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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 3: Karen wall Street enters this final day of the trading

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Speaker 3: week in record fashion. The S and P five hundred

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Speaker 3: notched it's thirty ninth all time high of twenty twenty four,

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Speaker 3: extending this year's surge to about twenty percent. Julian Emmanuel,

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Speaker 3: a Senior Managing Director of Equity Derivatives and quant Strategy

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Speaker 3: at Evercore ISI, he remains bullish.

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Speaker 4: We do continue to be very positive into year end,

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Speaker 4: and so far twenty five looks good to us as well.

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Speaker 4: You know, part of this narrative again is the Feds

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Speaker 4: behind us. We have earnings that will once again when

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Speaker 4: the reports start in a couple of weeks, confirm the

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Speaker 4: fact that second quarter was not in an that Yes,

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Speaker 4: the other four hundred and ninety three stocks in the

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Speaker 4: S and P five hundred are growing their earnings.

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Speaker 3: Julian Emmanuel at Evercore I I thinks the SMP five

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Speaker 3: hundred can close the year at six thousand. That's about

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Speaker 3: five percent away from current levels.

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Speaker 1: Well, Nathan, it could be a volatile day to close

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Speaker 1: out the trading week. Today's the quarterly options expiration known

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Speaker 1: as triple witching, and Bloomberg Markets report Jess Menton is

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Speaker 1: following that it'll be about.

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Speaker 5: Five point one trillion dollars in options that would be

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Speaker 5: tied to individual stocks, indexes and exchange free traded funds

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Speaker 5: there that are going to be falling off the board

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Speaker 5: if you look at the estimates there, so that could

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Speaker 5: cause for a bit of swings. They're also overlapping with

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Speaker 5: the rebalance that will be happening, so you'll have a

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Speaker 5: Dell and volunteer that'll be placing at C as well

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Speaker 5: as American Airlines in the S and P five hundred

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Speaker 5: before trading on Monday, so you could see some pop

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Speaker 5: there when it comes to volatility, as well as some

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Speaker 5: volume heading into the closing bell.

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Speaker 1: Bloomberg Markets Report are j just Menton. The event has

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Speaker 1: a reputation for causing sudden price moves as contracts who

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Speaker 1: disappear and traders roll over their existing positions or start

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Speaker 1: new ones.

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Speaker 3: Karen shares of FedEx are plunging this morning. In Bloomberg's

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Speaker 3: John Tucker's following that John looks like FedEx isn't really

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Speaker 3: delivering for investors this morning.

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Speaker 6: Yes, Nathan, you could say, I wouldn't think you could.

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Speaker 6: Share down over thirteen percent right now pre market. The

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Speaker 6: company lowering its annual outlook for adjusted earnings per share

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Speaker 6: and also revenue growth. They're customers looking for cheaper options,

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Speaker 6: in particular FedEx, pointing to a drop in priority shipments

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Speaker 6: between businesses. This is seen as a bell weather for

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Speaker 6: the broader US economy. The company now expects revenue for

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Speaker 6: fiscal twenty twenty five to grow by a low single

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Speaker 6: digit percentage. A company also, interestingly enough, ending its work

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Speaker 6: for the US Postal Service, its largest customer, and expects

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Speaker 6: a five hundred million dollar headwind from the loss of

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Speaker 6: that contract. You know, York, John Tucker, Bloomber.

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Speaker 1: Radio, All right, John, thank you well. On the flip side,

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Speaker 1: shares of Nike are up almost seven percent this morning.

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Speaker 1: The company is ousted beleaguered chief executive John Donaho. It's

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Speaker 1: bringing longtime executive Elliott Hill out of retirement in a

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Speaker 1: bid to return the struggling athletic brand to its glory days.

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Speaker 3: Now Bloomberg exclusive Karen Johnson and Johnson is boosting its

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Speaker 3: offer to settle thousands of lawsuits by people who say

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Speaker 3: that the company's baby powder gave them cancer. Sources say

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Speaker 3: the new offer is eight point two billion dollars, an

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Speaker 3: increase from jan Jay's previous six and a half billion

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Speaker 3: dollar bid. Under the new terms, claimants could get bigger

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Speaker 3: payouts and about six hundred and fifty million dollars in

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Speaker 3: legal fees covered well.

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Speaker 1: In Europe, Nathan shares a Mercedes going in reverse. The

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Speaker 1: stock down seven percent. The German automaker cut its financial

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Speaker 1: forecast for the year. It blames rapid deterioration of its

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Speaker 1: business in China.

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Speaker 3: And elsewhere in Asia. Karen, the Bank of Japan is

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Speaker 3: keeping monetary policy steady. Boj is signaling no need to

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Speaker 3: hurry with interstrate hikes. You may recall the bank increase

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Speaker 3: rates in July, and it's hawkish views spooked investors.

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Speaker 1: Now, Nathan, let's go to the latest in the presidential race,

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Speaker 1: and Vice President Kamala Harris is looking for a campaign

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Speaker 1: lift with star power.

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Speaker 7: Kamala Horror.

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Speaker 1: Oprah Winfrey hosted a live extreamed rally for the vice

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Speaker 1: president in Michigan. The Unite for America event featured celebrities

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Speaker 1: like Julia Roberts, Jennifer Lopez and Chris Rock, and ordinary

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Speaker 1: Americans sharing their experiences with gun violence and abortion restrictions.

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Speaker 1: Harris says she hopes to be a unifying president.

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Speaker 8: This movement that is about reminding each other that we

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Speaker 8: have so much more in common than what separates us

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Speaker 8: is so critically important, and this is about the strength

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Speaker 8: of who we are as Americans.

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Speaker 1: And Harris repeated promises to offer tax breaks to start

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Speaker 1: up businesses, to sign the bipartisan immigration bill, and to

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Speaker 1: restore federal abortion rights.

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Speaker 5: Well.

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Speaker 3: Donald Trump meanwhiles promising to bring back his t travel

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Speaker 3: ban on mostly Muslim countries and expand it to keep

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Speaker 3: refugees from Gaza out of the US. Former president appeared

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Speaker 3: at an event in Washington hosted by Republican donor Miriam Madelson.

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Speaker 9: My promise to Jewish Americans is this, with your vote,

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Speaker 9: I will be your defender, your protector, and I will

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Speaker 9: be the best friend Jewish Americans have ever had. In

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Speaker 9: the White House.

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Speaker 3: Trump went on to say, Israel has to defeat Kamala Harris.

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Speaker 3: Speaking of Jewish Americans, he said, quote, there's no way

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Speaker 3: that I should be getting forty percent of the vote

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Speaker 3: I'm the one who is protecting you.

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Speaker 1: Well, Nathan, what are the political candidates that Trump has endorsed?

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Speaker 1: Is in a spotlight this morning, North Carolina Republican gubernatorial

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Speaker 1: nominee Mark Robinson is vowing to remain in the race.

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Speaker 1: It comes after CNN reported Robinson posted strongly worded racial

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Speaker 1: and sexual comments on an online message board. Robinson says

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Speaker 1: he won't be forced out by salacious tabloid laws.

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Speaker 3: Now, Karen, let's turn to developments in the Middle East.

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Speaker 3: Israel carried out extensive air strikes across southern Lebanon yesterday,

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Speaker 3: calling it a new phase of its conflict with Hesbola.

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Speaker 3: It comes after an attack in the region in which

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Speaker 3: pagers and other devices exploded, leaving dozens dead. Speaking through

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Speaker 3: an interpreter, Hesbola Secretary General Hassan Nosrala promised retaliation.

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Speaker 10: We know that our enemy has superiority, and we have

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Speaker 10: never once said anything other than that superiority on the

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Speaker 10: technological level. Because it is not just israelis the Americas

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Speaker 10: are with Israel and the West is with them.

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Speaker 3: Of those comments from Hesbola Secretary General Hassan Nosrala yesterday,

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Speaker 3: this wave of explosions of wireless devices in southern Lebanon

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Speaker 3: has left more than thirty dead thousands injured. Israel has

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Speaker 3: neither claimed nor denied responsibility.

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Speaker 1: And it is time now for a look at some

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Speaker 1: of the other stories making news in New York and

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Speaker 1: around the world. And for that we're joined by Bloomberg's

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Speaker 1: Michael Barr. Good Friday morning, Michael, Thank you very much.

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Speaker 2: Karen, Good morning to you as well. Senate Majority Leader

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Speaker 2: Chuck Schumer says he's not going to wait for the

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Speaker 2: House to try and pass a government funding bill. It

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Speaker 2: comes as a government shut down is looming in the

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Speaker 2: weeks before the election. Bloomberg's Head Baxter reports.

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Speaker 11: Senator Schumer says he will set up a vote for

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Speaker 11: next week, this after the House failed to get it

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Speaker 11: done this week, the hang up being the GOP attaching

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Speaker 11: this citizenship voting writer pushed by Donald Trump. Lawmakers like

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Speaker 11: Republican David Kustov say it has to be done.

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Speaker 12: I voted for the bill to fund the government through March,

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Speaker 12: which the Save Act was attached to it, which prohibits

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Speaker 12: non citizens from voting. But in the end, we do

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Speaker 12: not need a government shut down. We need the government

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Speaker 12: to continue to function.

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Speaker 11: House speaker Johnson has not announced the next step. He's

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Speaker 11: seeking input, including that from Donald Trump, ed Baxter Bloomberg Radio.

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Speaker 2: Kentucky judge was shot and killed in his chambers and

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Speaker 2: the suspected shooter is a sheriff. State Police a forty

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Speaker 2: three year old Sheriff Sean Stein's of Rural Elector County

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Speaker 2: shot District Judge Kevin Mullins after an argument inside the

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Speaker 2: county courthouse. Mullins, who was fifty four, was pronounced dead

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Speaker 2: at the scene. State Police Trooper Matt Gayhart.

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Speaker 13: Oh, any a situation like this sakes place, especially in

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Speaker 13: a smalltown. Shike's the very foundation of what the town

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Speaker 13: is and this is no different. We're just hoping that

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Speaker 13: it's a bad situation that we can resolve as quickly

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Speaker 13: response and start that process forward.

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Speaker 2: Trooper Gayheart says. Sheriff Stein surrendered without incident and it's

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Speaker 2: charged with first degree murder. Texas Police confirmed human remains

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Speaker 2: were found inside of an suv pulled from the site

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Speaker 2: of the pipeline fire that has been burning since Monday.

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Speaker 2: Officials believe the vehicle crashed into a valve and sparked

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Speaker 2: the fire on the border of Deer Park and Laporte.

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Speaker 2: The fire melted cars and siding off homes and destroyed

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Speaker 2: the playground, County Judge Lena Hidongo.

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Speaker 14: Many of them don't want to live there anymore. They're

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Speaker 14: just they're scared of the area. The playground right next

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Speaker 14: to the homes is totally charred gray, a lot of

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Speaker 14: it sort of burnt.

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Speaker 2: Down, Judge Lena Hildalgo. The fire is out after they

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Speaker 2: capped the valve and welded it shut. Global News twenty

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Speaker 2: four hours a day and whenever you want it with

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Speaker 2: Bloomberg News Now Michael Barr, and this is Bloomberg.

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Speaker 1: Karen all right, Michael Barr, thank you time now for

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Speaker 1: the Bloomberg Sports Update with John Stashauer.

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Speaker 15: John all right, Darren. When Zach Wilson was trying to

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Speaker 15: play quarterback for the Jets, he made playing QB in

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Speaker 15: the NFL looked like it was a really hard thing

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Speaker 15: to do. Aaron Rodgers makes it look really easy, finding

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Speaker 15: the right receivers, slinging it to him precisely where.

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Speaker 2: It needs to go.

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Speaker 15: Rogers and the Jets home opener versus New England looked

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Speaker 15: very much like he did during those MVP seasons. In

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Speaker 15: Green Bay.

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Speaker 3: He takes the snap, drops back screen left.

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Speaker 2: Sorry thanks the man.

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Speaker 15: Miss ct the fun looking for the pilot breaches it out.

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Speaker 11: He's in hots a jet touchdown.

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Speaker 15: Rodgers takes the snap, play action, looks right, pumps one throws.

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Speaker 8: Right talk crick by pilot Derek Wilson.

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Speaker 15: Hot's a jet touchdown on wax two. Jets beat the

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Speaker 15: Patriots twenty four to three. Rodgers was twenty seven of

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Speaker 15: thirty five two hundred and eighty one yards and those

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Speaker 15: two touchdowns. We'll get to the Pennant races, but first show,

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Speaker 15: Hey o'tani and the Dodgers twenty to four win at

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Speaker 15: Miami that clinched them the playoff. Birth Otanni six for six,

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Speaker 15: two doubles, three home runs, two stolen bases, a Dodgers

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Speaker 15: team record ten runs bat at in He now has

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Speaker 15: fifty one homers on the season and fifty one steals.

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Speaker 15: While the Dodgers scored twenty, Mets scored ten for the

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Speaker 15: third night in a row, beat the Phillies and City

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Speaker 15: Field ten to six. Atlanta and Arizona also won, though

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Speaker 15: it's still the Mets and d Backs tied. The Braves

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Speaker 15: two games behind Cleveland clinched at least a wild card,

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Speaker 15: will now try to win the Al Central. Just as

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Speaker 15: the playoff bound Yankees to wrap up the Als their

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Speaker 15: magic number six. Yanks lost in Seattle three to two.

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Speaker 15: Mariners scored all three in the first inning. They were

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Speaker 15: helped by Jason Dominguez dropping a fly ball. Orioles beat

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Speaker 15: the Giants. Red Sox held a one hit and a

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Speaker 15: two nothing lost at Tampa Bay. John Stashey, We're Bloomberg

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Speaker 15: Sports Karen Nathan.

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Speaker 16: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 16: and around the world on Bloomberg dot Com and the

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Speaker 16: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 16: Nathan Hager. We want to tell to take a deeper

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Speaker 16: dive into Kamala Harris's plan for the economy. In today's

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Speaker 16: episode of The Big Take DC podcast, Bloomberg California Bureau

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Speaker 16: Chief Karen Bresla and Washington reporter Josh Wingrove joined host

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Speaker 16: Sarah Holder. They began with a question about Harris's claim

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Speaker 16: that she's building an opportunity economy.

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Speaker 3: Let's listen in.

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Speaker 17: Just talking with equity and this is stitched through a

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Speaker 17: lot of the things that she's done if you look

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Speaker 17: into her record, things that have animated her in her

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Speaker 17: time as vice president before include making sure that people

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Speaker 17: who want to start small businesses, in particular people of

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Speaker 17: color who want to start small businesses, have access to capital.

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Speaker 17: I think we'd be missing part of the story if

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Speaker 17: we don't draw that link between what she sees as

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Speaker 17: fundamental sort of inequities. If certain business proposals are hitting

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Speaker 17: a wall because minority landers don't have the money to

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Speaker 17: get to them and big lenders aren't giving them the

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Speaker 17: time of day, she sees that as something worth tackling.

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Speaker 17: You see it with her call for a wider child

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Speaker 17: tax credit. Harris in particular has talked about six thousand

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Speaker 17: dollars in a tax credit for people who have a baby.

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Speaker 17: You know, in the first year of a child's life.

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Speaker 17: As a father of a young child, that can attest

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Speaker 17: to how expensive that can be.

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Speaker 18: Let me tell you, well, I want to understand where

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Speaker 18: that focus on equity and opportunity really comes from. Karen,

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Speaker 18: you first spoke with Harris back in two thousand and five,

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Speaker 18: and you've interviewed her over the years since then.

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Speaker 7: Thank you to the attorney General of California, Kamala Harris,

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Speaker 7: Thank you all.

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Speaker 18: That was from a twenty twelve interview you did with

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Speaker 18: her in Sacramento for an organization called She Shares. You've

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Speaker 18: really seen her full arc on the political stage. What

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Speaker 18: do you see as her most consistent priority. We're seeing

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Speaker 18: things like that call for a child tax credit that

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Speaker 18: Josh mentioned. What is the through line that really drives her?

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Speaker 7: It's clearly kids. There is something at every turn in

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Speaker 7: her career and in her life she has come around

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Speaker 7: to who are the powerless? Who are the voiceless? Right?

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Speaker 7: Her messaging has been all over the place, but in

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Speaker 7: terms of how do you use power, whether it's the

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Speaker 7: power of a prosecutor, whether it's the power of a regulator,

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Speaker 7: whether it's economic power, Who's it going to benefit? And

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Speaker 7: she always would ask people, how's this going to play

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Speaker 7: on the streets? You know, if it's a mortgage settlement,

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Speaker 7: are these loans going to be forgiven? Are how are

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Speaker 7: these loan discharges going to affect whether it's students, whether

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Speaker 7: it's homeowners, Where does the money end up? These power

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Speaker 7: fundamentally from the outside in and from the bottom up.

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Speaker 7: She was an outsider in San Francisco politics. She came

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Speaker 7: from Oakland, from Berkeley, just across the bay, but a

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Speaker 7: world apart. Right, San Francisco is a clubby democratic city

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Speaker 7: where power is dynastic. It's connected to families, the pelosis.

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Speaker 7: Gavin Newsome, the current governor, who was her kind of

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Speaker 7: her frenemy coming up in San Francisco politics, but now

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Speaker 7: it is very different. She is the sitting vice president.

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Speaker 17: And this is one of the trickiest things. Harris is

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Speaker 17: campaigning both as an incumbent and as a change agent. Right,

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Speaker 17: for instance, political histories littered with people who make pledges

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Speaker 17: about housing starts and don't get anywhere near them. She's

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Speaker 17: proposed expanding assistance that would require Congress two first time

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Speaker 17: home buyers to twenty five thousand dollars. When we're talking

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Speaker 17: direct subsidies, what she wants to do. She wants to

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Speaker 17: talk about building three million new units of housing over

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Speaker 17: the course of her first Termsublicans then turn around and

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Speaker 17: say that hece of housing has gone up under the

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Speaker 17: Biden Harris administration. You're in the government now, why don't

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Speaker 17: you do something about it?

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Speaker 18: Josh? You spoke about the challenge Harris faces running both

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Speaker 18: as this change maker and as an incumbent, the FED

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Speaker 18: cut rates by half a percentage point, which indicates that

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Speaker 18: they feel like inflation is getting under control. But under

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Speaker 18: the current Biden Harris administration, many Americans say they aren't

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Speaker 18: feeling good about the economy, that gas and grocery prices

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Speaker 18: are too high. What has Harris said about addressing inflation.

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Speaker 17: Harris has chalked a lot of this up to corporate

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Speaker 17: greed and said that grocery companies and chains and food

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Speaker 17: providers are in her mind, colluding to keep prices high. Essentially,

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Speaker 17: she is trying to not take the blame. Breaking from

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Speaker 17: Biden is something that's tricky for her, right She's not

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Speaker 17: going to want to stab them in the bag. But

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Speaker 17: there are differences. She's a fifty nine year old who

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Speaker 17: grew up in the Bay Area. He's an eighty one

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Speaker 17: year old raised and claimant Delaware, just outside of Philadelphia.

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Speaker 17: They see the world differently. One thing that has struck

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Speaker 17: us traveling with her is Harris does not really go

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Speaker 17: to like manufacturing places. Biden love's going anywhere with a

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Speaker 17: hard hat. She doesn't. She goes to small businesses. She

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Speaker 17: goes to like a spice store.

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Speaker 7: I finally got the bait prep to look at these spices.

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Speaker 17: Best part of the bake prep so far, Biden sees

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Speaker 17: manufacturing is this sort of silver bullet for a litmus

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Speaker 17: test and how the economy is doing. I think for Harris,

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Speaker 17: if you had to pick one, you'd pick small businesses

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Speaker 17: if they are thriving. She thinks the economy is doing well.

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