Speaker 1: By from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Thursday, July fourteen two Coming up this hour,
Speaker 1: Speculation grows about a one percent rate hike by the Fed.
Speaker 1: This month. Wall Street braces for another report on inflation.
Speaker 1: Bank earnings began with JP Morgan Chase and Morgan Stanley
Speaker 1: recording this morning, and President Biden boost Israel's military as
Speaker 1: his Middle Eastern trip continues. Two more shark attacks took
Speaker 1: place within hours off Long Island, plus the New York
Speaker 1: City Council demand's Mayor Adams restore school budgets, Michael barn
Speaker 1: More Ahead, johns fatchtowering sports. The Yankees came for barring
Speaker 1: the feet, the Red the Mets one in Atlanta, the
Speaker 1: Open Championship Go Fuderway in Scotland. That's All's trendy head
Speaker 1: on Bloomberg day Break on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius XM one nineteen and
Speaker 1: around the world on Bloomberg Radio dot com and via
Speaker 1: the Bloomberg Business app. Good Morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow and US DOT in next futures are
Speaker 1: following this morning. We're coming up to six oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg. Right now, SNP
Speaker 1: futures are down thirty seven points down, futures down two
Speaker 1: eighty and NASDAG futures down. The decks in Germany is
Speaker 1: down six tenths of a percent. Ten year Treasury down
Speaker 1: eight thirty seconds, held two point nine six percent. That
Speaker 1: yield on the two year three point one nine percent.
Speaker 1: Nine X screwed oil is down two point four percent,
Speaker 1: down two dollars thirty seven cents at ninety three dollars,
Speaker 1: ninety three cents of barrel. COMEX gold is down one
Speaker 1: in a quarter percent, or twenty one dollar seventy cents
Speaker 1: at seventeen eighty announced, and the euro one point zero
Speaker 1: zero four or five against the dollar. Nathan, thank you, Karen.
Speaker 1: Reaction continues to pour into yesterday's hot reading on inflation.
Speaker 1: The dollar is trading at a twenty four year high
Speaker 1: against the end. Speculation is growing that the Fed's next
Speaker 1: move maybe a one percent rate hike rather than a
Speaker 1: seventy five basis point increase. We caught up with Cleveland
Speaker 1: FED President Laretta Mester. Certainly, the inflation report suggests that
Speaker 1: there's no reason to say that a smaller rate increase
Speaker 1: than we did last time, right because nothing moved in
Speaker 1: that direction. Cleveland FED President Laretta Mester made those comments
Speaker 1: in an interview with Bloomberg's Kathleen Hayes Well. Nathan Mester
Speaker 1: is not the only Fed official hinting of higher rates
Speaker 1: to come. Atlanta Fed President Raphael Bostick says, quote, everything
Speaker 1: is in play for policy action this month. To get
Speaker 1: more from Bloomberg Charlie Pellett. His comment came after data
Speaker 1: showed that US inflation accelerated again to a fresh four
Speaker 1: decade high last month. Speaking to reporters in St. Petersburg, Florida,
Speaker 1: Bostick said, the top line number is a source of
Speaker 1: concern and everything is in play. The comments add fuel
Speaker 1: to be so the Fed is more likely than not
Speaker 1: to raise interest rates by one hundred basis points when
Speaker 1: it meets later the month in New York. Charlie Pellocks
Speaker 1: Bloomberg Daybreak, Okay, Charlie thank you, and coming up today,
Speaker 1: we get another reading on inflation with the release of
Speaker 1: the Producer Price Index for June. Here with the preview
Speaker 1: is Bloomberg's Michael McKee. Though it would seem logical, the
Speaker 1: producer price index actually doesn't really lead moves of the
Speaker 1: consumer price index, and that may be a good thing.
Speaker 1: Unlike consumer prices, producer prices have been falling a little
Speaker 1: bit after reaching a peak in March. The economist consensus
Speaker 1: forecast is that continued to come down in June. But
Speaker 1: CPI surprised to the upside last month, and there's a
Speaker 1: risk at least headline PPI could do the same. Oil
Speaker 1: and gas a lead prices rose as did other commodities,
Speaker 1: pushing up the cost of goods. The unanswered question is
Speaker 1: how service prices have behaved. Watched the Trade Services index
Speaker 1: in the pp I. It's something of a proxy for margins.
Speaker 1: As earning season gets underway in the US, Michael McKee,
Speaker 1: Bloomberg daybreak. All right, Michael, thank you, and speaking of earnings,
Speaker 1: this season gets started this morning and earnest when big
Speaker 1: banks you're poor, And we get the details from Bloomberg.
Speaker 1: A Global Finds Correspondencnally basic, JP Morrigan and Morgan Stanley
Speaker 1: kickoff earnings for the biggest US banks, and recession fears
Speaker 1: are growing across the economy. The question is our provisions
Speaker 1: for loan losses going to build? Especially at JP Morgan
Speaker 1: where net interest income is also rising due to higher
Speaker 1: interest rates. The question is how much will that offset
Speaker 1: any future pains from any potential recession ahead. I'm Shnei
Speaker 1: Bask Bloomberg Daybreak occastionally thanks. As recession fears grow on
Speaker 1: Wall Street, one top tech executive says the industry will
Speaker 1: be able to weather the storm. Let's get that live
Speaker 1: from Bloomberg. Jnading on Good Morning, Nita, Good Morning Nathan.
Speaker 1: IBM CEO Arvin Christna says he believes business technology spending
Speaker 1: will remain robust above GDP growth, including in Europe, and
Speaker 1: this is even after others in the industry have been
Speaker 1: pest pessimistic in the face of a potential US recession
Speaker 1: and resulting slower growth. When you look at supply chain inflation,
Speaker 1: libo demographics, interest rates. Technology offers you away to scale
Speaker 1: without necessary increasing costs that are linear. IBM CEO Arvin
Speaker 1: Krishna is less optimistic about supply chain problems. He says
Speaker 1: they're a real fundamental issue and will go on for
Speaker 1: a couple more years. Live in New York. I'm really
Speaker 1: need a Young Bloomberg daybreak. I real need to thank you.
Speaker 1: Are turning to politics now. President Biden will sign know
Speaker 1: like continuing US commitment to Israel's defense. As part of
Speaker 1: his trip through the Middle East, the President signs a
Speaker 1: joint declaration with Israel's new Prime minister, extending an agreement
Speaker 1: that provides billions of dollars to the country's military. Tomorrow,
Speaker 1: Biden heads to Saudi Arabia. Democratic Congresswoman Abigail Spenberger says
Speaker 1: he'll need to project American values when he meets with
Speaker 1: Crown Prince Mohammed been salmoned. He must raise the issue
Speaker 1: of Jamal Kasos murder. He must continue to ensure that
Speaker 1: we have strong expectations of what our Saudi partners are
Speaker 1: or are not bringing to the table, whether they are
Speaker 1: or are not um meeting the expectations we have in
Speaker 1: terms of the values that they u are abiding. Congresswoman
Speaker 1: Abigail Spenberger of Virginia spoke with Our Washington corresponded Joe
Speaker 1: Matthew on Bloomberg Sound on. Catch the program weekdays at
Speaker 1: five pm Eastern on Bloomberg Radio. Their new developments in
Speaker 1: the pandemic The Battle against the Pandemic. This morning, Karen,
Speaker 1: the nation's top doctor, says all Macron b A five
Speaker 1: is getting more worrisome. Bloomberg said, Baxter has the story.
Speaker 1: COVID Response Coordinator Doctor Ashisha Jaw says it's something to
Speaker 1: very carefully watch. It is certainly the most immunovative. What
Speaker 1: we're seeing as people who are previously infected getting reinfections
Speaker 1: at high rates, people who got vaccinated let's say last year,
Speaker 1: having a ton of breakthrough infections. So something that we're
Speaker 1: you know, obviously paying very close attention to. Yeah. Dr
Speaker 1: Josh has mitigation tools like smart use of masks, and
Speaker 1: of course vaccinations is important. He says, everybody over fifty
Speaker 1: needs a second booster. In San Francisco, I'm at Baxter
Speaker 1: Bloomberg Daybreak and thanks. And despite COVID concerns and current
Speaker 1: economic conditions, back to school shoppers are expected to spend
Speaker 1: a record amount this year. According to a survey by
Speaker 1: deloittch sales for this season are expected to total thirty
Speaker 1: four point four billion dollars. That breaks down to six
Speaker 1: hundred sixty one dollar per student, an increase of eight
Speaker 1: percent from a year earlier. Your local headlines straight ahead,
Speaker 1: This is Bloomberg. Thanks Terence six o seven on Wall Street,
Speaker 1: seventy two degrees in Central Park and better news now
Speaker 1: for rail riders. Let's get that and more on what's
Speaker 1: going on in New York and around the world with
Speaker 1: Bloomberg's Michael Barr. Michael, thank you very much, Nathan. Rail
Speaker 1: communities are saying hallelujah. New Jersey Transit service has resumed
Speaker 1: in and out of New York City. Rail service was
Speaker 1: suspended into and out of Penn Station in New York
Speaker 1: due jamtrack overhead wire issues. New Jersey Transit tickets and
Speaker 1: passes no longer being cross hunored by a path. It
Speaker 1: is the third shark attack in ten days on Long Island.
Speaker 1: Year old man was attacked by a shark yesterday evening,
Speaker 1: less than twelve hours after a little border was attacked
Speaker 1: at a nearby beach that morning. According to the Suffolk
Speaker 1: County Police, the man was standing waist deep in the
Speaker 1: water at Seaview Beach on Fire Island when he was
Speaker 1: bitten on his wrist and leg. Around six pm earlier,
Speaker 1: a forty one year old man was bitten by a
Speaker 1: shark while palle boarding at Smith Point Beach. Both suffered
Speaker 1: non life threatening injuries. Suffolk County Executive Steve blog I
Speaker 1: think it is an indication, however, that what we're looking
Speaker 1: at is uh something of a new normal. Suffolk County
Speaker 1: Executive Steve Bloone says the tiger sharks are closer to
Speaker 1: shore than they've been. New York City Council members are
Speaker 1: calling on Mayor Eric Adams and the Department of Education
Speaker 1: not to exercise budget cuts and a joint letter council
Speaker 1: members say he will result in the city spending less
Speaker 1: on each child. Last month, the city Council signed off
Speaker 1: on the two fifteen million dollar budget cut and adams
Speaker 1: twenty three city budget, But now council members say that
Speaker 1: the Adams administration misled them by saying the cuts would
Speaker 1: be fully accounted for by declining enrollment. A new mental
Speaker 1: health clinic in the Bronx just opened its doors. Mayor
Speaker 1: Eric Adams says the short term treatment center will provide
Speaker 1: New Yorkers with mental health and substance abuse issues immediate
Speaker 1: access to Service. We unfairly treated the New York City
Speaker 1: Police Department in this city in so many ways. We
Speaker 1: called on them to do everything. We called on them
Speaker 1: when someone had a gun. We called on them, when
Speaker 1: someone had a cat up the tree. We called on
Speaker 1: them when someone was going through a mental health crisis.
Speaker 1: We called on them for everything, and didn't realize that
Speaker 1: we had other agencies that we should have coordinated with.
Speaker 1: Mayor Adams. Manhattan apartment rants reached another record high in June.
Speaker 1: According to appraiser Miller Samuel and brokerage Douglas Element real Estate.
Speaker 1: New leases were signed last month. At the Media and
Speaker 1: A four thousand and fifty dollars Global News twenty four
Speaker 1: hours a day on a R and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists analysts in
Speaker 1: more than a d twenty countries. On Michael Barr, This
Speaker 1: is Bloomberg, Nathan, Thanks Michael, tuned up to six ten
Speaker 1: on Wall Street Time for the Bloomberg Sports Update with
Speaker 1: John stash Ower. All right, Nathan, Yankees trying to avoid
Speaker 1: their first four game losing streak of the season. The
Speaker 1: night did not begin well. Lauis Sevareno injured most of
Speaker 1: the last three seasons. He's been so good this year.
Speaker 1: But he served up three home runs in the second
Speaker 1: and then and while taking his warm up tosses in
Speaker 1: the third, departed headed for an m r in his shoulder.
Speaker 1: Yanks trailed the Reds four. Nothing came back. Isaiah kinnerd
Speaker 1: fell left at three run double. They led five to four.
Speaker 1: They fell behind again. John Carlos Stanton game tying home
Speaker 1: run eighth inning, Yanks scored in the tent for another
Speaker 1: walk off win, seven to six. Mets used the long
Speaker 1: ball in Atlanta, delivers and Lindor rips it deep in
Speaker 1: the air right field. Kunia turns around, watches it fly.
Speaker 1: That one's way outta here. But three run blass for
Speaker 1: Francisco Windoor. He comes through in the top of the
Speaker 1: third inning and he extends the Nets lead to four nothing.
Speaker 1: CBS solo shots from Mark Canada, Ward Escobar. Mets beat
Speaker 1: the Brave seven three. Chris Bassett got to win. The
Speaker 1: Mets take the series lead at Lanta now by two
Speaker 1: and a half. They visit the Cubs tonight. Two American
Speaker 1: League teams both stretched their winning streaks to attend the
Speaker 1: Seattle Mariners, who have gone longer than any team in
Speaker 1: all of sports without making the postseason, and the Baltimore Orioles,
Speaker 1: baseball's worst team over the last several years. The Mariners
Speaker 1: now tied for the playoffs spot in the Orioles, only
Speaker 1: two games behind Toronto fired their manager, Charlie Montoyo. The
Speaker 1: Rangers of segn Friedge and Vincent tro Check away from
Speaker 1: Carolina Open Championship Golf hundred fifty edition at St. Andrew's.
Speaker 1: An American Cameron Young thirty one on the front night.
Speaker 1: He's just moved into the lead at five hundred. John
Speaker 1: stash Award, Bloomberg Sports Nathan Okay, John, thank you, SMP.
Speaker 1: Futures down thirty eight points down, futures down two nestact
Speaker 1: future is lower five one hundred points. Ten year treasuries
Speaker 1: down nine thirty seconds, the yield two point nine six
Speaker 1: per cent. You're listening to Bloomberg Day Brain Bloomberg eleven
Speaker 1: three oh weather. Showers and storms developing through the day
Speaker 1: as we had near ninety degrees. It will be partably
Speaker 1: the mostly sunny Tomorrow, mixed the sun and cloud Saturday.
Speaker 1: Both days in the upper eighties. Right now, seventy two
Speaker 1: in Central Park Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, The Bloomberg Business
Speaker 1: and at Bloomberg Quick Take. This is a Bloomberg Business
Speaker 1: flash and I'm Cameron Moscow. US stock index futures are
Speaker 1: following this morning, along with stocks in Europe and the
Speaker 1: dollar resuming its upward March checker hi US inflation hardened
Speaker 1: expectations for more aggressive Federal Reserve monetary tightening that could
Speaker 1: trigger a recession. If you check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg s ANDP futures
Speaker 1: down thirty nine points, now futures down three hundred four
Speaker 1: and NASDACK futures down one hundred five. The decks in
Speaker 1: Germany's down six tenths of a percent, Pennier treasury down
Speaker 1: eight thirty seconds, held two point nine six percent yield
Speaker 1: on the two year three point two zero percent. Nine
Speaker 1: max screwed oil is down two point four percent, down
Speaker 1: two dollars thirty four cents and ninety three dollars ninety
Speaker 1: six cents of barrel coll MIxS. Gold is down one
Speaker 1: point four percent, or two dollars twenty cents at seventeen
Speaker 1: eleven thirty announced the euro one point zero zero three
Speaker 1: five against the dollar, British found one point five six
Speaker 1: and the en one thirty eight point eight four. Looking
Speaker 1: at bitcoin, it's higher, up about seven tenths percent and
Speaker 1: nineteen thousand seven d eighty five dollars. Today we get
Speaker 1: another reading on inflation, the producer price, and next sun
Speaker 1: at eight thirty Wall Street time, we also get the
Speaker 1: weekly report on initial jobless claims, and we're looking for
Speaker 1: earnings from JP Morgan Chase and Morgan Stanley. As a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Mantel, hearen, thank you
Speaker 1: very much. President Joe Biden will seek the bolster co
Speaker 1: operation between the US, Israel, and other countries. During his
Speaker 1: first full day in the Middle East. Is edual today
Speaker 1: involves meetings with Israeli prim Minister Yar Lapide. In baseball,
Speaker 1: the Yankees beat the Rads, the Mets beat the Braves.
Speaker 1: The Nationals lost both games of a double header to
Speaker 1: the Mariners. As earning hour old say, the Orioles are
Speaker 1: flapping their wings. They beat the Cubs to win their
Speaker 1: tenth straight. The Giants stopped the Diamondbacks. They's lost to
Speaker 1: the Rangers. Global News twenty four hours a day on
Speaker 1: here and on Bloomberg Quick Take Power by more than journalists,
Speaker 1: analysts more than a hundred twenty countries. Michael bar this
Speaker 1: is Bloomberg. What a time to be alive when the
Speaker 1: Orioles are doing well for a change. Thank you, Michael.
Speaker 1: It is six nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is a Bloomberg daybreak. Of course,
Speaker 1: investors focused not just on the front of inflation, higher
Speaker 1: rate hikes, but the kickoff of bank earning season. With
Speaker 1: JP Morgan Chase and UH Morgan Stanley reporting this morning.
Speaker 1: Ken Leon is with US now Director of Equity Research
Speaker 1: or at c f R. A Ken, It's great to
Speaker 1: speak with you this morning and wonder what your expectations
Speaker 1: are when it comes to the bank earnings, because of
Speaker 1: course they have so much that they can tell us
Speaker 1: about the strength or or what of you, what have
Speaker 1: you when it comes to the US economy. But that's right,
Speaker 1: and it's really where are we going. We're at an
Speaker 1: inflection point in terms of questions about the economy or
Speaker 1: the consumer. And looking ahead, I think the banks are
Speaker 1: going to be cautious. They need to build up bank
Speaker 1: reserves if we run into recession next year. And of course,
Speaker 1: you know, the investment banking area has been weak, but
Speaker 1: all of that is really factored into expectations and stock prices.
Speaker 1: So I think any any leaf of good news is
Speaker 1: going to help in terms of optimism, and bank stocks
Speaker 1: may be going higher, but this is not going to
Speaker 1: be a pretty firing on all cylinders kind of quarter
Speaker 1: for the banks, and I think their tone is going
Speaker 1: to be pretty low key. I think it has to
Speaker 1: be said that JP Morgan Chase CEO Jamie Diamond may
Speaker 1: have set expectations when he made that well repeated quote
Speaker 1: about an economic hurricane on the horizon. Are you expecting
Speaker 1: that that kind of language could continue or I mean,
Speaker 1: is there is there a possibility that we could see, uh,
Speaker 1: some evidence of green shoots. Yeah, the green shoots. It's
Speaker 1: gonna be tough because of the pressure of rising rates.
Speaker 1: You know, the fact going maybe up on our basis
Speaker 1: points next time on their meeting, and you know, I think, uh,
Speaker 1: you know, the real secret to the story is banks
Speaker 1: built reserves and if we go into a shallow recession
Speaker 1: next year, possibly they can reverse those and and that
Speaker 1: could help earnings next year. But the you know, the
Speaker 1: health of the businesses lending is likely to be less
Speaker 1: than the second half first the first half of this year.
Speaker 1: Capital markets is a big, big question more particularly in
Speaker 1: terms of underwriting and overwall. You know, right now, the
Speaker 1: bank just aren't selling cracks in terms of credit credit risk,
Speaker 1: particularly in on the commercial side. There isn't a distress industry,
Speaker 1: so you know, again it's a cross roads. And banks
Speaker 1: are very different than a industrial company where they can
Speaker 1: build reserves. And if if things don't get so bad,
Speaker 1: then that's gonna help earnings next year. Could the volatility
Speaker 1: that we've seen in the market, uh, and the possibility
Speaker 1: that trading desks have been able to manage to do
Speaker 1: well based on that, could that sort of outweigh some
Speaker 1: of the headwinds that banks could be seeing from some
Speaker 1: of the other issues surrounding rates they are, and that's
Speaker 1: going to offset you know, lower underwriting and mergers and acquisitions,
Speaker 1: equity and fixed income trading or up anywhere twenty um
Speaker 1: and volatility has helped, But for investors, bank stocks never
Speaker 1: really get rewarded on the volatility of trading because it's
Speaker 1: so difficult to sustain or predict. But yes, the print
Speaker 1: is going to be positive for trading, you know when
Speaker 1: they report soon. Does that make it tough to think
Speaker 1: of financials more broadly as a buy when it comes
Speaker 1: to investing in some of these big Wall Street names.
Speaker 1: Banks are constantly trying to get higher recurring revenue, more
Speaker 1: more consistency in their performance. They're getting that from asset
Speaker 1: and wealth management and trust services UM and some other
Speaker 1: areas related to the consumer. But the deltas against that
Speaker 1: higher growth would be you know, obviously higher credit card
Speaker 1: spending and then also loan activity. But we're saying all
Speaker 1: of this where the bank stocks are at a fifty
Speaker 1: two week low, they're trading at record low priced and
Speaker 1: that tangible book value we had a nice um announcements
Speaker 1: have to the Fed Bank in terms of return of
Speaker 1: capital with siven in increases and buy backs. So the
Speaker 1: bank stocks even they're yields some of them, like Morgan
Speaker 1: Stanley JP Morgan around three and a half percent for
Speaker 1: really great franchises in our fu Thanks for this, Ken,
Speaker 1: great having you on this morning. Ken Leon Director of
Speaker 1: Equity Research at cf R A as we await JP
Speaker 1: Morgan Chase second quarter earnings are duet around seven am
Speaker 1: Wall Street Time. Morgan Stanley follows at seven thirty. We
Speaker 1: will of course have full coverage for you throughout the
Speaker 1: day here on Bloomberg Radio. SMP futures right now down
Speaker 1: forty one point. Staff futures are lower by three twenty.
Speaker 1: Nasdaq futures down a hundred seven points. The tenure Treasury
Speaker 1: is down six thirty seconds. Yield two point nine five percent.
Speaker 1: Yield on the two year three point one nine percent.
Speaker 1: Just ahead, you look ahead to another read on inflation
Speaker 1: in producer prices and why a big tech ceo thinks
Speaker 1: his sector can weather the storm. Five things you need
Speaker 1: to note start your day. Coming up on Bloomberg day
Speaker 1: Break Bloomberg eleven three oh weather showers and storms developing
Speaker 1: through the day as we had near ninety degrees. Will
Speaker 1: be back in the sunshine oper eight ees tomorrow mix
Speaker 1: of sun and clouds ouper eighties Saturday right now seventy
Speaker 1: two in Central Park, criadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg e Living Free on
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one to San Francisco, Bloomberg No. Sixteen to the
Speaker 1: country Sirius XM Chad A one nineteen and around the
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot com. This
Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: Time for the five things that you need to know
Speaker 1: to start your day out to you by Interactive Brokers.
Speaker 1: Interactive Brokers Global Analysts helps you find new global investment
Speaker 1: opportunities to diversify your portfolio and discover undervalued companies that
Speaker 1: may have greater growth potential. Try ibk our Global Analysts
Speaker 1: today at ibk R dot com slash g A. A
Speaker 1: first reaction, still rolling into yesterday's hot reading on inflation
Speaker 1: and their speculation that the FEDS next move maybe a
Speaker 1: one percent rate hike. Cleveland Fed President Loretta Memester says
Speaker 1: there's more work to do to cut inflation. Job one
Speaker 1: for us is to get inflation under control. And I
Speaker 1: say that knowing that the risk of recession have one,
Speaker 1: but that's part of what we're trying to do is
Speaker 1: normalize or or moderate demand, because if we don't do this,
Speaker 1: we're gonna have many more problems in the economy going forward.
Speaker 1: Cleveland Fed, President of the Rerdemester made the comments to
Speaker 1: Bloomberg's Kathleen Hayes. No earning season gets underway today, Karen
Speaker 1: has big banks open their books for the second quarter
Speaker 1: of Bloomberg's Jeff Bellinger has more analysts say that overall,
Speaker 1: the numbers from the financial services sector will likely be
Speaker 1: lower by comparison to the very strong results from a
Speaker 1: year ago. Will hear from JP Morgan Chase and Morgan
Speaker 1: Stanley this morning. Bloomberg Intelligence says JP Morgan's market leadership
Speaker 1: positions support profitability and long term growth. A profit of
Speaker 1: two dollars nine two cents a share is predicted. The
Speaker 1: forecast for Morgan Stanley is for a profit of a
Speaker 1: dollar fifty seven a share. Jeff Bellinger Bloomberg Daybreak. All right, Jeff,
Speaker 1: thank you. As your session fears grow on Wall Street one,
Speaker 1: top executives in the industry will be able to weather
Speaker 1: the storm. And Bloomberg's Rnity Young joins US Live with
Speaker 1: more Good Morning Radio, Good Morning Karen. IBM CEO Arvid
Speaker 1: Krishna says he believes business technology spending will remain robust
Speaker 1: above GDP growth, including in Europe. This following pessimistic sentiment
Speaker 1: from others in the industry. When you look at supply
Speaker 1: chain inflation, liabo demographics, interest rates. Technology offers you away
Speaker 1: to scale without necessarily increasing costs that are linear. IBM
Speaker 1: CEO Arvind Krishnas does say, however, supply chain problems will
Speaker 1: last a couple more years. Live in New York, I'm
Speaker 1: gonna need a young Bloomberg daybreak, Okay, we need to
Speaker 1: thanks attorning to politics, President Biden signs a joint declaration
Speaker 1: today with Israel's new prime minister to provide billions to
Speaker 1: the Israeli military. The President visits Saudi Arabia tomorrow. And
Speaker 1: that's the fine things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers. Futures are lower this morning,
Speaker 1: straight ahead, your latest local headlines plus the check of sports,
Speaker 1: and this is Bloomberg. Thanks here. In six thirty three
Speaker 1: on Wall Street, seventy two degrees in Central Park, out
Speaker 1: of crash on southbound Harlem River Drive at a hundred
Speaker 1: forty five. But better news for rail riders. This morning.
Speaker 1: Michael Barr has that and more on what's going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning, Nathan, and rail commuters are saying welcome back,
Speaker 1: old friend. New Jersey Transit as resume service in and
Speaker 1: out of New York York City. It was suspended earlier
Speaker 1: this morning because of overhead wire issues buses and the
Speaker 1: path train. Now I've stopped that cross honoring stuff. Two
Speaker 1: more shark bites happened within hours off Long Island yesterday.
Speaker 1: Suffolk County Executive Steve Bloone called it the new normal.
Speaker 1: They've always been here, but they're closer to the shore now.
Speaker 1: Blogs has in. One attack is surfer punched. The predator
Speaker 1: was knocked off his sport and then saw this shark
Speaker 1: coming back around towards him. Suffolk County Executive Steve Belone
Speaker 1: says both men suffered non life threatening injuries. It is
Speaker 1: the third shark attack in ten days off Long Island.
Speaker 1: The New York City Council called on Mayor Eric Adams
Speaker 1: and the Department of Education to halt school budget cuts
Speaker 1: Day say will result in the city spending less on
Speaker 1: each child. Last month, the city Council signed off on
Speaker 1: the two hundred fifteen million dollar budget cut in passing
Speaker 1: adams three city budget. However, in a joint letter, council
Speaker 1: members say they were misled when the Adams administration said
Speaker 1: the cuts would be fully accounted for by declining enrollment.
Speaker 1: Mayor Adams announced the opening of a short term treatment
Speaker 1: center in the Bronx that will provide New Yorkers with
Speaker 1: mental health and substance abuse issues immediate access to services.
Speaker 1: Adams says, for decades, the city has relied on NYPD
Speaker 1: officers to respond to mental health crisis and offered few
Speaker 1: alternatives to emergency rooms for people in crisis who are
Speaker 1: seeking help. They're going to come and they're gonna walk
Speaker 1: through the meditation room. They're gonna come and have a
Speaker 1: place where they can get their medication if needed. They're
Speaker 1: going to come and get three males, a shower, a
Speaker 1: place of sleep, just to de escalate your crisis instead
Speaker 1: of having to call the police to respond. And that
Speaker 1: blue uniform sometimes can activate the situation instead of de
Speaker 1: escalate the situation there, Adams says, mental health crisis is
Speaker 1: not a crime. It's crime not to give people the
Speaker 1: services they need. A Manhattan bar has agreed to pay
Speaker 1: a half million dollars to current and former employees who
Speaker 1: can managers provided a hostile and discriminatory workplace the Attorney
Speaker 1: General's Office as managers had sweeten fishes in Nolita's subjected
Speaker 1: employees to sex discrimination and sexual and gender based harassment.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: bar this is Bloomberg, Navid. Thank you Michael. Just about
Speaker 1: six thirty six on Wall Street, John Stanho has the
Speaker 1: Bloomberg Sports Update, Thanks Dathan. The Yankees had lost three
Speaker 1: in a row, blown leads in all three. This time
Speaker 1: they were the ones that came from behind down four nothing,
Speaker 1: later six five. They beat the Reds at the Stadium
Speaker 1: seven six and ten and the winning one square in
Speaker 1: a wild pitch. Isaiah Kiner Felfa had a big three
Speaker 1: run double giant Colo Stanton a game tieing home run,
Speaker 1: and now the Yanks the wait word on an m
Speaker 1: R I on Luis Severino's shoulder. He knew early on
Speaker 1: last night something was wrong. I think it was like
Speaker 1: you know what lost not me, but I told like
Speaker 1: I couldn't got a little bit more, but uh for
Speaker 1: the sick rainy. You know, when I was long enough,
Speaker 1: it was gods from getting worse. So I told him myself,
Speaker 1: like before or something even bigger happened. I mean, you
Speaker 1: know right here. Heavurino has made it back from multiple
Speaker 1: injuries over the previous few seasons. The Mets one in Atlanta,
Speaker 1: seven to three. They hit three home runs Mark Canna
Speaker 1: at warda West Bar three run shot for Francisco Lindor.
Speaker 1: The Mets win the series, lead the Braves now by
Speaker 1: two and a half. Tonight, they played the Cubs at
Speaker 1: Wrigley where Baltimore one again last night. The Orioles have
Speaker 1: won ten in a row. They're still in last place,
Speaker 1: but they're over five hundred, the only two games out
Speaker 1: of a playoff spot and hl free agency, the Rangers
Speaker 1: signed Vincent tro Check to a seven year deal he'd
Speaker 1: been with Carolina. They also added a veteran backup goalie
Speaker 1: Artos slap Lock fright for Toronto, and Andrew Copp, who
Speaker 1: the Rangers added at the trade deadline. That both moved on,
Speaker 1: but Toronto signed with Anaheim, cop with Detroit. At the
Speaker 1: Open Championship at St. Andrew's American Cameron Young six under
Speaker 1: through eleven holes. He's got a two shot lead. John
Speaker 1: stash Award Bloomberg Sports, Nathan, thank you, John sixty seven
Speaker 1: on Wall Street. Time to take a look at stock,
Speaker 1: some of the names moving in the pre market. Bloomberg
Speaker 1: Radio on TV Markets corresponded, Creany Gufta is back with
Speaker 1: us this morning watching financials. I'm sure with the first
Speaker 1: big bank earnings now just minutes away, creating just minutes away.
Speaker 1: JP Morgan's what we have our I on here. Those
Speaker 1: shares are down a by one point one percent in
Speaker 1: the pre market. This is really important, Nathan, because we're
Speaker 1: about to get numbers across the board that don't you
Speaker 1: have repercussions for JP Morgan's bottom line, but for the
Speaker 1: broader economy as well. Lone lost provisions, for example, how
Speaker 1: much are some of these big banks JP Morgan in
Speaker 1: particular preparing and bracing for some sort of recession, bracing
Speaker 1: for some sort of consumer default. That's going to be
Speaker 1: a key part of the equation. Trading revenue is going
Speaker 1: to be another one, especially, I have to add when
Speaker 1: you do see all his volatility in the markets. Remember
Speaker 1: fixed income commodity markets have been extremely hard to navigate.
Speaker 1: JP Morgan and the like tends to be market makers
Speaker 1: and that their offering some of the spreads that volatility
Speaker 1: usually helps trading revenue for some of these banks. Is
Speaker 1: it going to help again to the point that actually
Speaker 1: offsets some of the pain and some of the other businesses,
Speaker 1: other businesses like for example, investment banking. We also know
Speaker 1: that deal volume has really been dropping and dropping quite
Speaker 1: quickly on these recession fears and financing fears. So how
Speaker 1: much of that is going to show up? And remember
Speaker 1: this all comes up in the background of a two's
Speaker 1: tense inverted yield curve, which has huge repercussions in terms
Speaker 1: of how much JP Morgan can actually charge interest on
Speaker 1: some of the loans they provide. So a lot to
Speaker 1: digest in the next couple of minutes. Yeah, deep in
Speaker 1: version with twos and tens and with the broader market
Speaker 1: pointing lower once again this morning, creaty, what else you're watching? Well,
Speaker 1: we have to talk about the commodity names. This is
Speaker 1: going to be very significant. One of the major movers
Speaker 1: to the downside is Freeport mcmaran. Now this is a
Speaker 1: copper company or largest copper company. I have to say
Speaker 1: f c X as your taker, down about three point
Speaker 1: four percent in the pre market. And then if you
Speaker 1: took a look at the macro picture and take a
Speaker 1: look at commodities broadly, they are all lower. Commodities are
Speaker 1: supposed to be not just kind of this bid on
Speaker 1: inflation in that play, but also the idea that you
Speaker 1: are supposed to be seeing global demand for commodities, that
Speaker 1: the economy is still growing. In the last couple of days,
Speaker 1: you've seen the exact opposite, stronger dollar, commodities dropping really
Speaker 1: signifying some of those growth fears. And the way that
Speaker 1: shows up in the stock market is through commodity exposed
Speaker 1: names life Freeport Macbran. Like I said, f c X
Speaker 1: down three point four percent. But take a look some
Speaker 1: of the oil names as well. X on Mobile for example,
Speaker 1: x O M is your taker down two percent. E
Speaker 1: O G Resources another one down to percent as well.
Speaker 1: So once again, all of the commodity names that have
Speaker 1: been such a surefire trade in the past couple of
Speaker 1: I want to say months right now, they're the ones
Speaker 1: that are leading the sell off. Nathan all Right, Bloomberg
Speaker 1: Radio on TV. Markets correspondent, pretty cooped up with us
Speaker 1: this morning while we wait for those JP Morgan and
Speaker 1: Morgan Chase results now minutes away. We'll have them for
Speaker 1: you live here on Bloomberg Radio. The head of the market.
Speaker 1: Open futures are moving lower. SMP futures down thirty nine
Speaker 1: points down, futures down three or eighteen. Nasdaq futures are
Speaker 1: lower by ninety points. Mentioned two's tens inversion, the ten
Speaker 1: year down six thirty seconds right now, the yield two
Speaker 1: point nine five percent yield on the two year three
Speaker 1: point to zero up. Next Bloomberg's Andree hor Durn live
Speaker 1: from Jerusalem as President Biden continues his trip to Israel.
Speaker 1: Bloomberg eleven three oh weather showers and storms developing through
Speaker 1: the day, upper eighties for highs. In fact, will be
Speaker 1: in the upper eighties tomorrow and the next day with
Speaker 1: probably mostly cloudy skies. Right now seventy two in Central Park. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, bloo Bloomberg Business Out and at Bloomberg
Speaker 1: quick tape. He's a Bloomberg Business flash and I'm fair
Speaker 1: in Moscow. Futures are lower this morning. We go to
Speaker 1: the First Word Breaking news desk for today's morning call
Speaker 1: and he there's Bill Maloney. Bill, good morning, Good morning, Karen.
Speaker 1: That's right. US futures are under pressure right now with
Speaker 1: Doubt futures down three forty five point says to be
Speaker 1: drop forty three and NASDA futures are lowered by nineties
Speaker 1: seven and you just don't hear at JP Morgan just
Speaker 1: reported Q two adjusted revenue thirty one point six three billion.
Speaker 1: Estimate was thirty one point nine seven billion, The US
Speaker 1: ten year old at two point nine six percent. Gold
Speaker 1: is down twenty two, Oil trading lower and Big Cooin
Speaker 1: is little changed. Asian markets were acquired overnight. Note that
Speaker 1: Taiwan semi hyped its outlook and European markets are in
Speaker 1: the red this morning. Back in the US on the
Speaker 1: economic frontday thirty initial jobs claims and June p p
Speaker 1: I and besides JP Morgan earnings, look for Morgan Stanley
Speaker 1: to report around seven thirty. In other news, the Tesla
Speaker 1: executive overseeing AI n Autopilot is stepping down and crypto
Speaker 1: lenders Celsius filed for bankruptcy, wrapping things up. Five was
Speaker 1: cut to neutral at Credit Suits, Cisco cut to neutral
Speaker 1: at JP Morgan, and Tesla was raided new by a
Speaker 1: truist price star. Get there a thousand live from the
Speaker 1: first breaking Newsscon, Bill Maloney care all right, Phil, thank you,
Speaker 1: and to hear live breaking news of your Bloomberg typ
Speaker 1: squawk on your terminal squ a w K. And again
Speaker 1: we did get earnings from JP Morgan. They're crossing the
Speaker 1: Bloomberg now adjusted revenue just missing analysts estimates and second
Speaker 1: quarter investment banking or revenue also looking like a missed
Speaker 1: analysts estimates. We're gonna have full details with Bloomberg Intelligence.
Speaker 1: Is senior analyst Allison Williams in just a moment, and
Speaker 1: that's a Bloomberg business flash. Now here's Muchele bar with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. High stakes talks in the Middle
Speaker 1: East during his first full day in Israel, President Biden
Speaker 1: and Prime Minister Lapide will hold a full joint briefing
Speaker 1: later today and as wide curfew was in effect in
Speaker 1: Sri Lanka from last night until this morning, after protesters
Speaker 1: surrounded and entered the Prime Minister's office in Colombo. Yesterday.
Speaker 1: In baseball, the Yankees beat the Reds, the Mets beat
Speaker 1: the Braves. The Nationals lost both games of a doubleheader
Speaker 1: to the Mariners. The Orioles beat the Cubs to win
Speaker 1: their tenth straight. A Giant stop the Diamondbacks. The A's
Speaker 1: lost to the Rangers. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than journalists and analysts in more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan all right, Michael,
Speaker 1: thank you. We are live from the Bloomberg Interactive Brokers
Speaker 1: studios where at sixty nine on Wall Street Time Now
Speaker 1: to check what's going on in d c or. Some
Speaker 1: of the top stories include new hurdles for a Democratic
Speaker 1: spending package. State and local taxes are apparently off the table,
Speaker 1: Democrats seeing a slim down Chips bill as the path
Speaker 1: to a deal there, and the Washington Post reporting this
Speaker 1: morning that former President Donald Trump could announce another run
Speaker 1: for the nation's highest office before this year's mid terms,
Speaker 1: but the main focus this morning is on the Middle East,
Speaker 1: where President Biden is signaling a continued US commitment to
Speaker 1: Israel's military. This morning, Bloomberg Washington correspondent and Marie Hordern
Speaker 1: is traveling with President Biden and joins US Live this
Speaker 1: morning from Jerusalem. And Marie, good morning. I know the
Speaker 1: President is meeting right now with the new Prime Minister
Speaker 1: of Israel. Ye are lapide to talk a little bit
Speaker 1: more about what's happening in the discussions? Yeah? Yeah, the
Speaker 1: repeated is the caretaker prime minister at the moment. There's
Speaker 1: actually no government here. The coalition broke down and now
Speaker 1: there's going to be a fresh elections in November. President
Speaker 1: will also be meeting with the opposition leader who was
Speaker 1: the prime minister of course, Benjamin net Yahoo. But really
Speaker 1: this is real, Uh, they're reaffirming their commitment to Israel.
Speaker 1: This was a deal that was signed to the Obama
Speaker 1: administration that some turtles at that moment that Yah who
Speaker 1: was um, you know, really upset with America wanting to
Speaker 1: join the nuclear agreement with Iran, but they were able
Speaker 1: to come to the security agreement. It means billions of
Speaker 1: dollars for Israeli defense. The President yesterday was briefed on
Speaker 1: some of that defense, including the iron Dome and this
Speaker 1: new iron beam technology, and that now as its States
Speaker 1: goes to a two thousand and twenty eight, it's a
Speaker 1: ten year agreement, and what they are reaffirming is that
Speaker 1: they will continue that agreement into the future. But they
Speaker 1: didn't give us a date. It kind of low hanging fruit,
Speaker 1: to be honest, because you'd be hard press to find
Speaker 1: an American president who's not going to come to Israel
Speaker 1: and reaffirmed that commitment to Jerusalem and television. Now a
Speaker 1: lot of this uh true to Israel at least, and
Speaker 1: Ray think is about bridging a divide between the US
Speaker 1: and Israel when it comes to how to deal with
Speaker 1: Iran and the stalled nuclear deal. Yeah, it is. The
Speaker 1: nuclear deal at the moment is stalled. The President was
Speaker 1: asked about this from a local news station, and he
Speaker 1: said he believes that a nuclear deal is still the
Speaker 1: right path because it can stop Iran from getting closer
Speaker 1: to and capabilities of having a nuclear weapons. He said
Speaker 1: that j c p o A signed under Obama, which
Speaker 1: her former president Trump told the United States Adam was working.
Speaker 1: Of course, the Israelis, the Saudis and Marati's. They do
Speaker 1: not want to see the United States negotiating with Iran.
Speaker 1: And right now the Star talks have fall. There were
Speaker 1: recent talks a few weeks ago and Doha, we reported
Speaker 1: about those. Nothing came of um. But you're right. Part
Speaker 1: of this trip is also and part of the reason
Speaker 1: why you see a really change in the Middle East
Speaker 1: is you have behind the scenes and not really publicly,
Speaker 1: but because Israel has not normalized in Saudi Arabia, but
Speaker 1: you do have the Arab country way more willing to
Speaker 1: work with Israel because it's really about coalescing against Kien,
Speaker 1: that is their common adversary in the region. Now Bloomberg
Speaker 1: Samery Horde during traveling with the President in Jerusalem, Emory,
Speaker 1: thanks for the update from the Middle East. We want
Speaker 1: to turn now to JP Morgan Chase earnings. The shares
Speaker 1: are falling this morning after second quarter results. Let's bring
Speaker 1: in Bloomberg Intelligence senior analysts for global investment banks, Alison Williams. Alison,
Speaker 1: good morning. It was a miss on revenue, big miss
Speaker 1: on investment banking. What else is standing out to you?
Speaker 1: So the big mess, as you said, is on revenue
Speaker 1: investment banking fees really much lower than expected. And UM,
Speaker 1: you know, we don't have all the all the full
Speaker 1: paperwork that they file, but but I'm wondering if there's
Speaker 1: some kind of leveraged loan right down we that's something
Speaker 1: we expect to see across the banks. Bank of America
Speaker 1: already sort of announced theirs and sometimes you don't know
Speaker 1: the geography of where they put those right downs. But
Speaker 1: FICK trading UM also a bit weaker than expected. But
Speaker 1: in general, UM investors tend not to get overly concerned
Speaker 1: about those types of numbers because UM trading tends tends
Speaker 1: to be volatile UM. And I would say, on the
Speaker 1: on the positive that side of things, net charge offs
Speaker 1: coming in better than expected, the reserve build a little
Speaker 1: bit more than expected, so that might be something that
Speaker 1: investors are concerned about, but certainly it's not. It's not
Speaker 1: the size of the reserve build that we saw last quarter. UM.
Speaker 1: And just to put that into context, the reserve build
Speaker 1: is looking at future losses and that's something that we're
Speaker 1: really focusing on this quarter in terms of what UM,
Speaker 1: what the banks are telling us about their expectation UM
Speaker 1: for future quarters. This quarter credit good, net interest income
Speaker 1: coming in just as around as expected, if not better,
Speaker 1: and capital also coming in a bit better than expected.
Speaker 1: I see the headlines about JP Morgan suspending buy backs,
Speaker 1: but I think that was expected, it wasn't. I mean,
Speaker 1: it seems like that's a lot of what's sparking this
Speaker 1: sell off in early trading. This headline does red headline
Speaker 1: that JP Morgan is temporarily suspending share buy backs. So
Speaker 1: the FED stress tests UM which came out in late June.
Speaker 1: When those came out, I think that was really the
Speaker 1: big surprise in terms of their UM stress capital buffer,
Speaker 1: which determines their capital requirement, really jumped, and so UM,
Speaker 1: I think that was when I was really I think
Speaker 1: it was clear that they were going to have to
Speaker 1: suspend buy backs. UM. You know, perhaps um, perhaps not
Speaker 1: as clear as to some and maybe, but that's why
Speaker 1: the stock is trading off. But um, this is the
Speaker 1: second quarter I think in a row where capital is
Speaker 1: becoming a focus. We have the bonds trading off. Short
Speaker 1: term interest rates are good for net interest income. Higher
Speaker 1: long term interest rates hurts the value of bond valuations
Speaker 1: for the largest banks. That feeds into your capital ratio,
Speaker 1: makes it look weaker in the near term and UM,
Speaker 1: as I said, with the stress test, their capital requirements
Speaker 1: are going up, so I think it's prudent that they
Speaker 1: are putting a plause on buy backs. We heard from
Speaker 1: most of the bank's last quarter that they were stalling
Speaker 1: buy backs or sort of doing lesser buy backs to
Speaker 1: build capital UM. And then this morning JP Morgan just
Speaker 1: confirming that UM they're suspending. Yeah, and the shares down
Speaker 1: four percent as investors continue to digest these numbers. Bloomberg
Speaker 1: Intelligence analysts tell Allison Williams, thanks for keeping us up
Speaker 1: to speed as we continue to watch these numbers. Roll in, Karen, very, Nathan,
Speaker 1: thank you. Six fifty six on Wall Street, we turned
Speaker 1: to Notions Science and Technology Now with a Bloomberg n
Speaker 1: j I T STEM Report. It has brought to you
Speaker 1: by New Jersey Institute of Technology, ranked to top fifty
Speaker 1: national public university by US News and World Report in
Speaker 1: a number of fourteen in a nation on Money's Best
Speaker 1: Colleges list. Learn more at n j I T dot
Speaker 1: e DU and here's just Mega News and Science, Technology,
Speaker 1: Engineering and Math and Tokyo. The government has raised the
Speaker 1: COVID infection alert to its highest level. Almost seventeen thousand
Speaker 1: infections were reported in the city yesterday, compared with thirty
Speaker 1: five July one. So far, the number of severe infections
Speaker 1: remains low. The European Space Agency is celebrating the first
Speaker 1: flight of its Vegas see rocket, which is designed to
Speaker 1: provide more bang for customers book and the increasingly competitive
Speaker 1: business of launching satellites into your orbit. Vegas c as
Speaker 1: an upgrade to the Vega rocket that made its debut
Speaker 1: in twelve. As a launcher specializing in lifting small payloads
Speaker 1: into space, the new rocket can carry heavier payloads and
Speaker 1: its predecessor while burning less fuel. And Tesla is top
Speaker 1: artificial intelligence executive and an architect of its autopilot self
Speaker 1: driving system, is planning to depart. The maker of electric vehicles.
Speaker 1: Andre Carpathi, who joined Tesla in sev announced his departure
Speaker 1: in a series of tweets yesterday. Carpathi led the computer
Speaker 1: vision teams overseeing the technology at the core of autopilot,
Speaker 1: in addition to groups responsible for data labeling and deployment
Speaker 1: of the feature. And that's the Bloomberg and j I
Speaker 1: t STEM report. And again, futures this morning are moving
Speaker 1: lower and the tenure Treasuries down six thirty seconds, held
Speaker 1: two point nine of five per cent, and continue to watch.
Speaker 1: Shares at JP Morgan Chase this morning, down about four
Speaker 1: percent in early trading after reporting earnings. More ahead on
Speaker 1: Bloomberg surveillance for Nathan Hager. I'm Karen Moscow, and this
Speaker 1: is Bloomberg