1 00:00:02,560 --> 00:00:05,960 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:06,080 --> 00:00:09,039 Speaker 1: at Bloomberg dot com, The Bloomberg Business at and at 3 00:00:09,080 --> 00:00:19,200 Speaker 1: Bloomberg Quick Tape Tree is a Bloomberg Business lash Nathan Hagar. 4 00:00:19,280 --> 00:00:23,000 Speaker 1: Futures are moving higher as we await July cp I. 5 00:00:23,079 --> 00:00:24,880 Speaker 1: Let's head right over to the first Heard breaking news 6 00:00:24,920 --> 00:00:28,360 Speaker 1: desk for today's morning call with Tatiana darry A. Good morning, Tatiana, 7 00:00:29,400 --> 00:00:32,559 Speaker 1: Good morning, Nathan, Like you said, Futures quiet ahead of 8 00:00:32,600 --> 00:00:35,880 Speaker 1: this a big inflation report today down futures of fifty 9 00:00:35,880 --> 00:00:40,680 Speaker 1: five sp Mini is down seven well, nas jack up eighteen. 10 00:00:40,880 --> 00:00:44,600 Speaker 1: Treasuries are slightly lower than US Tenure yields up half 11 00:00:44,640 --> 00:00:47,680 Speaker 1: a basis point to two spots seventy eight percent. Oil 12 00:00:47,760 --> 00:00:50,680 Speaker 1: is down one and Bitcoin is holding just above twenty 13 00:00:50,720 --> 00:00:54,440 Speaker 1: three thousand. On the economic front, today, NBA mortgage application 14 00:00:54,480 --> 00:00:57,960 Speaker 1: at seven and the latest CPI print at eight thirty. 15 00:00:58,200 --> 00:01:00,920 Speaker 1: In early trading this morning, Twitter is up four percent 16 00:01:01,080 --> 00:01:03,920 Speaker 1: after Elon Musk said he sold in six point nine 17 00:01:03,920 --> 00:01:06,600 Speaker 1: billion of Tesla shares in case he's forced to go 18 00:01:06,640 --> 00:01:10,880 Speaker 1: ahead with the acquisition. Tesla shares are up to regarding earnings, 19 00:01:10,880 --> 00:01:14,480 Speaker 1: Coin based down seven after the company narrowed its users 20 00:01:14,520 --> 00:01:18,240 Speaker 1: forecasting mr revenue estimates and plug power is down to 21 00:01:18,480 --> 00:01:22,479 Speaker 1: after its numbers. In other news, Coldberg is acquiring fifty 22 00:01:23,040 --> 00:01:26,720 Speaker 1: of the United States Infrastructure Corporation in a deal valuing 23 00:01:26,720 --> 00:01:30,720 Speaker 1: the company at about four billion dollars and wrapping things up, 24 00:01:30,800 --> 00:01:33,680 Speaker 1: see if Industries was raised to overweight from equal weight. 25 00:01:33,840 --> 00:01:36,759 Speaker 1: At Barclay's Live from the First Time Breaking News Desk. 26 00:01:36,920 --> 00:01:40,160 Speaker 1: I'm Tatiana Darry and Nathan Okay. Tatiana, thanks to get 27 00:01:40,200 --> 00:01:43,520 Speaker 1: live breaking news over your Bloomberg type squawk on the 28 00:01:43,640 --> 00:01:47,720 Speaker 1: terminal s Q you a go, that's a Bloomberg business slash. Now, 29 00:01:47,760 --> 00:01:49,760 Speaker 1: here's Michael Barr with more on what's going on around 30 00:01:49,760 --> 00:01:53,760 Speaker 1: the world. Michael, thank you very much. Nathan. Businessman Tim Michael's, 31 00:01:53,800 --> 00:01:57,040 Speaker 1: endorsed by former President Trump, won the Republican Prian Mary 32 00:01:57,080 --> 00:02:01,400 Speaker 1: for Wisconsin Governor Michaels will face DEMA credit Governor Tony Evers. 33 00:02:01,720 --> 00:02:05,840 Speaker 1: Michael's defeated former Lieutenant Governor Rebecca Cliefish, who was endorsed 34 00:02:05,880 --> 00:02:10,200 Speaker 1: by former VP Mike Pence. In Connecticut, Trump endorsed Leora 35 00:02:10,280 --> 00:02:13,639 Speaker 1: Levy one her gop U S Senate primary with more 36 00:02:13,680 --> 00:02:16,200 Speaker 1: than fifty percent of the vote in a three way race. 37 00:02:16,560 --> 00:02:20,760 Speaker 1: Levy will face Democratic incumbent Richard Blumenthal. In District four. 38 00:02:20,919 --> 00:02:25,480 Speaker 1: Republican Jamie Stevenson beat Michael Goldstein with more than sixty 39 00:02:26,000 --> 00:02:28,680 Speaker 1: of the vote. For US House seat, Stephen sim will 40 00:02:28,760 --> 00:02:32,800 Speaker 1: run against Democratic incumbent Jim Himes and other primary racest 41 00:02:32,800 --> 00:02:36,320 Speaker 1: Progressive Democrat Ilhan Omar beat out a challenger for her 42 00:02:36,560 --> 00:02:41,280 Speaker 1: Minneapolis based House seat. In Vermont, Becca Blent could become 43 00:02:41,280 --> 00:02:44,679 Speaker 1: the first woman to represent state in Congress. In baseball, 44 00:02:44,760 --> 00:02:49,360 Speaker 1: the Yankees lost the Mets, Nationals and Orioles one the 45 00:02:49,400 --> 00:02:53,239 Speaker 1: Red Sox Giants, and aid's lost. Global news twenty four 46 00:02:53,240 --> 00:02:56,520 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 47 00:02:56,520 --> 00:02:59,160 Speaker 1: by more than dred journalist analysts more than a hundred 48 00:02:59,200 --> 00:03:02,360 Speaker 1: twenty countries. Michael bar this is Bloomberg. Nathan all right, Michael, 49 00:03:02,400 --> 00:03:05,640 Speaker 1: thank you. We are live from the Bloomberg Interactive Broker Studios. 50 00:03:05,639 --> 00:03:08,519 Speaker 1: An Now it's time to turn to news in scientific technology. 51 00:03:08,560 --> 00:03:10,880 Speaker 1: The Bloomberg n g I T STEM Report is brought 52 00:03:10,919 --> 00:03:13,200 Speaker 1: to you by New Jersey Institute of Technology, ranked to 53 00:03:13,200 --> 00:03:16,880 Speaker 1: top fifty national public university by US News and World Report, 54 00:03:16,919 --> 00:03:19,320 Speaker 1: top ten in the nation for engineering by Money dot com. 55 00:03:19,400 --> 00:03:21,840 Speaker 1: Learn more at n j I T dot e DU 56 00:03:22,040 --> 00:03:25,399 Speaker 1: now Here's what's making news and science, technology, engineering and math. 57 00:03:25,880 --> 00:03:29,840 Speaker 1: Russia successfully launched in Iranian imaging satellite as the country's 58 00:03:30,040 --> 00:03:33,240 Speaker 1: deepened strategic ties mid the war in Ukraine and uncertainty 59 00:03:33,280 --> 00:03:35,880 Speaker 1: over the fate of the Iranian Nuclear Deal. Satellite was 60 00:03:35,920 --> 00:03:39,000 Speaker 1: fired into space from a spaceport in Kazakhstan that's operated 61 00:03:39,000 --> 00:03:42,800 Speaker 1: by Moscow. Meanwhile, the Indian Space Research Organizations made an 62 00:03:42,840 --> 00:03:46,080 Speaker 1: effort to launch satellites using a small satellite launch vehicle 63 00:03:46,480 --> 00:03:49,120 Speaker 1: has failed. Satellites were placed in the wrong orbit and 64 00:03:49,240 --> 00:03:51,480 Speaker 1: we're no longer usable. According to the i s r 65 00:03:51,520 --> 00:03:54,600 Speaker 1: OH chairman, India is working to develop a new generation 66 00:03:54,720 --> 00:03:58,640 Speaker 1: rocket that can carry UH satellites into orbit to capitalize 67 00:03:58,640 --> 00:04:01,960 Speaker 1: on the growing market in small commercial satellites and on 68 00:04:02,200 --> 00:04:04,720 Speaker 1: high precision industry. Company, the maker of most of the 69 00:04:04,760 --> 00:04:08,280 Speaker 1: world's iPhones, posted a profit that beat estimates as demand 70 00:04:08,320 --> 00:04:10,720 Speaker 1: for its cloud products helped it whether supply chain snarls 71 00:04:10,760 --> 00:04:13,400 Speaker 1: and sluggish smartphone demand. On High is also making a 72 00:04:13,440 --> 00:04:16,720 Speaker 1: play to expand into electric vehicles. That's the Bloomberg n 73 00:04:16,760 --> 00:04:19,760 Speaker 1: j I T STEM Report. John all Right, Nathan and 74 00:04:19,760 --> 00:04:22,520 Speaker 1: we are lying from the Bloomberg Interact Brokers studios, where 75 00:04:22,680 --> 00:04:25,400 Speaker 1: it is now six fifty one on Wall Street Time 76 00:04:25,440 --> 00:04:27,479 Speaker 1: down to check what's going on in d C. Among 77 00:04:27,520 --> 00:04:30,960 Speaker 1: the top stories out of the nation's capital, the GOP 78 00:04:31,240 --> 00:04:34,760 Speaker 1: cast Trump as victim, attacks the FBI and mid term 79 00:04:35,080 --> 00:04:38,640 Speaker 1: rally cry Donald Trump will testify at our oath today. 80 00:04:38,800 --> 00:04:43,520 Speaker 1: The New York ages long running civil investigation. President Biden 81 00:04:43,560 --> 00:04:46,039 Speaker 1: learned of the Trump raid from media reports, according to 82 00:04:46,080 --> 00:04:48,919 Speaker 1: the White House, and the Trump tax returns must be 83 00:04:49,000 --> 00:04:52,559 Speaker 1: given to a House panel. That's the latest court ruling. 84 00:04:52,760 --> 00:04:55,720 Speaker 1: Corporations would pay more middle class lass under the U 85 00:04:55,920 --> 00:04:59,800 Speaker 1: S tax bill. And the Wisconsin primary set up a 86 00:05:00,080 --> 00:05:02,960 Speaker 1: marquee battled for control of the Senate. Let sike of 87 00:05:03,000 --> 00:05:05,159 Speaker 1: deeper diving into some of these stories this morning with 88 00:05:05,160 --> 00:05:09,120 Speaker 1: Bloomberg Government reporter Emily Wilkins, who joins us now and 89 00:05:09,760 --> 00:05:13,440 Speaker 1: good morning to you. Is the the while I was 90 00:05:13,480 --> 00:05:16,960 Speaker 1: gonna say raid, but more accurately, the execution of the 91 00:05:16,960 --> 00:05:22,280 Speaker 1: search warrant of Donald Trump's home yesterday? Is that energizing 92 00:05:22,760 --> 00:05:26,239 Speaker 1: the Trump based at this point or even the former 93 00:05:26,279 --> 00:05:31,280 Speaker 1: president himself. Well, we are really seeing Republicans unite around 94 00:05:31,279 --> 00:05:34,039 Speaker 1: the former president. After the search warrant was carried out 95 00:05:34,120 --> 00:05:37,080 Speaker 1: at mar Lago, you had a number of folks who 96 00:05:37,120 --> 00:05:41,200 Speaker 1: are floated as potential folks who might primary Trump in 97 00:05:41,360 --> 00:05:46,680 Speaker 1: a Republican presidential nomination go ahead and support to support him, 98 00:05:46,760 --> 00:05:49,440 Speaker 1: say that what happened was wrong, to call out the 99 00:05:49,560 --> 00:05:53,080 Speaker 1: FBI for what occurred. Um. At the same point, you 100 00:05:53,160 --> 00:05:55,880 Speaker 1: do have a number of Republicans I think the most 101 00:05:55,880 --> 00:05:59,400 Speaker 1: prominent would be Senate Minority Leader Mitch McConnell, who have 102 00:05:59,480 --> 00:06:02,040 Speaker 1: basically said, look, we need to get to the bottom 103 00:06:02,120 --> 00:06:05,239 Speaker 1: of which the search warrant was actually about. We need 104 00:06:05,440 --> 00:06:09,039 Speaker 1: transparency as far as what they're looking for, why they 105 00:06:09,080 --> 00:06:12,479 Speaker 1: are looking for it right now. From reporting from Bloomberg 106 00:06:12,480 --> 00:06:15,760 Speaker 1: and others, this does seem to be related to documents 107 00:06:15,800 --> 00:06:18,359 Speaker 1: that Trump took from the White House that should have 108 00:06:18,440 --> 00:06:23,559 Speaker 1: remained under federal protection. We actually uh number earlier this year. 109 00:06:23,640 --> 00:06:26,200 Speaker 1: We had folks from the National Archives go down tomorrow 110 00:06:26,279 --> 00:06:30,200 Speaker 1: Lago remove about fifteen boxes of documents. Manus in reporting 111 00:06:30,400 --> 00:06:34,800 Speaker 1: from the Washington Post that additional boxes of information were taken. 112 00:06:34,880 --> 00:06:37,880 Speaker 1: Of course, this is a different investigation than what we're 113 00:06:37,880 --> 00:06:41,120 Speaker 1: seeing the Justice Department look at over January, six different 114 00:06:41,120 --> 00:06:44,360 Speaker 1: than the January six House panel also different. And then 115 00:06:44,400 --> 00:06:47,320 Speaker 1: the New York Attorney General who's been looking at the 116 00:06:47,320 --> 00:06:50,480 Speaker 1: former president um for his real estate. Okay, before we 117 00:06:50,520 --> 00:06:53,680 Speaker 1: get to the next investigation, what is the White House saying? 118 00:06:54,520 --> 00:06:56,440 Speaker 1: So at this point, the White House is kind of 119 00:06:56,520 --> 00:07:00,560 Speaker 1: letting the investigation go forward. Uh. President by and you 120 00:07:00,600 --> 00:07:02,960 Speaker 1: know he found first found out about this report via 121 00:07:03,000 --> 00:07:06,520 Speaker 1: media reports, as you mentioned. And Biden is really trying 122 00:07:06,560 --> 00:07:08,839 Speaker 1: to take a very hands off approach share with what 123 00:07:08,920 --> 00:07:12,560 Speaker 1: Attorney General Merrick Garland does. Biden's trying to say that, 124 00:07:12,600 --> 00:07:15,800 Speaker 1: you know, Garland has the the ability and the authority 125 00:07:15,960 --> 00:07:18,120 Speaker 1: and the space to do what he feels needs to 126 00:07:18,120 --> 00:07:19,760 Speaker 1: be done, and the White House does not want to 127 00:07:19,800 --> 00:07:24,680 Speaker 1: pressure him in any regard. Uh. There is another investigation, well, 128 00:07:24,920 --> 00:07:28,840 Speaker 1: numerous investigations, the one that you mentioned with the New 129 00:07:28,920 --> 00:07:31,960 Speaker 1: York Attorney channel. Can you explain what's happening on that 130 00:07:32,000 --> 00:07:34,280 Speaker 1: front today? Yeah, So this has been a long run 131 00:07:34,360 --> 00:07:38,080 Speaker 1: and long running investigation into Trump's real estate dealings. There 132 00:07:38,080 --> 00:07:41,280 Speaker 1: are allegations that Trump misstated the value of properties like 133 00:07:41,360 --> 00:07:45,240 Speaker 1: his skyscraper and golf courses. Another there's already been some 134 00:07:45,280 --> 00:07:48,920 Speaker 1: depositions taken. This has been a long ruting investigation at 135 00:07:48,960 --> 00:07:52,040 Speaker 1: this point. But we know that Trump did post on 136 00:07:52,200 --> 00:07:55,800 Speaker 1: a truth social media media today that he is going 137 00:07:55,840 --> 00:07:59,360 Speaker 1: to be questioned by New York Attorney General. Uh in 138 00:07:59,400 --> 00:08:02,880 Speaker 1: this investor action. Okay, that's in person that supposed to 139 00:08:02,920 --> 00:08:06,360 Speaker 1: take place today, I believe, right. Yes, Um, also a 140 00:08:06,440 --> 00:08:09,600 Speaker 1: Cork ruling that goes against the former president on his 141 00:08:10,040 --> 00:08:13,280 Speaker 1: tax returns. Can you tell us more? Yeah? So the 142 00:08:13,360 --> 00:08:16,440 Speaker 1: Houseways Means Committee has been trying to get a hold 143 00:08:16,560 --> 00:08:20,760 Speaker 1: of Trump's tax returns since two thousand nineteen, and at 144 00:08:20,800 --> 00:08:23,320 Speaker 1: this point, we finally got a federal Court of Appeals 145 00:08:23,520 --> 00:08:26,119 Speaker 1: giving them the green light to do so, saying, yes, 146 00:08:26,400 --> 00:08:29,280 Speaker 1: you under you know, current law and current authority, you 147 00:08:29,320 --> 00:08:32,080 Speaker 1: are allowed to have these tax returns. And so the 148 00:08:32,080 --> 00:08:35,120 Speaker 1: committee is expecting to get them, they said pretty quickly. 149 00:08:35,559 --> 00:08:37,920 Speaker 1: UM will learn more about what is in them at 150 00:08:37,960 --> 00:08:40,079 Speaker 1: this point, as well as if there's going to be 151 00:08:40,120 --> 00:08:42,640 Speaker 1: any sort of legislation that Congress does. I mean, there 152 00:08:42,679 --> 00:08:46,400 Speaker 1: has been a president that presidents usually or candidates do 153 00:08:46,720 --> 00:08:51,480 Speaker 1: disclose their taxes just for full transparency with the American people. 154 00:08:51,720 --> 00:08:54,600 Speaker 1: But obviously that's not a law, that's not a requirement. 155 00:08:55,000 --> 00:08:57,920 Speaker 1: And so how Speaker Nancy Pelosi yesterday told me in 156 00:08:57,960 --> 00:09:00,960 Speaker 1: a couple other reporters that she'll leave it to the committee, 157 00:09:00,960 --> 00:09:03,320 Speaker 1: the Ways and Means Committee, to look into whether actual 158 00:09:03,360 --> 00:09:06,920 Speaker 1: additional legislation is needed at this point, but expect to 159 00:09:06,920 --> 00:09:10,920 Speaker 1: hear more revelations about that in the coming weeks. And finally, 160 00:09:11,040 --> 00:09:13,000 Speaker 1: we'll have to do this one. About a minute or so, 161 00:09:13,160 --> 00:09:17,440 Speaker 1: the uh, the tax bill, the US tax bill, corporations 162 00:09:17,480 --> 00:09:20,120 Speaker 1: would pay more, middle class less. I didn't know there 163 00:09:20,160 --> 00:09:23,240 Speaker 1: was a middle class laft by the way. I mean, 164 00:09:23,559 --> 00:09:25,840 Speaker 1: it's there are a lot of people, I think who 165 00:09:25,880 --> 00:09:28,800 Speaker 1: would would share your sentiment. But basically this bill is 166 00:09:28,840 --> 00:09:31,560 Speaker 1: showing that Democrats it's going to do a lot of 167 00:09:31,559 --> 00:09:34,840 Speaker 1: what Democrats will actually push it for, um, that corporations 168 00:09:34,840 --> 00:09:37,240 Speaker 1: are going to have to pay two hundred nineties six 169 00:09:37,360 --> 00:09:40,840 Speaker 1: billion more in US taxes over the next decade, as 170 00:09:40,880 --> 00:09:44,160 Speaker 1: well as middle income households could be seen some tax 171 00:09:44,240 --> 00:09:47,000 Speaker 1: cuts under this tax and climate bill. Remember this is 172 00:09:47,040 --> 00:09:49,760 Speaker 1: a bill was initially the Build Back Better, It got 173 00:09:49,760 --> 00:09:53,080 Speaker 1: really paired down. It passed the Senate last week, and 174 00:09:53,120 --> 00:09:55,080 Speaker 1: the House is going to be taking a vote on Friday, 175 00:09:55,120 --> 00:09:57,960 Speaker 1: where it's expected to pass and actually go to Biden's 176 00:09:58,000 --> 00:10:00,440 Speaker 1: dust to be signed into law. Expe to hear a 177 00:10:00,440 --> 00:10:03,280 Speaker 1: lot about this Democrats talking about it come November on 178 00:10:03,320 --> 00:10:06,360 Speaker 1: the campaign trail, and also expect Republicans to be talking 179 00:10:06,400 --> 00:10:09,440 Speaker 1: about it as well, because there have been various reports 180 00:10:09,480 --> 00:10:12,280 Speaker 1: coming out on this bill doing the analysis, and some 181 00:10:12,360 --> 00:10:15,160 Speaker 1: of them have suggested that some folks could see an 182 00:10:15,160 --> 00:10:18,040 Speaker 1: increase in taxes under this Who are who make less 183 00:10:18,080 --> 00:10:20,640 Speaker 1: than four hundred thousand dollars a year? All right, thanks 184 00:10:20,720 --> 00:10:23,600 Speaker 1: very much, Bloomberg, Simbly Wilkins. You can read more about 185 00:10:23,640 --> 00:10:27,360 Speaker 1: these stories Bloomberg dot com or the Bloomberg terminal. Also 186 00:10:27,640 --> 00:10:30,679 Speaker 1: a reminder, you can follow all the latest Bloomberg Radio 187 00:10:30,679 --> 00:10:34,560 Speaker 1: in Washington. That's Bloomberg and One on five point seven 188 00:10:34,600 --> 00:10:38,160 Speaker 1: FM HD two. Now ahead of the cash open on 189 00:10:38,240 --> 00:10:41,280 Speaker 1: Wall Street. Down futures there are up sixty eight points, 190 00:10:41,280 --> 00:10:43,520 Speaker 1: that's up to tens of a percent, smp E Many 191 00:10:43,600 --> 00:10:46,720 Speaker 1: Futures nine points higher right now, that's up to tents, 192 00:10:46,760 --> 00:10:50,360 Speaker 1: and the nasdak E Many Futures thirty one points. That's 193 00:10:50,440 --> 00:10:52,959 Speaker 1: a rise of about two tents of a percent. That 194 00:10:53,040 --> 00:10:55,640 Speaker 1: could all change at a thirty Well Street time. That's 195 00:10:55,640 --> 00:10:58,800 Speaker 1: where we can get the US inflation print that could 196 00:10:58,880 --> 00:11:02,600 Speaker 1: show the biggest low down since the April of twenty 197 00:11:02,880 --> 00:11:06,600 Speaker 1: twenty of the headline at least decembating eight points seven 198 00:11:06,679 --> 00:11:10,400 Speaker 1: percent last mom That is among the expectations you've been 199 00:11:10,440 --> 00:11:13,920 Speaker 1: listening to do. Bloomberg Daybreak just ahead bloombergs of Amance 200 00:11:16,760 --> 00:11:21,320 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 201 00:11:21,440 --> 00:11:26,120 Speaker 1: Bloomberg Living Freedom to Washington, d C, Bloomberg On to Boston, 202 00:11:26,200 --> 00:11:30,000 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty 203 00:11:30,160 --> 00:11:32,760 Speaker 1: to the country, Sirius XM to the one nine team, 204 00:11:32,880 --> 00:11:36,040 Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg 205 00:11:36,120 --> 00:11:45,520 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It is six 206 00:11:45,559 --> 00:11:48,439 Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker, Nathan Hager. 207 00:11:48,480 --> 00:11:50,079 Speaker 1: We're about three hours away from the open of you 208 00:11:50,200 --> 00:11:52,080 Speaker 1: as trading time for the five things you need to 209 00:11:52,120 --> 00:11:54,520 Speaker 1: notice start your day. Brought to you by Interactive Broker's 210 00:11:54,520 --> 00:11:57,760 Speaker 1: Global Analysts helps you find new global investment opportunities, to 211 00:11:57,800 --> 00:12:01,120 Speaker 1: diversify your portfolio and discover or valued companies that may 212 00:12:01,200 --> 00:12:03,800 Speaker 1: have greater growth potential. Try I v K our Global 213 00:12:03,840 --> 00:12:06,880 Speaker 1: Analysts today at I v k R dot com slash 214 00:12:07,000 --> 00:12:09,360 Speaker 1: g A. We're just about two hours away from the 215 00:12:09,360 --> 00:12:13,200 Speaker 1: release of this morning's inflation print. Economists predicted deceleration in 216 00:12:13,280 --> 00:12:17,040 Speaker 1: consumer prices for July after a hotter than expected June rating. 217 00:12:17,240 --> 00:12:21,080 Speaker 1: Sylvia Jablonski is CEO at the Fine CTFs. Even if 218 00:12:21,080 --> 00:12:24,080 Speaker 1: it surprises us to the downside, which will be positive 219 00:12:24,120 --> 00:12:26,000 Speaker 1: for equities, I think we'll get a little rally off 220 00:12:26,000 --> 00:12:28,480 Speaker 1: of something like that. It doesn't really change the picture 221 00:12:28,520 --> 00:12:30,200 Speaker 1: in the short term in terms of what the FETE 222 00:12:30,240 --> 00:12:33,360 Speaker 1: has to do to get to neutral. Sylvia jablonskia defined CTF, 223 00:12:33,440 --> 00:12:36,480 Speaker 1: says the recent market pullback is presenting opportunity for long 224 00:12:36,600 --> 00:12:39,120 Speaker 1: term investors. And this morning we're learning about the impact 225 00:12:39,120 --> 00:12:43,120 Speaker 1: of President Biden's Inflation Reduction Act. It's said to become 226 00:12:43,200 --> 00:12:45,480 Speaker 1: law in the coming days. One major bank says the 227 00:12:45,600 --> 00:12:49,760 Speaker 1: bill will hardly impact prices at all. Bloomberg's re Nata. 228 00:12:49,880 --> 00:12:52,240 Speaker 1: John joins US Live Now with that story. Good morning 229 00:12:52,240 --> 00:12:55,280 Speaker 1: with Nada, Good morning John. The Inflation Reduction Act is 230 00:12:55,400 --> 00:12:58,680 Speaker 1: estimated to reduce the federal budget deficit by about three 231 00:12:58,720 --> 00:13:02,040 Speaker 1: hundred billion dollars or with the next decade. But JP 232 00:13:02,160 --> 00:13:05,520 Speaker 1: Morgan Chase economists say the law will have almost no 233 00:13:05,600 --> 00:13:08,440 Speaker 1: effect on the price growth that's currently running at the 234 00:13:08,520 --> 00:13:13,000 Speaker 1: fastest pace in four decades. The nonpartisan Congressional Budget Office, 235 00:13:13,160 --> 00:13:16,559 Speaker 1: the Committee for a Responsible Federal Budget, and the Penwharton 236 00:13:16,679 --> 00:13:19,760 Speaker 1: Budget Model all agree that the legislation will have a 237 00:13:19,880 --> 00:13:23,480 Speaker 1: minimal influence on inflation. Live in New York, I'm rennit 238 00:13:23,520 --> 00:13:26,200 Speaker 1: a Young Bloomberg Day Break, Okay, Nita. Thanks to corporate 239 00:13:26,200 --> 00:13:29,360 Speaker 1: earnings Now, Disney releases quarterly results after the close today. 240 00:13:29,360 --> 00:13:33,080 Speaker 1: In Bloomberg's Jeff Ballinger has a preview. Bloomberg Intelligence says 241 00:13:33,160 --> 00:13:36,920 Speaker 1: the entertainment giant appears to be firing on almost all cylinders. 242 00:13:37,080 --> 00:13:40,400 Speaker 1: Disney Plus is doing well. The consensus is that the 243 00:13:40,440 --> 00:13:44,560 Speaker 1: streaming video service added nine point seven million subscribers during 244 00:13:44,559 --> 00:13:47,160 Speaker 1: the quarter. The loss of the streaming rights to Indian 245 00:13:47,200 --> 00:13:50,559 Speaker 1: Premier League Cricket could force Disney to cut it. Subscriber 246 00:13:50,600 --> 00:13:54,199 Speaker 1: targets demanded. Theme Parks has been strong that division may 247 00:13:54,240 --> 00:13:59,000 Speaker 1: report an operating profit that exceeds consensus. Jeff Bollinger Bloomberg 248 00:13:59,080 --> 00:14:01,760 Speaker 1: day Break, Jeff thanks to earnings and crypto disappointed at 249 00:14:01,800 --> 00:14:05,400 Speaker 1: her coin Base posted a record's second quarter loss and 250 00:14:05,520 --> 00:14:08,320 Speaker 1: lower than expanded revenue. Yesterday and this morning, John, we're 251 00:14:08,400 --> 00:14:11,000 Speaker 1: learning about another share sale by Elon Musk. He's unloaded 252 00:14:11,000 --> 00:14:14,040 Speaker 1: another nearly seven billion dollars in Tesla stock, according to 253 00:14:14,080 --> 00:14:17,880 Speaker 1: regulatory filings. Sale comes as must faces legal challenges in 254 00:14:17,880 --> 00:14:19,960 Speaker 1: his bid to pull out of a deal to buy Twitter. 255 00:14:20,080 --> 00:14:21,720 Speaker 1: That's the five things you need to know to start 256 00:14:21,720 --> 00:14:24,600 Speaker 1: your day, brought to you by Interactive Brokers and straight 257 00:14:24,600 --> 00:14:27,920 Speaker 1: Ahead will bring you local headlines and a check of sports. 258 00:14:27,920 --> 00:14:35,600 Speaker 1: This is Bloomberg alright, Thanks Nathan sixty three on Wall Street, 259 00:14:35,720 --> 00:14:38,000 Speaker 1: and it's time to bring in Michael Bart and tell 260 00:14:38,080 --> 00:14:39,800 Speaker 1: us what else is going on in New York and 261 00:14:40,360 --> 00:14:42,760 Speaker 1: around the world, John, thank you very much. A deadly 262 00:14:42,800 --> 00:14:46,080 Speaker 1: bus crash on the New Jersey Turnpike last night. Authorities 263 00:14:46,080 --> 00:14:49,880 Speaker 1: say a double decker bus transporting passengers from New York 264 00:14:49,920 --> 00:14:54,560 Speaker 1: to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the 265 00:14:54,560 --> 00:14:57,840 Speaker 1: State Police spoke to reporters. We are confirming right now 266 00:14:58,000 --> 00:15:03,280 Speaker 1: one fatality and five serious injuries as results of the explosion. 267 00:15:03,800 --> 00:15:06,280 Speaker 1: Sergeant Peel says the bus also hit a pickup truck. 268 00:15:06,640 --> 00:15:09,760 Speaker 1: Former President Donald Trump will be questioned under oath today 269 00:15:09,800 --> 00:15:13,280 Speaker 1: and the New York Attorney General's long running civil investigation 270 00:15:13,680 --> 00:15:16,480 Speaker 1: into his dealings as a real estate mogul. The White 271 00:15:16,480 --> 00:15:19,320 Speaker 1: House as President Biden and AIDS were not giving the 272 00:15:19,400 --> 00:15:22,880 Speaker 1: heads up on the FBI raid on former President Trump's 273 00:15:22,960 --> 00:15:25,960 Speaker 1: Mara logo estate and learned about the search from news reports. 274 00:15:26,200 --> 00:15:30,040 Speaker 1: White Nose Press Secretary Karine Jean Pierre. President Biden has 275 00:15:30,080 --> 00:15:33,520 Speaker 1: been unequivocal since the campaign. He believes in the rule 276 00:15:33,560 --> 00:15:36,720 Speaker 1: of law, in the independence of Justice Department of the 277 00:15:36,760 --> 00:15:41,200 Speaker 1: Justice Department investigations. Meanwhile, Trump supporters are speaking out about 278 00:15:41,240 --> 00:15:44,760 Speaker 1: the search. House Minority Leader Kevin McCarthy, you should never 279 00:15:45,200 --> 00:15:49,400 Speaker 1: use the Justice Department on a political whim like this, 280 00:15:49,520 --> 00:15:51,800 Speaker 1: and I think that's the real question that we're looking at. 281 00:15:52,280 --> 00:15:55,240 Speaker 1: House Minority Leader McCarthy called for oversight of the d 282 00:15:55,320 --> 00:15:59,480 Speaker 1: O J. Primary elections were held in four states. Tim Michael's, 283 00:15:59,760 --> 00:16:04,280 Speaker 1: by former President Trump, won the Wisconsin GOP gubernatorial nomination 284 00:16:04,600 --> 00:16:08,800 Speaker 1: with of the votes over former Lieutenant Governor Rebecca Cliffish, 285 00:16:08,840 --> 00:16:12,360 Speaker 1: who was endorsed by former VP Mike Pence. Michael's thanked 286 00:16:12,360 --> 00:16:15,200 Speaker 1: his supporters late last night. Since I was a young 287 00:16:15,280 --> 00:16:18,040 Speaker 1: boy where I helped farmers bail Hay and pick Rocks. 288 00:16:18,080 --> 00:16:20,320 Speaker 1: I know how to do a hard day's work, and 289 00:16:20,360 --> 00:16:23,040 Speaker 1: the hard working people in Wisconsin deserve to have a 290 00:16:23,120 --> 00:16:26,400 Speaker 1: leader who understands how hard they're working and will lead 291 00:16:26,440 --> 00:16:30,760 Speaker 1: by example. Tom Michaels will face Democratic Governor Tony Evers. 292 00:16:31,120 --> 00:16:34,960 Speaker 1: In Connecticut. Trump endorsed Leora Levy one her g op 293 00:16:35,240 --> 00:16:37,600 Speaker 1: U S Senate primary with more than fifty percent of 294 00:16:37,600 --> 00:16:40,120 Speaker 1: the vote in a three way race. Levy will face 295 00:16:40,200 --> 00:16:44,960 Speaker 1: Democratic incumbent Richard Bloomenthal. In District four. Republican Jamie Stevenson 296 00:16:45,000 --> 00:16:48,040 Speaker 1: beat Michael Goldstein with more than sixty percent of the 297 00:16:48,120 --> 00:16:51,160 Speaker 1: vote for a US out seat. Stevenson will run against 298 00:16:51,160 --> 00:16:54,280 Speaker 1: Democratic can come at Jim Himes. New York City's m 299 00:16:54,280 --> 00:16:56,120 Speaker 1: t A as a step closer the rolling out a 300 00:16:56,120 --> 00:16:59,280 Speaker 1: concession pricing plan that would charge some mothers as much 301 00:16:59,280 --> 00:17:02,360 Speaker 1: as twenty three dollars to ander Manhattan Central Business District. 302 00:17:02,800 --> 00:17:05,840 Speaker 1: The tolling scenario for the plan, the first for US city, 303 00:17:05,880 --> 00:17:11,080 Speaker 1: was outlined in an environmental assessment report released today. Global 304 00:17:11,160 --> 00:17:13,159 Speaker 1: News twenty four hours a day on air and on 305 00:17:13,200 --> 00:17:16,800 Speaker 1: Bloomberg Quittake, powered by more than twenty seven hundred journalists 306 00:17:16,800 --> 00:17:19,280 Speaker 1: and analyists more than a hundred twenty countries. Michael barn 307 00:17:19,320 --> 00:17:25,120 Speaker 1: this is Bloomberg. John, alright, Michael, thank you. It's six 308 00:17:25,200 --> 00:17:27,359 Speaker 1: thirty six on Wall Street. It's signed out for the 309 00:17:27,480 --> 00:17:30,720 Speaker 1: Bloomberg Sports Update. To answer that, here's John stats. All right, 310 00:17:30,800 --> 00:17:33,159 Speaker 1: John had one nothing lost for the Yankees had happened 311 00:17:33,160 --> 00:17:35,600 Speaker 1: this past Saturday in St. Louis. Last night in Seattle, 312 00:17:35,640 --> 00:17:38,520 Speaker 1: the Mariners won one nothing in thirteen in names. Neither 313 00:17:38,600 --> 00:17:41,120 Speaker 1: team could score despite the rule now where extra innings 314 00:17:41,160 --> 00:17:43,320 Speaker 1: begin with the runner at second base. In both the 315 00:17:43,400 --> 00:17:46,200 Speaker 1: tenth and eleven the Yanks killed their scoring Jan's first 316 00:17:46,480 --> 00:17:49,239 Speaker 1: Andrew Bennettenni got picked off, and then Jose Travino got 317 00:17:49,320 --> 00:17:51,880 Speaker 1: thrown out between second and third. Aaron Boone was asked 318 00:17:51,880 --> 00:17:56,960 Speaker 1: about base running blunders. Obviously, you know we're runs are 319 00:17:57,119 --> 00:18:02,080 Speaker 1: are really tough to come by. Um, you know, it's 320 00:18:02,119 --> 00:18:04,520 Speaker 1: been one of the real strength list team. So I 321 00:18:04,520 --> 00:18:07,639 Speaker 1: don't want to lose our coggressiveness. But but obviously we 322 00:18:07,640 --> 00:18:09,760 Speaker 1: gotta be a little smarter. Aarons wanted with a couple 323 00:18:09,800 --> 00:18:12,000 Speaker 1: of hits in the thirteenth, thought Jonathan Lewisa ga in 324 00:18:12,080 --> 00:18:14,720 Speaker 1: thirteen inns, the Yanks only had three hits. The Mets, 325 00:18:14,760 --> 00:18:16,879 Speaker 1: with their six two win over the Reds and City Field, 326 00:18:17,160 --> 00:18:19,960 Speaker 1: now have a better record than the Yankees. Carlos Carrasco 327 00:18:20,000 --> 00:18:22,960 Speaker 1: with his thirteenth win on runs for Francisco Lindora and 328 00:18:23,000 --> 00:18:25,680 Speaker 1: Jeff McNeil. The Mets had won fourteen to the last sixteen. 329 00:18:26,040 --> 00:18:28,119 Speaker 1: In the last four wins, they've only allowed a total 330 00:18:28,119 --> 00:18:31,320 Speaker 1: of seven runs. The Rangers announced the new captain, twenty 331 00:18:31,320 --> 00:18:34,040 Speaker 1: eight year old hard hitting defenseman Jacob true By, getting 332 00:18:34,040 --> 00:18:35,920 Speaker 1: ready for his fourth season with the Blue Shirts. The 333 00:18:36,000 --> 00:18:38,879 Speaker 1: Rangers have been without a captain since Ryan mcdonnald left 334 00:18:38,920 --> 00:18:42,159 Speaker 1: in two thousand eighteen. In golf, Cam Smith, the Aussie 335 00:18:42,200 --> 00:18:44,600 Speaker 1: who won the Open Championship last month, is the latest 336 00:18:44,600 --> 00:18:47,960 Speaker 1: to join the new Live Tour. Serena Williams will retire 337 00:18:48,000 --> 00:18:51,280 Speaker 1: after the upcoming US Open in New York. She has forties. 338 00:18:51,280 --> 00:18:53,600 Speaker 1: He's won twenty three majors. It's one shy of the 339 00:18:53,600 --> 00:18:56,719 Speaker 1: record that really needs an asterisk because Margaret Court won 340 00:18:56,800 --> 00:18:58,680 Speaker 1: many of hers at the time when pros didn't even 341 00:18:58,680 --> 00:19:00,480 Speaker 1: play in the major. Serena, without the doubt of the 342 00:19:00,560 --> 00:19:03,199 Speaker 1: goat of women's Tennessey, said she's ready to move on 343 00:19:03,240 --> 00:19:06,720 Speaker 1: to new things don't actual however, Bloomberg Sports John Jon 344 00:19:06,760 --> 00:19:09,080 Speaker 1: thanks very much. It is now six thirty eight on 345 00:19:09,160 --> 00:19:11,159 Speaker 1: Wall Spread, and that's time to take a look at 346 00:19:11,160 --> 00:19:13,000 Speaker 1: starts some of the names that are moving to the 347 00:19:13,000 --> 00:19:15,520 Speaker 1: pre market this morning. For that, we're joined by Bloomberg 348 00:19:15,520 --> 00:19:19,840 Speaker 1: reporter Laura Right. Top red story has to do with 349 00:19:20,640 --> 00:19:24,000 Speaker 1: Elon Musk, and of course that is moving shares of Tesla. 350 00:19:24,400 --> 00:19:27,480 Speaker 1: All has to do with Twitter. What's the latest, Yeah, 351 00:19:27,520 --> 00:19:30,800 Speaker 1: both has on Twitter moving to the upside. That seems 352 00:19:30,800 --> 00:19:33,480 Speaker 1: an aberration, as in recent times we've become used to 353 00:19:33,520 --> 00:19:36,919 Speaker 1: an inverse correlation between the path Look. Musk has sold 354 00:19:36,960 --> 00:19:40,120 Speaker 1: almost seven billion dollars of his Tesla shares. You could 355 00:19:40,160 --> 00:19:43,880 Speaker 1: call this a form of damage limitation. Musk is preparing 356 00:19:43,920 --> 00:19:47,879 Speaker 1: for the eventuality that he may have to buy Twitter. 357 00:19:47,920 --> 00:19:51,080 Speaker 1: We trying to get out of that deal. Twitter is 358 00:19:51,320 --> 00:19:55,000 Speaker 1: rallying um and, in accordance to one analyst dive from Wedbush, 359 00:19:55,040 --> 00:19:57,639 Speaker 1: because it seems that this deal is more likely Elon 360 00:19:57,720 --> 00:20:00,679 Speaker 1: Musk may be forced to buy and the news in 361 00:20:00,720 --> 00:20:04,280 Speaker 1: the crypto space this morning, what's that Yeah? Coin based 362 00:20:04,359 --> 00:20:06,960 Speaker 1: down seven percent ahead of the bell look. It reported 363 00:20:07,000 --> 00:20:09,840 Speaker 1: a record loss in the second quarter and revenue that 364 00:20:09,880 --> 00:20:13,840 Speaker 1: fell short of expectations. Coin bas has narrowed their projection 365 00:20:13,960 --> 00:20:17,640 Speaker 1: for average monthly user transactions for the rest of this year. 366 00:20:17,880 --> 00:20:21,880 Speaker 1: What analysts find concerning, though, is the decrease in retail trading. 367 00:20:22,240 --> 00:20:25,800 Speaker 1: That said coin base has partnerships with heavyweights such as 368 00:20:25,840 --> 00:20:28,240 Speaker 1: Meta and black Rock, which will take some time to 369 00:20:28,320 --> 00:20:31,800 Speaker 1: take off. Well, what is car Lots, Well, this is 370 00:20:31,800 --> 00:20:35,800 Speaker 1: an auto dealer and it's agreed to merge with Shift Technologies, 371 00:20:35,840 --> 00:20:39,680 Speaker 1: a fellow car dealer. Car Lots is up twenty four 372 00:20:39,760 --> 00:20:42,080 Speaker 1: percent in pre market trading. This will be a stock 373 00:20:42,119 --> 00:20:46,159 Speaker 1: for stock transaction and the streets, the geographic overlapp and 374 00:20:46,320 --> 00:20:51,480 Speaker 1: the opportunity to unlock synergies with the new company. And finally, 375 00:20:51,680 --> 00:20:56,080 Speaker 1: rob Lives that is yes, the Roadblocks is a children's 376 00:20:56,160 --> 00:21:01,000 Speaker 1: and teenage GameMaker. Right now, it's down toward jeen percent. 377 00:21:01,359 --> 00:21:03,440 Speaker 1: Neither do I had to look it out before, no 378 00:21:03,440 --> 00:21:07,560 Speaker 1: nor a gameplayer myself, but basically it reported bookings that 379 00:21:07,640 --> 00:21:10,960 Speaker 1: missed analysts estimate another one bites the dust. You could 380 00:21:11,080 --> 00:21:13,879 Speaker 1: argue we saw this with Nvidia earlier this week, which 381 00:21:13,960 --> 00:21:17,760 Speaker 1: itself experienced a lack of demand for chips necessary for 382 00:21:17,840 --> 00:21:22,160 Speaker 1: high quality PC gaming. Now that economies have reopened, cost 383 00:21:22,240 --> 00:21:25,960 Speaker 1: of living is starting to bite. Seems that demand for 384 00:21:26,119 --> 00:21:31,679 Speaker 1: gaming is decreasing. Okay, Laura, thanks, I appreciate Bloomberg reporter 385 00:21:31,760 --> 00:21:35,040 Speaker 1: Laura right looking at starts as a whole, ahead of 386 00:21:35,080 --> 00:21:37,600 Speaker 1: the cash shop and not Walster. We have right now 387 00:21:37,760 --> 00:21:41,400 Speaker 1: s and P futures, the evening futures downline points down 388 00:21:41,520 --> 00:21:44,679 Speaker 1: futures there are up sixty four points that as they 389 00:21:44,800 --> 00:21:47,600 Speaker 1: EMNY futures right now up thirty two points. Of course, 390 00:21:47,680 --> 00:21:50,760 Speaker 1: all that could change after a thirty that's when we 391 00:21:50,800 --> 00:21:54,720 Speaker 1: get the all important inflation print for the month of July. 392 00:21:55,480 --> 00:21:57,679 Speaker 1: Uh And right now, as we look at treasuries, the 393 00:21:57,720 --> 00:22:02,000 Speaker 1: inversion continues h fort seven negative forty seven basis point 394 00:22:02,040 --> 00:22:06,399 Speaker 1: difference between twos and tans. The two's at the tenure 395 00:22:06,480 --> 00:22:10,119 Speaker 1: yield right now two point seven eight percent. You're listening 396 00:22:10,200 --> 00:22:17,680 Speaker 1: to Bloomberg Day Break, the Bloomberg weather from meti Rama 397 00:22:17,760 --> 00:22:19,679 Speaker 1: just Rob Carol at the Cobs day giving it a 398 00:22:19,680 --> 00:22:22,840 Speaker 1: partial sun maybe a thunderstorm later has in the mid eighties. 399 00:22:23,240 --> 00:22:27,200 Speaker 1: Tomorrow chance at Morgan showers than partly study high temperature 400 00:22:27,480 --> 00:22:34,639 Speaker 1: about eighty five degrees. Markets, headlines and breaking news twenty 401 00:22:34,640 --> 00:22:37,480 Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg 402 00:22:37,520 --> 00:22:41,040 Speaker 1: Business and at Bloomberg Quick Take. This is a Bloomberg 403 00:22:41,160 --> 00:22:50,399 Speaker 1: Business lash. I'm Nathan Hagar. Futures are posting modest gains, 404 00:22:50,440 --> 00:22:54,080 Speaker 1: incautious trading ahead of US inflation data, little shape investor 405 00:22:54,119 --> 00:22:57,640 Speaker 1: expectations for further Federal Reserve interest rate hikes. We check 406 00:22:57,680 --> 00:23:00,600 Speaker 1: the markets every fifteen minutes during the trading day. Bloomberg 407 00:23:00,760 --> 00:23:03,480 Speaker 1: SMP futures are up eleven points. Staff futures are hired 408 00:23:03,480 --> 00:23:06,280 Speaker 1: by seventy five. Nastic futures on the rise by thirty 409 00:23:06,359 --> 00:23:08,920 Speaker 1: nine points. The tenure Treasury is now little change. The 410 00:23:08,960 --> 00:23:11,640 Speaker 1: yield two point seven seven percent yield on the two 411 00:23:11,680 --> 00:23:14,560 Speaker 1: year three point two four percent. Nim X screwed is 412 00:23:14,600 --> 00:23:17,280 Speaker 1: down one percent, down one cents eighty nine dollars fifty 413 00:23:17,359 --> 00:23:19,879 Speaker 1: nine cents of Barrel Comic Gold is down a tenth percent, 414 00:23:19,920 --> 00:23:22,560 Speaker 1: down two dollars ten cents. At eighteen ten twenty announced, 415 00:23:22,840 --> 00:23:25,000 Speaker 1: the Euro is at one point zero two to eight 416 00:23:25,040 --> 00:23:26,840 Speaker 1: against the dollar. The pound is at one point two 417 00:23:26,960 --> 00:23:29,920 Speaker 1: zero nine one the end one thirty four point nine five. 418 00:23:30,440 --> 00:23:33,880 Speaker 1: Bigcoin down about three tenths percent. Right around twenty three thousand. 419 00:23:33,880 --> 00:23:36,399 Speaker 1: That's the Bloomberg Business Flash. And now here's Michael Barr 420 00:23:36,520 --> 00:23:38,399 Speaker 1: with more on what's going on around the world. Michael, 421 00:23:39,119 --> 00:23:42,080 Speaker 1: thank you very much. Nathan Donald Trump's candidate of choice 422 00:23:42,160 --> 00:23:45,960 Speaker 1: as one Wisconsin Republican nomination to take on Democratic Governor 423 00:23:46,000 --> 00:23:51,359 Speaker 1: Tony Evers, Businessman Tim Michael's defeated former Lieutenant Governor Rebecca Cleefish, 424 00:23:51,640 --> 00:23:55,760 Speaker 1: backed by former VP Mind Pence. Former President Trump will 425 00:23:55,800 --> 00:23:58,199 Speaker 1: be questioned under oath today and the New York Attorney 426 00:23:58,240 --> 00:24:01,640 Speaker 1: General's long running civil investigate into his real estate dealings. 427 00:24:01,960 --> 00:24:04,879 Speaker 1: And baseball, the Yankees lost to the Mariners one zip 428 00:24:04,960 --> 00:24:08,040 Speaker 1: and thirteen innings. The Mets beat the Reds six to 429 00:24:08,600 --> 00:24:11,520 Speaker 1: the Red Sox lost to the Braves nine seven, the 430 00:24:11,640 --> 00:24:16,400 Speaker 1: Nationals and Orioles one the Giants, and A's lost. Global 431 00:24:16,440 --> 00:24:18,840 Speaker 1: news twenty four hours a day on air end on 432 00:24:18,920 --> 00:24:22,160 Speaker 1: Bloomberg Quick Take power by more than twenty seven under 433 00:24:22,240 --> 00:24:25,800 Speaker 1: journalists an analyists, more than dred twenty countries. Michael Barr, 434 00:24:25,840 --> 00:24:28,800 Speaker 1: and this is Bloomberg, John, Michael, thank you. Six nineteen 435 00:24:28,880 --> 00:24:31,000 Speaker 1: on Wall Street. We are on lying from the Bloomberg 436 00:24:31,000 --> 00:24:35,000 Speaker 1: Interact of Broker Studios. This is Bloomberg daybreak Johnny is 437 00:24:35,040 --> 00:24:38,600 Speaker 1: now Morgan Stanley, Chief of US Economists, Ellen Zender Investors 438 00:24:38,640 --> 00:24:43,119 Speaker 1: today focused on the key inflation report, the Consumer Price Index, 439 00:24:43,119 --> 00:24:46,040 Speaker 1: out at eight thirty Wall Street Time. Let's get a 440 00:24:46,040 --> 00:24:49,560 Speaker 1: preview right now. Ellen, always a pleasure to talk to you. 441 00:24:49,680 --> 00:24:54,320 Speaker 1: Have we seen the peak? Uh? Yeah, it depends on 442 00:24:54,359 --> 00:24:59,000 Speaker 1: which metric you follow, but hopefully know upside surprises in 443 00:24:59,119 --> 00:25:01,880 Speaker 1: today's report. Of the course, that's the dorm of late 444 00:25:02,480 --> 00:25:06,160 Speaker 1: and uh. But yeah, year over year rates um should 445 00:25:06,200 --> 00:25:09,480 Speaker 1: be coming down on the headline that includes food and energy, 446 00:25:09,480 --> 00:25:11,680 Speaker 1: And of course that's easy to say because both food 447 00:25:11,680 --> 00:25:15,199 Speaker 1: and energy prices have been falling. But we continue to 448 00:25:15,200 --> 00:25:18,120 Speaker 1: remain very focused and the FED continues remain very focused 449 00:25:18,119 --> 00:25:21,720 Speaker 1: on core inflation that strips out food and energy, and 450 00:25:22,160 --> 00:25:26,520 Speaker 1: month over month, that rate should be slower this month 451 00:25:26,560 --> 00:25:30,439 Speaker 1: in the previous month. Uh. And that's really that sequential 452 00:25:30,520 --> 00:25:33,199 Speaker 1: slowing that the Fed is going to be looking for. Uh. 453 00:25:33,240 --> 00:25:35,200 Speaker 1: And I think if we get that, and I think 454 00:25:35,200 --> 00:25:38,360 Speaker 1: it's still going to keep markets pretty balanced between will 455 00:25:38,400 --> 00:25:42,320 Speaker 1: they go seventy paces points or fifty at their next meeting. Yeah, 456 00:25:42,400 --> 00:25:44,960 Speaker 1: it's that the headline that the folks like me pay 457 00:25:45,000 --> 00:25:47,960 Speaker 1: attention to. Because I pay less at the pump and 458 00:25:48,000 --> 00:25:50,919 Speaker 1: pay less at the supermarket. But as you point out J. 459 00:25:51,080 --> 00:25:55,680 Speaker 1: Powelling Company, they're focused more on the core UH and 460 00:25:55,920 --> 00:25:59,119 Speaker 1: UH As far as the rate trajectory from here, you 461 00:25:59,160 --> 00:26:04,600 Speaker 1: do think it's lower the in terms of inflation. Yeah, 462 00:26:04,640 --> 00:26:06,840 Speaker 1: I do think that what we'll see in today's numbers 463 00:26:06,880 --> 00:26:09,840 Speaker 1: that at least on a sequential basis, that we that 464 00:26:09,840 --> 00:26:14,840 Speaker 1: that the last print probably was the peak. But you know, John, 465 00:26:14,840 --> 00:26:17,639 Speaker 1: there have been so many volatile components that have been 466 00:26:17,680 --> 00:26:23,000 Speaker 1: so difficult to forecast. And you know, airline prices we've 467 00:26:23,000 --> 00:26:25,199 Speaker 1: been hearing they've been coming down. Does that show up 468 00:26:25,200 --> 00:26:28,440 Speaker 1: in this report? What happens with new and used motor 469 00:26:28,520 --> 00:26:31,679 Speaker 1: vehicle prices? Those have been the big swing factors. But 470 00:26:31,760 --> 00:26:34,359 Speaker 1: I think what you want to drill into right away 471 00:26:34,520 --> 00:26:38,879 Speaker 1: is what happens with rental prices. UM shelter is a 472 00:26:39,040 --> 00:26:44,639 Speaker 1: big share of the core bucket of consumer inflation, and 473 00:26:44,960 --> 00:26:48,080 Speaker 1: it is a problem, and it's something that tells you 474 00:26:48,320 --> 00:26:52,399 Speaker 1: that it is a uh an element that tells you 475 00:26:52,440 --> 00:26:55,600 Speaker 1: how types of labor market is UM and it tells 476 00:26:55,640 --> 00:26:59,320 Speaker 1: you how difficult and sticky inflation is to come down. 477 00:26:59,600 --> 00:27:01,920 Speaker 1: So that's really where we should focus if we're thinking 478 00:27:01,960 --> 00:27:05,800 Speaker 1: about individual components when that report comes out, UM is, 479 00:27:05,840 --> 00:27:08,359 Speaker 1: shelter inflation is still a problem, and of course rental 480 00:27:08,400 --> 00:27:11,119 Speaker 1: prices are in that and that's going to keep the 481 00:27:11,160 --> 00:27:13,919 Speaker 1: FED on a on a hiking bias of course for 482 00:27:14,000 --> 00:27:17,640 Speaker 1: quite some time. We're just trying to determine the end game. 483 00:27:17,800 --> 00:27:20,119 Speaker 1: How far does the FED need to go? Not do 484 00:27:20,240 --> 00:27:22,600 Speaker 1: they need to continue to hike, We'll put that right 485 00:27:22,600 --> 00:27:26,040 Speaker 1: back to you. How far do they need to go? Well, 486 00:27:26,080 --> 00:27:29,080 Speaker 1: we think that they go at least uh to three 487 00:27:29,080 --> 00:27:33,000 Speaker 1: point six to mid range of the Federal funds rate 488 00:27:33,600 --> 00:27:36,320 Speaker 1: target at the end of this year. UM, and I 489 00:27:36,359 --> 00:27:39,560 Speaker 1: think markets are world positioned for the Fed going uh 490 00:27:39,760 --> 00:27:42,800 Speaker 1: much higher form where we are today. So that's roughly 491 00:27:42,800 --> 00:27:45,040 Speaker 1: another hundred and twenty five basis points from where we 492 00:27:45,080 --> 00:27:47,080 Speaker 1: are today and the FED funds right, So that's still 493 00:27:47,119 --> 00:27:49,520 Speaker 1: a steep path into the end of the year. Where 494 00:27:49,520 --> 00:27:52,760 Speaker 1: we differ from market expectations is that we believe that 495 00:27:52,800 --> 00:27:57,360 Speaker 1: the Fed will hold there for almost all before starting 496 00:27:57,359 --> 00:28:00,800 Speaker 1: to cut rates in December. You where is the market 497 00:28:00,800 --> 00:28:03,919 Speaker 1: believes that we're headed for some real trouble here, uh, 498 00:28:03,920 --> 00:28:05,760 Speaker 1: and the Fen's going to have to start cutting rates 499 00:28:05,760 --> 00:28:09,280 Speaker 1: shortly after they reach that that peak. I just believe 500 00:28:09,320 --> 00:28:12,399 Speaker 1: inflation is going to stay high. I do believe that 501 00:28:12,480 --> 00:28:15,679 Speaker 1: there is a real chance that we could have a 502 00:28:15,800 --> 00:28:17,960 Speaker 1: quote unquote soft landing. And so I don't think the 503 00:28:18,000 --> 00:28:20,480 Speaker 1: Fed's going to need to start cutting right away after 504 00:28:20,520 --> 00:28:23,640 Speaker 1: they reach that peak rate. The FED, of course has 505 00:28:23,720 --> 00:28:27,159 Speaker 1: this dual mandate the price stability and full employment. Do 506 00:28:27,240 --> 00:28:31,119 Speaker 1: they have to torpedo the jobs market to get what 507 00:28:31,200 --> 00:28:35,520 Speaker 1: they want on the inflation front? Yeah? Well, Um, John, 508 00:28:35,560 --> 00:28:38,240 Speaker 1: I like that word torpedo, but it certainly sounds ominous, 509 00:28:38,280 --> 00:28:40,680 Speaker 1: doesn't it. Um, they do have to so this is 510 00:28:40,720 --> 00:28:44,800 Speaker 1: in in nice economics and said speak right. They have 511 00:28:44,920 --> 00:28:48,360 Speaker 1: to create slack in the labor market. So torpedo sounds 512 00:28:48,400 --> 00:28:50,040 Speaker 1: a little strong. But what does slack in the labor 513 00:28:50,040 --> 00:28:53,800 Speaker 1: market mean. It means that the unemployment rate needs to 514 00:28:53,960 --> 00:28:57,720 Speaker 1: rise the labor market is too tight. Uh. And so uh, 515 00:28:57,800 --> 00:29:01,840 Speaker 1: certainly Friday's jobs report may look like the labor market 516 00:29:01,880 --> 00:29:06,040 Speaker 1: was still tightening, not starting to loosen. Uh. And that's 517 00:29:06,040 --> 00:29:09,080 Speaker 1: a problem for the said because you really can't bring 518 00:29:09,160 --> 00:29:12,560 Speaker 1: inflation down unless you create slack in the economy, and 519 00:29:12,680 --> 00:29:15,600 Speaker 1: especially slack in the labor market. Uh. And we just 520 00:29:15,640 --> 00:29:18,800 Speaker 1: haven't seen signs yet that the labor market is slowing 521 00:29:18,840 --> 00:29:22,600 Speaker 1: from this toward pace of job games. How does productivity 522 00:29:22,720 --> 00:29:25,440 Speaker 1: We've only got about twenty seconds left. How does productivity 523 00:29:25,480 --> 00:29:32,000 Speaker 1: figure into this productivity? You want productivity to rise because 524 00:29:32,000 --> 00:29:36,240 Speaker 1: it is a dampener on inflation um and productivity is 525 00:29:36,280 --> 00:29:39,120 Speaker 1: so volatile right now because of the underlying data. But 526 00:29:39,360 --> 00:29:42,840 Speaker 1: ultimately you want productivity to be high, uh, in order 527 00:29:42,880 --> 00:29:46,240 Speaker 1: to help bring inflation down. All right, Allen, always a pleasure, 528 00:29:46,240 --> 00:29:48,480 Speaker 1: Thanks for being with us. We appreciate it. Allen Center, 529 00:29:48,760 --> 00:29:51,680 Speaker 1: the chief of US account of US dead, Morgan Stanley. Again, 530 00:29:51,720 --> 00:29:54,880 Speaker 1: we get that inflation report. The print right now at 531 00:29:55,320 --> 00:29:59,719 Speaker 1: thirty who could show the biggest slowdown since April at 532 00:29:59,800 --> 00:30:03,160 Speaker 1: least to the headline and ahead of the cash open 533 00:30:03,200 --> 00:30:06,440 Speaker 1: on Wall Street. The down futures right now seventy two 534 00:30:06,480 --> 00:30:09,880 Speaker 1: points hire SMP futures they're up ten. The next day 535 00:30:09,960 --> 00:30:13,120 Speaker 1: futures thirty three points hire. You're listening to Bloomberg day 536 00:30:13,120 --> 00:30:19,960 Speaker 1: break at a Bloomberg weather for today for meteorologist Rob Carolin, 537 00:30:20,080 --> 00:30:22,880 Speaker 1: clouds giving away to partial sun, chance of a thunderstorm, 538 00:30:22,920 --> 00:30:26,040 Speaker 1: highs at the mid eighties Tomorrow morning showers that partly 539 00:30:26,080 --> 00:30:34,040 Speaker 1: study highs about eight and find degrees live from the 540 00:30:34,040 --> 00:30:37,960 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg day Break for Wednesday, 541 00:30:37,960 --> 00:30:41,760 Speaker 1: August two. Coming up this hour. Trader is ready for 542 00:30:41,840 --> 00:30:45,520 Speaker 1: the latest reading on inflation. Elon Musk sells more Testla 543 00:30:45,560 --> 00:30:48,400 Speaker 1: shares to prepare for the possible purchase of Twitter. The 544 00:30:48,480 --> 00:30:50,840 Speaker 1: d o J is poised to sue Google over its 545 00:30:50,920 --> 00:30:54,560 Speaker 1: digital ad dominance, and coin Bass slides after an earnings 546 00:30:54,600 --> 00:30:58,040 Speaker 1: miss and dim forecast. The bus accident in New Jersey 547 00:30:58,080 --> 00:31:01,200 Speaker 1: has left at least one person dead plus Former President 548 00:31:01,240 --> 00:31:04,680 Speaker 1: Trump gives his deposition today in New York. I'm Michael Barr. 549 00:31:04,800 --> 00:31:07,800 Speaker 1: More ahead, I'm John stash Ourn Spards another win for 550 00:31:07,840 --> 00:31:10,600 Speaker 1: the Red Hot Mats. The Yankees lost in Seattle. Wand 551 00:31:10,720 --> 00:31:15,959 Speaker 1: En update in thirteen in eas That's all turned ahead 552 00:31:16,000 --> 00:31:19,560 Speaker 1: on Bloomberg Daybreak on Bloomberg Eliven Free on New York 553 00:31:19,760 --> 00:31:23,520 Speaker 1: Bloomberg ninety nine one, Washington d C Bloomberg one oh 554 00:31:23,560 --> 00:31:28,320 Speaker 1: six one, Boston Bloomberg nine sixties and Francisco Syrius Exam 555 00:31:28,400 --> 00:31:31,800 Speaker 1: one nineteen and around the world on Bloomberg Radio dot 556 00:31:31,840 --> 00:31:38,280 Speaker 1: com and via the Bloomberg Business app. Good morning. I'm 557 00:31:38,320 --> 00:31:41,080 Speaker 1: John Tucker, I'm Nathan Hager. Bloomberg Daybreak is brought to 558 00:31:41,080 --> 00:31:43,000 Speaker 1: you by b n y Melon's Pershing Learned why the 559 00:31:43,000 --> 00:31:46,520 Speaker 1: world's most sophisticated wealth management and institutional firms rely on 560 00:31:46,560 --> 00:31:50,520 Speaker 1: Pershing to help them improve profitability, create efficiency, attract talent, 561 00:31:50,560 --> 00:31:53,880 Speaker 1: and manage risk at pershing dot Com. Futures are moving 562 00:31:53,960 --> 00:31:56,640 Speaker 1: higher as we await July cp I at six on 563 00:31:56,720 --> 00:31:58,600 Speaker 1: one on Wall Street, and we check the markets every 564 00:31:58,600 --> 00:32:01,960 Speaker 1: fifteen minutes during the trading day. On Bloomberg, SMP futures 565 00:32:02,000 --> 00:32:04,720 Speaker 1: up nine points now, futures up fifty seven. NASTAC futures 566 00:32:04,720 --> 00:32:07,240 Speaker 1: are highed by thirty three points. The ten your treasury 567 00:32:07,280 --> 00:32:09,200 Speaker 1: is up one thirty second. The yield two point seven 568 00:32:09,280 --> 00:32:11,200 Speaker 1: seven percent yield on the two year three point to 569 00:32:11,360 --> 00:32:14,480 Speaker 1: four nime xcrude is down nine tenths per cent or 570 00:32:14,480 --> 00:32:18,240 Speaker 1: eighty eight cents three cents of barrel. John Nathan All 571 00:32:18,320 --> 00:32:21,800 Speaker 1: eyes are on this morning's inflation report. Economists predict a 572 00:32:21,840 --> 00:32:25,720 Speaker 1: deceleration and consumer prices. They predict prices for July rose 573 00:32:25,840 --> 00:32:29,080 Speaker 1: at an annual rate of eight point seven percent. Let's 574 00:32:29,080 --> 00:32:32,720 Speaker 1: get more from boom Berg's Michael McKee headline inflation is 575 00:32:32,720 --> 00:32:35,600 Speaker 1: forecast to have eased in July, in large part because 576 00:32:35,640 --> 00:32:38,960 Speaker 1: oil prices fell, bringing down the cost of gasoline. While 577 00:32:39,000 --> 00:32:42,560 Speaker 1: perhaps helpful, it won't have much influence on FED thinking. 578 00:32:42,880 --> 00:32:46,480 Speaker 1: That's because core inflation, stripping out energy and food, is 579 00:32:46,520 --> 00:32:49,840 Speaker 1: expected to post another big increase. Rents in particular are 580 00:32:49,880 --> 00:32:53,440 Speaker 1: seen accelerating, which boosts the home price component of CPI. 581 00:32:53,760 --> 00:32:57,600 Speaker 1: While many commodities have declined in price on futures markets, 582 00:32:57,680 --> 00:33:02,320 Speaker 1: those drops likely haven't worked their way into retail prices yet. Also, 583 00:33:02,400 --> 00:33:05,040 Speaker 1: another big drop in productivity during the second quarter means 584 00:33:05,080 --> 00:33:09,160 Speaker 1: companies aren't recouping all their costs, including labor costs, which 585 00:33:09,200 --> 00:33:11,800 Speaker 1: rose at a double digit pace from April through June. 586 00:33:12,000 --> 00:33:14,920 Speaker 1: Michael McKee, Bloomberg Day Break, I'm Mike. Thanks. This morning, 587 00:33:14,920 --> 00:33:18,560 Speaker 1: we're learning about the impact of President Biden's Inflation Reduction Act. 588 00:33:18,560 --> 00:33:20,440 Speaker 1: It is said to become law in the coming days. 589 00:33:20,720 --> 00:33:23,800 Speaker 1: One major bank says the bill will hardly impact prices 590 00:33:23,840 --> 00:33:26,680 Speaker 1: at all. Bloomberg. Granida Young joins us Live with that story. 591 00:33:26,680 --> 00:33:30,000 Speaker 1: Good morning, Granida, Good morning Nathan. The Inflation Reduction Act 592 00:33:30,120 --> 00:33:33,320 Speaker 1: is estimated to reduce the federal budget deficit by about 593 00:33:33,360 --> 00:33:36,840 Speaker 1: three hundred billion dollars over the next decade, but JP 594 00:33:36,960 --> 00:33:39,840 Speaker 1: Morgan Chase economists say the law will have almost no 595 00:33:39,960 --> 00:33:43,280 Speaker 1: effect on the price growth that's currently running at the 596 00:33:43,360 --> 00:33:47,840 Speaker 1: fastest pace in four decades. The nonpartisan Congressional Budget Office, 597 00:33:48,000 --> 00:33:51,640 Speaker 1: the Committee for a Responsible Federal Budget, and the Penwarton 598 00:33:51,720 --> 00:33:54,640 Speaker 1: Budget Model all agree that the legislation will have a 599 00:33:54,760 --> 00:33:58,960 Speaker 1: minimal influence on inflation. Live in New York, I'm Rnita 600 00:33:59,000 --> 00:34:02,000 Speaker 1: Young Bloomberg dayper we needed thanks. Meantime, we're learning the 601 00:34:02,040 --> 00:34:06,200 Speaker 1: Inflation Reduction Act will have tax implications for corporations in 602 00:34:06,320 --> 00:34:10,040 Speaker 1: middle class Americans. Amy Morris has details from our Bloomberg 603 00:34:10,840 --> 00:34:14,760 Speaker 1: news room in Washington. Analysis by the Congressional Joint Committee 604 00:34:14,800 --> 00:34:17,720 Speaker 1: on Taxation finds that corporations will pay nearly two hundred 605 00:34:17,760 --> 00:34:20,480 Speaker 1: ninety six billion dollars more in federal taxes over the 606 00:34:20,520 --> 00:34:23,160 Speaker 1: next decade, much of that from a new corporate minimum 607 00:34:23,239 --> 00:34:26,960 Speaker 1: tax requiring billion dollar companies to pay a fifteen percent minimum. 608 00:34:27,280 --> 00:34:30,200 Speaker 1: Households making less than one hundred thousand dollars will see 609 00:34:30,239 --> 00:34:35,640 Speaker 1: net tax cuts through, mostly through Affordable Care Act premium subsidies. 610 00:34:35,960 --> 00:34:39,080 Speaker 1: Taxes for middle and low income households are largely unchanged. 611 00:34:39,320 --> 00:34:40,960 Speaker 1: The bill is set for a vote in the House 612 00:34:41,000 --> 00:34:44,919 Speaker 1: on Friday. In Washington, I'm anymore as Bloomberg day break, Okay, Amy, 613 00:34:45,040 --> 00:34:47,960 Speaker 1: thank you. Let's turn our attention overseas now, where Europe 614 00:34:47,960 --> 00:34:50,600 Speaker 1: is in the midst of a heat wave evaporating the 615 00:34:50,640 --> 00:34:54,759 Speaker 1: region's rivers. A major waterway in Germany's drying up that 616 00:34:54,880 --> 00:34:58,560 Speaker 1: could have major economic implications. Bloomberg's You and Potts joins 617 00:34:58,640 --> 00:35:00,640 Speaker 1: us from London with the latest on Good Morning You 618 00:35:00,800 --> 00:35:03,520 Speaker 1: and Good Morning Nathan and John. The River Ryne is 619 00:35:03,520 --> 00:35:07,399 Speaker 1: set to become effectively impossible to shipping later this week. 620 00:35:07,680 --> 00:35:09,960 Speaker 1: The German government says the water able to drop below 621 00:35:10,080 --> 00:35:14,040 Speaker 1: sixteen inches deep on Friday at a key point west 622 00:35:14,120 --> 00:35:18,440 Speaker 1: of Frankfurt's as the region's drought continues. That level vessels 623 00:35:18,440 --> 00:35:21,400 Speaker 1: that haul everything from diesel to coal will be unable 624 00:35:21,440 --> 00:35:24,240 Speaker 1: to use the river. It's yes, another problem in Europe's 625 00:35:24,280 --> 00:35:27,160 Speaker 1: worst energy crisis in decades. In London, I'm you and 626 00:35:27,200 --> 00:35:29,080 Speaker 1: Potspoon make day break, You and thanks. So let's turn 627 00:35:29,160 --> 00:35:31,600 Speaker 1: to the markets now. We're earnings are waiting on semi 628 00:35:31,640 --> 00:35:35,319 Speaker 1: conductor stocks. Micron Technology, the latest shipmaker to Warner of 629 00:35:35,360 --> 00:35:39,239 Speaker 1: slowing demand. We've heard similar soundument from Nvidia, Intel, and 630 00:35:39,400 --> 00:35:42,359 Speaker 1: a m D in recent days that caused the Philadelphia 631 00:35:42,440 --> 00:35:45,920 Speaker 1: Semi Conductor Index to fall more than four percent yesterday. 632 00:35:46,200 --> 00:35:48,440 Speaker 1: Learning is in the crypto space, you're disappointing as well. 633 00:35:48,520 --> 00:35:51,120 Speaker 1: John Shares of coin base or down almost eight percent 634 00:35:51,200 --> 00:35:54,040 Speaker 1: this morning after the company posted a record second quarter 635 00:35:54,120 --> 00:35:57,280 Speaker 1: loss and lower than expected revenue. Coin based chief operating 636 00:35:57,280 --> 00:36:00,520 Speaker 1: officer Emily Choi discussed the results with Bloomberg exam Lee Chang. 637 00:36:00,760 --> 00:36:03,320 Speaker 1: I think it was a rough quarter for most companies 638 00:36:03,400 --> 00:36:06,000 Speaker 1: in the crypto space. We obviously had some big episodic 639 00:36:06,000 --> 00:36:08,480 Speaker 1: events that happened during the quarter, and so some of 640 00:36:08,480 --> 00:36:11,000 Speaker 1: those asset prices shrunk, which then impacts things like the 641 00:36:11,000 --> 00:36:13,960 Speaker 1: assets on platform and other numbers point they see Emily 642 00:36:14,080 --> 00:36:17,680 Speaker 1: Chang speaking on Bloomberg Technology. Catch our daily Bloomberg Technology 643 00:36:17,719 --> 00:36:21,040 Speaker 1: podcast wherever you get your podcast. As Sticking with earnings, 644 00:36:21,080 --> 00:36:24,320 Speaker 1: Disney set to report today after the bell Bloomberg Intelligence 645 00:36:24,400 --> 00:36:26,960 Speaker 1: as the company expects to see subscriber growth for its 646 00:36:27,000 --> 00:36:31,320 Speaker 1: Disney Plus streaming service, but the big questions whether management 647 00:36:31,360 --> 00:36:35,319 Speaker 1: will walk back future subscriber guidance after losing streaming rights 648 00:36:35,360 --> 00:36:38,279 Speaker 1: for the Indian Premier League we're learning this morning about 649 00:36:38,280 --> 00:36:41,040 Speaker 1: another share sale by Elon Musk. He has sold another 650 00:36:41,080 --> 00:36:45,040 Speaker 1: nearly seven billion dollars in Testlas stock, according to regulatory filings. 651 00:36:45,280 --> 00:36:48,000 Speaker 1: The sale comes as Must faces legal challenges in his 652 00:36:48,040 --> 00:36:49,680 Speaker 1: bid to pull out of a deal to buy Twitter. 653 00:36:49,719 --> 00:36:52,560 Speaker 1: Global Business editor mL O'Brien has more on the sale. 654 00:36:52,960 --> 00:36:56,520 Speaker 1: Looks like he's looking to cash in on a substantial 655 00:36:56,560 --> 00:36:59,799 Speaker 1: amount of stock. While it is at a decent level 656 00:36:59,800 --> 00:37:02,759 Speaker 1: of eight hundred and fifty dollars a share right now, 657 00:37:03,120 --> 00:37:06,000 Speaker 1: up from those loads reached in May just about six 658 00:37:06,080 --> 00:37:09,680 Speaker 1: hundred dollars. Bloomberg Exama O'Brien says Must could sell even 659 00:37:09,719 --> 00:37:12,040 Speaker 1: more Tesla shares if he's forced to buy Twitter, and 660 00:37:12,160 --> 00:37:14,719 Speaker 1: right now Tesla is up about two in the pre 661 00:37:14,840 --> 00:37:17,520 Speaker 1: market and some big news from the search giant Google. 662 00:37:17,840 --> 00:37:21,240 Speaker 1: Sources tell us the Justice Department preparing to sue Google 663 00:37:21,360 --> 00:37:23,839 Speaker 1: as soon as next month. The move would cappy years 664 00:37:23,880 --> 00:37:26,520 Speaker 1: of work building a case that the alphabet unit illegally 665 00:37:26,560 --> 00:37:31,080 Speaker 1: dominates the digital advertising market. The Justice Department declined to 666 00:37:31,160 --> 00:37:35,040 Speaker 1: comment on further details, and ahead of the cash open 667 00:37:35,080 --> 00:37:37,600 Speaker 1: on Wollsbury, we have futures in the green this morning. 668 00:37:37,640 --> 00:37:40,520 Speaker 1: The down futures of fifty seven points. That's a rise 669 00:37:40,520 --> 00:37:44,000 Speaker 1: of two tens smp E many futures of nine nas 670 00:37:44,040 --> 00:37:47,400 Speaker 1: deck futures there were up thirty two points. This is 671 00:37:47,440 --> 00:37:55,279 Speaker 1: Bloomberg deabria As. That's six seven on Wollsbury. Time to 672 00:37:55,280 --> 00:37:57,680 Speaker 1: bring in Michael Barr to find out what else is 673 00:37:57,719 --> 00:38:00,919 Speaker 1: going on to New York and on the world. John, 674 00:38:00,960 --> 00:38:03,200 Speaker 1: Thank you very much, sir. There was a deadly bus 675 00:38:03,239 --> 00:38:06,399 Speaker 1: crash on the New Jersey Turnpike last night. Authorities say 676 00:38:06,400 --> 00:38:10,240 Speaker 1: one person was killed and five people were seriously injured 677 00:38:10,400 --> 00:38:13,799 Speaker 1: when a passenger bus from New York to Philadelphia overturned 678 00:38:13,800 --> 00:38:18,239 Speaker 1: near Woodbridge. Sergeant Lawrence Peel of the State Police preliminary 679 00:38:18,239 --> 00:38:23,600 Speaker 1: information indicates that at approximately six fifty three pm, a 680 00:38:23,760 --> 00:38:28,680 Speaker 1: coach double decker bus overturn and came to rest on 681 00:38:28,760 --> 00:38:32,680 Speaker 1: the entrance ramp to the service area. Sergeant Peel says 682 00:38:32,719 --> 00:38:36,280 Speaker 1: the bus also struck a pickup truck. Former President Donald 683 00:38:36,280 --> 00:38:39,360 Speaker 1: Trump says he will be questioned under oath today in 684 00:38:39,400 --> 00:38:43,120 Speaker 1: the New York Attorney General's long running civil investigation into 685 00:38:43,239 --> 00:38:46,800 Speaker 1: his real estate dealings. The New York civil investigation involves 686 00:38:46,840 --> 00:38:50,640 Speaker 1: allegations that Trump's company misstated the value of assets and 687 00:38:50,719 --> 00:38:55,600 Speaker 1: misled lenders and tax authorities. FBI agents recently searched his 688 00:38:55,760 --> 00:38:58,359 Speaker 1: Maura lago A state in Florida as part of an 689 00:38:58,400 --> 00:39:02,040 Speaker 1: unrelated federal probe and whether he took classified records when 690 00:39:02,040 --> 00:39:05,160 Speaker 1: he left the White House. Trump supporters are reacting to 691 00:39:05,239 --> 00:39:09,200 Speaker 1: the search. Republican Senator Ted Cruz of Texas. This raises 692 00:39:09,400 --> 00:39:14,880 Speaker 1: serious questions again about the Biden administration politicizing and weaponizing 693 00:39:14,960 --> 00:39:17,960 Speaker 1: law enforcement. I believe Congress should hold hearings, we should 694 00:39:17,960 --> 00:39:22,400 Speaker 1: have subpoenas. White House Press Secretary Karine Jean Pierre. The 695 00:39:22,440 --> 00:39:25,399 Speaker 1: President and the White House learned about this FBI search 696 00:39:25,480 --> 00:39:28,080 Speaker 1: from public reports. We learned just like the American public 697 00:39:28,160 --> 00:39:31,040 Speaker 1: did yesterday, and we did not have advanced no it 698 00:39:31,160 --> 00:39:35,680 Speaker 1: is of this activity. Karine Jean Pierre also urged China 699 00:39:35,840 --> 00:39:40,880 Speaker 1: to reconsider escalating aggression. Meanwhile, China says well in Taiwan 700 00:39:40,920 --> 00:39:46,200 Speaker 1: military drills and plans regular patrols. Businessman Tim Michaels, endorsed 701 00:39:46,200 --> 00:39:49,440 Speaker 1: by Donald Trump, won the GOP primary for Wisconsin Governor. 702 00:39:49,800 --> 00:39:53,520 Speaker 1: Michaels defeated former Lieutenant Governor Rebecca Cleefish, who had the 703 00:39:53,560 --> 00:39:57,400 Speaker 1: backing of former VP Mike Pence. Michaels would face current 704 00:39:57,440 --> 00:40:01,280 Speaker 1: Democratic Governor Tony Evers in the fall. In Connecticut, another 705 00:40:01,320 --> 00:40:04,920 Speaker 1: Trump and Doris candidate one her GOP primary. We are 706 00:40:05,040 --> 00:40:07,640 Speaker 1: at Levy won the U. S Senate primary with more 707 00:40:07,640 --> 00:40:10,359 Speaker 1: than fifty percent of the vote in a three way race. 708 00:40:10,760 --> 00:40:14,600 Speaker 1: Levy will face Democratic incumbent Richard Bloomenthal, who ran unopposed, 709 00:40:14,880 --> 00:40:19,440 Speaker 1: and District four's GOP primary. Jamie Stevenson beat Michael Goldsteam 710 00:40:19,480 --> 00:40:21,279 Speaker 1: with more than sixty percent of the vote for a 711 00:40:21,400 --> 00:40:25,120 Speaker 1: US House seat. Stevenson will run against Democratic incumbent Jim Himes. 712 00:40:25,320 --> 00:40:27,360 Speaker 1: Global News twenty four hours a day on air and 713 00:40:27,480 --> 00:40:30,480 Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists 714 00:40:30,480 --> 00:40:32,600 Speaker 1: and analysts and more than a hundred twenty countries. I'm 715 00:40:32,600 --> 00:40:38,319 Speaker 1: Michael bar This is Bloomberg, John Michael, thank you, And 716 00:40:38,480 --> 00:40:40,400 Speaker 1: it's now six ten of Wall Street, this time for 717 00:40:40,440 --> 00:40:43,919 Speaker 1: the Bloomberg Sports Update. And here's John stess Shower. Thanks John. 718 00:40:43,920 --> 00:40:47,279 Speaker 1: Seattle Mariners manager Scott's Service called last night's game one 719 00:40:47,320 --> 00:40:49,320 Speaker 1: of the best he's ever seen. Certainly had great pitching, 720 00:40:49,400 --> 00:40:52,640 Speaker 1: thirteen innings, only ten hits, the first game to be 721 00:40:52,800 --> 00:40:55,080 Speaker 1: scoreless in the thirteen since they put in the new 722 00:40:55,160 --> 00:40:57,200 Speaker 1: rule or extra things beginning with the runner of second base. 723 00:40:57,200 --> 00:41:00,320 Speaker 1: After four hours, finally a run was scored. Why is 724 00:41:00,360 --> 00:41:03,840 Speaker 1: it gets ready? Here's the stretch and now the O 725 00:41:04,040 --> 00:41:06,040 Speaker 1: two on the way to turn swinging a light dried 726 00:41:06,120 --> 00:41:21,759 Speaker 1: facing right field, US nothing a Yankee tyro the call. 727 00:41:21,880 --> 00:41:24,839 Speaker 1: Yankees wasting a Garret Cold Jam against the Seattle team 728 00:41:24,880 --> 00:41:26,719 Speaker 1: that scored six runs off him in the first inning. 729 00:41:26,800 --> 00:41:29,040 Speaker 1: Last week in New York. Cold battled with Luis Castillo, 730 00:41:29,360 --> 00:41:31,439 Speaker 1: who made his third start in the last four weeks 731 00:41:31,480 --> 00:41:33,720 Speaker 1: against the Yanks. The first one was with the Reds. 732 00:41:33,800 --> 00:41:36,040 Speaker 1: He dominated them in all three of those starts. Yanks 733 00:41:36,120 --> 00:41:38,320 Speaker 1: tried to acquire Casteal, he went to the Mariners instead. 734 00:41:38,360 --> 00:41:40,640 Speaker 1: Speaking of the Reds, Mets feed him at City Field, 735 00:41:40,680 --> 00:41:42,759 Speaker 1: six to two home runs for Francisco, then Door and 736 00:41:42,840 --> 00:41:45,880 Speaker 1: Jeff McNeil. Thirteenth win of the year for Carlos Carrasco. 737 00:41:45,920 --> 00:41:48,440 Speaker 1: He's tied for the league lead. Mets have won fourteen 738 00:41:48,480 --> 00:41:50,520 Speaker 1: and the last sixteen only one of those victories by 739 00:41:50,600 --> 00:41:53,480 Speaker 1: one run, another by two. The other twelve wins all 740 00:41:53,520 --> 00:41:56,200 Speaker 1: by at least three runs. Atlanta one in Boston and 741 00:41:56,280 --> 00:41:59,719 Speaker 1: remains seven games behind. When Jets tackling Mackay, vecked and 742 00:41:59,760 --> 00:42:02,319 Speaker 1: limped off the practice field Monday. Coach Rob Salah at 743 00:42:02,360 --> 00:42:04,279 Speaker 1: first did not think it was a serious knee knee 744 00:42:04,320 --> 00:42:06,480 Speaker 1: and dream. Then came the m R. I that revealed 745 00:42:06,520 --> 00:42:09,720 Speaker 1: it was, and the news yesterday it's season ending. Beckton 746 00:42:09,800 --> 00:42:12,719 Speaker 1: hurt the same knee in last year's season opener, missed 747 00:42:13,520 --> 00:42:16,360 Speaker 1: one as well. The Jets drafted Beckton with the eleventh 748 00:42:16,400 --> 00:42:20,560 Speaker 1: overall pick. In John Stashwer Bloomberg Sports count all right, John, 749 00:42:20,640 --> 00:42:23,360 Speaker 1: thanks head of the open on Wall Street. Down futures 750 00:42:23,719 --> 00:42:27,479 Speaker 1: of sixty points, SMP immunum futures, they're up nine points 751 00:42:27,600 --> 00:42:31,239 Speaker 1: right now, and then AzaC futures up thirty two. You 752 00:42:31,360 --> 00:42:37,759 Speaker 1: are listening to Bloomberg day Break and just ahead, is 753 00:42:37,840 --> 00:42:40,840 Speaker 1: this the peak four inflation. We'll put that question to 754 00:42:41,080 --> 00:42:44,280 Speaker 1: Allen Zenner, the chief of U S Economists at Morgan 755 00:42:44,360 --> 00:42:46,560 Speaker 1: Stanley just ahead on Bloomberg day Break