 --> 00:25:34,040
Speaker 1: of Grinder's Jersey Grinders coach Vanessa Nyeguard. I couldn't imagine

487
00:25:34,080 --> 00:25:37,080
Speaker 1: being that situation, and she was so courageous and like

488
00:25:37,280 --> 00:25:40,360
Speaker 1: continuing to be a good role model in so many

489
00:25:40,400 --> 00:25:43,760
Speaker 1: ways of this impossible situation, and she showed great strength

490
00:25:44,080 --> 00:25:48,399
Speaker 1: and great humility. Coach Vanessa Nyeguard. Actor Kevin Space He

491
00:25:48,520 --> 00:25:50,560
Speaker 1: was ordered to pay thirty one million dollars to the

492
00:25:50,600 --> 00:25:54,960
Speaker 1: House of Currents production company for alleged sexual misconduct that

493
00:25:55,160 --> 00:25:58,000
Speaker 1: got him booted from the popular Netflix series and up

494
00:25:58,119 --> 00:26:01,280
Speaker 1: ended his career globally twenty four hours a day on

495
00:26:01,440 --> 00:26:04,440
Speaker 1: here and on Bloomberg Quick Take powered by more than

496
00:26:04,520 --> 00:26:06,720
Speaker 1: twenty seven hundred journalist and analysts are more than a

497
00:26:06,800 --> 00:26:10,600
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg Naked.

498
00:26:10,800 --> 00:26:18,760
Speaker 1: Thanks Michael. Follow six thirty six on Wall Street Time

499
00:26:18,800 --> 00:26:21,640
Speaker 1: Now for the Bloomberg Sports Update with John stash Our.

500
00:26:21,800 --> 00:26:25,080
Speaker 1: Nathan met nl East lead over Atlanta was once ten

501
00:26:25,160 --> 00:26:26,520
Speaker 1: and a half games, It was cut down to a

502
00:26:26,600 --> 00:26:28,359
Speaker 1: half game, and that was back up to four and

503
00:26:28,400 --> 00:26:30,760
Speaker 1: a half. Four more games this weekend between the two

504
00:26:30,800 --> 00:26:33,680
Speaker 1: at City Field and game tonight to tomorrow. Jacobi Grand

505
00:26:33,720 --> 00:26:36,240
Speaker 1: pitches Sunday, mets Pete the phrase six four as new

506
00:26:36,320 --> 00:26:39,040
Speaker 1: met Tyler and Nick went omer twice. Daniel Vogel back

507
00:26:39,280 --> 00:26:41,560
Speaker 1: and Pete Alonso also went yard twenty ninth to the

508
00:26:41,640 --> 00:26:44,320
Speaker 1: year for Alonso. Carlos Carrasco got to win and chest

509
00:26:44,359 --> 00:26:46,239
Speaker 1: in decision by Buck show Walter to let his all

510
00:26:46,280 --> 00:26:49,359
Speaker 1: star closer Edwin Diez pitched the last two innings. He

511
00:26:49,480 --> 00:26:52,120
Speaker 1: had never had a six out saved before in his career.

512
00:26:52,160 --> 00:26:54,520
Speaker 1: And they say my name you know I think you

513
00:26:54,600 --> 00:26:57,280
Speaker 1: maybe I can face the three two or three four

514
00:26:57,400 --> 00:26:59,480
Speaker 1: was fasting and maybe like like I did in l

515
00:26:59,520 --> 00:27:02,719
Speaker 1: a um, questing forth the model they offer you your

516
00:27:02,760 --> 00:27:06,240
Speaker 1: fail to row again, I'll say that's good. Gray told me,

517
00:27:06,440 --> 00:27:08,879
Speaker 1: didn't go out and win the game. Yes, has been

518
00:27:08,880 --> 00:27:11,160
Speaker 1: outstanding all season. He has struck out more than half

519
00:27:11,200 --> 00:27:13,320
Speaker 1: the batters he has faced. Yankee started awaking serious and

520
00:27:13,359 --> 00:27:15,360
Speaker 1: I didn't st Louis. They're only game and a half

521
00:27:15,359 --> 00:27:17,240
Speaker 1: ahead of the Astros for best record in the American

522
00:27:17,320 --> 00:27:20,520
Speaker 1: leagas Houston shutout Cleveland. Justin Verland or Loud only two hits.

523
00:27:20,560 --> 00:27:23,720
Speaker 1: He's fifteen and three. Dodgers just played eight games with

524
00:27:23,800 --> 00:27:27,159
Speaker 1: the Giants and one all eight. Although Clayton Kershaw had

525
00:27:27,160 --> 00:27:29,400
Speaker 1: to leave yesterday lower back pain. The X meat Noah

526
00:27:29,480 --> 00:27:32,000
Speaker 1: synder Guard got the wind is Philly's debut. The Phillies

527
00:27:32,040 --> 00:27:35,359
Speaker 1: have released X Yankee shortstop d D Gregorious. He was

528
00:27:35,440 --> 00:27:38,240
Speaker 1: hitting just two tin with only one home run. The NFL,

529
00:27:38,280 --> 00:27:41,400
Speaker 1: appealing in the decision to suspended Shawn Watson only six

530
00:27:41,520 --> 00:27:44,160
Speaker 1: games for his sexual misconduct in the NFL name former

531
00:27:44,240 --> 00:27:47,760
Speaker 1: New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly,

532
00:27:47,840 --> 00:27:50,760
Speaker 1: Watson turned down an NFL offer to have the suspension

533
00:27:50,880 --> 00:27:55,040
Speaker 1: the twelve games. John stash Yellary Bloomberg Sports, Nathan all Right, John,

534
00:27:55,080 --> 00:27:57,320
Speaker 1: thank you to six thirty seven on Wall Street. Time

535
00:27:57,359 --> 00:27:59,680
Speaker 1: to take a look at stocks, some of the names

536
00:27:59,720 --> 00:28:02,440
Speaker 1: moving in the pre market. Lots of shares to keep

537
00:28:02,440 --> 00:28:05,160
Speaker 1: an eye on this morning for Bloomberg's Laura Right, considering

538
00:28:05,240 --> 00:28:09,600
Speaker 1: the parade of earnings reports we've gotten this week, and Laura,

539
00:28:09,920 --> 00:28:14,000
Speaker 1: what a beat for Lift? Yeah, the U s Puel

540
00:28:14,040 --> 00:28:17,320
Speaker 1: play right heating from out with second quarter results ahead

541
00:28:17,359 --> 00:28:20,560
Speaker 1: of the bell, Lift is up almost eight percent. It

542
00:28:20,720 --> 00:28:25,359
Speaker 1: was record earnings adjusted EBITDA of seventy nine million dollars

543
00:28:25,440 --> 00:28:29,240
Speaker 1: for the quarter. That's fast a past the average analyst estimate. Look,

544
00:28:29,359 --> 00:28:31,800
Speaker 1: this mirror is what we saw from Uber earlier this

545
00:28:31,920 --> 00:28:36,520
Speaker 1: week as its competitors record growth booking, economic reopening clearly

546
00:28:36,560 --> 00:28:40,000
Speaker 1: a tailwind along with a normalization of the driver shortage.

547
00:28:40,440 --> 00:28:43,760
Speaker 1: Interesting as well, considering Lift doesn't necessarily have the same

548
00:28:43,880 --> 00:28:47,000
Speaker 1: kind of broad portfolio of services that Uber offers, but

549
00:28:47,120 --> 00:28:52,800
Speaker 1: that's the only gig economy company that's doing well on earnings. Exact,

550
00:28:52,840 --> 00:28:56,280
Speaker 1: the delivery fund, door dash up nearly twelve percent. Now

551
00:28:56,560 --> 00:28:59,720
Speaker 1: in pre market training, it was a slight beat on revenue,

552
00:29:00,040 --> 00:29:04,720
Speaker 1: but notably, customers place six million orders in the three

553
00:29:04,800 --> 00:29:09,400
Speaker 1: months ending June. That's record. Look, even with economic reopening

554
00:29:09,520 --> 00:29:13,280
Speaker 1: and inflation eating into disposal incomes, we are all now

555
00:29:13,560 --> 00:29:17,800
Speaker 1: habitual takeaway ethers. I can speak for myself, I know

556
00:29:17,960 --> 00:29:21,440
Speaker 1: many others are also, So it's kind of how much

557
00:29:21,560 --> 00:29:24,560
Speaker 1: that habit is ingrained within our spending habits. Yeah, and

558
00:29:24,680 --> 00:29:28,360
Speaker 1: the speaking of discretionary spending, we're all keeping an eye

559
00:29:28,440 --> 00:29:31,440
Speaker 1: on whether travel is starting to pick back up again,

560
00:29:31,520 --> 00:29:34,800
Speaker 1: whether people are getting outside. And you look at Expedia's

561
00:29:34,800 --> 00:29:37,400
Speaker 1: earnings and that's sort of playing into the story that

562
00:29:37,840 --> 00:29:39,600
Speaker 1: maybe a lot of people are sort of putting the

563
00:29:39,680 --> 00:29:43,000
Speaker 1: pandemic behind them. Yeah, given as a Friday, we have

564
00:29:43,280 --> 00:29:48,040
Speaker 1: to discuss our holiday bookings platform now for Expedient second

565
00:29:48,080 --> 00:29:51,600
Speaker 1: quarter revenue beat estimates coming in its three point one

566
00:29:51,880 --> 00:29:54,719
Speaker 1: billion U S dollars. There is so much pent up

567
00:29:54,800 --> 00:29:59,560
Speaker 1: demand in the sector now Expedia expect bookings in the

568
00:29:59,680 --> 00:30:01,880
Speaker 1: current quarter to be ahead of where they were in

569
00:30:02,000 --> 00:30:05,000
Speaker 1: twenty nine. If you remember earlier this week it was

570
00:30:05,160 --> 00:30:09,400
Speaker 1: bookings that were the Achilles heel for Airbnb which projected

571
00:30:09,680 --> 00:30:13,680
Speaker 1: stable bookings growth. That was what spooped the market. That said,

572
00:30:13,720 --> 00:30:17,560
Speaker 1: it is still an unknown to what extent diminished disposal

573
00:30:17,680 --> 00:30:20,479
Speaker 1: incomes will to tell customers, as well as all these

574
00:30:20,520 --> 00:30:25,760
Speaker 1: scenes of chaos and flight cancelations at airports. So quite

575
00:30:25,760 --> 00:30:28,040
Speaker 1: a few big movers in the pre market, even with

576
00:30:28,200 --> 00:30:30,719
Speaker 1: the broader market little changed. Thanks for this, Laura Good,

577
00:30:30,720 --> 00:30:33,360
Speaker 1: having got with the Spoomberg's law right, keep an eye

578
00:30:33,440 --> 00:30:36,040
Speaker 1: on stocks on the move in the pre market and

579
00:30:36,280 --> 00:30:40,080
Speaker 1: ahead of the open ahead of July. Payrolls futures are

580
00:30:40,120 --> 00:30:43,680
Speaker 1: little changed. We have SMP futures right now down two points,

581
00:30:43,760 --> 00:30:47,240
Speaker 1: Style futures up twenty four. NASAC futures are lower by

582
00:30:47,360 --> 00:30:51,479
Speaker 1: twenty two points. Tenure treasury is down to thirty seconds.

583
00:30:51,880 --> 00:30:54,160
Speaker 1: The yield two point six nine percent yield on the

584
00:30:54,240 --> 00:30:58,200
Speaker 1: two year three point zero five n I'm ex scruence

585
00:30:58,240 --> 00:31:01,800
Speaker 1: little changed, down eight cents, eight eight barrel. Comic skull

586
00:31:01,880 --> 00:31:05,040
Speaker 1: down five dollars thirty eighteen sixty announced the Euro one

587
00:31:05,120 --> 00:31:08,320
Speaker 1: point zero two to nine against the dollar. Bitcoin up

588
00:31:08,360 --> 00:31:12,840
Speaker 1: three twenty three thousand, two hundred dollars. You're listening to

589
00:31:12,960 --> 00:31:24,160
Speaker 1: Bloomberg day Break Bloomberg eleven three oh weather, sunshine today,

590
00:31:24,200 --> 00:31:26,960
Speaker 1: Heat advisory till eight tonight. Can't roll out a shower

591
00:31:27,080 --> 00:31:30,440
Speaker 1: storm going up to your ninety five degrees uprights tomorrow,

592
00:31:30,600 --> 00:31:33,360
Speaker 1: back in the low nineties Sunday right now seventy nine

593
00:31:33,440 --> 00:31:39,920
Speaker 1: in Central Park Markets, headlines and breaking news twenty four

594
00:31:39,960 --> 00:31:42,960
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business

595
00:31:43,040 --> 00:31:46,680
Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business

596
00:31:46,720 --> 00:31:55,680
Speaker 1: Flash and I'm Karen Moscow at US dot Index. Future

597
00:31:55,760 --> 00:31:58,200
Speaker 1: is a little change this morning as we await the

598
00:31:58,280 --> 00:32:00,000
Speaker 1: July jobs are for it, we go to the first

599
00:32:00,040 --> 00:32:03,480
Speaker 1: sword breaking news dance for today's morning call. Here's Bill Maloney. Bill,

600
00:32:03,520 --> 00:32:06,800
Speaker 1: good morning, Good morning, Cameron. That's right. US futures are

601
00:32:07,040 --> 00:32:09,240
Speaker 1: quiet right now, with doubt futures hired by thirty points.

602
00:32:09,280 --> 00:32:12,600
Speaker 1: Recipes are down to one, nest that futures decline by twenty.

603
00:32:12,960 --> 00:32:15,520
Speaker 1: The US ten year old at two point seven percent,

604
00:32:15,680 --> 00:32:18,640
Speaker 1: Gold is down four, Oil is little change, and Bitcoin

605
00:32:18,720 --> 00:32:22,680
Speaker 1: trading higher by three percent. Shanghai rose one overnight, while

606
00:32:22,760 --> 00:32:26,000
Speaker 1: up markets are posting modest losses this morning. And back

607
00:32:26,040 --> 00:32:27,920
Speaker 1: in the US on the economic front, like you said,

608
00:32:27,960 --> 00:32:30,800
Speaker 1: the eight thirty, the July jobs report after the bell

609
00:32:30,880 --> 00:32:33,720
Speaker 1: Ust Night Beyond Meat, cutted sales outlook, engine profit and

610
00:32:33,840 --> 00:32:38,240
Speaker 1: sales beat estimates, and Block gross payment volume missed estimates.

611
00:32:38,560 --> 00:32:41,280
Speaker 1: In other news, Tesla shareholders approved a three for one

612
00:32:41,320 --> 00:32:43,920
Speaker 1: stock split and wrapping things up in Your Soul. Rand

613
00:32:44,000 --> 00:32:46,240
Speaker 1: was cut to hold over at Deutsche Bank. Kellogg was

614
00:32:46,320 --> 00:32:49,360
Speaker 1: raised to neutral over at Piper Live from the first

615
00:32:49,400 --> 00:32:52,000
Speaker 1: to breaking news descom Bill Maloney, Cam all right, Bill,

616
00:32:52,080 --> 00:32:54,160
Speaker 1: thank you, and here live breaking news over your Bloomberg

617
00:32:54,200 --> 00:32:57,000
Speaker 1: taps squawk on your terminal. SQ you a w u K,

618
00:32:57,160 --> 00:32:59,640
Speaker 1: that's a Bloomberg business flash. Now here's Macho Barr with

619
00:32:59,720 --> 00:33:02,520
Speaker 1: more on what's going on around the world. Michael Karen,

620
00:33:02,600 --> 00:33:05,120
Speaker 1: thank you very much. China said it would sanctioned House

621
00:33:05,120 --> 00:33:09,120
Speaker 1: speaker Nancy Pelosi after she defied Beijing by becoming the

622
00:33:09,200 --> 00:33:13,280
Speaker 1: highest ranking US politician to visit Taiwan in twenty five years.

623
00:33:13,640 --> 00:33:17,960
Speaker 1: The measures are also on Pelosi's immediate family. Senate Democrats

624
00:33:18,000 --> 00:33:20,560
Speaker 1: say they have reached an accord on changes to her

625
00:33:20,680 --> 00:33:25,000
Speaker 1: tax legislation. It was on a Senator Kristen Cinema pivotal vote,

626
00:33:25,400 --> 00:33:27,840
Speaker 1: says she is ready to move forward on the bill.

627
00:33:28,280 --> 00:33:31,080
Speaker 1: In baseball, the Mets beat the Braves six four. The

628
00:33:31,160 --> 00:33:34,280
Speaker 1: Red Sox lost to the Royal seven three. The Nationals

629
00:33:34,440 --> 00:33:38,560
Speaker 1: and Giants also lost. The A's beat the Angels eight seven.

630
00:33:38,880 --> 00:33:41,120
Speaker 1: In the NFL Hall of Fame game last night, the

631
00:33:41,200 --> 00:33:45,520
Speaker 1: Raiders over the Jaguars eleven. Global news twenty four hours

632
00:33:45,560 --> 00:33:48,840
Speaker 1: a day on here and on Bloomberg Quicktake, powered by

633
00:33:48,920 --> 00:33:51,440
Speaker 1: more than twenty seven hundred journalists and analysts, are more

634
00:33:51,440 --> 00:33:55,280
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg,

635
00:33:55,400 --> 00:33:58,760
Speaker 1: Karen Gray, Michael bar thank you. It is sixty nine

636
00:33:58,840 --> 00:34:00,720
Speaker 1: on Wall Street. We turned to news and science and

637
00:34:00,800 --> 00:34:03,920
Speaker 1: technology now with the Bloomberg and j I T STEM Report.

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00:34:04,280 --> 00:34:07,040
Speaker 1: It has brought to you by New Jersey Institute of Technology,

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Speaker 1: rank to top fifty national public university by US News

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Speaker 1: and World Report, and a top ten of the nation

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Speaker 1: for engineering by money dot Com. Learn more at n

642
00:34:14,920 --> 00:34:17,680
Speaker 1: j I T dot edu. And here's just making news

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00:34:17,719 --> 00:34:21,200
Speaker 1: and science, technology, engineering, and math. US health officials have

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00:34:21,280 --> 00:34:24,360
Speaker 1: declared monkeypox of public health emergency. That's a step that

645
00:34:24,440 --> 00:34:27,000
Speaker 1: will free up funding, treatments and other services to fight

646
00:34:27,040 --> 00:34:29,880
Speaker 1: the virus. The US leads the world with known cases,

647
00:34:30,080 --> 00:34:33,480
Speaker 1: more than six thousand of them South Korea has joined

648
00:34:33,520 --> 00:34:35,680
Speaker 1: the stampede to the Moon with the launch of a

649
00:34:35,800 --> 00:34:40,280
Speaker 1: lunar orbiter that will scout out future landing spots. The satellite,

650
00:34:40,360 --> 00:34:44,000
Speaker 1: launched by spake Sex, is taking a long roundabout path

651
00:34:44,120 --> 00:34:48,000
Speaker 1: that can serve fuel and will arrive in December. It's successful,

652
00:34:48,080 --> 00:34:51,120
Speaker 1: it will join spacecraft from the US and India already

653
00:34:51,200 --> 00:34:54,320
Speaker 1: operating around the Moon, and a Chinese rover exploring the

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00:34:54,400 --> 00:34:57,879
Speaker 1: Moon's far side. And Facebook pairent Meta Platforms has sold

655
00:34:57,920 --> 00:35:00,799
Speaker 1: ten billion dollars in its first ever core brid bond deal.

656
00:35:01,200 --> 00:35:03,759
Speaker 1: Meta had been one of few S and P five

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00:35:03,840 --> 00:35:07,279
Speaker 1: hundred companies without debt. The company stands on borrowing may

658
00:35:07,320 --> 00:35:09,600
Speaker 1: have shifted with the state of its business. Met it

659
00:35:09,680 --> 00:35:12,600
Speaker 1: just posted its first quarterly revenue decline and as a

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00:35:12,640 --> 00:35:15,960
Speaker 1: Bloomberg and j A T Stem report. Nathan Karen, thank you.

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Speaker 1: We are live from the Bloomberg Interactive Broker studios where

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00:35:18,680 --> 00:35:21,120
Speaker 1: it's six fifty on Wall Street. Time now to check

663
00:35:21,160 --> 00:35:22,759
Speaker 1: what's going on in d C. Some of the top

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00:35:22,840 --> 00:35:25,479
Speaker 1: stories in our nation's capital include Democrats in the Senate

665
00:35:25,520 --> 00:35:28,239
Speaker 1: agreeing on a revised tax and energy spending bill with

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00:35:28,320 --> 00:35:32,719
Speaker 1: stock buybacks included. China announcing sanctions against Speaker Pelosi and

667
00:35:32,960 --> 00:35:36,160
Speaker 1: other countermeasures against the US after the Speaker's trip to Taiwan,

668
00:35:36,640 --> 00:35:39,320
Speaker 1: and lawyers for former President Trump reportedly in talks with

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00:35:39,440 --> 00:35:43,600
Speaker 1: federal prosecutors over January six. Let's bring back Bloomberg government

670
00:35:43,640 --> 00:35:46,640
Speaker 1: reporter Emily Wilkins with us from our Bloombergmanding on one

671
00:35:46,680 --> 00:35:49,640
Speaker 1: studios in Washington, d C. So, Emily, when it comes

672
00:35:49,719 --> 00:35:52,760
Speaker 1: to the Inflation Reduction Act, as it's known in the Senate,

673
00:35:52,880 --> 00:35:56,279
Speaker 1: it sounds like the last Democratic holdout, Kirsten Cinema, may

674
00:35:56,280 --> 00:35:59,760
Speaker 1: have gotten the changes she was looking for. She did, indeed,

675
00:35:59,800 --> 00:36:01,920
Speaker 1: and she announced last night that she is going to

676
00:36:02,000 --> 00:36:04,160
Speaker 1: be a yes on this legislation. This is a huge

677
00:36:04,200 --> 00:36:06,960
Speaker 1: win for the Biden administration, the huge win for Democrats.

678
00:36:07,360 --> 00:36:09,560
Speaker 1: But it's not quite done yet. They do still have

679
00:36:09,680 --> 00:36:12,000
Speaker 1: to go through that Senate parliamentary and make sure that

680
00:36:12,120 --> 00:36:15,080
Speaker 1: everything they want to bring through the special Reconciliation process

681
00:36:15,160 --> 00:36:17,400
Speaker 1: can be brought because it ain't just anything that can go.

682
00:36:17,960 --> 00:36:20,360
Speaker 1: They also have to survive what is known as a

683
00:36:20,520 --> 00:36:24,920
Speaker 1: vote a rama, where Republicans will introduce many, many amendments

684
00:36:25,080 --> 00:36:27,440
Speaker 1: over the course of In the past, these sins have

685
00:36:27,520 --> 00:36:30,359
Speaker 1: been like forty hours trying to see if they can

686
00:36:30,480 --> 00:36:34,280
Speaker 1: add some provisions to the bill that might ultimately kill it. However,

687
00:36:34,719 --> 00:36:37,239
Speaker 1: Democrats are just very much ready to go forward on

688
00:36:37,400 --> 00:36:40,720
Speaker 1: this one and to do what needs to be done. Remember,

689
00:36:40,800 --> 00:36:42,520
Speaker 1: just a few weeks ago they didn't think they were

690
00:36:42,600 --> 00:36:45,120
Speaker 1: going to get anything from this package. And the fact

691
00:36:45,160 --> 00:36:48,120
Speaker 1: that you then saw that Schumer Mansion agreement emerge and

692
00:36:48,239 --> 00:36:52,239
Speaker 1: really Senator Kris and Cinema was was the last piece here. Yeah,

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00:36:52,239 --> 00:36:54,239
Speaker 1: there was a note yesterday from Gregg Vali at a

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00:36:54,360 --> 00:36:57,680
Speaker 1: GF Investments saying the bill is in deep trouble. What

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00:36:57,960 --> 00:37:00,960
Speaker 1: were the changes specifically on the town ex provisions that

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00:37:01,120 --> 00:37:03,920
Speaker 1: the Senator Cinema achieved here. So the big thing, and

697
00:37:04,000 --> 00:37:05,400
Speaker 1: we knew that this is going to be a problem

698
00:37:05,440 --> 00:37:08,279
Speaker 1: for the Senator from the beginning, was this narrowing of

699
00:37:08,360 --> 00:37:12,879
Speaker 1: the carried interest loophole. Uh. Senator Cinema has been very

700
00:37:13,000 --> 00:37:16,200
Speaker 1: much against that. She wants to keep that that carried interest,

701
00:37:16,400 --> 00:37:20,440
Speaker 1: the lower taxes on that in place for benefiting wealthy investors,

702
00:37:20,600 --> 00:37:23,520
Speaker 1: and she didn't get that what the tradeoff was because

703
00:37:23,560 --> 00:37:25,880
Speaker 1: that provision was supposed to help bring in revenue to

704
00:37:25,920 --> 00:37:29,120
Speaker 1: the US. They've now added a one percent new tax

705
00:37:29,280 --> 00:37:32,319
Speaker 1: on corporate stock buybacks. And they've also done a couple

706
00:37:32,320 --> 00:37:36,239
Speaker 1: of tweeks to that minimum tax on corporations, and that's

707
00:37:36,280 --> 00:37:39,319
Speaker 1: going to try and benefit manufacturers. So those are sort

708
00:37:39,360 --> 00:37:42,040
Speaker 1: of the key changes that we're looking at. Majority Leader

709
00:37:42,040 --> 00:37:43,960
Speaker 1: Truck Schumer said this bill is still going to reduce

710
00:37:44,000 --> 00:37:46,880
Speaker 1: the deficit by about three billion. We are looking for

711
00:37:47,000 --> 00:37:50,200
Speaker 1: additional details on that today. This deal is just announced

712
00:37:50,400 --> 00:37:53,560
Speaker 1: late last night, but Senate Democrats are moving ahead with this.

713
00:37:53,719 --> 00:37:56,880
Speaker 1: They've scheduled votes for Saturday on a procedural motion and

714
00:37:56,960 --> 00:37:59,880
Speaker 1: they expect to work through the weekend. How much political

715
00:38:00,080 --> 00:38:04,399
Speaker 1: capital is President Biden putting on pack passage of this bill,

716
00:38:04,560 --> 00:38:08,239
Speaker 1: As you know, Emily, his approval ratings are very low.

717
00:38:09,880 --> 00:38:12,880
Speaker 1: That's a really interesting question, Nathan. I mean, certainly this

718
00:38:13,040 --> 00:38:15,520
Speaker 1: bill is something that Democrats are going to out as

719
00:38:15,560 --> 00:38:17,359
Speaker 1: a win. It is something they are going to talk

720
00:38:17,400 --> 00:38:20,279
Speaker 1: about on the campaign trail. But it's interesting, remember they

721
00:38:20,320 --> 00:38:23,759
Speaker 1: passed that major infrastructure bill last year. When I've talked

722
00:38:23,840 --> 00:38:26,480
Speaker 1: with voters and and there's been studies and research or

723
00:38:26,560 --> 00:38:29,040
Speaker 1: of bearing this out, a lot of Americans still don't

724
00:38:29,080 --> 00:38:32,040
Speaker 1: know that that bill was passed. They don't see any

725
00:38:32,080 --> 00:38:34,920
Speaker 1: impacts on it of their daily lives, and so I

726
00:38:34,960 --> 00:38:37,359
Speaker 1: think the real trick for Democrats here is it's going

727
00:38:37,400 --> 00:38:39,840
Speaker 1: to have to be messaging because some of the provisions,

728
00:38:39,920 --> 00:38:42,360
Speaker 1: like ones to lower drug prices, those aren't going to

729
00:38:42,440 --> 00:38:44,799
Speaker 1: go into effect right away. You're not gonna wake up

730
00:38:44,880 --> 00:38:46,680
Speaker 1: the day after this bill has passed and been like,

731
00:38:46,800 --> 00:38:49,600
Speaker 1: oh wow, I'm now paying less for certain prescription drugs.

732
00:38:50,160 --> 00:38:52,480
Speaker 1: So this is going to be important. I think any

733
00:38:52,520 --> 00:38:55,799
Speaker 1: sort of major legislation like this is important, particularly as

734
00:38:55,840 --> 00:38:58,440
Speaker 1: you get close to an election year. But at the

735
00:38:58,560 --> 00:39:01,280
Speaker 1: same point, I don't want us of over our estimate

736
00:39:01,400 --> 00:39:04,920
Speaker 1: the impact Americans are going to feel, at least not

737
00:39:05,120 --> 00:39:08,400
Speaker 1: immediately after this legislation would pass. Now let's turn to

738
00:39:08,520 --> 00:39:11,120
Speaker 1: geopolitics now, because there's been a lot of developments just

739
00:39:11,280 --> 00:39:15,719
Speaker 1: this morning following Speaker Pelosi's visit to Taiwan, China has

740
00:39:15,840 --> 00:39:20,840
Speaker 1: announced a number of countermeasures. Uh A lot here going on,

741
00:39:21,080 --> 00:39:24,640
Speaker 1: Nathan Um. China has halted numerous discussions with the US

742
00:39:24,680 --> 00:39:28,360
Speaker 1: on military, on climate, on immigration, on crime. They're continuing

743
00:39:28,719 --> 00:39:33,200
Speaker 1: these massive military drills, these warships crossing Taiwan straight dividing line,

744
00:39:33,239 --> 00:39:36,000
Speaker 1: and missile test and as we just noted a few

745
00:39:36,000 --> 00:39:39,200
Speaker 1: minutes ago. They've sanctioned how Speaker Nancy Belosia as well

746
00:39:39,239 --> 00:39:41,800
Speaker 1: as her family, making her the highest US official to

747
00:39:41,960 --> 00:39:45,000
Speaker 1: be sanctioned. One of the things that's really notable here, Nathan,

748
00:39:45,200 --> 00:39:47,680
Speaker 1: because sometimes you look at these sanctions and you're like, well,

749
00:39:47,760 --> 00:39:49,560
Speaker 1: you know, it's not going to impact the Speaker's day

750
00:39:49,600 --> 00:39:52,720
Speaker 1: to day life necessarily. But the US declined to sanction

751
00:39:52,800 --> 00:39:55,960
Speaker 1: the number three top Chinese official over his role in

752
00:39:56,040 --> 00:39:59,200
Speaker 1: imposing the National Security Law in Hong Kong. So you

753
00:39:59,239 --> 00:40:01,760
Speaker 1: saw the This is a little bit of an escalation

754
00:40:01,920 --> 00:40:05,400
Speaker 1: for China to put these sanctions into place. Um and

755
00:40:05,560 --> 00:40:08,080
Speaker 1: certainly there's a lot of questions about how much this

756
00:40:08,239 --> 00:40:12,360
Speaker 1: might continue. Yesterday, the Biden administration summoned China's ambassador to

757
00:40:12,440 --> 00:40:15,160
Speaker 1: the White House to reiterate the Biden administration does not

758
00:40:15,280 --> 00:40:18,200
Speaker 1: want a crisis in the region. UM. They want to

759
00:40:18,320 --> 00:40:20,760
Speaker 1: keep the status quo. They don't want that to change.

760
00:40:21,120 --> 00:40:23,600
Speaker 1: But now you're hearing Secretary of State Anthony B. Lincoln

761
00:40:23,719 --> 00:40:26,399
Speaker 1: saying that they do believe China is trying to change

762
00:40:26,440 --> 00:40:29,680
Speaker 1: the status quo around Taiwan. Certainly, this is something we're

763
00:40:29,680 --> 00:40:33,240
Speaker 1: going to be following very closely. And finally, Emily reports

764
00:40:33,320 --> 00:40:36,320
Speaker 1: that former President Trump's lawyers are now talking with the

765
00:40:36,520 --> 00:40:40,799
Speaker 1: Justice Department in their grand jury probe into January six.

766
00:40:40,920 --> 00:40:43,880
Speaker 1: This is above and beyond the House January six committee,

767
00:40:43,960 --> 00:40:46,840
Speaker 1: right right. Remember, there are a number of different investigations

768
00:40:46,960 --> 00:40:49,719
Speaker 1: going on, including this one by the Justice Department. This

769
00:40:49,800 --> 00:40:53,600
Speaker 1: appears to be the first sign of talks between two sides, UM,

770
00:40:53,920 --> 00:40:56,360
Speaker 1: as this probe has gone on, and a lot of

771
00:40:56,440 --> 00:40:59,239
Speaker 1: the talks have evolved around whether Trump's going to be

772
00:40:59,360 --> 00:41:02,640
Speaker 1: able to shield conversations he had while he was president,

773
00:41:02,800 --> 00:41:05,759
Speaker 1: what the extent of that executive order is actually going

774
00:41:05,840 --> 00:41:08,719
Speaker 1: to look like, and be Um, certainly there's there's a

775
00:41:08,800 --> 00:41:12,880
Speaker 1: lot left Um in the Justice Department's investigation in the

776
00:41:12,960 --> 00:41:16,560
Speaker 1: Houses January six panel, a number of different groups looking

777
00:41:16,640 --> 00:41:20,160
Speaker 1: into various aspects of what Trump and his campaign did

778
00:41:20,400 --> 00:41:24,200
Speaker 1: in their attempt to overturn the elections. UM, And I

779
00:41:24,280 --> 00:41:27,520
Speaker 1: think the fact that these conversations are are starting at

780
00:41:27,560 --> 00:41:30,600
Speaker 1: this point shows how far into the investigation they are

781
00:41:30,800 --> 00:41:33,320
Speaker 1: and kind of how real some of these threats have become.

782
00:41:33,760 --> 00:41:36,560
Speaker 1: Uh to Trump and two people in his orbit, Yes,

783
00:41:36,719 --> 00:41:40,080
Speaker 1: he's thinking about announcing another run for president. He's very

784
00:41:40,160 --> 00:41:43,200
Speaker 1: hinted that at very strongly over the last few months.

785
00:41:43,280 --> 00:41:46,440
Speaker 1: Here Bloomberg Government reporter Emily Wilkins. As always, thanks for

786
00:41:46,480 --> 00:41:49,160
Speaker 1: the update from Washington, d C. Get more on all

787
00:41:49,200 --> 00:41:52,760
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal,

788
00:41:52,840 --> 00:41:54,880
Speaker 1: And a reminder you can follow all the latest on

789
00:41:54,960 --> 00:41:59,399
Speaker 1: Bloomberg Radio in Washington Bloomberg and one oh five point

790
00:41:59,480 --> 00:42:02,120
Speaker 1: seven f m HD two. Of course, the big investor

791
00:42:02,200 --> 00:42:04,920
Speaker 1: focus out of Washington, d C is the Labor Department,

792
00:42:05,440 --> 00:42:08,359
Speaker 1: the release of July payrolls coming up in just about

793
00:42:08,400 --> 00:42:11,320
Speaker 1: an hour and a half. Ahead of that, SMP futures

794
00:42:11,400 --> 00:42:15,600
Speaker 1: are down four points, staff futures up fourteen, NASDACK futures

795
00:42:15,640 --> 00:42:18,560
Speaker 1: lower by thirty points. The tenure Treasury is down to

796
00:42:18,800 --> 00:42:22,000
Speaker 1: thirty seconds, yield two point six nine percent yield on

797
00:42:22,040 --> 00:42:26,080
Speaker 1: the two year three point zero six percent. Nom X

798
00:42:26,200 --> 00:42:28,879
Speaker 1: CREWD is down a half percent, down fifty one cents

799
00:42:28,960 --> 00:42:31,200
Speaker 1: eight eight oh three gets you a barrel of West

800
00:42:31,200 --> 00:42:33,960
Speaker 1: Texas Intermediate, and the Euro right now is at one

801
00:42:34,040 --> 00:42:37,400
Speaker 1: point zero to three two against the dollar. Bitcoin twenty

802
00:42:37,480 --> 00:42:42,440
Speaker 1: three thousand. Bloomberg Surveillance is next. Tom Keen, Jonathan Farrell,

803
00:42:42,440 --> 00:42:43,960
Speaker 1: and Lisa Brown Woits take you the rest of the

804
00:42:44,000 --> 00:42:48,520
Speaker 1: way for Karen Moscow. I'm Nathan Hager. This is Bloomberg.