Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 1: stories we're following today.
Speaker 3: Karen wall Street enters this final day of the trading
Speaker 3: week in record fashion. The S and P five hundred
Speaker 3: notched it's thirty ninth all time high of twenty twenty four,
Speaker 3: extending this year's surge to about twenty percent. Julian Emmanuel,
Speaker 3: a Senior Managing Director of Equity Derivatives and quant Strategy
Speaker 3: at Evercore ISI, he remains bullish.
Speaker 4: We do continue to be very positive into year end,
Speaker 4: and so far twenty five looks good to us as well.
Speaker 4: You know, part of this narrative again is the Feds
Speaker 4: behind us. We have earnings that will once again when
Speaker 4: the reports start in a couple of weeks, confirm the
Speaker 4: fact that second quarter was not in an that Yes,
Speaker 4: the other four hundred and ninety three stocks in the
Speaker 4: S and P five hundred are growing their earnings.
Speaker 3: Julian Emmanuel at Evercore I I thinks the SMP five
Speaker 3: hundred can close the year at six thousand. That's about
Speaker 3: five percent away from current levels.
Speaker 1: Well, Nathan, it could be a volatile day to close
Speaker 1: out the trading week. Today's the quarterly options expiration known
Speaker 1: as triple witching, and Bloomberg Markets report Jess Menton is
Speaker 1: following that it'll be about.
Speaker 5: Five point one trillion dollars in options that would be
Speaker 5: tied to individual stocks, indexes and exchange free traded funds
Speaker 5: there that are going to be falling off the board
Speaker 5: if you look at the estimates there, so that could
Speaker 5: cause for a bit of swings. They're also overlapping with
Speaker 5: the rebalance that will be happening, so you'll have a
Speaker 5: Dell and volunteer that'll be placing at C as well
Speaker 5: as American Airlines in the S and P five hundred
Speaker 5: before trading on Monday, so you could see some pop
Speaker 5: there when it comes to volatility, as well as some
Speaker 5: volume heading into the closing bell.
Speaker 1: Bloomberg Markets Report are j just Menton. The event has
Speaker 1: a reputation for causing sudden price moves as contracts who
Speaker 1: disappear and traders roll over their existing positions or start
Speaker 1: new ones.
Speaker 3: Karen shares of FedEx are plunging this morning. In Bloomberg's
Speaker 3: John Tucker's following that John looks like FedEx isn't really
Speaker 3: delivering for investors this morning.
Speaker 6: Yes, Nathan, you could say, I wouldn't think you could.
Speaker 6: Share down over thirteen percent right now pre market. The
Speaker 6: company lowering its annual outlook for adjusted earnings per share
Speaker 6: and also revenue growth. They're customers looking for cheaper options,
Speaker 6: in particular FedEx, pointing to a drop in priority shipments
Speaker 6: between businesses. This is seen as a bell weather for
Speaker 6: the broader US economy. The company now expects revenue for
Speaker 6: fiscal twenty twenty five to grow by a low single
Speaker 6: digit percentage. A company also, interestingly enough, ending its work
Speaker 6: for the US Postal Service, its largest customer, and expects
Speaker 6: a five hundred million dollar headwind from the loss of
Speaker 6: that contract. You know, York, John Tucker, Bloomber.
Speaker 1: Radio, All right, John, thank you well. On the flip side,
Speaker 1: shares of Nike are up almost seven percent this morning.
Speaker 1: The company is ousted beleaguered chief executive John Donaho. It's
Speaker 1: bringing longtime executive Elliott Hill out of retirement in a
Speaker 1: bid to return the struggling athletic brand to its glory days.
Speaker 3: Now Bloomberg exclusive Karen Johnson and Johnson is boosting its
Speaker 3: offer to settle thousands of lawsuits by people who say
Speaker 3: that the company's baby powder gave them cancer. Sources say
Speaker 3: the new offer is eight point two billion dollars, an
Speaker 3: increase from jan Jay's previous six and a half billion
Speaker 3: dollar bid. Under the new terms, claimants could get bigger
Speaker 3: payouts and about six hundred and fifty million dollars in
Speaker 3: legal fees covered well.
Speaker 1: In Europe, Nathan shares a Mercedes going in reverse. The
Speaker 1: stock down seven percent. The German automaker cut its financial
Speaker 1: forecast for the year. It blames rapid deterioration of its
Speaker 1: business in China.
Speaker 3: And elsewhere in Asia. Karen, the Bank of Japan is
Speaker 3: keeping monetary policy steady. Boj is signaling no need to
Speaker 3: hurry with interstrate hikes. You may recall the bank increase
Speaker 3: rates in July, and it's hawkish views spooked investors.
Speaker 1: Now, Nathan, let's go to the latest in the presidential race,
Speaker 1: and Vice President Kamala Harris is looking for a campaign
Speaker 1: lift with star power.
Speaker 7: Kamala Horror.
Speaker 1: Oprah Winfrey hosted a live extreamed rally for the vice
Speaker 1: president in Michigan. The Unite for America event featured celebrities
Speaker 1: like Julia Roberts, Jennifer Lopez and Chris Rock, and ordinary
Speaker 1: Americans sharing their experiences with gun violence and abortion restrictions.
Speaker 1: Harris says she hopes to be a unifying president.
Speaker 8: This movement that is about reminding each other that we
Speaker 8: have so much more in common than what separates us
Speaker 8: is so critically important, and this is about the strength
Speaker 8: of who we are as Americans.
Speaker 1: And Harris repeated promises to offer tax breaks to start
Speaker 1: up businesses, to sign the bipartisan immigration bill, and to
Speaker 1: restore federal abortion rights.
Speaker 5: Well.
Speaker 3: Donald Trump meanwhiles promising to bring back his t travel
Speaker 3: ban on mostly Muslim countries and expand it to keep
Speaker 3: refugees from Gaza out of the US. Former president appeared
Speaker 3: at an event in Washington hosted by Republican donor Miriam Madelson.
Speaker 9: My promise to Jewish Americans is this, with your vote,
Speaker 9: I will be your defender, your protector, and I will
Speaker 9: be the best friend Jewish Americans have ever had. In
Speaker 9: the White House.
Speaker 3: Trump went on to say, Israel has to defeat Kamala Harris.
Speaker 3: Speaking of Jewish Americans, he said, quote, there's no way
Speaker 3: that I should be getting forty percent of the vote
Speaker 3: I'm the one who is protecting you.
Speaker 1: Well, Nathan, what are the political candidates that Trump has endorsed?
Speaker 1: Is in a spotlight this morning, North Carolina Republican gubernatorial
Speaker 1: nominee Mark Robinson is vowing to remain in the race.
Speaker 1: It comes after CNN reported Robinson posted strongly worded racial
Speaker 1: and sexual comments on an online message board. Robinson says
Speaker 1: he won't be forced out by salacious tabloid laws.
Speaker 3: Now, Karen, let's turn to developments in the Middle East.
Speaker 3: Israel carried out extensive air strikes across southern Lebanon yesterday,
Speaker 3: calling it a new phase of its conflict with Hesbola.
Speaker 3: It comes after an attack in the region in which
Speaker 3: pagers and other devices exploded, leaving dozens dead. Speaking through
Speaker 3: an interpreter, Hesbola Secretary General Hassan Nosrala promised retaliation.
Speaker 10: We know that our enemy has superiority, and we have
Speaker 10: never once said anything other than that superiority on the
Speaker 10: technological level. Because it is not just israelis the Americas
Speaker 10: are with Israel and the West is with them.
Speaker 3: Of those comments from Hesbola Secretary General Hassan Nosrala yesterday,
Speaker 3: this wave of explosions of wireless devices in southern Lebanon
Speaker 3: has left more than thirty dead thousands injured. Israel has
Speaker 3: neither claimed nor denied responsibility.
Speaker 1: And it is time now for a look at some
Speaker 1: of the other stories making news in New York and
Speaker 1: around the world. And for that we're joined by Bloomberg's
Speaker 1: Michael Barr. Good Friday morning, Michael, Thank you very much.
Speaker 2: Karen, Good morning to you as well. Senate Majority Leader
Speaker 2: Chuck Schumer says he's not going to wait for the
Speaker 2: House to try and pass a government funding bill. It
Speaker 2: comes as a government shut down is looming in the
Speaker 2: weeks before the election. Bloomberg's Head Baxter reports.
Speaker 11: Senator Schumer says he will set up a vote for
Speaker 11: next week, this after the House failed to get it
Speaker 11: done this week, the hang up being the GOP attaching
Speaker 11: this citizenship voting writer pushed by Donald Trump. Lawmakers like
Speaker 11: Republican David Kustov say it has to be done.
Speaker 12: I voted for the bill to fund the government through March,
Speaker 12: which the Save Act was attached to it, which prohibits
Speaker 12: non citizens from voting. But in the end, we do
Speaker 12: not need a government shut down. We need the government
Speaker 12: to continue to function.
Speaker 11: House speaker Johnson has not announced the next step. He's
Speaker 11: seeking input, including that from Donald Trump, ed Baxter Bloomberg Radio.
Speaker 2: Kentucky judge was shot and killed in his chambers and
Speaker 2: the suspected shooter is a sheriff. State Police a forty
Speaker 2: three year old Sheriff Sean Stein's of Rural Elector County
Speaker 2: shot District Judge Kevin Mullins after an argument inside the
Speaker 2: county courthouse. Mullins, who was fifty four, was pronounced dead
Speaker 2: at the scene. State Police Trooper Matt Gayhart.
Speaker 13: Oh, any a situation like this sakes place, especially in
Speaker 13: a smalltown. Shike's the very foundation of what the town
Speaker 13: is and this is no different. We're just hoping that
Speaker 13: it's a bad situation that we can resolve as quickly
Speaker 13: response and start that process forward.
Speaker 2: Trooper Gayheart says. Sheriff Stein surrendered without incident and it's
Speaker 2: charged with first degree murder. Texas Police confirmed human remains
Speaker 2: were found inside of an suv pulled from the site
Speaker 2: of the pipeline fire that has been burning since Monday.
Speaker 2: Officials believe the vehicle crashed into a valve and sparked
Speaker 2: the fire on the border of Deer Park and Laporte.
Speaker 2: The fire melted cars and siding off homes and destroyed
Speaker 2: the playground, County Judge Lena Hidongo.
Speaker 14: Many of them don't want to live there anymore. They're
Speaker 14: just they're scared of the area. The playground right next
Speaker 14: to the homes is totally charred gray, a lot of
Speaker 14: it sort of burnt.
Speaker 2: Down, Judge Lena Hildalgo. The fire is out after they
Speaker 2: capped the valve and welded it shut. Global News twenty
Speaker 2: four hours a day and whenever you want it with
Speaker 2: Bloomberg News Now Michael Barr, and this is Bloomberg.
Speaker 1: Karen all right, Michael Barr, thank you time now for
Speaker 1: the Bloomberg Sports Update with John Stashauer.
Speaker 15: John all right, Darren. When Zach Wilson was trying to
Speaker 15: play quarterback for the Jets, he made playing QB in
Speaker 15: the NFL looked like it was a really hard thing
Speaker 15: to do. Aaron Rodgers makes it look really easy, finding
Speaker 15: the right receivers, slinging it to him precisely where.
Speaker 2: It needs to go.
Speaker 15: Rogers and the Jets home opener versus New England looked
Speaker 15: very much like he did during those MVP seasons. In
Speaker 15: Green Bay.
Speaker 3: He takes the snap, drops back screen left.
Speaker 2: Sorry thanks the man.
Speaker 15: Miss ct the fun looking for the pilot breaches it out.
Speaker 11: He's in hots a jet touchdown.
Speaker 15: Rodgers takes the snap, play action, looks right, pumps one throws.
Speaker 8: Right talk crick by pilot Derek Wilson.
Speaker 15: Hot's a jet touchdown on wax two. Jets beat the
Speaker 15: Patriots twenty four to three. Rodgers was twenty seven of
Speaker 15: thirty five two hundred and eighty one yards and those
Speaker 15: two touchdowns. We'll get to the Pennant races, but first show,
Speaker 15: Hey o'tani and the Dodgers twenty to four win at
Speaker 15: Miami that clinched them the playoff. Birth Otanni six for six,
Speaker 15: two doubles, three home runs, two stolen bases, a Dodgers
Speaker 15: team record ten runs bat at in He now has
Speaker 15: fifty one homers on the season and fifty one steals.
Speaker 15: While the Dodgers scored twenty, Mets scored ten for the
Speaker 15: third night in a row, beat the Phillies and City
Speaker 15: Field ten to six. Atlanta and Arizona also won, though
Speaker 15: it's still the Mets and d Backs tied. The Braves
Speaker 15: two games behind Cleveland clinched at least a wild card,
Speaker 15: will now try to win the Al Central. Just as
Speaker 15: the playoff bound Yankees to wrap up the Als their
Speaker 15: magic number six. Yanks lost in Seattle three to two.
Speaker 15: Mariners scored all three in the first inning. They were
Speaker 15: helped by Jason Dominguez dropping a fly ball. Orioles beat
Speaker 15: the Giants. Red Sox held a one hit and a
Speaker 15: two nothing lost at Tampa Bay. John Stashey, We're Bloomberg
Speaker 15: Sports Karen Nathan.
Speaker 16: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 16: and around the world on Bloomberg dot Com and the
Speaker 16: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm
Speaker 16: Nathan Hager. We want to tell to take a deeper
Speaker 16: dive into Kamala Harris's plan for the economy. In today's
Speaker 16: episode of The Big Take DC podcast, Bloomberg California Bureau
Speaker 16: Chief Karen Bresla and Washington reporter Josh Wingrove joined host
Speaker 16: Sarah Holder. They began with a question about Harris's claim
Speaker 16: that she's building an opportunity economy.
Speaker 3: Let's listen in.
Speaker 17: Just talking with equity and this is stitched through a
Speaker 17: lot of the things that she's done if you look
Speaker 17: into her record, things that have animated her in her
Speaker 17: time as vice president before include making sure that people
Speaker 17: who want to start small businesses, in particular people of
Speaker 17: color who want to start small businesses, have access to capital.
Speaker 17: I think we'd be missing part of the story if
Speaker 17: we don't draw that link between what she sees as
Speaker 17: fundamental sort of inequities. If certain business proposals are hitting
Speaker 17: a wall because minority landers don't have the money to
Speaker 17: get to them and big lenders aren't giving them the
Speaker 17: time of day, she sees that as something worth tackling.
Speaker 17: You see it with her call for a wider child
Speaker 17: tax credit. Harris in particular has talked about six thousand
Speaker 17: dollars in a tax credit for people who have a baby.
Speaker 17: You know, in the first year of a child's life.
Speaker 17: As a father of a young child, that can attest
Speaker 17: to how expensive that can be.
Speaker 18: Let me tell you, well, I want to understand where
Speaker 18: that focus on equity and opportunity really comes from. Karen,
Speaker 18: you first spoke with Harris back in two thousand and five,
Speaker 18: and you've interviewed her over the years since then.
Speaker 7: Thank you to the attorney General of California, Kamala Harris,
Speaker 7: Thank you all.
Speaker 18: That was from a twenty twelve interview you did with
Speaker 18: her in Sacramento for an organization called She Shares. You've
Speaker 18: really seen her full arc on the political stage. What
Speaker 18: do you see as her most consistent priority. We're seeing
Speaker 18: things like that call for a child tax credit that
Speaker 18: Josh mentioned. What is the through line that really drives her?
Speaker 7: It's clearly kids. There is something at every turn in
Speaker 7: her career and in her life she has come around
Speaker 7: to who are the powerless? Who are the voiceless? Right?
Speaker 7: Her messaging has been all over the place, but in
Speaker 7: terms of how do you use power, whether it's the
Speaker 7: power of a prosecutor, whether it's the power of a regulator,
Speaker 7: whether it's economic power, Who's it going to benefit? And
Speaker 7: she always would ask people, how's this going to play
Speaker 7: on the streets? You know, if it's a mortgage settlement,
Speaker 7: are these loans going to be forgiven? Are how are
Speaker 7: these loan discharges going to affect whether it's students, whether
Speaker 7: it's homeowners, Where does the money end up? These power
Speaker 7: fundamentally from the outside in and from the bottom up.
Speaker 7: She was an outsider in San Francisco politics. She came
Speaker 7: from Oakland, from Berkeley, just across the bay, but a
Speaker 7: world apart. Right, San Francisco is a clubby democratic city
Speaker 7: where power is dynastic. It's connected to families, the pelosis.
Speaker 7: Gavin Newsome, the current governor, who was her kind of
Speaker 7: her frenemy coming up in San Francisco politics, but now
Speaker 7: it is very different. She is the sitting vice president.
Speaker 17: And this is one of the trickiest things. Harris is
Speaker 17: campaigning both as an incumbent and as a change agent. Right,
Speaker 17: for instance, political histories littered with people who make pledges
Speaker 17: about housing starts and don't get anywhere near them. She's
Speaker 17: proposed expanding assistance that would require Congress two first time
Speaker 17: home buyers to twenty five thousand dollars. When we're talking
Speaker 17: direct subsidies, what she wants to do. She wants to
Speaker 17: talk about building three million new units of housing over
Speaker 17: the course of her first Termsublicans then turn around and
Speaker 17: say that hece of housing has gone up under the
Speaker 17: Biden Harris administration. You're in the government now, why don't
Speaker 17: you do something about it?
Speaker 18: Josh? You spoke about the challenge Harris faces running both
Speaker 18: as this change maker and as an incumbent, the FED
Speaker 18: cut rates by half a percentage point, which indicates that
Speaker 18: they feel like inflation is getting under control. But under
Speaker 18: the current Biden Harris administration, many Americans say they aren't
Speaker 18: feeling good about the economy, that gas and grocery prices
Speaker 18: are too high. What has Harris said about addressing inflation.
Speaker 17: Harris has chalked a lot of this up to corporate
Speaker 17: greed and said that grocery companies and chains and food
Speaker 17: providers are in her mind, colluding to keep prices high. Essentially,
Speaker 17: she is trying to not take the blame. Breaking from
Speaker 17: Biden is something that's tricky for her, right She's not
Speaker 17: going to want to stab them in the bag. But
Speaker 17: there are differences. She's a fifty nine year old who
Speaker 17: grew up in the Bay Area. He's an eighty one
Speaker 17: year old raised and claimant Delaware, just outside of Philadelphia.
Speaker 17: They see the world differently. One thing that has struck
Speaker 17: us traveling with her is Harris does not really go
Speaker 17: to like manufacturing places. Biden love's going anywhere with a
Speaker 17: hard hat. She doesn't. She goes to small businesses. She
Speaker 17: goes to like a spice store.
Speaker 7: I finally got the bait prep to look at these spices.
Speaker 17: Best part of the bake prep so far, Biden sees
Speaker 17: manufacturing is this sort of silver bullet for a litmus
Speaker 17: test and how the economy is doing. I think for Harris,
Speaker 17: if you had to pick one, you'd pick small businesses
Speaker 17: if they are thriving. She thinks the economy is doing well.
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