Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, The Bloomberg Business at and at
Speaker 1: Bloomberg Quick Tape Tree is a Bloomberg Business lash Nathan Hagar.
Speaker 1: Futures are moving higher as we await July cp I.
Speaker 1: Let's head right over to the first Heard breaking news
Speaker 1: desk for today's morning call with Tatiana darry A. Good morning, Tatiana,
Speaker 1: Good morning, Nathan, Like you said, Futures quiet ahead of
Speaker 1: this a big inflation report today down futures of fifty
Speaker 1: five sp Mini is down seven well, nas jack up eighteen.
Speaker 1: Treasuries are slightly lower than US Tenure yields up half
Speaker 1: a basis point to two spots seventy eight percent. Oil
Speaker 1: is down one and Bitcoin is holding just above twenty
Speaker 1: three thousand. On the economic front, today, NBA mortgage application
Speaker 1: at seven and the latest CPI print at eight thirty.
Speaker 1: In early trading this morning, Twitter is up four percent
Speaker 1: after Elon Musk said he sold in six point nine
Speaker 1: billion of Tesla shares in case he's forced to go
Speaker 1: ahead with the acquisition. Tesla shares are up to regarding earnings,
Speaker 1: Coin based down seven after the company narrowed its users
Speaker 1: forecasting mr revenue estimates and plug power is down to
Speaker 1: after its numbers. In other news, Coldberg is acquiring fifty
Speaker 1: of the United States Infrastructure Corporation in a deal valuing
Speaker 1: the company at about four billion dollars and wrapping things up,
Speaker 1: see if Industries was raised to overweight from equal weight.
Speaker 1: At Barclay's Live from the First Time Breaking News Desk.
Speaker 1: I'm Tatiana Darry and Nathan Okay. Tatiana, thanks to get
Speaker 1: live breaking news over your Bloomberg type squawk on the
Speaker 1: terminal s Q you a go, that's a Bloomberg business slash. Now,
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, thank you very much. Nathan. Businessman Tim Michael's,
Speaker 1: endorsed by former President Trump, won the Republican Prian Mary
Speaker 1: for Wisconsin Governor Michaels will face DEMA credit Governor Tony Evers.
Speaker 1: Michael's defeated former Lieutenant Governor Rebecca Cliefish, who was endorsed
Speaker 1: by former VP Mike Pence. In Connecticut, Trump endorsed Leora
Speaker 1: Levy one her gop U S Senate primary with more
Speaker 1: than fifty percent of the vote in a three way race.
Speaker 1: Levy will face Democratic incumbent Richard Blumenthal. In District four.
Speaker 1: Republican Jamie Stevenson beat Michael Goldstein with more than sixty
Speaker 1: of the vote. For US House seat, Stephen sim will
Speaker 1: run against Democratic incumbent Jim Himes and other primary racest
Speaker 1: Progressive Democrat Ilhan Omar beat out a challenger for her
Speaker 1: Minneapolis based House seat. In Vermont, Becca Blent could become
Speaker 1: the first woman to represent state in Congress. In baseball,
Speaker 1: the Yankees lost the Mets, Nationals and Orioles one the
Speaker 1: Red Sox Giants, and aid's lost. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than dred journalist analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg. Nathan all right, Michael,
Speaker 1: thank you. We are live from the Bloomberg Interactive Broker Studios.
Speaker 1: An Now it's time to turn to news in scientific technology.
Speaker 1: The Bloomberg n g I T STEM Report is brought
Speaker 1: to you by New Jersey Institute of Technology, ranked to
Speaker 1: top fifty national public university by US News and World Report,
Speaker 1: top ten in the nation for engineering by Money dot com.
Speaker 1: Learn more at n j I T dot e DU
Speaker 1: now Here's what's making news and science, technology, engineering and math.
Speaker 1: Russia successfully launched in Iranian imaging satellite as the country's
Speaker 1: deepened strategic ties mid the war in Ukraine and uncertainty
Speaker 1: over the fate of the Iranian Nuclear Deal. Satellite was
Speaker 1: fired into space from a spaceport in Kazakhstan that's operated
Speaker 1: by Moscow. Meanwhile, the Indian Space Research Organizations made an
Speaker 1: effort to launch satellites using a small satellite launch vehicle
Speaker 1: has failed. Satellites were placed in the wrong orbit and
Speaker 1: we're no longer usable. According to the i s r
Speaker 1: OH chairman, India is working to develop a new generation
Speaker 1: rocket that can carry UH satellites into orbit to capitalize
Speaker 1: on the growing market in small commercial satellites and on
Speaker 1: high precision industry. Company, the maker of most of the
Speaker 1: world's iPhones, posted a profit that beat estimates as demand
Speaker 1: for its cloud products helped it whether supply chain snarls
Speaker 1: and sluggish smartphone demand. On High is also making a
Speaker 1: play to expand into electric vehicles. That's the Bloomberg n
Speaker 1: j I T STEM Report. John all Right, Nathan and
Speaker 1: we are lying from the Bloomberg Interact Brokers studios, where
Speaker 1: it is now six fifty one on Wall Street Time
Speaker 1: down to check what's going on in d C. Among
Speaker 1: the top stories out of the nation's capital, the GOP
Speaker 1: cast Trump as victim, attacks the FBI and mid term
Speaker 1: rally cry Donald Trump will testify at our oath today.
Speaker 1: The New York ages long running civil investigation. President Biden
Speaker 1: learned of the Trump raid from media reports, according to
Speaker 1: the White House, and the Trump tax returns must be
Speaker 1: given to a House panel. That's the latest court ruling.
Speaker 1: Corporations would pay more middle class lass under the U
Speaker 1: S tax bill. And the Wisconsin primary set up a
Speaker 1: marquee battled for control of the Senate. Let sike of
Speaker 1: deeper diving into some of these stories this morning with
Speaker 1: Bloomberg Government reporter Emily Wilkins, who joins us now and
Speaker 1: good morning to you. Is the the while I was
Speaker 1: gonna say raid, but more accurately, the execution of the
Speaker 1: search warrant of Donald Trump's home yesterday? Is that energizing
Speaker 1: the Trump based at this point or even the former
Speaker 1: president himself. Well, we are really seeing Republicans unite around
Speaker 1: the former president. After the search warrant was carried out
Speaker 1: at mar Lago, you had a number of folks who
Speaker 1: are floated as potential folks who might primary Trump in
Speaker 1: a Republican presidential nomination go ahead and support to support him,
Speaker 1: say that what happened was wrong, to call out the
Speaker 1: FBI for what occurred. Um. At the same point, you
Speaker 1: do have a number of Republicans I think the most
Speaker 1: prominent would be Senate Minority Leader Mitch McConnell, who have
Speaker 1: basically said, look, we need to get to the bottom
Speaker 1: of which the search warrant was actually about. We need
Speaker 1: transparency as far as what they're looking for, why they
Speaker 1: are looking for it right now. From reporting from Bloomberg
Speaker 1: and others, this does seem to be related to documents
Speaker 1: that Trump took from the White House that should have
Speaker 1: remained under federal protection. We actually uh number earlier this year.
Speaker 1: We had folks from the National Archives go down tomorrow
Speaker 1: Lago remove about fifteen boxes of documents. Manus in reporting
Speaker 1: from the Washington Post that additional boxes of information were taken.
Speaker 1: Of course, this is a different investigation than what we're
Speaker 1: seeing the Justice Department look at over January, six different
Speaker 1: than the January six House panel also different. And then
Speaker 1: the New York Attorney General who's been looking at the
Speaker 1: former president um for his real estate. Okay, before we
Speaker 1: get to the next investigation, what is the White House saying?
Speaker 1: So at this point, the White House is kind of
Speaker 1: letting the investigation go forward. Uh. President by and you
Speaker 1: know he found first found out about this report via
Speaker 1: media reports, as you mentioned. And Biden is really trying
Speaker 1: to take a very hands off approach share with what
Speaker 1: Attorney General Merrick Garland does. Biden's trying to say that,
Speaker 1: you know, Garland has the the ability and the authority
Speaker 1: and the space to do what he feels needs to
Speaker 1: be done, and the White House does not want to
Speaker 1: pressure him in any regard. Uh. There is another investigation, well,
Speaker 1: numerous investigations, the one that you mentioned with the New
Speaker 1: York Attorney channel. Can you explain what's happening on that
Speaker 1: front today? Yeah, So this has been a long run
Speaker 1: and long running investigation into Trump's real estate dealings. There
Speaker 1: are allegations that Trump misstated the value of properties like
Speaker 1: his skyscraper and golf courses. Another there's already been some
Speaker 1: depositions taken. This has been a long ruting investigation at
Speaker 1: this point. But we know that Trump did post on
Speaker 1: a truth social media media today that he is going
Speaker 1: to be questioned by New York Attorney General. Uh in
Speaker 1: this investor action. Okay, that's in person that supposed to
Speaker 1: take place today, I believe, right. Yes, Um, also a
Speaker 1: Cork ruling that goes against the former president on his
Speaker 1: tax returns. Can you tell us more? Yeah? So the
Speaker 1: Houseways Means Committee has been trying to get a hold
Speaker 1: of Trump's tax returns since two thousand nineteen, and at
Speaker 1: this point, we finally got a federal Court of Appeals
Speaker 1: giving them the green light to do so, saying, yes,
Speaker 1: you under you know, current law and current authority, you
Speaker 1: are allowed to have these tax returns. And so the
Speaker 1: committee is expecting to get them, they said pretty quickly.
Speaker 1: UM will learn more about what is in them at
Speaker 1: this point, as well as if there's going to be
Speaker 1: any sort of legislation that Congress does. I mean, there
Speaker 1: has been a president that presidents usually or candidates do
Speaker 1: disclose their taxes just for full transparency with the American people.
Speaker 1: But obviously that's not a law, that's not a requirement.
Speaker 1: And so how Speaker Nancy Pelosi yesterday told me in
Speaker 1: a couple other reporters that she'll leave it to the committee,
Speaker 1: the Ways and Means Committee, to look into whether actual
Speaker 1: additional legislation is needed at this point, but expect to
Speaker 1: hear more revelations about that in the coming weeks. And finally,
Speaker 1: we'll have to do this one. About a minute or so,
Speaker 1: the uh, the tax bill, the US tax bill, corporations
Speaker 1: would pay more, middle class less. I didn't know there
Speaker 1: was a middle class laft by the way. I mean,
Speaker 1: it's there are a lot of people, I think who
Speaker 1: would would share your sentiment. But basically this bill is
Speaker 1: showing that Democrats it's going to do a lot of
Speaker 1: what Democrats will actually push it for, um, that corporations
Speaker 1: are going to have to pay two hundred nineties six
Speaker 1: billion more in US taxes over the next decade, as
Speaker 1: well as middle income households could be seen some tax
Speaker 1: cuts under this tax and climate bill. Remember this is
Speaker 1: a bill was initially the Build Back Better, It got
Speaker 1: really paired down. It passed the Senate last week, and
Speaker 1: the House is going to be taking a vote on Friday,
Speaker 1: where it's expected to pass and actually go to Biden's
Speaker 1: dust to be signed into law. Expe to hear a
Speaker 1: lot about this Democrats talking about it come November on
Speaker 1: the campaign trail, and also expect Republicans to be talking
Speaker 1: about it as well, because there have been various reports
Speaker 1: coming out on this bill doing the analysis, and some
Speaker 1: of them have suggested that some folks could see an
Speaker 1: increase in taxes under this Who are who make less
Speaker 1: than four hundred thousand dollars a year? All right, thanks
Speaker 1: very much, Bloomberg, Simbly Wilkins. You can read more about
Speaker 1: these stories Bloomberg dot com or the Bloomberg terminal. Also
Speaker 1: a reminder, you can follow all the latest Bloomberg Radio
Speaker 1: in Washington. That's Bloomberg and One on five point seven
Speaker 1: FM HD two. Now ahead of the cash open on
Speaker 1: Wall Street. Down futures there are up sixty eight points,
Speaker 1: that's up to tens of a percent, smp E Many
Speaker 1: Futures nine points higher right now, that's up to tents,
Speaker 1: and the nasdak E Many Futures thirty one points. That's
Speaker 1: a rise of about two tents of a percent. That
Speaker 1: could all change at a thirty Well Street time. That's
Speaker 1: where we can get the US inflation print that could
Speaker 1: show the biggest low down since the April of twenty
Speaker 1: twenty of the headline at least decembating eight points seven
Speaker 1: percent last mom That is among the expectations you've been
Speaker 1: listening to do. Bloomberg Daybreak just ahead bloombergs of Amance
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg Living Freedom to Washington, d C, Bloomberg On to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty
Speaker 1: to the country, Sirius XM to the one nine team,
Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It is six
Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker, Nathan Hager.
Speaker 1: We're about three hours away from the open of you
Speaker 1: as trading time for the five things you need to
Speaker 1: notice start your day. Brought to you by Interactive Broker's
Speaker 1: Global Analysts helps you find new global investment opportunities, to
Speaker 1: diversify your portfolio and discover or valued companies that may
Speaker 1: have greater growth potential. Try I v K our Global
Speaker 1: Analysts today at I v k R dot com slash
Speaker 1: g A. We're just about two hours away from the
Speaker 1: release of this morning's inflation print. Economists predicted deceleration in
Speaker 1: consumer prices for July after a hotter than expected June rating.
Speaker 1: Sylvia Jablonski is CEO at the Fine CTFs. Even if
Speaker 1: it surprises us to the downside, which will be positive
Speaker 1: for equities, I think we'll get a little rally off
Speaker 1: of something like that. It doesn't really change the picture
Speaker 1: in the short term in terms of what the FETE
Speaker 1: has to do to get to neutral. Sylvia jablonskia defined CTF,
Speaker 1: says the recent market pullback is presenting opportunity for long
Speaker 1: term investors. And this morning we're learning about the impact
Speaker 1: of President Biden's Inflation Reduction Act. It's said to become
Speaker 1: law in the coming days. One major bank says the
Speaker 1: bill will hardly impact prices at all. Bloomberg's re Nata.
Speaker 1: John joins US Live Now with that story. Good morning
Speaker 1: with Nada, Good morning John. The Inflation Reduction Act is
Speaker 1: estimated to reduce the federal budget deficit by about three
Speaker 1: hundred billion dollars or with the next decade. But JP
Speaker 1: Morgan Chase economists say the law will have almost no
Speaker 1: effect on the price growth that's currently running at the
Speaker 1: fastest pace in four decades. The nonpartisan Congressional Budget Office,
Speaker 1: the Committee for a Responsible Federal Budget, and the Penwharton
Speaker 1: Budget Model all agree that the legislation will have a
Speaker 1: minimal influence on inflation. Live in New York, I'm rennit
Speaker 1: a Young Bloomberg Day Break, Okay, Nita. Thanks to corporate
Speaker 1: earnings Now, Disney releases quarterly results after the close today.
Speaker 1: In Bloomberg's Jeff Ballinger has a preview. Bloomberg Intelligence says
Speaker 1: the entertainment giant appears to be firing on almost all cylinders.
Speaker 1: Disney Plus is doing well. The consensus is that the
Speaker 1: streaming video service added nine point seven million subscribers during
Speaker 1: the quarter. The loss of the streaming rights to Indian
Speaker 1: Premier League Cricket could force Disney to cut it. Subscriber
Speaker 1: targets demanded. Theme Parks has been strong that division may
Speaker 1: report an operating profit that exceeds consensus. Jeff Bollinger Bloomberg
Speaker 1: day Break, Jeff thanks to earnings and crypto disappointed at
Speaker 1: her coin Base posted a record's second quarter loss and
Speaker 1: lower than expanded revenue. Yesterday and this morning, John, we're
Speaker 1: learning about another share sale by Elon Musk. He's unloaded
Speaker 1: another nearly seven billion dollars in Tesla stock, according to
Speaker 1: regulatory filings. Sale comes as must faces legal challenges in
Speaker 1: his bid to pull out of a deal to buy Twitter.
Speaker 1: That's the five things you need to know to start
Speaker 1: your day, brought to you by Interactive Brokers and straight
Speaker 1: Ahead will bring you local headlines and a check of sports.
Speaker 1: This is Bloomberg alright, Thanks Nathan sixty three on Wall Street,
Speaker 1: and it's time to bring in Michael Bart and tell
Speaker 1: us what else is going on in New York and
Speaker 1: around the world, John, thank you very much. A deadly
Speaker 1: bus crash on the New Jersey Turnpike last night. Authorities
Speaker 1: say a double decker bus transporting passengers from New York
Speaker 1: to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the
Speaker 1: State Police spoke to reporters. We are confirming right now
Speaker 1: one fatality and five serious injuries as results of the explosion.
Speaker 1: Sergeant Peel says the bus also hit a pickup truck.
Speaker 1: Former President Donald Trump will be questioned under oath today
Speaker 1: and the New York Attorney General's long running civil investigation
Speaker 1: into his dealings as a real estate mogul. The White
Speaker 1: House as President Biden and AIDS were not giving the
Speaker 1: heads up on the FBI raid on former President Trump's
Speaker 1: Mara logo estate and learned about the search from news reports.
Speaker 1: White Nose Press Secretary Karine Jean Pierre. President Biden has
Speaker 1: been unequivocal since the campaign. He believes in the rule
Speaker 1: of law, in the independence of Justice Department of the
Speaker 1: Justice Department investigations. Meanwhile, Trump supporters are speaking out about
Speaker 1: the search. House Minority Leader Kevin McCarthy, you should never
Speaker 1: use the Justice Department on a political whim like this,
Speaker 1: and I think that's the real question that we're looking at.
Speaker 1: House Minority Leader McCarthy called for oversight of the d
Speaker 1: O J. Primary elections were held in four states. Tim Michael's,
Speaker 1: by former President Trump, won the Wisconsin GOP gubernatorial nomination
Speaker 1: with of the votes over former Lieutenant Governor Rebecca Cliffish,
Speaker 1: who was endorsed by former VP Mike Pence. Michael's thanked
Speaker 1: his supporters late last night. Since I was a young
Speaker 1: boy where I helped farmers bail Hay and pick Rocks.
Speaker 1: I know how to do a hard day's work, and
Speaker 1: the hard working people in Wisconsin deserve to have a
Speaker 1: leader who understands how hard they're working and will lead
Speaker 1: by example. Tom Michaels will face Democratic Governor Tony Evers.
Speaker 1: In Connecticut. Trump endorsed Leora Levy one her g op
Speaker 1: U S Senate primary with more than fifty percent of
Speaker 1: the vote in a three way race. Levy will face
Speaker 1: Democratic incumbent Richard Bloomenthal. In District four. Republican Jamie Stevenson
Speaker 1: beat Michael Goldstein with more than sixty percent of the
Speaker 1: vote for a US out seat. Stevenson will run against
Speaker 1: Democratic can come at Jim Himes. New York City's m
Speaker 1: t A as a step closer the rolling out a
Speaker 1: concession pricing plan that would charge some mothers as much
Speaker 1: as twenty three dollars to ander Manhattan Central Business District.
Speaker 1: The tolling scenario for the plan, the first for US city,
Speaker 1: was outlined in an environmental assessment report released today. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quittake, powered by more than twenty seven hundred journalists
Speaker 1: and analyists more than a hundred twenty countries. Michael barn
Speaker 1: this is Bloomberg. John, alright, Michael, thank you. It's six
Speaker 1: thirty six on Wall Street. It's signed out for the
Speaker 1: Bloomberg Sports Update. To answer that, here's John stats. All right,
Speaker 1: John had one nothing lost for the Yankees had happened
Speaker 1: this past Saturday in St. Louis. Last night in Seattle,
Speaker 1: the Mariners won one nothing in thirteen in names. Neither
Speaker 1: team could score despite the rule now where extra innings
Speaker 1: begin with the runner at second base. In both the
Speaker 1: tenth and eleven the Yanks killed their scoring Jan's first
Speaker 1: Andrew Bennettenni got picked off, and then Jose Travino got
Speaker 1: thrown out between second and third. Aaron Boone was asked
Speaker 1: about base running blunders. Obviously, you know we're runs are
Speaker 1: are really tough to come by. Um, you know, it's
Speaker 1: been one of the real strength list team. So I
Speaker 1: don't want to lose our coggressiveness. But but obviously we
Speaker 1: gotta be a little smarter. Aarons wanted with a couple
Speaker 1: of hits in the thirteenth, thought Jonathan Lewisa ga in
Speaker 1: thirteen inns, the Yanks only had three hits. The Mets,
Speaker 1: with their six two win over the Reds and City Field,
Speaker 1: now have a better record than the Yankees. Carlos Carrasco
Speaker 1: with his thirteenth win on runs for Francisco Lindora and
Speaker 1: Jeff McNeil. The Mets had won fourteen to the last sixteen.
Speaker 1: In the last four wins, they've only allowed a total
Speaker 1: of seven runs. The Rangers announced the new captain, twenty
Speaker 1: eight year old hard hitting defenseman Jacob true By, getting
Speaker 1: ready for his fourth season with the Blue Shirts. The
Speaker 1: Rangers have been without a captain since Ryan mcdonnald left
Speaker 1: in two thousand eighteen. In golf, Cam Smith, the Aussie
Speaker 1: who won the Open Championship last month, is the latest
Speaker 1: to join the new Live Tour. Serena Williams will retire
Speaker 1: after the upcoming US Open in New York. She has forties.
Speaker 1: He's won twenty three majors. It's one shy of the
Speaker 1: record that really needs an asterisk because Margaret Court won
Speaker 1: many of hers at the time when pros didn't even
Speaker 1: play in the major. Serena, without the doubt of the
Speaker 1: goat of women's Tennessey, said she's ready to move on
Speaker 1: to new things don't actual however, Bloomberg Sports John Jon
Speaker 1: thanks very much. It is now six thirty eight on
Speaker 1: Wall Spread, and that's time to take a look at
Speaker 1: starts some of the names that are moving to the
Speaker 1: pre market this morning. For that, we're joined by Bloomberg
Speaker 1: reporter Laura Right. Top red story has to do with
Speaker 1: Elon Musk, and of course that is moving shares of Tesla.
Speaker 1: All has to do with Twitter. What's the latest, Yeah,
Speaker 1: both has on Twitter moving to the upside. That seems
Speaker 1: an aberration, as in recent times we've become used to
Speaker 1: an inverse correlation between the path Look. Musk has sold
Speaker 1: almost seven billion dollars of his Tesla shares. You could
Speaker 1: call this a form of damage limitation. Musk is preparing
Speaker 1: for the eventuality that he may have to buy Twitter.
Speaker 1: We trying to get out of that deal. Twitter is
Speaker 1: rallying um and, in accordance to one analyst dive from Wedbush,
Speaker 1: because it seems that this deal is more likely Elon
Speaker 1: Musk may be forced to buy and the news in
Speaker 1: the crypto space this morning, what's that Yeah? Coin based
Speaker 1: down seven percent ahead of the bell look. It reported
Speaker 1: a record loss in the second quarter and revenue that
Speaker 1: fell short of expectations. Coin bas has narrowed their projection
Speaker 1: for average monthly user transactions for the rest of this year.
Speaker 1: What analysts find concerning, though, is the decrease in retail trading.
Speaker 1: That said coin base has partnerships with heavyweights such as
Speaker 1: Meta and black Rock, which will take some time to
Speaker 1: take off. Well, what is car Lots, Well, this is
Speaker 1: an auto dealer and it's agreed to merge with Shift Technologies,
Speaker 1: a fellow car dealer. Car Lots is up twenty four
Speaker 1: percent in pre market trading. This will be a stock
Speaker 1: for stock transaction and the streets, the geographic overlapp and
Speaker 1: the opportunity to unlock synergies with the new company. And finally,
Speaker 1: rob Lives that is yes, the Roadblocks is a children's
Speaker 1: and teenage GameMaker. Right now, it's down toward jeen percent.
Speaker 1: Neither do I had to look it out before, no
Speaker 1: nor a gameplayer myself, but basically it reported bookings that
Speaker 1: missed analysts estimate another one bites the dust. You could
Speaker 1: argue we saw this with Nvidia earlier this week, which
Speaker 1: itself experienced a lack of demand for chips necessary for
Speaker 1: high quality PC gaming. Now that economies have reopened, cost
Speaker 1: of living is starting to bite. Seems that demand for
Speaker 1: gaming is decreasing. Okay, Laura, thanks, I appreciate Bloomberg reporter
Speaker 1: Laura right looking at starts as a whole, ahead of
Speaker 1: the cash shop and not Walster. We have right now
Speaker 1: s and P futures, the evening futures downline points down
Speaker 1: futures there are up sixty four points that as they
Speaker 1: EMNY futures right now up thirty two points. Of course,
Speaker 1: all that could change after a thirty that's when we
Speaker 1: get the all important inflation print for the month of July.
Speaker 1: Uh And right now, as we look at treasuries, the
Speaker 1: inversion continues h fort seven negative forty seven basis point
Speaker 1: difference between twos and tans. The two's at the tenure
Speaker 1: yield right now two point seven eight percent. You're listening
Speaker 1: to Bloomberg Day Break, the Bloomberg weather from meti Rama
Speaker 1: just Rob Carol at the Cobs day giving it a
Speaker 1: partial sun maybe a thunderstorm later has in the mid eighties.
Speaker 1: Tomorrow chance at Morgan showers than partly study high temperature
Speaker 1: about eighty five degrees. Markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg
Speaker 1: Business and at Bloomberg Quick Take. This is a Bloomberg
Speaker 1: Business lash. I'm Nathan Hagar. Futures are posting modest gains,
Speaker 1: incautious trading ahead of US inflation data, little shape investor
Speaker 1: expectations for further Federal Reserve interest rate hikes. We check
Speaker 1: the markets every fifteen minutes during the trading day. Bloomberg
Speaker 1: SMP futures are up eleven points. Staff futures are hired
Speaker 1: by seventy five. Nastic futures on the rise by thirty
Speaker 1: nine points. The tenure Treasury is now little change. The
Speaker 1: yield two point seven seven percent yield on the two
Speaker 1: year three point two four percent. Nim X screwed is
Speaker 1: down one percent, down one cents eighty nine dollars fifty
Speaker 1: nine cents of Barrel Comic Gold is down a tenth percent,
Speaker 1: down two dollars ten cents. At eighteen ten twenty announced,
Speaker 1: the Euro is at one point zero two to eight
Speaker 1: against the dollar. The pound is at one point two
Speaker 1: zero nine one the end one thirty four point nine five.
Speaker 1: Bigcoin down about three tenths percent. Right around twenty three thousand.
Speaker 1: That's the Bloomberg Business Flash. And now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Nathan Donald Trump's candidate of choice
Speaker 1: as one Wisconsin Republican nomination to take on Democratic Governor
Speaker 1: Tony Evers, Businessman Tim Michael's defeated former Lieutenant Governor Rebecca Cleefish,
Speaker 1: backed by former VP Mind Pence. Former President Trump will
Speaker 1: be questioned under oath today and the New York Attorney
Speaker 1: General's long running civil investigate into his real estate dealings.
Speaker 1: And baseball, the Yankees lost to the Mariners one zip
Speaker 1: and thirteen innings. The Mets beat the Reds six to
Speaker 1: the Red Sox lost to the Braves nine seven, the
Speaker 1: Nationals and Orioles one the Giants, and A's lost. Global
Speaker 1: news twenty four hours a day on air end on
Speaker 1: Bloomberg Quick Take power by more than twenty seven under
Speaker 1: journalists an analyists, more than dred twenty countries. Michael Barr,
Speaker 1: and this is Bloomberg, John, Michael, thank you. Six nineteen
Speaker 1: on Wall Street. We are on lying from the Bloomberg
Speaker 1: Interact of Broker Studios. This is Bloomberg daybreak Johnny is
Speaker 1: now Morgan Stanley, Chief of US Economists, Ellen Zender Investors
Speaker 1: today focused on the key inflation report, the Consumer Price Index,
Speaker 1: out at eight thirty Wall Street Time. Let's get a
Speaker 1: preview right now. Ellen, always a pleasure to talk to you.
Speaker 1: Have we seen the peak? Uh? Yeah, it depends on
Speaker 1: which metric you follow, but hopefully know upside surprises in
Speaker 1: today's report. Of the course, that's the dorm of late
Speaker 1: and uh. But yeah, year over year rates um should
Speaker 1: be coming down on the headline that includes food and energy,
Speaker 1: And of course that's easy to say because both food
Speaker 1: and energy prices have been falling. But we continue to
Speaker 1: remain very focused and the FED continues remain very focused
Speaker 1: on core inflation that strips out food and energy, and
Speaker 1: month over month, that rate should be slower this month
Speaker 1: in the previous month. Uh. And that's really that sequential
Speaker 1: slowing that the Fed is going to be looking for. Uh.
Speaker 1: And I think if we get that, and I think
Speaker 1: it's still going to keep markets pretty balanced between will
Speaker 1: they go seventy paces points or fifty at their next meeting. Yeah,
Speaker 1: it's that the headline that the folks like me pay
Speaker 1: attention to. Because I pay less at the pump and
Speaker 1: pay less at the supermarket. But as you point out J.
Speaker 1: Powelling Company, they're focused more on the core UH and
Speaker 1: UH As far as the rate trajectory from here, you
Speaker 1: do think it's lower the in terms of inflation. Yeah,
Speaker 1: I do think that what we'll see in today's numbers
Speaker 1: that at least on a sequential basis, that we that
Speaker 1: that the last print probably was the peak. But you know, John,
Speaker 1: there have been so many volatile components that have been
Speaker 1: so difficult to forecast. And you know, airline prices we've
Speaker 1: been hearing they've been coming down. Does that show up
Speaker 1: in this report? What happens with new and used motor
Speaker 1: vehicle prices? Those have been the big swing factors. But
Speaker 1: I think what you want to drill into right away
Speaker 1: is what happens with rental prices. UM shelter is a
Speaker 1: big share of the core bucket of consumer inflation, and
Speaker 1: it is a problem, and it's something that tells you
Speaker 1: that it is a uh an element that tells you
Speaker 1: how types of labor market is UM and it tells
Speaker 1: you how difficult and sticky inflation is to come down.
Speaker 1: So that's really where we should focus if we're thinking
Speaker 1: about individual components when that report comes out, UM is,
Speaker 1: shelter inflation is still a problem, and of course rental
Speaker 1: prices are in that and that's going to keep the
Speaker 1: FED on a on a hiking bias of course for
Speaker 1: quite some time. We're just trying to determine the end game.
Speaker 1: How far does the FED need to go? Not do
Speaker 1: they need to continue to hike, We'll put that right
Speaker 1: back to you. How far do they need to go? Well,
Speaker 1: we think that they go at least uh to three
Speaker 1: point six to mid range of the Federal funds rate
Speaker 1: target at the end of this year. UM, and I
Speaker 1: think markets are world positioned for the Fed going uh
Speaker 1: much higher form where we are today. So that's roughly
Speaker 1: another hundred and twenty five basis points from where we
Speaker 1: are today and the FED funds right, So that's still
Speaker 1: a steep path into the end of the year. Where
Speaker 1: we differ from market expectations is that we believe that
Speaker 1: the Fed will hold there for almost all before starting
Speaker 1: to cut rates in December. You where is the market
Speaker 1: believes that we're headed for some real trouble here, uh,
Speaker 1: and the Fen's going to have to start cutting rates
Speaker 1: shortly after they reach that that peak. I just believe
Speaker 1: inflation is going to stay high. I do believe that
Speaker 1: there is a real chance that we could have a
Speaker 1: quote unquote soft landing. And so I don't think the
Speaker 1: Fed's going to need to start cutting right away after
Speaker 1: they reach that peak rate. The FED, of course has
Speaker 1: this dual mandate the price stability and full employment. Do
Speaker 1: they have to torpedo the jobs market to get what
Speaker 1: they want on the inflation front? Yeah? Well, Um, John,
Speaker 1: I like that word torpedo, but it certainly sounds ominous,
Speaker 1: doesn't it. Um, they do have to so this is
Speaker 1: in in nice economics and said speak right. They have
Speaker 1: to create slack in the labor market. So torpedo sounds
Speaker 1: a little strong. But what does slack in the labor
Speaker 1: market mean. It means that the unemployment rate needs to
Speaker 1: rise the labor market is too tight. Uh. And so uh,
Speaker 1: certainly Friday's jobs report may look like the labor market
Speaker 1: was still tightening, not starting to loosen. Uh. And that's
Speaker 1: a problem for the said because you really can't bring
Speaker 1: inflation down unless you create slack in the economy, and
Speaker 1: especially slack in the labor market. Uh. And we just
Speaker 1: haven't seen signs yet that the labor market is slowing
Speaker 1: from this toward pace of job games. How does productivity
Speaker 1: We've only got about twenty seconds left. How does productivity
Speaker 1: figure into this productivity? You want productivity to rise because
Speaker 1: it is a dampener on inflation um and productivity is
Speaker 1: so volatile right now because of the underlying data. But
Speaker 1: ultimately you want productivity to be high, uh, in order
Speaker 1: to help bring inflation down. All right, Allen, always a pleasure,
Speaker 1: Thanks for being with us. We appreciate it. Allen Center,
Speaker 1: the chief of US account of US dead, Morgan Stanley. Again,
Speaker 1: we get that inflation report. The print right now at
Speaker 1: thirty who could show the biggest slowdown since April at
Speaker 1: least to the headline and ahead of the cash open
Speaker 1: on Wall Street. The down futures right now seventy two
Speaker 1: points hire SMP futures they're up ten. The next day
Speaker 1: futures thirty three points hire. You're listening to Bloomberg day
Speaker 1: break at a Bloomberg weather for today for meteorologist Rob Carolin,
Speaker 1: clouds giving away to partial sun, chance of a thunderstorm,
Speaker 1: highs at the mid eighties Tomorrow morning showers that partly
Speaker 1: study highs about eight and find degrees live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg day Break for Wednesday,
Speaker 1: August two. Coming up this hour. Trader is ready for
Speaker 1: the latest reading on inflation. Elon Musk sells more Testla
Speaker 1: shares to prepare for the possible purchase of Twitter. The
Speaker 1: d o J is poised to sue Google over its
Speaker 1: digital ad dominance, and coin Bass slides after an earnings
Speaker 1: miss and dim forecast. The bus accident in New Jersey
Speaker 1: has left at least one person dead plus Former President
Speaker 1: Trump gives his deposition today in New York. I'm Michael Barr.
Speaker 1: More ahead, I'm John stash Ourn Spards another win for
Speaker 1: the Red Hot Mats. The Yankees lost in Seattle. Wand
Speaker 1: En update in thirteen in eas That's all turned ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg Eliven Free on New York
Speaker 1: Bloomberg ninety nine one, Washington d C Bloomberg one oh
Speaker 1: six one, Boston Bloomberg nine sixties and Francisco Syrius Exam
Speaker 1: one nineteen and around the world on Bloomberg Radio dot
Speaker 1: com and via the Bloomberg Business app. Good morning. I'm
Speaker 1: John Tucker, I'm Nathan Hager. Bloomberg Daybreak is brought to
Speaker 1: you by b n y Melon's Pershing Learned why the
Speaker 1: world's most sophisticated wealth management and institutional firms rely on
Speaker 1: Pershing to help them improve profitability, create efficiency, attract talent,
Speaker 1: and manage risk at pershing dot Com. Futures are moving
Speaker 1: higher as we await July cp I at six on
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes during the trading day. On Bloomberg, SMP futures
Speaker 1: up nine points now, futures up fifty seven. NASTAC futures
Speaker 1: are highed by thirty three points. The ten your treasury
Speaker 1: is up one thirty second. The yield two point seven
Speaker 1: seven percent yield on the two year three point to
Speaker 1: four nime xcrude is down nine tenths per cent or
Speaker 1: eighty eight cents three cents of barrel. John Nathan All
Speaker 1: eyes are on this morning's inflation report. Economists predict a
Speaker 1: deceleration and consumer prices. They predict prices for July rose
Speaker 1: at an annual rate of eight point seven percent. Let's
Speaker 1: get more from boom Berg's Michael McKee headline inflation is
Speaker 1: forecast to have eased in July, in large part because
Speaker 1: oil prices fell, bringing down the cost of gasoline. While
Speaker 1: perhaps helpful, it won't have much influence on FED thinking.
Speaker 1: That's because core inflation, stripping out energy and food, is
Speaker 1: expected to post another big increase. Rents in particular are
Speaker 1: seen accelerating, which boosts the home price component of CPI.
Speaker 1: While many commodities have declined in price on futures markets,
Speaker 1: those drops likely haven't worked their way into retail prices yet. Also,
Speaker 1: another big drop in productivity during the second quarter means
Speaker 1: companies aren't recouping all their costs, including labor costs, which
Speaker 1: rose at a double digit pace from April through June.
Speaker 1: Michael McKee, Bloomberg Day Break, I'm Mike. Thanks. This morning,
Speaker 1: we're learning about the impact of President Biden's Inflation Reduction Act.
Speaker 1: It is said to become law in the coming days.
Speaker 1: One major bank says the bill will hardly impact prices
Speaker 1: at all. Bloomberg. Granida Young joins us Live with that story.
Speaker 1: Good morning, Granida, Good morning Nathan. The Inflation Reduction Act
Speaker 1: is estimated to reduce the federal budget deficit by about
Speaker 1: three hundred billion dollars over the next decade, but JP
Speaker 1: Morgan Chase economists say the law will have almost no
Speaker 1: effect on the price growth that's currently running at the
Speaker 1: fastest pace in four decades. The nonpartisan Congressional Budget Office,
Speaker 1: the Committee for a Responsible Federal Budget, and the Penwarton
Speaker 1: Budget Model all agree that the legislation will have a
Speaker 1: minimal influence on inflation. Live in New York, I'm Rnita
Speaker 1: Young Bloomberg dayper we needed thanks. Meantime, we're learning the
Speaker 1: Inflation Reduction Act will have tax implications for corporations in
Speaker 1: middle class Americans. Amy Morris has details from our Bloomberg
Speaker 1: news room in Washington. Analysis by the Congressional Joint Committee
Speaker 1: on Taxation finds that corporations will pay nearly two hundred
Speaker 1: ninety six billion dollars more in federal taxes over the
Speaker 1: next decade, much of that from a new corporate minimum
Speaker 1: tax requiring billion dollar companies to pay a fifteen percent minimum.
Speaker 1: Households making less than one hundred thousand dollars will see
Speaker 1: net tax cuts through, mostly through Affordable Care Act premium subsidies.
Speaker 1: Taxes for middle and low income households are largely unchanged.
Speaker 1: The bill is set for a vote in the House
Speaker 1: on Friday. In Washington, I'm anymore as Bloomberg day break, Okay, Amy,
Speaker 1: thank you. Let's turn our attention overseas now, where Europe
Speaker 1: is in the midst of a heat wave evaporating the
Speaker 1: region's rivers. A major waterway in Germany's drying up that
Speaker 1: could have major economic implications. Bloomberg's You and Potts joins
Speaker 1: us from London with the latest on Good Morning You
Speaker 1: and Good Morning Nathan and John. The River Ryne is
Speaker 1: set to become effectively impossible to shipping later this week.
Speaker 1: The German government says the water able to drop below
Speaker 1: sixteen inches deep on Friday at a key point west
Speaker 1: of Frankfurt's as the region's drought continues. That level vessels
Speaker 1: that haul everything from diesel to coal will be unable
Speaker 1: to use the river. It's yes, another problem in Europe's
Speaker 1: worst energy crisis in decades. In London, I'm you and
Speaker 1: Potspoon make day break, You and thanks. So let's turn
Speaker 1: to the markets now. We're earnings are waiting on semi
Speaker 1: conductor stocks. Micron Technology, the latest shipmaker to Warner of
Speaker 1: slowing demand. We've heard similar soundument from Nvidia, Intel, and
Speaker 1: a m D in recent days that caused the Philadelphia
Speaker 1: Semi Conductor Index to fall more than four percent yesterday.
Speaker 1: Learning is in the crypto space, you're disappointing as well.
Speaker 1: John Shares of coin base or down almost eight percent
Speaker 1: this morning after the company posted a record second quarter
Speaker 1: loss and lower than expected revenue. Coin based chief operating
Speaker 1: officer Emily Choi discussed the results with Bloomberg exam Lee Chang.
Speaker 1: I think it was a rough quarter for most companies
Speaker 1: in the crypto space. We obviously had some big episodic
Speaker 1: events that happened during the quarter, and so some of
Speaker 1: those asset prices shrunk, which then impacts things like the
Speaker 1: assets on platform and other numbers point they see Emily
Speaker 1: Chang speaking on Bloomberg Technology. Catch our daily Bloomberg Technology
Speaker 1: podcast wherever you get your podcast. As Sticking with earnings,
Speaker 1: Disney set to report today after the bell Bloomberg Intelligence
Speaker 1: as the company expects to see subscriber growth for its
Speaker 1: Disney Plus streaming service, but the big questions whether management
Speaker 1: will walk back future subscriber guidance after losing streaming rights
Speaker 1: for the Indian Premier League we're learning this morning about
Speaker 1: another share sale by Elon Musk. He has sold another
Speaker 1: nearly seven billion dollars in Testlas stock, according to regulatory filings.
Speaker 1: The sale comes as Must faces legal challenges in his
Speaker 1: bid to pull out of a deal to buy Twitter.
Speaker 1: Global Business editor mL O'Brien has more on the sale.
Speaker 1: Looks like he's looking to cash in on a substantial
Speaker 1: amount of stock. While it is at a decent level
Speaker 1: of eight hundred and fifty dollars a share right now,
Speaker 1: up from those loads reached in May just about six
Speaker 1: hundred dollars. Bloomberg Exama O'Brien says Must could sell even
Speaker 1: more Tesla shares if he's forced to buy Twitter, and
Speaker 1: right now Tesla is up about two in the pre
Speaker 1: market and some big news from the search giant Google.
Speaker 1: Sources tell us the Justice Department preparing to sue Google
Speaker 1: as soon as next month. The move would cappy years
Speaker 1: of work building a case that the alphabet unit illegally
Speaker 1: dominates the digital advertising market. The Justice Department declined to
Speaker 1: comment on further details, and ahead of the cash open
Speaker 1: on Wollsbury, we have futures in the green this morning.
Speaker 1: The down futures of fifty seven points. That's a rise
Speaker 1: of two tens smp E many futures of nine nas
Speaker 1: deck futures there were up thirty two points. This is
Speaker 1: Bloomberg deabria As. That's six seven on Wollsbury. Time to
Speaker 1: bring in Michael Barr to find out what else is
Speaker 1: going on to New York and on the world. John,
Speaker 1: Thank you very much, sir. There was a deadly bus
Speaker 1: crash on the New Jersey Turnpike last night. Authorities say
Speaker 1: one person was killed and five people were seriously injured
Speaker 1: when a passenger bus from New York to Philadelphia overturned
Speaker 1: near Woodbridge. Sergeant Lawrence Peel of the State Police preliminary
Speaker 1: information indicates that at approximately six fifty three pm, a
Speaker 1: coach double decker bus overturn and came to rest on
Speaker 1: the entrance ramp to the service area. Sergeant Peel says
Speaker 1: the bus also struck a pickup truck. Former President Donald
Speaker 1: Trump says he will be questioned under oath today in
Speaker 1: the New York Attorney General's long running civil investigation into
Speaker 1: his real estate dealings. The New York civil investigation involves
Speaker 1: allegations that Trump's company misstated the value of assets and
Speaker 1: misled lenders and tax authorities. FBI agents recently searched his
Speaker 1: Maura lago A state in Florida as part of an
Speaker 1: unrelated federal probe and whether he took classified records when
Speaker 1: he left the White House. Trump supporters are reacting to
Speaker 1: the search. Republican Senator Ted Cruz of Texas. This raises
Speaker 1: serious questions again about the Biden administration politicizing and weaponizing
Speaker 1: law enforcement. I believe Congress should hold hearings, we should
Speaker 1: have subpoenas. White House Press Secretary Karine Jean Pierre. The
Speaker 1: President and the White House learned about this FBI search
Speaker 1: from public reports. We learned just like the American public
Speaker 1: did yesterday, and we did not have advanced no it
Speaker 1: is of this activity. Karine Jean Pierre also urged China
Speaker 1: to reconsider escalating aggression. Meanwhile, China says well in Taiwan
Speaker 1: military drills and plans regular patrols. Businessman Tim Michaels, endorsed
Speaker 1: by Donald Trump, won the GOP primary for Wisconsin Governor.
Speaker 1: Michaels defeated former Lieutenant Governor Rebecca Cleefish, who had the
Speaker 1: backing of former VP Mike Pence. Michaels would face current
Speaker 1: Democratic Governor Tony Evers in the fall. In Connecticut, another
Speaker 1: Trump and Doris candidate one her GOP primary. We are
Speaker 1: at Levy won the U. S Senate primary with more
Speaker 1: than fifty percent of the vote in a three way race.
Speaker 1: Levy will face Democratic incumbent Richard Bloomenthal, who ran unopposed,
Speaker 1: and District four's GOP primary. Jamie Stevenson beat Michael Goldsteam
Speaker 1: with more than sixty percent of the vote for a
Speaker 1: US House seat. Stevenson will run against Democratic incumbent Jim Himes.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists
Speaker 1: and analysts and more than a hundred twenty countries. I'm
Speaker 1: Michael bar This is Bloomberg, John Michael, thank you, And
Speaker 1: it's now six ten of Wall Street, this time for
Speaker 1: the Bloomberg Sports Update. And here's John stess Shower. Thanks John.
Speaker 1: Seattle Mariners manager Scott's Service called last night's game one
Speaker 1: of the best he's ever seen. Certainly had great pitching,
Speaker 1: thirteen innings, only ten hits, the first game to be
Speaker 1: scoreless in the thirteen since they put in the new
Speaker 1: rule or extra things beginning with the runner of second base.
Speaker 1: After four hours, finally a run was scored. Why is
Speaker 1: it gets ready? Here's the stretch and now the O
Speaker 1: two on the way to turn swinging a light dried
Speaker 1: facing right field, US nothing a Yankee tyro the call.
Speaker 1: Yankees wasting a Garret Cold Jam against the Seattle team
Speaker 1: that scored six runs off him in the first inning.
Speaker 1: Last week in New York. Cold battled with Luis Castillo,
Speaker 1: who made his third start in the last four weeks
Speaker 1: against the Yanks. The first one was with the Reds.
Speaker 1: He dominated them in all three of those starts. Yanks
Speaker 1: tried to acquire Casteal, he went to the Mariners instead.
Speaker 1: Speaking of the Reds, Mets feed him at City Field,
Speaker 1: six to two home runs for Francisco, then Door and
Speaker 1: Jeff McNeil. Thirteenth win of the year for Carlos Carrasco.
Speaker 1: He's tied for the league lead. Mets have won fourteen
Speaker 1: and the last sixteen only one of those victories by
Speaker 1: one run, another by two. The other twelve wins all
Speaker 1: by at least three runs. Atlanta one in Boston and
Speaker 1: remains seven games behind. When Jets tackling Mackay, vecked and
Speaker 1: limped off the practice field Monday. Coach Rob Salah at
Speaker 1: first did not think it was a serious knee knee
Speaker 1: and dream. Then came the m R. I that revealed
Speaker 1: it was, and the news yesterday it's season ending. Beckton
Speaker 1: hurt the same knee in last year's season opener, missed
Speaker 1: one as well. The Jets drafted Beckton with the eleventh
Speaker 1: overall pick. In John Stashwer Bloomberg Sports count all right, John,
Speaker 1: thanks head of the open on Wall Street. Down futures
Speaker 1: of sixty points, SMP immunum futures, they're up nine points
Speaker 1: right now, and then AzaC futures up thirty two. You
Speaker 1: are listening to Bloomberg day Break and just ahead, is
Speaker 1: this the peak four inflation. We'll put that question to
Speaker 1: Allen Zenner, the chief of U S Economists at Morgan
Speaker 1: Stanley just ahead on Bloomberg day Break