WEBVTT - Stocks at All-Time High; FedEx Does Not Deliver

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 3>Karen wall Street enters this final day of the trading

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<v Speaker 3>week in record fashion. The S and P five hundred

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<v Speaker 3>notched it's thirty ninth all time high of twenty twenty four,

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

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<v Speaker 3>a Senior Managing Director of Equity Derivatives and quant Strategy

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<v Speaker 3>at Evercore ISI, he remains bullish.

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<v Speaker 4>We do continue to be very positive into year end,

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<v Speaker 4>and so far twenty five looks good to us as well.

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<v Speaker 4>You know, part of this narrative again is the Feds

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<v Speaker 4>behind us. We have earnings that will once again when

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<v Speaker 4>the reports start in a couple of weeks, confirm the

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<v Speaker 4>fact that second quarter was not in an that Yes,

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<v Speaker 4>the other four hundred and ninety three stocks in the

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<v Speaker 4>S and P five hundred are growing their earnings.

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<v Speaker 3>Julian Emmanuel at Evercore I I thinks the SMP five

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<v Speaker 3>hundred can close the year at six thousand. That's about

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<v Speaker 3>five percent away from current levels.

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<v Speaker 1>Well, Nathan, it could be a volatile day to close

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<v Speaker 1>out the trading week. Today's the quarterly options expiration known

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<v Speaker 1>as triple witching, and Bloomberg Markets report Jess Menton is

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<v Speaker 1>following that it'll be about.

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<v Speaker 5>Five point one trillion dollars in options that would be

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<v Speaker 5>tied to individual stocks, indexes and exchange free traded funds

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<v Speaker 5>there that are going to be falling off the board

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<v Speaker 5>if you look at the estimates there, so that could

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<v Speaker 5>cause for a bit of swings. They're also overlapping with

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<v Speaker 5>the rebalance that will be happening, so you'll have a

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<v Speaker 5>Dell and volunteer that'll be placing at C as well

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<v Speaker 5>as American Airlines in the S and P five hundred

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<v Speaker 5>before trading on Monday, so you could see some pop

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<v Speaker 5>there when it comes to volatility, as well as some

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<v Speaker 5>volume heading into the closing bell.

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<v Speaker 1>Bloomberg Markets Report are j just Menton. The event has

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<v Speaker 1>a reputation for causing sudden price moves as contracts who

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<v Speaker 1>disappear and traders roll over their existing positions or start

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<v Speaker 1>new ones.

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<v Speaker 3>Karen shares of FedEx are plunging this morning. In Bloomberg's

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<v Speaker 3>John Tucker's following that John looks like FedEx isn't really

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<v Speaker 3>delivering for investors this morning.

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<v Speaker 6>Yes, Nathan, you could say, I wouldn't think you could.

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<v Speaker 6>Share down over thirteen percent right now pre market. The

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<v Speaker 6>company lowering its annual outlook for adjusted earnings per share

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

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<v Speaker 6>in particular FedEx, pointing to a drop in priority shipments

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<v Speaker 6>between businesses. This is seen as a bell weather for

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<v Speaker 6>the broader US economy. The company now expects revenue for

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<v Speaker 6>fiscal twenty twenty five to grow by a low single

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<v Speaker 6>digit percentage. A company also, interestingly enough, ending its work

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<v Speaker 6>for the US Postal Service, its largest customer, and expects

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<v Speaker 6>a five hundred million dollar headwind from the loss of

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<v Speaker 6>that contract. You know, York, John Tucker, Bloomber.

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<v Speaker 1>Radio, All right, John, thank you well. On the flip side,

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<v Speaker 1>shares of Nike are up almost seven percent this morning.

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<v Speaker 1>The company is ousted beleaguered chief executive John Donaho. It's

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<v Speaker 1>bringing longtime executive Elliott Hill out of retirement in a

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<v Speaker 1>bid to return the struggling athletic brand to its glory days.

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<v Speaker 3>Now Bloomberg exclusive Karen Johnson and Johnson is boosting its

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<v Speaker 3>offer to settle thousands of lawsuits by people who say

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<v Speaker 3>that the company's baby powder gave them cancer. Sources say

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<v Speaker 3>the new offer is eight point two billion dollars, an

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<v Speaker 3>increase from jan Jay's previous six and a half billion

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<v Speaker 3>dollar bid. Under the new terms, claimants could get bigger

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<v Speaker 3>payouts and about six hundred and fifty million dollars in

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<v Speaker 3>legal fees covered well.

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<v Speaker 1>In Europe, Nathan shares a Mercedes going in reverse. The

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<v Speaker 1>stock down seven percent. The German automaker cut its financial

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<v Speaker 1>forecast for the year. It blames rapid deterioration of its

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<v Speaker 1>business in China.

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<v Speaker 3>And elsewhere in Asia. Karen, the Bank of Japan is

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<v Speaker 3>keeping monetary policy steady. Boj is signaling no need to

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<v Speaker 3>hurry with interstrate hikes. You may recall the bank increase

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<v Speaker 3>rates in July, and it's hawkish views spooked investors.

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<v Speaker 1>Now, Nathan, let's go to the latest in the presidential race,

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<v Speaker 1>and Vice President Kamala Harris is looking for a campaign

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<v Speaker 1>lift with star power.

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<v Speaker 7>Kamala Horror.

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<v Speaker 1>Oprah Winfrey hosted a live extreamed rally for the vice

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<v Speaker 1>president in Michigan. The Unite for America event featured celebrities

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<v Speaker 1>like Julia Roberts, Jennifer Lopez and Chris Rock, and ordinary

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<v Speaker 1>Americans sharing their experiences with gun violence and abortion restrictions.

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<v Speaker 1>Harris says she hopes to be a unifying president.

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<v Speaker 8>This movement that is about reminding each other that we

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<v Speaker 8>have so much more in common than what separates us

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<v Speaker 8>is so critically important, and this is about the strength

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<v Speaker 8>of who we are as Americans.

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<v Speaker 1>And Harris repeated promises to offer tax breaks to start

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<v Speaker 1>up businesses, to sign the bipartisan immigration bill, and to

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<v Speaker 1>restore federal abortion rights.

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<v Speaker 5>Well.

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<v Speaker 3>Donald Trump meanwhiles promising to bring back his t travel

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<v Speaker 3>ban on mostly Muslim countries and expand it to keep

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<v Speaker 3>refugees from Gaza out of the US. Former president appeared

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<v Speaker 3>at an event in Washington hosted by Republican donor Miriam Madelson.

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<v Speaker 9>My promise to Jewish Americans is this, with your vote,

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<v Speaker 9>I will be your defender, your protector, and I will

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<v Speaker 9>be the best friend Jewish Americans have ever had. In

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<v Speaker 9>the White House.

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<v Speaker 3>Trump went on to say, Israel has to defeat Kamala Harris.

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<v Speaker 3>Speaking of Jewish Americans, he said, quote, there's no way

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<v Speaker 3>that I should be getting forty percent of the vote

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<v Speaker 3>I'm the one who is protecting you.

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<v Speaker 1>Well, Nathan, what are the political candidates that Trump has endorsed?

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<v Speaker 1>Is in a spotlight this morning, North Carolina Republican gubernatorial

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<v Speaker 1>nominee Mark Robinson is vowing to remain in the race.

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<v Speaker 1>It comes after CNN reported Robinson posted strongly worded racial

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<v Speaker 1>and sexual comments on an online message board. Robinson says

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<v Speaker 1>he won't be forced out by salacious tabloid laws.

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

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<v Speaker 3>Israel carried out extensive air strikes across southern Lebanon yesterday,

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<v Speaker 3>calling it a new phase of its conflict with Hesbola.

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<v Speaker 3>It comes after an attack in the region in which

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<v Speaker 3>pagers and other devices exploded, leaving dozens dead. Speaking through

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<v Speaker 3>an interpreter, Hesbola Secretary General Hassan Nosrala promised retaliation.

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<v Speaker 10>We know that our enemy has superiority, and we have

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<v Speaker 10>never once said anything other than that superiority on the

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<v Speaker 10>technological level. Because it is not just israelis the Americas

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<v Speaker 10>are with Israel and the West is with them.

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<v Speaker 3>Of those comments from Hesbola Secretary General Hassan Nosrala yesterday,

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<v Speaker 3>this wave of explosions of wireless devices in southern Lebanon

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<v Speaker 3>has left more than thirty dead thousands injured. Israel has

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<v Speaker 3>neither claimed nor denied responsibility.

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<v Speaker 1>And it is time now for a look at some

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<v Speaker 1>of the other stories making news in New York and

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

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<v Speaker 1>Michael Barr. Good Friday morning, Michael, Thank you very much.

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<v Speaker 2>Karen, Good morning to you as well. Senate Majority Leader

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<v Speaker 2>Chuck Schumer says he's not going to wait for the

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<v Speaker 2>House to try and pass a government funding bill. It

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<v Speaker 2>comes as a government shut down is looming in the

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<v Speaker 2>weeks before the election. Bloomberg's Head Baxter reports.

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<v Speaker 11>Senator Schumer says he will set up a vote for

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<v Speaker 11>next week, this after the House failed to get it

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<v Speaker 11>done this week, the hang up being the GOP attaching

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<v Speaker 11>this citizenship voting writer pushed by Donald Trump. Lawmakers like

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<v Speaker 11>Republican David Kustov say it has to be done.

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<v Speaker 12>I voted for the bill to fund the government through March,

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<v Speaker 12>which the Save Act was attached to it, which prohibits

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<v Speaker 12>non citizens from voting. But in the end, we do

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<v Speaker 12>not need a government shut down. We need the government

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<v Speaker 12>to continue to function.

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<v Speaker 11>House speaker Johnson has not announced the next step. He's

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<v Speaker 11>seeking input, including that from Donald Trump, ed Baxter Bloomberg Radio.

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<v Speaker 2>Kentucky judge was shot and killed in his chambers and

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<v Speaker 2>the suspected shooter is a sheriff. State Police a forty

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<v Speaker 2>three year old Sheriff Sean Stein's of Rural Elector County

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<v Speaker 2>shot District Judge Kevin Mullins after an argument inside the

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<v Speaker 2>county courthouse. Mullins, who was fifty four, was pronounced dead

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<v Speaker 2>at the scene. State Police Trooper Matt Gayhart.

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<v Speaker 13>Oh, any a situation like this sakes place, especially in

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<v Speaker 13>a smalltown. Shike's the very foundation of what the town

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<v Speaker 13>is and this is no different. We're just hoping that

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<v Speaker 13>it's a bad situation that we can resolve as quickly

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<v Speaker 13>response and start that process forward.

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<v Speaker 2>Trooper Gayheart says. Sheriff Stein surrendered without incident and it's

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<v Speaker 2>charged with first degree murder. Texas Police confirmed human remains

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<v Speaker 2>were found inside of an suv pulled from the site

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<v Speaker 2>of the pipeline fire that has been burning since Monday.

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<v Speaker 2>Officials believe the vehicle crashed into a valve and sparked

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<v Speaker 2>the fire on the border of Deer Park and Laporte.

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<v Speaker 2>The fire melted cars and siding off homes and destroyed

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<v Speaker 2>the playground, County Judge Lena Hidongo.

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

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<v Speaker 14>just they're scared of the area. The playground right next

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<v Speaker 14>to the homes is totally charred gray, a lot of

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<v Speaker 14>it sort of burnt.

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<v Speaker 2>Down, Judge Lena Hildalgo. The fire is out after they

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<v Speaker 2>capped the valve and welded it shut. Global News twenty

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<v Speaker 2>four hours a day and whenever you want it with

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<v Speaker 2>Bloomberg News Now Michael Barr, and this is Bloomberg.

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<v Speaker 1>Karen all right, Michael Barr, thank you time now for

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<v Speaker 1>the Bloomberg Sports Update with John Stashauer.

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<v Speaker 15>John all right, Darren. When Zach Wilson was trying to

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<v Speaker 15>play quarterback for the Jets, he made playing QB in

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<v Speaker 15>the NFL looked like it was a really hard thing

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<v Speaker 15>to do. Aaron Rodgers makes it look really easy, finding

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<v Speaker 15>the right receivers, slinging it to him precisely where.

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<v Speaker 2>It needs to go.

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<v Speaker 15>Rogers and the Jets home opener versus New England looked

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<v Speaker 15>very much like he did during those MVP seasons. In

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<v Speaker 15>Green Bay.

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<v Speaker 3>He takes the snap, drops back screen left.

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<v Speaker 2>Sorry thanks the man.

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<v Speaker 15>Miss ct the fun looking for the pilot breaches it out.

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<v Speaker 11>He's in hots a jet touchdown.

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<v Speaker 15>Rodgers takes the snap, play action, looks right, pumps one throws.

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<v Speaker 8>Right talk crick by pilot Derek Wilson.

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<v Speaker 15>Hot's a jet touchdown on wax two. Jets beat the

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<v Speaker 15>Patriots twenty four to three. Rodgers was twenty seven of

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<v Speaker 15>thirty five two hundred and eighty one yards and those

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

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<v Speaker 15>Hey o'tani and the Dodgers twenty to four win at

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<v Speaker 15>Miami that clinched them the playoff. Birth Otanni six for six,

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<v Speaker 15>two doubles, three home runs, two stolen bases, a Dodgers

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<v Speaker 15>team record ten runs bat at in He now has

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<v Speaker 15>fifty one homers on the season and fifty one steals.

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<v Speaker 15>While the Dodgers scored twenty, Mets scored ten for the

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<v Speaker 15>third night in a row, beat the Phillies and City

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<v Speaker 15>Field ten to six. Atlanta and Arizona also won, though

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<v Speaker 15>it's still the Mets and d Backs tied. The Braves

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<v Speaker 15>two games behind Cleveland clinched at least a wild card,

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<v Speaker 15>will now try to win the Al Central. Just as

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<v Speaker 15>the playoff bound Yankees to wrap up the Als their

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<v Speaker 15>magic number six. Yanks lost in Seattle three to two.

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<v Speaker 15>Mariners scored all three in the first inning. They were

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<v Speaker 15>helped by Jason Dominguez dropping a fly ball. Orioles beat

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<v Speaker 15>the Giants. Red Sox held a one hit and a

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

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<v Speaker 15>Sports Karen Nathan.

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<v Speaker 16>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 16>and around the world on Bloomberg dot Com and the

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<v Speaker 16>Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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<v Speaker 16>Nathan Hager. We want to tell to take a deeper

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<v Speaker 16>dive into Kamala Harris's plan for the economy. In today's

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<v Speaker 16>episode of The Big Take DC podcast, Bloomberg California Bureau

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<v Speaker 16>Chief Karen Bresla and Washington reporter Josh Wingrove joined host

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<v Speaker 16>Sarah Holder. They began with a question about Harris's claim

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<v Speaker 16>that she's building an opportunity economy.

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<v Speaker 3>Let's listen in.

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<v Speaker 17>Just talking with equity and this is stitched through a

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<v Speaker 17>lot of the things that she's done if you look

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<v Speaker 17>into her record, things that have animated her in her

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<v Speaker 17>time as vice president before include making sure that people

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<v Speaker 17>who want to start small businesses, in particular people of

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<v Speaker 17>color who want to start small businesses, have access to capital.

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<v Speaker 17>I think we'd be missing part of the story if

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<v Speaker 17>we don't draw that link between what she sees as

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<v Speaker 17>fundamental sort of inequities. If certain business proposals are hitting

0:12:17.880 --> 0:12:20.480
<v Speaker 17>a wall because minority landers don't have the money to

0:12:20.480 --> 0:12:23.280
<v Speaker 17>get to them and big lenders aren't giving them the

0:12:23.280 --> 0:12:26.000
<v Speaker 17>time of day, she sees that as something worth tackling.

0:12:26.160 --> 0:12:28.199
<v Speaker 17>You see it with her call for a wider child

0:12:28.240 --> 0:12:31.280
<v Speaker 17>tax credit. Harris in particular has talked about six thousand

0:12:31.280 --> 0:12:34.559
<v Speaker 17>dollars in a tax credit for people who have a baby.

0:12:34.600 --> 0:12:36.040
<v Speaker 17>You know, in the first year of a child's life.

0:12:36.040 --> 0:12:38.000
<v Speaker 17>As a father of a young child, that can attest

0:12:38.040 --> 0:12:39.280
<v Speaker 17>to how expensive that can be.

0:12:39.480 --> 0:12:42.520
<v Speaker 18>Let me tell you, well, I want to understand where

0:12:42.559 --> 0:12:46.600
<v Speaker 18>that focus on equity and opportunity really comes from. Karen,

0:12:46.720 --> 0:12:49.200
<v Speaker 18>you first spoke with Harris back in two thousand and five,

0:12:49.400 --> 0:12:52.160
<v Speaker 18>and you've interviewed her over the years since then.

0:12:52.280 --> 0:12:55.080
<v Speaker 7>Thank you to the attorney General of California, Kamala Harris,

0:12:55.160 --> 0:12:56.720
<v Speaker 7>Thank you all.

0:12:56.760 --> 0:12:58.840
<v Speaker 18>That was from a twenty twelve interview you did with

0:12:58.920 --> 0:13:02.920
<v Speaker 18>her in Sacramento for an organization called She Shares. You've

0:13:02.960 --> 0:13:06.360
<v Speaker 18>really seen her full arc on the political stage. What

0:13:06.400 --> 0:13:10.360
<v Speaker 18>do you see as her most consistent priority. We're seeing

0:13:10.360 --> 0:13:12.880
<v Speaker 18>things like that call for a child tax credit that

0:13:12.960 --> 0:13:16.079
<v Speaker 18>Josh mentioned. What is the through line that really drives her?

0:13:16.240 --> 0:13:20.920
<v Speaker 7>It's clearly kids. There is something at every turn in

0:13:21.000 --> 0:13:24.280
<v Speaker 7>her career and in her life she has come around

0:13:24.440 --> 0:13:27.440
<v Speaker 7>to who are the powerless? Who are the voiceless? Right?

0:13:27.520 --> 0:13:31.040
<v Speaker 7>Her messaging has been all over the place, but in

0:13:31.160 --> 0:13:35.120
<v Speaker 7>terms of how do you use power, whether it's the

0:13:35.200 --> 0:13:40.040
<v Speaker 7>power of a prosecutor, whether it's the power of a regulator,

0:13:40.600 --> 0:13:44.400
<v Speaker 7>whether it's economic power, Who's it going to benefit? And

0:13:44.960 --> 0:13:47.000
<v Speaker 7>she always would ask people, how's this going to play

0:13:47.040 --> 0:13:49.440
<v Speaker 7>on the streets? You know, if it's a mortgage settlement,

0:13:49.760 --> 0:13:51.880
<v Speaker 7>are these loans going to be forgiven? Are how are

0:13:51.880 --> 0:13:56.200
<v Speaker 7>these loan discharges going to affect whether it's students, whether

0:13:56.240 --> 0:14:00.760
<v Speaker 7>it's homeowners, Where does the money end up? These power

0:14:01.559 --> 0:14:04.760
<v Speaker 7>fundamentally from the outside in and from the bottom up.

0:14:04.800 --> 0:14:08.600
<v Speaker 7>She was an outsider in San Francisco politics. She came

0:14:08.640 --> 0:14:11.720
<v Speaker 7>from Oakland, from Berkeley, just across the bay, but a

0:14:11.760 --> 0:14:15.800
<v Speaker 7>world apart. Right, San Francisco is a clubby democratic city

0:14:15.840 --> 0:14:22.240
<v Speaker 7>where power is dynastic. It's connected to families, the pelosis.

0:14:22.600 --> 0:14:25.880
<v Speaker 7>Gavin Newsome, the current governor, who was her kind of

0:14:25.920 --> 0:14:29.720
<v Speaker 7>her frenemy coming up in San Francisco politics, but now

0:14:29.800 --> 0:14:32.920
<v Speaker 7>it is very different. She is the sitting vice president.

0:14:33.400 --> 0:14:35.800
<v Speaker 17>And this is one of the trickiest things. Harris is

0:14:35.800 --> 0:14:40.160
<v Speaker 17>campaigning both as an incumbent and as a change agent. Right,

0:14:40.280 --> 0:14:43.720
<v Speaker 17>for instance, political histories littered with people who make pledges

0:14:43.720 --> 0:14:45.920
<v Speaker 17>about housing starts and don't get anywhere near them. She's

0:14:45.960 --> 0:14:50.120
<v Speaker 17>proposed expanding assistance that would require Congress two first time

0:14:50.120 --> 0:14:52.840
<v Speaker 17>home buyers to twenty five thousand dollars. When we're talking

0:14:52.880 --> 0:14:55.480
<v Speaker 17>direct subsidies, what she wants to do. She wants to

0:14:55.560 --> 0:14:58.480
<v Speaker 17>talk about building three million new units of housing over

0:14:58.480 --> 0:15:01.080
<v Speaker 17>the course of her first Termsublicans then turn around and

0:15:01.120 --> 0:15:04.040
<v Speaker 17>say that hece of housing has gone up under the

0:15:04.080 --> 0:15:08.480
<v Speaker 17>Biden Harris administration. You're in the government now, why don't

0:15:08.480 --> 0:15:09.440
<v Speaker 17>you do something about it?

0:15:09.760 --> 0:15:13.320
<v Speaker 18>Josh? You spoke about the challenge Harris faces running both

0:15:13.520 --> 0:15:17.360
<v Speaker 18>as this change maker and as an incumbent, the FED

0:15:17.400 --> 0:15:20.040
<v Speaker 18>cut rates by half a percentage point, which indicates that

0:15:20.120 --> 0:15:23.600
<v Speaker 18>they feel like inflation is getting under control. But under

0:15:23.640 --> 0:15:27.520
<v Speaker 18>the current Biden Harris administration, many Americans say they aren't

0:15:27.520 --> 0:15:30.840
<v Speaker 18>feeling good about the economy, that gas and grocery prices

0:15:30.880 --> 0:15:34.240
<v Speaker 18>are too high. What has Harris said about addressing inflation.

0:15:34.440 --> 0:15:36.920
<v Speaker 17>Harris has chalked a lot of this up to corporate

0:15:36.960 --> 0:15:41.320
<v Speaker 17>greed and said that grocery companies and chains and food

0:15:41.360 --> 0:15:47.200
<v Speaker 17>providers are in her mind, colluding to keep prices high. Essentially,

0:15:47.240 --> 0:15:50.000
<v Speaker 17>she is trying to not take the blame. Breaking from

0:15:50.000 --> 0:15:52.640
<v Speaker 17>Biden is something that's tricky for her, right She's not

0:15:53.040 --> 0:15:54.800
<v Speaker 17>going to want to stab them in the bag. But

0:15:54.840 --> 0:15:56.920
<v Speaker 17>there are differences. She's a fifty nine year old who

0:15:56.920 --> 0:15:58.880
<v Speaker 17>grew up in the Bay Area. He's an eighty one

0:15:58.960 --> 0:16:01.720
<v Speaker 17>year old raised and claimant Delaware, just outside of Philadelphia.

0:16:02.040 --> 0:16:04.120
<v Speaker 17>They see the world differently. One thing that has struck

0:16:04.200 --> 0:16:06.800
<v Speaker 17>us traveling with her is Harris does not really go

0:16:06.880 --> 0:16:09.640
<v Speaker 17>to like manufacturing places. Biden love's going anywhere with a

0:16:09.680 --> 0:16:12.720
<v Speaker 17>hard hat. She doesn't. She goes to small businesses. She

0:16:12.840 --> 0:16:14.520
<v Speaker 17>goes to like a spice store.

0:16:14.600 --> 0:16:18.920
<v Speaker 7>I finally got the bait prep to look at these spices.

0:16:19.480 --> 0:16:21.880
<v Speaker 17>Best part of the bake prep so far, Biden sees

0:16:22.040 --> 0:16:25.080
<v Speaker 17>manufacturing is this sort of silver bullet for a litmus

0:16:25.120 --> 0:16:27.760
<v Speaker 17>test and how the economy is doing. I think for Harris,

0:16:27.800 --> 0:16:29.720
<v Speaker 17>if you had to pick one, you'd pick small businesses

0:16:29.880 --> 0:16:32.320
<v Speaker 17>if they are thriving. She thinks the economy is doing well.

0:16:32.600 --> 0:16:36.040
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