1 00:00:02,440 --> 00:00:05,600 Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg 2 00:00:05,720 --> 00:00:10,040 Speaker 1: day Break for Thursday June. Coming up this hour. US 3 00:00:10,119 --> 00:00:12,719 Speaker 1: stocks has had to wrap up their worst first half 4 00:00:12,760 --> 00:00:16,520 Speaker 1: since nineteen seventy. China's economy shows signs of improvement. The 5 00:00:16,640 --> 00:00:19,960 Speaker 1: January six Committee issues the subpoena to former President Trump's 6 00:00:19,960 --> 00:00:23,200 Speaker 1: White House Council at airlines under pressure from lawmakers. Is 7 00:00:23,280 --> 00:00:27,240 Speaker 1: a holiday weekend approaches. Mayor Adams reacts to another deadly 8 00:00:27,320 --> 00:00:29,639 Speaker 1: shooting in New York. Plus it's a changing of the 9 00:00:29,640 --> 00:00:32,640 Speaker 1: guards today at the U. S. Supreme Court. I'm Michael Blamer. 10 00:00:32,720 --> 00:00:36,199 Speaker 1: More ahead, and I'm Scott Sadenburg. The Yankees coming off 11 00:00:36,200 --> 00:00:38,800 Speaker 1: a wing. Get ready for a Houston showdown. Plus it 12 00:00:38,920 --> 00:00:43,480 Speaker 1: update on Wimbledon. I'll have that more coming up in sports. 13 00:00:44,440 --> 00:00:48,400 Speaker 1: That's All's train ahead on Bloomberg Daybreak on Bloomberg Eleiving 14 00:00:48,440 --> 00:00:52,960 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:52,960 --> 00:00:56,680 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco, 16 00:00:57,160 --> 00:01:00,160 Speaker 1: Syrias x AM one nineteen and around the world on 17 00:01:00,320 --> 00:01:03,600 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App. 18 00:01:07,640 --> 00:01:10,680 Speaker 1: Good morning, I'm Nathan Hagart and I'm Karen. Moscow and 19 00:01:10,800 --> 00:01:13,880 Speaker 1: US dock in next futures are lower this morning. We're 20 00:01:13,880 --> 00:01:15,880 Speaker 1: coming up to six oh one on Wall Street, and 21 00:01:15,920 --> 00:01:18,279 Speaker 1: we checked the markets every fifteen minutes throughout the trading 22 00:01:18,360 --> 00:01:21,959 Speaker 1: day on Bloomberg and right now, SNP futures are down 23 00:01:22,040 --> 00:01:25,800 Speaker 1: forty eight points down, futures down three hundred, and NASDAG 24 00:01:25,840 --> 00:01:29,240 Speaker 1: futures down one hundred eighty eight or one point six percent. 25 00:01:29,319 --> 00:01:32,000 Speaker 1: The decks in Germany is down two point one percent. 26 00:01:32,480 --> 00:01:35,600 Speaker 1: Nine x Scrude oil is moving lower at a hundred 27 00:01:35,680 --> 00:01:37,920 Speaker 1: nine dollars sixty seven cents of barrel, and the ten 28 00:01:38,000 --> 00:01:40,399 Speaker 1: year treasury up nine thirty seconds, you know, three point 29 00:01:40,400 --> 00:01:42,759 Speaker 1: oh five percent, and the yield on the two year 30 00:01:42,840 --> 00:01:45,920 Speaker 1: two point nine percent. The euro one point oh four 31 00:01:46,040 --> 00:01:49,160 Speaker 1: three zero against the dollar, Nathan Karen. The drop in 32 00:01:49,240 --> 00:01:51,760 Speaker 1: futures comes as we prepare for the final trading day 33 00:01:51,760 --> 00:01:53,840 Speaker 1: of the first half, and what a rough one it 34 00:01:53,920 --> 00:01:56,760 Speaker 1: has been for equity investors. The SMP five hundred is 35 00:01:56,800 --> 00:02:00,720 Speaker 1: on course for its worst first half since the index 36 00:02:00,800 --> 00:02:04,080 Speaker 1: is down almost for the year. Thomas Kennedy as Chief 37 00:02:04,120 --> 00:02:07,920 Speaker 1: investment Strategist for Global Wealth Management at JP Morgan securities. 38 00:02:08,200 --> 00:02:11,920 Speaker 1: The market is trying to get the handoff done between 39 00:02:11,919 --> 00:02:16,880 Speaker 1: worries about inflation two worries about growth. Um, these are 40 00:02:16,960 --> 00:02:19,320 Speaker 1: challenges that are presented by the Fed. But really and 41 00:02:19,400 --> 00:02:21,520 Speaker 1: so we can do that handoff, I think it'll be 42 00:02:21,639 --> 00:02:27,239 Speaker 1: very hard for risk free assets to price with less volatility. JP. 43 00:02:27,320 --> 00:02:30,679 Speaker 1: Morgan Securities chief investment strategist Thomas Kennedy says, in order 44 00:02:30,720 --> 00:02:32,959 Speaker 1: for investors to be more confident, they need to see 45 00:02:33,000 --> 00:02:37,000 Speaker 1: inflation go down. Nathan, we're seeing the selling spread overseas. 46 00:02:37,040 --> 00:02:38,959 Speaker 1: This morning, we had a very latest live at the 47 00:02:38,960 --> 00:02:41,600 Speaker 1: Bloomberg's You and Potts in London. Good morning You and 48 00:02:41,960 --> 00:02:44,360 Speaker 1: good morning count and Nathan. A bad end to a 49 00:02:44,520 --> 00:02:47,600 Speaker 1: terrible quarter. A sea of read on traders Bloomberg screen 50 00:02:47,680 --> 00:02:50,520 Speaker 1: this morning, with three hours into the European trading day 51 00:02:50,520 --> 00:02:53,680 Speaker 1: and the stocks hundred off one point six percent. That 52 00:02:53,760 --> 00:02:57,079 Speaker 1: extends it's year to day dropped to almost seventeen percent 53 00:02:57,480 --> 00:02:59,880 Speaker 1: on the final day of the first half of the year. 54 00:03:00,160 --> 00:03:03,160 Speaker 1: Every single sect allow it today with carmakers, banks and 55 00:03:03,200 --> 00:03:05,760 Speaker 1: tech stalks getting the worst of it. Live in London, 56 00:03:05,800 --> 00:03:08,040 Speaker 1: Immuneport back day break you in the story is how 57 00:03:08,120 --> 00:03:10,120 Speaker 1: much better in Asia? The m s c I Asia 58 00:03:10,120 --> 00:03:13,200 Speaker 1: Pacific Index has finished its fourth straight quarter in the red. 59 00:03:13,240 --> 00:03:16,720 Speaker 1: That's despite positive economic data out of China. The country's 60 00:03:16,720 --> 00:03:20,280 Speaker 1: factory activity expanded in June. Bloomberg Daybreak Asia anchor Brian 61 00:03:20,320 --> 00:03:23,120 Speaker 1: Curtis has more from Hong Kong. The official p m 62 00:03:23,120 --> 00:03:26,320 Speaker 1: I rose to expansion mode with a fifty point to reading, 63 00:03:26,400 --> 00:03:29,600 Speaker 1: but short of the fifty point five estimates. That said, 64 00:03:29,600 --> 00:03:32,919 Speaker 1: the non manufacturing gauge blew away estimates, coming in at 65 00:03:32,919 --> 00:03:36,200 Speaker 1: fifty four point seven, well above the forecast of fifty 66 00:03:36,240 --> 00:03:41,040 Speaker 1: and a half. The economy is gradually recovering from COVID restrictions. Still, 67 00:03:41,200 --> 00:03:44,400 Speaker 1: the recovery is fragile, as President She sticks to his 68 00:03:44,520 --> 00:03:49,040 Speaker 1: COVID zero strategy in Hong Kong. Brian Curtis Bloomberg Daybreak, Brian, 69 00:03:49,080 --> 00:03:51,520 Speaker 1: thank you. Oil heading for its first monthly decline since 70 00:03:51,560 --> 00:03:55,320 Speaker 1: November as OPEC ministers prepare together to discuss supply policy. 71 00:03:55,560 --> 00:03:58,920 Speaker 1: Escalating fears over an economic slowdown indended oil this month. 72 00:03:58,960 --> 00:04:02,080 Speaker 1: As interest rates raw checking prices now nim Ex screwed 73 00:04:02,120 --> 00:04:04,560 Speaker 1: oils down to tens per cent or twenty one cents 74 00:04:04,560 --> 00:04:06,840 Speaker 1: at a hundred nine dollars fifty seven cents of barrel 75 00:04:07,080 --> 00:04:09,360 Speaker 1: Brent is down about two ten percent at a hundred 76 00:04:09,400 --> 00:04:12,640 Speaker 1: sixteen dollars six cents. OH. Despite this month's decline care 77 00:04:12,680 --> 00:04:16,120 Speaker 1: in the recent surgeon, oil has elevated inflation around the world, 78 00:04:16,160 --> 00:04:19,720 Speaker 1: and FED chair J Palell says controlling prices remains his priority. 79 00:04:20,200 --> 00:04:25,160 Speaker 1: Our focus is very intensely on setting policy in order 80 00:04:25,200 --> 00:04:28,160 Speaker 1: to get inflation down to two. That's what we're working on. 81 00:04:28,279 --> 00:04:31,680 Speaker 1: That's our We understand that that's our primary focus right now. 82 00:04:31,839 --> 00:04:34,440 Speaker 1: FED Chair J pal made the comments to Bloomberg's Francy 83 00:04:34,520 --> 00:04:38,640 Speaker 1: Laquax in a panel discussion at the ECB Forum in Portugal. Well, Nathan, 84 00:04:38,640 --> 00:04:41,080 Speaker 1: this is the final day of the NATO summit in Spain. 85 00:04:41,160 --> 00:04:44,320 Speaker 1: At the gathering, allies have labeled Russia the most significant 86 00:04:44,360 --> 00:04:47,559 Speaker 1: and direct threat to NATO security Bloomberry and Maria Today 87 00:04:47,600 --> 00:04:51,279 Speaker 1: OH has more from Madrid. They say NATO allies believe 88 00:04:51,320 --> 00:04:54,560 Speaker 1: that Russia is seeking to re establish spear of influence 89 00:04:54,600 --> 00:04:59,520 Speaker 1: and control through cohressions, serversion, aggression and annexation. That is 90 00:04:59,560 --> 00:05:01,960 Speaker 1: for russ Now on top of this is a line 91 00:05:02,000 --> 00:05:05,839 Speaker 1: on China which is not as aggressive as not as explicit, 92 00:05:05,920 --> 00:05:08,120 Speaker 1: but it does say that China is a country that 93 00:05:08,160 --> 00:05:12,039 Speaker 1: could be a challenge to future security, and Bloomberry's Maria 94 00:05:12,080 --> 00:05:15,600 Speaker 1: Todeo says NATO also expressed disappointment in China for not 95 00:05:15,720 --> 00:05:18,880 Speaker 1: condemning the war in Ukraine. Back in Washington, Careen, the 96 00:05:18,920 --> 00:05:21,839 Speaker 1: House investigation into the attack at the US Capital is 97 00:05:21,920 --> 00:05:24,919 Speaker 1: ramping up, as Bloomberg said, backs to reports, the January 98 00:05:24,920 --> 00:05:28,200 Speaker 1: six Committee has issued another subpoena, this time to former 99 00:05:28,200 --> 00:05:32,000 Speaker 1: White House Council Pat Sippoloni. This comes after the testimony 100 00:05:32,000 --> 00:05:35,360 Speaker 1: of Mark Meadows aid at Cassidy Hutchinson that Sippoloni pushed 101 00:05:35,440 --> 00:05:37,840 Speaker 1: back on Donald Trump's efforts to go to the capital. 102 00:05:38,160 --> 00:05:40,800 Speaker 1: Vice Chairless Cheney says that committee has evidence that Mr 103 00:05:40,839 --> 00:05:46,279 Speaker 1: Cippaloni repeatedly raised legal and other concerns about Trump activities. 104 00:05:46,520 --> 00:05:50,039 Speaker 1: She says, while the Select Committee appreciates Mr Cippaloni's earlier 105 00:05:50,120 --> 00:05:53,719 Speaker 1: informal engagement, the committee needs to hear from him on 106 00:05:53,880 --> 00:05:56,840 Speaker 1: the record, as other former White House counsels have done 107 00:05:56,839 --> 00:06:00,600 Speaker 1: in other congressional investigations. In San franc Cisco, I'm at 108 00:06:00,600 --> 00:06:03,040 Speaker 1: Baxter Bloomberg daybreak, All right, and thank you for heading 109 00:06:03,040 --> 00:06:05,760 Speaker 1: into a busy travel weekend for the fourth of July holiday, 110 00:06:05,800 --> 00:06:08,280 Speaker 1: and now the Transportation Department is under new pressure to 111 00:06:08,360 --> 00:06:12,240 Speaker 1: punish airlines for flight disruptions. Bloombergs Charlie Pillett brings us 112 00:06:12,240 --> 00:06:16,160 Speaker 1: the details post COVID demand and a labor shortage are 113 00:06:16,240 --> 00:06:20,839 Speaker 1: straining travel schedules. US air carriers have struggled to manage demand, 114 00:06:21,240 --> 00:06:23,880 Speaker 1: with three and a half percent of flights canceled a 115 00:06:23,960 --> 00:06:27,520 Speaker 1: nearly delayed during the first four months of the year. 116 00:06:27,880 --> 00:06:30,839 Speaker 1: For months, Senator Bernie Sanders once finds of up to 117 00:06:30,960 --> 00:06:35,800 Speaker 1: fifty five thousand dollars, while Airlines for America, which represents 118 00:06:35,880 --> 00:06:40,400 Speaker 1: major carriers, says its members are doing quote everything within 119 00:06:40,560 --> 00:06:45,039 Speaker 1: their power to ensure reliable flights in New York. Charlie Pellet, 120 00:06:45,080 --> 00:06:47,320 Speaker 1: Bloomberg day break. All right, Charlie, thank you. We're also 121 00:06:47,320 --> 00:06:51,359 Speaker 1: seeing travel disruptions overseas this week. London's Heathrow Airport and 122 00:06:51,360 --> 00:06:54,560 Speaker 1: the Charle Degall in Paris are reducing flights. Heathrow asked 123 00:06:54,600 --> 00:06:57,400 Speaker 1: airlines to cut thirty flights in their schedules this morning 124 00:06:57,680 --> 00:07:00,400 Speaker 1: on concerned peak passenger numbers will exceed the levelly can 125 00:07:00,440 --> 00:07:03,360 Speaker 1: safely handle. And in France, the Civil Aviation Authority there 126 00:07:03,400 --> 00:07:06,080 Speaker 1: has ordered a seventeen percent reduction and flights out of 127 00:07:06,080 --> 00:07:10,560 Speaker 1: Paris because firefighters are on strike. SMP futures are down 128 00:07:10,680 --> 00:07:13,239 Speaker 1: fifty one points. That is a drop of one point 129 00:07:13,320 --> 00:07:16,680 Speaker 1: three percent. Straight ahead your latest local headlines and a 130 00:07:16,800 --> 00:07:25,720 Speaker 1: check of sports. This is Bloomberg. Man. It's now six 131 00:07:25,760 --> 00:07:27,920 Speaker 1: oh seven on Wall Street where it's sixty nine degrees 132 00:07:27,960 --> 00:07:30,720 Speaker 1: in Central Park and delays are building on the George 133 00:07:30,720 --> 00:07:33,360 Speaker 1: Washington Bridge. There's a broken down tractor trailer on the 134 00:07:33,400 --> 00:07:36,920 Speaker 1: upper level. That's not good. Details coming up the traffic First, 135 00:07:36,960 --> 00:07:38,600 Speaker 1: Michael Barr with what else is going on in New 136 00:07:38,640 --> 00:07:40,960 Speaker 1: York and around the world. Michael, thank you very much, Nathan. 137 00:07:41,000 --> 00:07:43,720 Speaker 1: Authorities in New York City are looking for a gunman 138 00:07:43,760 --> 00:07:46,480 Speaker 1: who murdered a twenty year old woman pushing a baby 139 00:07:46,560 --> 00:07:49,440 Speaker 1: stroller last evening on the Upper East Side of Manhattan. 140 00:07:49,800 --> 00:07:54,280 Speaker 1: It happened on Lexington Avenue st. The suspect is described 141 00:07:54,320 --> 00:07:57,200 Speaker 1: as a male dressed in a hoodies, wet pants, and 142 00:07:57,360 --> 00:08:01,640 Speaker 1: baseball cap, all in black. Mayor Accadam says his administration 143 00:08:01,680 --> 00:08:04,320 Speaker 1: is working hard to combat gun violence, but the city 144 00:08:04,320 --> 00:08:07,559 Speaker 1: needs help. We're going to find this person, this gift 145 00:08:07,600 --> 00:08:12,120 Speaker 1: guilty of this horrific crime. We're going to find him 146 00:08:12,160 --> 00:08:15,119 Speaker 1: and bring him to justice. We didn't need to justice 147 00:08:15,120 --> 00:08:19,120 Speaker 1: assist him to make sure this innocent person received that 148 00:08:19,320 --> 00:08:23,080 Speaker 1: justice that we're asking for. Mayor Adams says the victim 149 00:08:23,200 --> 00:08:25,559 Speaker 1: was shot by the suspect in the head at point 150 00:08:25,640 --> 00:08:28,560 Speaker 1: blank range. Today is the last day of the U. 151 00:08:28,640 --> 00:08:32,000 Speaker 1: S Supreme Court issues opinions. The court will design how 152 00:08:32,080 --> 00:08:34,800 Speaker 1: much authority the e p A has to regulate emissions 153 00:08:34,800 --> 00:08:39,319 Speaker 1: from power plants. Another opinion will impact immigration. Also today, 154 00:08:39,440 --> 00:08:43,080 Speaker 1: Justice Stephen Bryan retires and will formally pass the swords 155 00:08:43,160 --> 00:08:46,600 Speaker 1: to Catangi Brown Jackson, becoming the first black woman on 156 00:08:46,640 --> 00:08:49,680 Speaker 1: the High Court. New Jersey lawmakers have passed a record 157 00:08:49,760 --> 00:08:53,280 Speaker 1: fifty point six billion dollar budget, sending it to Governor 158 00:08:53,280 --> 00:08:56,240 Speaker 1: Phil Murphy's desk. The budget is nine percent bigger than 159 00:08:56,320 --> 00:09:00,000 Speaker 1: last year's and comes after better than expected tax returns 160 00:09:00,200 --> 00:09:03,280 Speaker 1: and bigger state conference. The death told from the deadliest 161 00:09:03,320 --> 00:09:06,320 Speaker 1: smuggling case in US history rose to fifty three. The 162 00:09:06,400 --> 00:09:08,800 Speaker 1: victims were found Monday in the back of a sweltering 163 00:09:08,840 --> 00:09:12,319 Speaker 1: truck in San Antonio. Four men faced charges R and B. 164 00:09:12,520 --> 00:09:15,439 Speaker 1: Star R. Kelly was sentenced to thirty years in prison. 165 00:09:15,679 --> 00:09:18,480 Speaker 1: The fifty five year old singer was convicted of racketeering 166 00:09:18,559 --> 00:09:22,240 Speaker 1: and sex trafficking last year. Lozette Martinez and r Kelly, 167 00:09:22,240 --> 00:09:25,720 Speaker 1: accuser describe how she finally got away. I looked in 168 00:09:25,720 --> 00:09:28,360 Speaker 1: the mirror and I didn't recognize myself, and I didn't 169 00:09:28,360 --> 00:09:31,560 Speaker 1: like myself anymore. And I knew that if I didn't 170 00:09:31,600 --> 00:09:34,040 Speaker 1: get out, neither he was gonna kill me or I 171 00:09:34,040 --> 00:09:37,240 Speaker 1: was gonna kill myself. Think you got that dark? Was 172 00:09:37,240 --> 00:09:41,040 Speaker 1: thatte Martinez spoke to ABC. Israel's parliament voted today to 173 00:09:41,080 --> 00:09:43,560 Speaker 1: dissolve itself and send the country to the polls in 174 00:09:43,600 --> 00:09:46,560 Speaker 1: November for the fifth time in less than four years. 175 00:09:47,080 --> 00:09:50,720 Speaker 1: Yaron Lapide, Israel's foreign minister, will become the country's caretaker 176 00:09:50,760 --> 00:09:53,800 Speaker 1: prime Minister. Global News twenty four hours a day on 177 00:09:53,840 --> 00:09:57,120 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 178 00:09:57,200 --> 00:10:00,000 Speaker 1: seven hundred journalists and analysts more than a D twenty country. 179 00:10:00,040 --> 00:10:03,200 Speaker 1: He's Michael Barr and this is Bloomberg, Nathan. Thank you Michael. 180 00:10:08,200 --> 00:10:10,600 Speaker 1: And as we come up to six ten on Wall Street, 181 00:10:10,640 --> 00:10:14,560 Speaker 1: we checked Bloomberg Sports with Scott Seidenberg. Thanks Nathan. The 182 00:10:14,640 --> 00:10:17,800 Speaker 1: Yankees using the long ball to help bail out Jamison 183 00:10:17,840 --> 00:10:21,760 Speaker 1: tayone yesterday and beat the A's five three. Tayone allowed 184 00:10:21,760 --> 00:10:23,360 Speaker 1: three runs in the top of the first inning, but 185 00:10:23,400 --> 00:10:25,559 Speaker 1: Aaron Judge quickly got two back with a homer in 186 00:10:25,600 --> 00:10:27,760 Speaker 1: the bottom of the frame, and then Jean Carlos Stanton 187 00:10:27,760 --> 00:10:30,040 Speaker 1: put the Yankees on top with a three run blast 188 00:10:30,120 --> 00:10:33,640 Speaker 1: in the third inning. The Yankees are five and one 189 00:10:33,760 --> 00:10:36,960 Speaker 1: when Judge and Stanton homer in the same game, including 190 00:10:37,040 --> 00:10:39,800 Speaker 1: nine and oh this season. With the wind, the Bombers 191 00:10:39,800 --> 00:10:42,800 Speaker 1: improved their records at fifty six and twenty, matching the 192 00:10:43,440 --> 00:10:46,600 Speaker 1: team and the two thousand one Mariners for the best 193 00:10:46,800 --> 00:10:50,560 Speaker 1: seventies six game start. Yankees will play one game in 194 00:10:50,720 --> 00:10:53,720 Speaker 1: Houston tonight before heading to Cleveland for a weekend series. 195 00:10:53,840 --> 00:10:57,040 Speaker 1: Luis Severino will get the start. The Mets meanwhile, lost 196 00:10:57,080 --> 00:11:00,160 Speaker 1: a pitchers duel to the Astros to nothing yesterday. Stin 197 00:11:00,240 --> 00:11:03,400 Speaker 1: Berlander when eight shutout innings allowing just two hits, and 198 00:11:03,520 --> 00:11:06,520 Speaker 1: Taiwan Walker matched him going seven and a third shutout 199 00:11:06,520 --> 00:11:09,760 Speaker 1: innings allowing just the four hits. Jason Castro's two run 200 00:11:09,840 --> 00:11:11,480 Speaker 1: homer off of Drew Smith on the top of the 201 00:11:11,559 --> 00:11:14,360 Speaker 1: ninth was the difference. The Mets are off tonight. They 202 00:11:14,360 --> 00:11:18,000 Speaker 1: host the Rangers tomorrow night. At Wimbledon, Novak Djokovic cruised 203 00:11:18,040 --> 00:11:21,080 Speaker 1: in straight sets. Three seed Casper Rude was upset by 204 00:11:21,240 --> 00:11:25,160 Speaker 1: Ugo Umbert, and American John isn'er defeated two time champion 205 00:11:25,200 --> 00:11:28,760 Speaker 1: Andy Murray the second round exit the earliest exit for 206 00:11:28,840 --> 00:11:31,719 Speaker 1: Murray at the All England Club. I'm Scott Siedenburg with 207 00:11:31,720 --> 00:11:35,480 Speaker 1: Bloomberg Sports. Nathan Okay, Scott, thank you. Right now, SNP 208 00:11:35,720 --> 00:11:38,679 Speaker 1: futures are down forty eight points, the drop of one 209 00:11:38,720 --> 00:11:41,600 Speaker 1: point three percent. Down futures down one percent or three 210 00:11:41,640 --> 00:11:45,120 Speaker 1: hundred nine points. NASDAC futures leading the declines, down a 211 00:11:45,200 --> 00:11:48,520 Speaker 1: hundred points for a drop of one point six percent 212 00:11:49,040 --> 00:11:52,080 Speaker 1: as we get set to close the books on the 213 00:11:52,080 --> 00:11:58,120 Speaker 1: worst first half for U S stocks since Danny Burger, 214 00:11:58,200 --> 00:12:02,600 Speaker 1: Bloomberg Markets correspondent TV anchor for Bloomberg joins us next 215 00:12:02,679 --> 00:12:08,400 Speaker 1: on this market. This is Bloomberg Bloomberg eleven three oh weather, 216 00:12:08,480 --> 00:12:10,440 Speaker 1: sunshine and a high in your ninety today. It's gonna 217 00:12:10,440 --> 00:12:15,120 Speaker 1: be hot, humid tomorrow with a highr mid eighties for Saturday, 218 00:12:15,160 --> 00:12:18,400 Speaker 1: with occasional showers and storms. Right now seventy degrees in 219 00:12:18,440 --> 00:12:25,200 Speaker 1: Central Park. Markets headlines and breaking news twenty four hours 220 00:12:25,200 --> 00:12:28,199 Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business at 221 00:12:28,280 --> 00:12:37,559 Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business lash 222 00:12:38,000 --> 00:12:41,240 Speaker 1: and I'm Karen Moscow. US Dock index futures are signaling 223 00:12:41,280 --> 00:12:45,079 Speaker 1: more losses today after central bankers issued warnings on inflation 224 00:12:45,160 --> 00:12:48,120 Speaker 1: and feel concerned that aggressive policy will end in recession. 225 00:12:48,280 --> 00:12:50,520 Speaker 1: If we check the markets every fifteen minutes throughout the 226 00:12:50,520 --> 00:12:54,280 Speaker 1: trading day on Bloomberg, SNP futures down fifty one points, 227 00:12:54,360 --> 00:12:57,440 Speaker 1: Dow future is down three d thirty three, and NASDACK 228 00:12:57,480 --> 00:13:00,280 Speaker 1: futures down one ninety seven. It's down up at one 229 00:13:00,320 --> 00:13:03,160 Speaker 1: point seven percent. The decks in Germany's down two point 230 00:13:03,240 --> 00:13:06,480 Speaker 1: four percent. Pen Your treasury up nine thirty seconds, yell 231 00:13:06,520 --> 00:13:08,920 Speaker 1: three point oh five percent. The yield on the two 232 00:13:09,000 --> 00:13:12,439 Speaker 1: year is at two point nine nine percent. Nive excret 233 00:13:12,480 --> 00:13:14,560 Speaker 1: oil down a tenth of upper cent or thirteen cents 234 00:13:14,559 --> 00:13:16,720 Speaker 1: at a hundred nine dollars sixty five cents of barrel 235 00:13:16,920 --> 00:13:19,240 Speaker 1: co makes goal down three tenths percent or five dollars 236 00:13:19,280 --> 00:13:22,559 Speaker 1: twenty cents at eighteen twelve thirty announced the euro one 237 00:13:22,600 --> 00:13:25,199 Speaker 1: point oh four to zero against the dollar. British found 238 00:13:25,200 --> 00:13:27,360 Speaker 1: one point to one to seven, the n at one 239 00:13:27,400 --> 00:13:30,920 Speaker 1: thirty six point to seven, and Bitcoin this morning down 240 00:13:31,160 --> 00:13:34,960 Speaker 1: five point four percent at nineteen thousand, one hundred dollars. 241 00:13:35,160 --> 00:13:37,680 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 242 00:13:37,760 --> 00:13:40,319 Speaker 1: more on most going on around the world. Michael Karen, 243 00:13:40,360 --> 00:13:43,080 Speaker 1: thank you very much. The House committee investigating last year's 244 00:13:43,080 --> 00:13:46,480 Speaker 1: assault on the US capital says it has peanut former 245 00:13:46,520 --> 00:13:50,439 Speaker 1: White House Consul Pat Siboloni to appear on July six 246 00:13:50,600 --> 00:13:54,440 Speaker 1: for a closed door deposition. Sipoloni has emerged in recent 247 00:13:54,480 --> 00:13:57,760 Speaker 1: weeks as a subject of interest by committee members, who 248 00:13:57,800 --> 00:13:59,640 Speaker 1: say he was at the center of a number of 249 00:13:59,640 --> 00:14:03,880 Speaker 1: events related to the attack. On January six, Israel's parliament 250 00:14:03,880 --> 00:14:07,000 Speaker 1: has voted to dissolve itself, singing the country to the 251 00:14:07,040 --> 00:14:09,880 Speaker 1: polls for the fifth time in less than four years. 252 00:14:10,240 --> 00:14:12,839 Speaker 1: In baseball, the Yankees beat the A's five three. The 253 00:14:12,920 --> 00:14:16,040 Speaker 1: Mats lost, along with the Nationals, Orioles and Giants. The 254 00:14:16,080 --> 00:14:19,280 Speaker 1: Red Sox one Global News twenty four hours a day 255 00:14:19,320 --> 00:14:22,600 Speaker 1: on air and on Bloomberg quick Take, powered by more 256 00:14:22,640 --> 00:14:25,160 Speaker 1: than twenty seven hundred journalist and analysts, more than a 257 00:14:25,240 --> 00:14:30,040 Speaker 1: hundred twenty countries. Hi, Michael Barr, And this is Bloomberg. Nathan. Okay, Michael, 258 00:14:30,080 --> 00:14:32,560 Speaker 1: thank you. It is six nineteen on Wall Street Live 259 00:14:32,640 --> 00:14:36,920 Speaker 1: from the Bloomberg Interactive Broker studios. This is Bloomberg Daybreak 260 00:14:36,960 --> 00:14:39,120 Speaker 1: as we get ready to close the books on a 261 00:14:39,320 --> 00:14:42,840 Speaker 1: very rough first half for equity investors. Were joined this 262 00:14:42,880 --> 00:14:46,840 Speaker 1: morning by Bloomberg TV anchor and markets correspondent Danny Burger 263 00:14:46,840 --> 00:14:50,600 Speaker 1: with us life from our studios in London. Danny, should 264 00:14:50,600 --> 00:14:53,800 Speaker 1: we get into the superlatives about just how bad it's 265 00:14:53,800 --> 00:14:57,160 Speaker 1: been if you're long stocks man, Yeah, it's it's been 266 00:14:57,200 --> 00:15:00,240 Speaker 1: really bad. Not not a lot of places to take shelter. Um, 267 00:15:00,240 --> 00:15:02,840 Speaker 1: we're start to the year since nineteen sixty two, which 268 00:15:02,840 --> 00:15:09,120 Speaker 1: I think is probably the most juicy and depressing superlative. Um. 269 00:15:09,200 --> 00:15:10,600 Speaker 1: And look, it's not like you could hide out in 270 00:15:10,640 --> 00:15:12,880 Speaker 1: bonds either, I mean worst, we're on track for the 271 00:15:12,880 --> 00:15:15,120 Speaker 1: worst year in bonds also, so I mean just all around, 272 00:15:15,200 --> 00:15:18,720 Speaker 1: unless you're talking about commodities. Um, just a really bad 273 00:15:18,720 --> 00:15:21,360 Speaker 1: seart to the year. Yeah, certainly has been. And when 274 00:15:21,440 --> 00:15:25,160 Speaker 1: you look at futures this morning, as deep in the 275 00:15:25,200 --> 00:15:27,600 Speaker 1: red as they are right now, you have to wonder 276 00:15:27,680 --> 00:15:31,400 Speaker 1: where things go as we enter the second half with 277 00:15:31,720 --> 00:15:35,600 Speaker 1: so much fear in this market around inflation and the 278 00:15:35,720 --> 00:15:39,880 Speaker 1: risk of a recession. Yeah, exactly, And and you know 279 00:15:39,960 --> 00:15:42,560 Speaker 1: some of the action we might be seen today. Of course, 280 00:15:42,560 --> 00:15:46,040 Speaker 1: it is quarter and month end, first half end, so 281 00:15:46,080 --> 00:15:49,000 Speaker 1: there certainly is some rebouncing going on. But if everyone's 282 00:15:49,040 --> 00:15:51,200 Speaker 1: fleeing equities, it does kind of show you that managers 283 00:15:51,200 --> 00:15:52,920 Speaker 1: are trying to get out of the stock market. So 284 00:15:53,000 --> 00:15:56,400 Speaker 1: when they report their holdings for going into this quarter, 285 00:15:56,520 --> 00:15:58,680 Speaker 1: their clients aren't saying, hey, why why are you in 286 00:15:58,800 --> 00:16:01,400 Speaker 1: stocks when they've just been absolutely pummeled. And I think 287 00:16:01,800 --> 00:16:03,720 Speaker 1: that's kind of part of the problem, is this question 288 00:16:03,760 --> 00:16:06,560 Speaker 1: we ask of whether we've seen capitulation or not. Sentiment 289 00:16:06,640 --> 00:16:10,800 Speaker 1: is certainly bad enough to suggest that we're at max bearishness, 290 00:16:11,320 --> 00:16:13,360 Speaker 1: but a lot of folks out there saying we could 291 00:16:13,400 --> 00:16:17,520 Speaker 1: have further to go. We haven't priced in earnings deterior ratings, 292 00:16:17,560 --> 00:16:20,520 Speaker 1: so that's another thing that could take equity markets down. Um, 293 00:16:20,560 --> 00:16:23,800 Speaker 1: And we haven't totally priced in the prospect of a recession. 294 00:16:23,840 --> 00:16:26,360 Speaker 1: So yeah, things look bad, Um, I guess it could 295 00:16:26,360 --> 00:16:29,160 Speaker 1: always be worse. Yeah, And we've heard from one veteran 296 00:16:30,000 --> 00:16:33,200 Speaker 1: investor who spoke to Bloomberg just this week, saying he 297 00:16:33,240 --> 00:16:35,800 Speaker 1: could see the SNP five hundred dropping as low as 298 00:16:35,880 --> 00:16:40,600 Speaker 1: thirty one hundred, where toty hundred handle right now? I mean, 299 00:16:40,920 --> 00:16:44,400 Speaker 1: what's the sense out there on Wall Street Global, Wall 300 00:16:44,440 --> 00:16:47,720 Speaker 1: Street as we get into the second half about where 301 00:16:47,760 --> 00:16:50,640 Speaker 1: things could go from here, what kind of levels we 302 00:16:50,720 --> 00:16:55,360 Speaker 1: could be seeing. I think it really is divided, um 303 00:16:55,440 --> 00:16:57,840 Speaker 1: in terms of whether you think there will be a 304 00:16:57,920 --> 00:17:01,240 Speaker 1: recession or not. Um. You know, I I kind of 305 00:17:01,280 --> 00:17:03,960 Speaker 1: come out on this of Look, the FED in some 306 00:17:04,040 --> 00:17:08,000 Speaker 1: ways wants wealth destructions. The destruction they're not going to 307 00:17:08,040 --> 00:17:10,639 Speaker 1: step in because the stock market is so bad. So 308 00:17:10,800 --> 00:17:14,040 Speaker 1: recession or not kind of a feature, not a bug, 309 00:17:14,080 --> 00:17:15,919 Speaker 1: of what the Fed is trying to do to get 310 00:17:16,359 --> 00:17:19,399 Speaker 1: um less spending, to have demand in line with supply. 311 00:17:19,880 --> 00:17:23,040 Speaker 1: Are things like stocks and bonds selling off? So I 312 00:17:23,080 --> 00:17:27,600 Speaker 1: think just sort of a feature of this inflation combating FED. 313 00:17:28,000 --> 00:17:30,640 Speaker 1: It stands to reason that stocks could sell off from 314 00:17:30,680 --> 00:17:33,159 Speaker 1: here regardless of whether we have a recession or not. Now, 315 00:17:33,200 --> 00:17:36,720 Speaker 1: if we have a recession, it could sell off more deeply. UM. 316 00:17:36,800 --> 00:17:39,080 Speaker 1: So that's percolating on Wall Street. But I should say 317 00:17:39,080 --> 00:17:41,200 Speaker 1: the part of Wall Street, the cell side analysts looking 318 00:17:41,240 --> 00:17:44,240 Speaker 1: at individual companies. There's a great story out on Bloomberg 319 00:17:44,280 --> 00:17:47,280 Speaker 1: this morning basically saying that they haven't changed their estimates 320 00:17:47,840 --> 00:17:50,679 Speaker 1: for earnings for your end for these individual stocks, and 321 00:17:50,680 --> 00:17:53,679 Speaker 1: you get these ridiculous numbers expecting stocks to rally some 322 00:17:54,840 --> 00:17:59,480 Speaker 1: into your end. So there's still some optimism there, how founded. 323 00:17:59,520 --> 00:18:03,280 Speaker 1: That is an Yeah, that's interesting to bring into the conversation, Danny, 324 00:18:03,320 --> 00:18:05,879 Speaker 1: because you've been hearing quite a lot from many analysts 325 00:18:05,920 --> 00:18:10,400 Speaker 1: about where earnings expectations are right now, thinking that they're 326 00:18:10,480 --> 00:18:12,560 Speaker 1: so high that they're going to have to come down 327 00:18:12,880 --> 00:18:15,119 Speaker 1: as we get into the third quarter and the rest 328 00:18:15,119 --> 00:18:18,119 Speaker 1: of this year. What kind of headwind could that pose 329 00:18:18,240 --> 00:18:23,359 Speaker 1: for stocks as analysts potentially bring down their expectations for 330 00:18:23,600 --> 00:18:26,239 Speaker 1: how much companies are going to earn going forward. It's 331 00:18:26,240 --> 00:18:29,480 Speaker 1: definitely large. One Goldman Sachs out this week saying that 332 00:18:29,800 --> 00:18:33,240 Speaker 1: the expectations are unrealistic. We haven't priced in margins. I 333 00:18:33,240 --> 00:18:35,439 Speaker 1: think this is the real issue because last year we 334 00:18:35,440 --> 00:18:38,400 Speaker 1: talked about yes, inflation is bad, but companies are still 335 00:18:38,440 --> 00:18:41,679 Speaker 1: able to charge more. They have pricing power. We're starting 336 00:18:41,680 --> 00:18:44,760 Speaker 1: to see signs of factor sharating. Margins not as strong. 337 00:18:45,040 --> 00:18:49,560 Speaker 1: M r H the specialty furnishing. Furnishing company had an 338 00:18:49,560 --> 00:18:53,840 Speaker 1: earnings report out late yesterday saying that they're seeing less 339 00:18:53,880 --> 00:18:57,040 Speaker 1: spending um inflation is finally starting to hit the consumers. 340 00:18:57,119 --> 00:19:00,600 Speaker 1: That's a totally new prospect. We have to grapple with 341 00:19:00,840 --> 00:19:03,600 Speaker 1: is do these companies still have pricing power or their 342 00:19:03,600 --> 00:19:07,320 Speaker 1: margins gonna get eaten away because people are struggling with 343 00:19:07,440 --> 00:19:09,280 Speaker 1: high prices and they're just not gonna be willing to 344 00:19:09,320 --> 00:19:12,160 Speaker 1: spend as much. All right, thanks for this, Danny, Always 345 00:19:12,200 --> 00:19:15,520 Speaker 1: great having on with us. Danny Burger, our markets correspondent, 346 00:19:15,800 --> 00:19:20,399 Speaker 1: Bloomberg TV anchor with us this morning from our studios 347 00:19:20,440 --> 00:19:23,080 Speaker 1: in London. Let's just get a market check here, getting 348 00:19:23,080 --> 00:19:26,280 Speaker 1: ready for this final day of the second half, and 349 00:19:26,400 --> 00:19:28,760 Speaker 1: it's a sea of red. We have SMP futures right 350 00:19:28,800 --> 00:19:31,320 Speaker 1: now down forty nine points, a drop of one point 351 00:19:31,359 --> 00:19:35,200 Speaker 1: three percent. Dow futures are lower by three d sixteen points, 352 00:19:35,520 --> 00:19:39,000 Speaker 1: NASDAC futures leading the declines, down a hundred eighty eight points. 353 00:19:39,000 --> 00:19:42,600 Speaker 1: That's a drop of one point six percent. Even worse 354 00:19:42,760 --> 00:19:46,600 Speaker 1: losses in Europeans indexes, with the DACKS and the CAC 355 00:19:46,840 --> 00:19:50,560 Speaker 1: in Paris both down two point three percent. Ten Your 356 00:19:50,560 --> 00:19:53,000 Speaker 1: Treasury is up nine thirty seconds, the yield three point 357 00:19:53,119 --> 00:19:55,360 Speaker 1: zero five percent, and the yield on the two year 358 00:19:55,480 --> 00:20:00,439 Speaker 1: right now just around three percent. Your list stening to 359 00:20:00,520 --> 00:20:08,960 Speaker 1: Bloomberg day Break. Bloomberg day Break is brought to you 360 00:20:08,960 --> 00:20:11,760 Speaker 1: by Hofst University's Frank Gie's Art School of Business, top 361 00:20:11,800 --> 00:20:14,960 Speaker 1: ranked online NBA program with a real world foundation. Learn 362 00:20:15,040 --> 00:20:18,280 Speaker 1: more at Hofstra dot e d U slash go grad. 363 00:20:21,960 --> 00:20:26,520 Speaker 1: Broadcasting live from the Bloomberg Interacted Broker Studio in New York, 364 00:20:26,600 --> 00:20:30,359 Speaker 1: Bloomberg E loving free to Washington, d C, Bloomberg nine 365 00:20:30,200 --> 00:20:33,080 Speaker 1: nine one to Boston, Bloomberg one O six one to 366 00:20:33,160 --> 00:20:36,920 Speaker 1: San Francisco, Bloomberg nine sixty to the country Sirius XM 367 00:20:36,960 --> 00:20:39,239 Speaker 1: to A one nine team, and around the globe the 368 00:20:39,240 --> 00:20:44,280 Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak, 369 00:20:49,600 --> 00:20:52,080 Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hager 370 00:20:52,480 --> 00:20:55,240 Speaker 1: and I'm Karen Moscow. We're just about three hours away 371 00:20:55,320 --> 00:20:57,480 Speaker 1: from the open of US trading. Time for the five 372 00:20:57,480 --> 00:20:59,760 Speaker 1: things that you need to notice start your day. Brought 373 00:20:59,760 --> 00:21:03,920 Speaker 1: to by Interactive Brokers. Interactive Brokers Simple i v K 374 00:21:04,040 --> 00:21:07,320 Speaker 1: are Global Trader app depositing your local currency and trade 375 00:21:07,359 --> 00:21:10,320 Speaker 1: stocks in your US, Europe, in Asia. Start your free 376 00:21:10,320 --> 00:21:14,120 Speaker 1: trial at ibkr dot com slash Global Trader First. US 377 00:21:14,200 --> 00:21:16,320 Speaker 1: futures are falling as we enter the final trading day 378 00:21:16,320 --> 00:21:19,359 Speaker 1: of a rough first half. Victoria Green, chief investment officer 379 00:21:19,440 --> 00:21:22,400 Speaker 1: at G squared Private Wealth, So, the biggest economic risk 380 00:21:22,480 --> 00:21:25,800 Speaker 1: now is no longer inflation. I think recession is a 381 00:21:25,840 --> 00:21:28,479 Speaker 1: bigger risk by now because inflation is quite thin now right. 382 00:21:28,800 --> 00:21:31,280 Speaker 1: We're halloware We're in a high in place in their environment. 383 00:21:31,320 --> 00:21:34,320 Speaker 1: People are adjusting their budgets. But recessions was going to 384 00:21:34,359 --> 00:21:37,160 Speaker 1: turn this market over because people are starting to change 385 00:21:37,160 --> 00:21:40,359 Speaker 1: their buying habit. Victoria Green at G squared Private Wealth 386 00:21:40,400 --> 00:21:43,320 Speaker 1: said the FEDS the soul of focus remains inflation, even 387 00:21:43,320 --> 00:21:46,480 Speaker 1: if it negatively impacts markets and oils heading for its 388 00:21:46,480 --> 00:21:49,800 Speaker 1: first monthly declined since November. Karen As OPEC ministers gathered 389 00:21:49,800 --> 00:21:53,400 Speaker 1: to discuss supply policy. Escalating fears over an economic slowdown 390 00:21:53,440 --> 00:21:56,399 Speaker 1: have dented oil this month as interest rates rise, checking 391 00:21:56,440 --> 00:21:59,320 Speaker 1: prices down, nimex screws down two tenths per center, twenty 392 00:21:59,359 --> 00:22:01,720 Speaker 1: six cents at a hundred nine dollars fifty two cents 393 00:22:01,760 --> 00:22:03,879 Speaker 1: of barrel Brent is down two tenths percent at a 394 00:22:03,960 --> 00:22:07,040 Speaker 1: hundred sixteen dollars six cents. Well, despite this month's decline, 395 00:22:07,080 --> 00:22:10,000 Speaker 1: Nathan the Surgeon, oil has elevated inflation around the world. 396 00:22:10,119 --> 00:22:12,760 Speaker 1: Fetch Yer J. Powell said it remains a top priority 397 00:22:12,800 --> 00:22:15,680 Speaker 1: for the Central Bank and that Russia's war in Ukraine 398 00:22:16,040 --> 00:22:18,520 Speaker 1: has made it even harder to bring oil prices down 399 00:22:18,600 --> 00:22:21,200 Speaker 1: and guide the economy to a soft landing the war 400 00:22:21,720 --> 00:22:26,119 Speaker 1: in Ukraine, which has added tremendously to inflationary pressures around 401 00:22:26,320 --> 00:22:30,240 Speaker 1: food and energy commodities and agricultural chemicals and industrial chemicals 402 00:22:30,280 --> 00:22:32,960 Speaker 1: and things like that, so it's gotten harder. The pathways 403 00:22:33,000 --> 00:22:35,800 Speaker 1: have gotten narrower. Fetch Er J. Powell made the comments 404 00:22:35,840 --> 00:22:38,879 Speaker 1: to Bloomberg's Francy Laqua in a panel discussion at the 405 00:22:38,920 --> 00:22:41,679 Speaker 1: ECB Forum in Portugal. Well, today marks the final day 406 00:22:41,680 --> 00:22:43,920 Speaker 1: of the NATO summit in Spain. Karen and allies have 407 00:22:44,000 --> 00:22:47,320 Speaker 1: labeled Russia the most significant and direct threat to NATO security. 408 00:22:47,359 --> 00:22:50,560 Speaker 1: Bloomberg's Maria today, Oh has more for Madrid for NATO. 409 00:22:50,680 --> 00:22:53,159 Speaker 1: It is back to combat mode, a reality check, as 410 00:22:53,200 --> 00:22:55,280 Speaker 1: I say, And of course that will also mean from 411 00:22:55,359 --> 00:22:58,480 Speaker 1: now on taking that two percent defense spending is going 412 00:22:58,560 --> 00:23:01,760 Speaker 1: to be a big priority. Four Europeans in particular, if 413 00:23:01,800 --> 00:23:04,440 Speaker 1: they don't want to take security different granted anymore. Bloomberg's 414 00:23:04,680 --> 00:23:07,600 Speaker 1: today says Russia wasn't the sole focused NATO says China 415 00:23:07,720 --> 00:23:11,399 Speaker 1: also presents security concerns. And back in Washington, Nathan, the 416 00:23:11,440 --> 00:23:14,760 Speaker 1: House investigation into the attacks of the US capital continues. 417 00:23:14,880 --> 00:23:17,240 Speaker 1: That January six, committee has issued a subpoena at to 418 00:23:17,320 --> 00:23:21,120 Speaker 1: former White House Council Pat Cipoloni. And that's the five 419 00:23:21,160 --> 00:23:22,960 Speaker 1: things you need to know to start your day, brought 420 00:23:23,000 --> 00:23:26,840 Speaker 1: to you by Interactive Brokers. Futures this morning are moving lower. 421 00:23:27,040 --> 00:23:30,040 Speaker 1: SMP futures down fifty five points. Straight ahead, your latest 422 00:23:30,160 --> 00:23:34,080 Speaker 1: local headlines and a check of sports. And this is Bloomberg. 423 00:23:39,480 --> 00:23:41,480 Speaker 1: Thank you. Karen six thirty three on Wall Street where 424 00:23:41,520 --> 00:23:45,040 Speaker 1: it's seventy degrees in Central Park. Got an accident in Harrison. 425 00:23:45,200 --> 00:23:47,680 Speaker 1: He's found route to eighty seven in the exit nine 426 00:23:47,760 --> 00:23:51,280 Speaker 1: off ramp. Details coming up in traffic. First, Michael Barr 427 00:23:51,400 --> 00:23:53,080 Speaker 1: with what else is going on in New York and 428 00:23:53,200 --> 00:23:55,720 Speaker 1: around the world. Good morning, Michael, Good morning, Nathan. The 429 00:23:55,880 --> 00:23:58,600 Speaker 1: NYPD s as a young woman was fatally shot last 430 00:23:58,720 --> 00:24:01,600 Speaker 1: night while she push tor infant daughter in a stroller 431 00:24:01,680 --> 00:24:05,560 Speaker 1: on Manhattan's Upper east Side. It happened on Lexington Avenue 432 00:24:05,600 --> 00:24:10,040 Speaker 1: in street MYPD Commissioner Teaching Sewells as the suspect is 433 00:24:10,119 --> 00:24:13,399 Speaker 1: described as a male dressed in a hoodie, sweatpants, and 434 00:24:13,600 --> 00:24:18,000 Speaker 1: baseball cap, all in black. Our preliminary investigation revealed the 435 00:24:18,119 --> 00:24:21,080 Speaker 1: twenty year old victim was pushing in approximately three month 436 00:24:21,160 --> 00:24:25,280 Speaker 1: old in a baby stroller on East Street when an 437 00:24:25,359 --> 00:24:28,400 Speaker 1: unknown person approached her and fired a single shot into 438 00:24:28,480 --> 00:24:32,200 Speaker 1: her head from a very close range. Along with Commissioners Sewuel, 439 00:24:32,320 --> 00:24:35,399 Speaker 1: Mayor Eric Adams said during the news conference, more guns 440 00:24:35,440 --> 00:24:39,880 Speaker 1: in our city means more lives lost. Thirty three hundred guns, 441 00:24:39,960 --> 00:24:43,119 Speaker 1: we move off our streets that we're not allowed to 442 00:24:43,280 --> 00:24:46,040 Speaker 1: hurt innocent people. We're going to continue to move forward, 443 00:24:47,240 --> 00:24:51,439 Speaker 1: but we do need from Washington, from the state, from 444 00:24:51,480 --> 00:24:54,760 Speaker 1: our criminal justice system. Mayor Adams says the three month 445 00:24:54,800 --> 00:24:57,240 Speaker 1: old baby was not hurt. It's a changing of the 446 00:24:57,280 --> 00:24:59,639 Speaker 1: guard at the Supreme Court as it wraps up a 447 00:24:59,720 --> 00:25:03,440 Speaker 1: shot term marked by the decision the Roe v. Wade 448 00:25:03,920 --> 00:25:07,719 Speaker 1: after twenty eight years, just as Stephen Bryer will formally 449 00:25:07,840 --> 00:25:11,520 Speaker 1: pass the torch to Katangi Brown Jackson. She will officially 450 00:25:11,640 --> 00:25:14,840 Speaker 1: become the first black woman on the U. S. Supreme Court. 451 00:25:15,280 --> 00:25:17,680 Speaker 1: The death toll from one of the deadliest human smuggling 452 00:25:17,720 --> 00:25:20,960 Speaker 1: operations in US history climbed to fifty three, with about 453 00:25:21,000 --> 00:25:24,399 Speaker 1: a dozen people injured. In San Antonio. The migrants were 454 00:25:24,400 --> 00:25:28,160 Speaker 1: found in a spiltering tractor trailer. San Antonio Police Chief 455 00:25:28,200 --> 00:25:31,880 Speaker 1: William McManus says the tragedy is a true crime against humanity. 456 00:25:32,560 --> 00:25:36,960 Speaker 1: I don't understand how anyone could be so callous as 457 00:25:37,000 --> 00:25:40,080 Speaker 1: to allow that to happen and then run from the 458 00:25:40,160 --> 00:25:46,000 Speaker 1: scene once they found out about. Chief McManus says four 459 00:25:46,080 --> 00:25:48,440 Speaker 1: men have been charged. A big drug bust in the 460 00:25:48,480 --> 00:25:51,760 Speaker 1: Bronx was announced yesterday. A multi agency strike team rated 461 00:25:51,800 --> 00:25:55,959 Speaker 1: an apartment in the Mount Hope neighborhood. Law enforcement confiscated 462 00:25:55,960 --> 00:26:00,600 Speaker 1: about two fifty pounds of narcotics, including heroin, cocaine, inventinel 463 00:26:00,640 --> 00:26:04,080 Speaker 1: and crystal meth worth about twenty four million dollars. Some 464 00:26:04,200 --> 00:26:06,680 Speaker 1: fourth of July fireworks shows may not go off his plan. 465 00:26:06,840 --> 00:26:09,920 Speaker 1: Several cities and towns have to reschedule because there is 466 00:26:09,960 --> 00:26:13,480 Speaker 1: the shortage of workers and fireworks. Global News twenty four 467 00:26:13,520 --> 00:26:16,040 Speaker 1: hours a day on air and on Bloomberg Quick Take 468 00:26:16,240 --> 00:26:19,160 Speaker 1: powered by more than journalists, analysts more than a hundred 469 00:26:19,160 --> 00:26:22,320 Speaker 1: twenty countries. Michael Barr, this is Bloomberg. Nathan. Alright, Michael, 470 00:26:22,359 --> 00:26:30,560 Speaker 1: thank you. Just about six thirty six on Wall Street. 471 00:26:30,640 --> 00:26:34,040 Speaker 1: Time to get the Bloomberg Sports Update. Good morning, Scott Steinberg, 472 00:26:34,600 --> 00:26:38,040 Speaker 1: Good morning, Nathan Jehan, Carlo Staton, and Aaron Judge bull 473 00:26:38,160 --> 00:26:40,800 Speaker 1: homering as the Bombers finished off a sweep of the 474 00:26:40,960 --> 00:26:44,480 Speaker 1: A's five three the Yankees twenty five and one. When 475 00:26:44,600 --> 00:26:47,840 Speaker 1: Judge and standing Homer in the same game, including nine 476 00:26:47,920 --> 00:26:50,760 Speaker 1: to know this season, it was Aaron Judge, you know, 477 00:26:51,000 --> 00:26:52,480 Speaker 1: we know what's ahead of us. You know, we know 478 00:26:52,560 --> 00:26:55,000 Speaker 1: it's halfway through the year now and I'm still a 479 00:26:55,040 --> 00:26:57,920 Speaker 1: long way to go. But you know, everyone's important. You know, 480 00:26:57,960 --> 00:26:59,560 Speaker 1: I've just been so many years. We look back and 481 00:27:00,359 --> 00:27:02,360 Speaker 1: you know, we're getting down to n September and it's 482 00:27:02,440 --> 00:27:04,600 Speaker 1: like we're fighting Clawn. We're half a game out, half 483 00:27:04,640 --> 00:27:07,600 Speaker 1: a game up, and I think you're starting to realize important. 484 00:27:07,640 --> 00:27:09,600 Speaker 1: So hey, you know even these you know, we won 485 00:27:09,680 --> 00:27:11,359 Speaker 1: the series, but this third game and it means a 486 00:27:11,440 --> 00:27:13,600 Speaker 1: lot down the road. Yankees will play one game in 487 00:27:13,880 --> 00:27:16,879 Speaker 1: Houston tonight before heading to Cleveland for a weekend series. 488 00:27:17,000 --> 00:27:20,160 Speaker 1: Luis Severino will get the start. The Mets meanwhile lost 489 00:27:20,200 --> 00:27:22,920 Speaker 1: a pitchers duel to the Astros tune up in yesterday, 490 00:27:23,040 --> 00:27:26,120 Speaker 1: Justin Berlander went eight shutout ennings, allowing just two hits, 491 00:27:26,480 --> 00:27:29,240 Speaker 1: and Taiwan Walker matched him, going seven and the third 492 00:27:29,280 --> 00:27:32,720 Speaker 1: shutout innings allowing just the four hits. Jason Castro's two 493 00:27:32,760 --> 00:27:34,560 Speaker 1: on homer off of Drew Smith on the top of 494 00:27:34,600 --> 00:27:37,040 Speaker 1: the night was the difference. The Mets are off tonight 495 00:27:37,359 --> 00:27:40,680 Speaker 1: they host the Rangers tomorrow night. At Wimbledon, Novak Djokovic 496 00:27:40,760 --> 00:27:44,040 Speaker 1: cruised in straight sets. Three seed Casper Rude was upset 497 00:27:44,119 --> 00:27:47,760 Speaker 1: by Ugo Umbert, and American John Isner defeated two time 498 00:27:47,880 --> 00:27:51,720 Speaker 1: champion Andy Murray the second round exit, the earliest exit 499 00:27:51,840 --> 00:27:54,760 Speaker 1: for Murray at the All England Club. I'm Scott Segenberg 500 00:27:54,840 --> 00:27:58,520 Speaker 1: with Bloomberg Sports Nathan all Right, Scott, thank you sixty 501 00:27:58,600 --> 00:28:01,000 Speaker 1: seven on Wall Street Time down to take a look 502 00:28:01,000 --> 00:28:03,239 Speaker 1: at stocks, some of the names moving in the pre 503 00:28:03,400 --> 00:28:05,920 Speaker 1: market as we get ready for the final day of 504 00:28:06,040 --> 00:28:08,600 Speaker 1: the first half. We are joined this morning by Bloomberg 505 00:28:08,720 --> 00:28:13,119 Speaker 1: Radio and TV Markets correspondent Created Gupta create. I gotta 506 00:28:13,160 --> 00:28:16,000 Speaker 1: think investors just want to close the books. I mean, 507 00:28:16,080 --> 00:28:19,639 Speaker 1: you look at the terminal this morning, what's in the 508 00:28:19,760 --> 00:28:24,359 Speaker 1: green Only one stock, Nathan, And it's interesting here it's PepsiCo, 509 00:28:24,520 --> 00:28:27,320 Speaker 1: PEPs your taker. It's up only two tents of one percent, 510 00:28:27,720 --> 00:28:31,080 Speaker 1: So I wouldn't call it a massive move to the upside. 511 00:28:31,160 --> 00:28:33,840 Speaker 1: But given the context that you are looking at, where 512 00:28:33,840 --> 00:28:36,520 Speaker 1: you do have futures down over one percent and you 513 00:28:36,600 --> 00:28:39,240 Speaker 1: have some of these other stocks um down well down 514 00:28:39,480 --> 00:28:42,520 Speaker 1: just period, and I think that's pretty significant. I will say, though, 515 00:28:42,560 --> 00:28:44,640 Speaker 1: there are two stocks that are actually flat this morning, 516 00:28:44,640 --> 00:28:46,920 Speaker 1: and it's Kellogg and it's Kroger. And if you actually 517 00:28:46,960 --> 00:28:49,880 Speaker 1: look at the perhaps the thread between all three, it's 518 00:28:49,960 --> 00:28:52,480 Speaker 1: that their food related companies. So it kind of seems 519 00:28:52,560 --> 00:28:54,960 Speaker 1: like the new defensive trade we talked a lot about 520 00:28:55,000 --> 00:28:57,400 Speaker 1: this has been oil, but it's also been food companies, 521 00:28:57,440 --> 00:29:01,920 Speaker 1: food packaging companies, UM fertilizer, Beanie, So perhaps there is 522 00:29:02,000 --> 00:29:04,360 Speaker 1: that thread. But also keep in my Nathan, as you mentioned, 523 00:29:04,560 --> 00:29:06,720 Speaker 1: people are closing their books. It's the last day of 524 00:29:06,760 --> 00:29:10,000 Speaker 1: the quarter, it's the last day of the month as well, 525 00:29:10,360 --> 00:29:12,680 Speaker 1: so there is going to be extremely low volume and 526 00:29:12,800 --> 00:29:15,320 Speaker 1: it's going to be rebalancing flows. And the bonus on 527 00:29:15,440 --> 00:29:18,400 Speaker 1: top here, the cherry on top of a really not 528 00:29:18,520 --> 00:29:21,040 Speaker 1: so great Sunday, is that we are going into the 529 00:29:21,160 --> 00:29:23,440 Speaker 1: July one weekend here in the States. So there isn't 530 00:29:23,440 --> 00:29:26,440 Speaker 1: going to be a ton of conviction to hop into 531 00:29:26,800 --> 00:29:29,400 Speaker 1: positions when you have those dynamics at play. Yeah, but 532 00:29:29,480 --> 00:29:33,320 Speaker 1: you gotta think with kind of loss this deep for 533 00:29:33,400 --> 00:29:36,880 Speaker 1: the futures contracts, creaty, there's more going on here than 534 00:29:37,000 --> 00:29:40,040 Speaker 1: just repositioning into the third quarter, isn't there? There might be, 535 00:29:40,240 --> 00:29:42,760 Speaker 1: and you know there there is always the fundamental narrative. 536 00:29:42,760 --> 00:29:44,320 Speaker 1: I always like to go with the fund flows first, 537 00:29:44,360 --> 00:29:46,040 Speaker 1: just to kind of explain it a little bit from 538 00:29:46,080 --> 00:29:48,880 Speaker 1: that angle, But there is a narrative here that just 539 00:29:49,120 --> 00:29:51,160 Speaker 1: how much room do we really have our very own 540 00:29:51,240 --> 00:29:55,520 Speaker 1: Danny Burger pointed out that this is the worst start 541 00:29:55,560 --> 00:29:58,320 Speaker 1: to the year going all the way back to nineteen 542 00:29:58,400 --> 00:30:00,600 Speaker 1: sixty two. And if you and can go back to 543 00:30:00,720 --> 00:30:04,760 Speaker 1: nineteen sixty two for those of who can, yes, who 544 00:30:04,800 --> 00:30:08,120 Speaker 1: were alive, I sadly was not. But if you go 545 00:30:08,200 --> 00:30:09,440 Speaker 1: back in the history books and you look at it, 546 00:30:09,520 --> 00:30:11,440 Speaker 1: nineteen six or two was such a crucial year because 547 00:30:11,880 --> 00:30:13,440 Speaker 1: let me nerd out for a second eight and if 548 00:30:13,480 --> 00:30:16,080 Speaker 1: I can you basically had this massive run up in 549 00:30:16,200 --> 00:30:18,240 Speaker 1: what was their version of these big tech stocks called 550 00:30:18,280 --> 00:30:21,680 Speaker 1: the nifty fifty. Was Xerox, it was IBM, it was Disney, 551 00:30:21,960 --> 00:30:24,680 Speaker 1: these high flying stocks that were lifting the entire benchmark. 552 00:30:24,920 --> 00:30:26,959 Speaker 1: And then it was followed by what they called then 553 00:30:27,080 --> 00:30:29,360 Speaker 1: called the Kennedy slide. So for nine straight months the 554 00:30:29,400 --> 00:30:32,280 Speaker 1: market just collapsed. There was no real reason that even 555 00:30:32,280 --> 00:30:33,800 Speaker 1: the head of the Stock exchange said, it's not a 556 00:30:33,880 --> 00:30:36,800 Speaker 1: liquidity problem, it's not a plumbing problem. They're just kind 557 00:30:36,800 --> 00:30:39,840 Speaker 1: of repricing from those monumental gains. And the one pivot 558 00:30:39,880 --> 00:30:42,680 Speaker 1: point was in October nineteen sixty two, which, if someone 559 00:30:42,720 --> 00:30:45,400 Speaker 1: remembers from their history books, was the Cuban missile crisis. 560 00:30:45,680 --> 00:30:47,720 Speaker 1: So I wonder how much of this also has the 561 00:30:47,800 --> 00:30:50,760 Speaker 1: backdrop of those kind of Cold War esque feelings. And 562 00:30:50,800 --> 00:30:52,920 Speaker 1: I also wonder how much of the war in Ukraine 563 00:30:53,360 --> 00:30:56,480 Speaker 1: is weighing on the story. Yeah, history being made in 564 00:30:57,360 --> 00:30:59,240 Speaker 1: two thanks for this creaty good having you on with 565 00:30:59,280 --> 00:31:03,080 Speaker 1: a Spoonberg Radio TV Markets correspondent Creedy gooped ahead of 566 00:31:03,160 --> 00:31:06,520 Speaker 1: the market open this final day of the first half. 567 00:31:06,720 --> 00:31:09,760 Speaker 1: SMP Futures are down fifty six points, or one and 568 00:31:09,800 --> 00:31:12,680 Speaker 1: a half percent. Dow futures down three seventy four, Nasdaq 569 00:31:12,760 --> 00:31:14,920 Speaker 1: futures lower by two hundred ten points. That is a 570 00:31:15,000 --> 00:31:23,080 Speaker 1: drop of one point eight percent. This is Bloomberg Bloomberg 571 00:31:23,120 --> 00:31:26,680 Speaker 1: eleven three oh weather Sunshina high close to ninety today, sunny, hot, 572 00:31:26,840 --> 00:31:30,520 Speaker 1: humid Tomorrow will end the week with a high mid eighties. 573 00:31:30,600 --> 00:31:32,760 Speaker 1: Some storms possible as we start the weekend right now, 574 00:31:32,880 --> 00:31:39,720 Speaker 1: seventy in Central Park Markets, headlines and breaking news twenty 575 00:31:39,760 --> 00:31:42,560 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 576 00:31:42,640 --> 00:31:46,640 Speaker 1: Business at and at Bloomberg Quicktake. He's a Bloomberg Business 577 00:31:46,720 --> 00:31:56,120 Speaker 1: Flash and I'm Karen Moscow. Futures are falling this morning. 578 00:31:56,160 --> 00:31:58,040 Speaker 1: We got to the first word breaking news dash for 579 00:31:58,120 --> 00:32:01,960 Speaker 1: today's morning call. And here's Bill Malow the built Good morning, Dah, 580 00:32:02,080 --> 00:32:04,640 Speaker 1: Good morning Karen. That's right. US features are under pressure 581 00:32:04,680 --> 00:32:07,000 Speaker 1: right now at Doubt futures down at three hundred sixty 582 00:32:07,040 --> 00:32:09,640 Speaker 1: seven points, says if he's dropped fifty five will Nasdaq 583 00:32:09,680 --> 00:32:13,080 Speaker 1: futures are off by two hundred four He was ten 584 00:32:13,200 --> 00:32:15,760 Speaker 1: year old at three point oh five percent. Gold is 585 00:32:15,840 --> 00:32:18,440 Speaker 1: down six Oil is also in the red. And bitcoin 586 00:32:18,600 --> 00:32:21,640 Speaker 1: is lowered by five and a half percent. Japan dropped 587 00:32:21,680 --> 00:32:23,720 Speaker 1: one and a half percent overnight, while europ and markets 588 00:32:23,760 --> 00:32:26,520 Speaker 1: are also under pressure, led by two point four percent 589 00:32:26,640 --> 00:32:29,480 Speaker 1: losses in France. Back in the US on the Economic 590 00:32:29,560 --> 00:32:32,640 Speaker 1: funday thirty pc e n initial jobs claims and at 591 00:32:33,520 --> 00:32:36,320 Speaker 1: Chicago pm I alf to devel us night. R H 592 00:32:36,400 --> 00:32:38,880 Speaker 1: cut its revenue forecast shares and out seven percent in 593 00:32:38,960 --> 00:32:41,640 Speaker 1: the pre market and regarding earnings this morning, look for 594 00:32:41,720 --> 00:32:44,880 Speaker 1: Constellation Brands and Walgreens three port in the pre market. 595 00:32:45,280 --> 00:32:48,160 Speaker 1: In other news, Equinix raised to buy over at Jeffreys 596 00:32:48,480 --> 00:32:50,920 Speaker 1: and wrapping things up. As the first half comes to 597 00:32:51,000 --> 00:32:53,560 Speaker 1: a close, the sub five hundred is set for its 598 00:32:53,600 --> 00:32:58,000 Speaker 1: biggest first half decline since nineteen seventy. Live from the 599 00:32:58,040 --> 00:33:01,040 Speaker 1: First Breakingers desk Im Bill Maloney, Karen Great, Bill, thank you, 600 00:33:01,120 --> 00:33:03,680 Speaker 1: and here live breaking news overre of Bloomberg type squawk 601 00:33:03,840 --> 00:33:06,040 Speaker 1: on your terminal, s q U A w K and 602 00:33:06,080 --> 00:33:08,840 Speaker 1: that's a Bloomberg business flash. Now here's Michael Barr with more. 603 00:33:08,880 --> 00:33:11,680 Speaker 1: I'm what's going on around the world, Michael, Karen, thank 604 00:33:11,720 --> 00:33:14,760 Speaker 1: you very much. Today a Supreme Court Justice Stephen Bryer's 605 00:33:14,880 --> 00:33:18,280 Speaker 1: last day and Katangi Brown Jackson's first. She will be 606 00:33:18,400 --> 00:33:20,760 Speaker 1: sworn in as the first black woman to sit on 607 00:33:20,840 --> 00:33:24,600 Speaker 1: the nation's High Court. Chinese leader Shi Jingping was welcomed 608 00:33:24,640 --> 00:33:27,920 Speaker 1: by a crowd of people waving flags in Hong Kong. Today. 609 00:33:28,480 --> 00:33:31,640 Speaker 1: She is there for the twenty anniversary of Britain's handover 610 00:33:31,800 --> 00:33:34,600 Speaker 1: of the port city. Hong Kong has undergone two years 611 00:33:34,640 --> 00:33:38,520 Speaker 1: of stricter communist control by Beijing. In baseball, the Yankees 612 00:33:38,640 --> 00:33:41,240 Speaker 1: beat the A's five three. The Mets lost along with 613 00:33:41,280 --> 00:33:44,800 Speaker 1: the Nationals, Orioles and Giants. The Red Sox one Global 614 00:33:44,880 --> 00:33:47,480 Speaker 1: News twenty four hours a day on air and on 615 00:33:47,560 --> 00:33:51,280 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalist 616 00:33:51,320 --> 00:33:54,120 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr 617 00:33:54,200 --> 00:33:57,840 Speaker 1: and this is Bloomberg, Karen, Michael Barr, thank you. It 618 00:33:58,040 --> 00:34:01,160 Speaker 1: is time now nine Wall Street and we turned to 619 00:34:01,200 --> 00:34:03,680 Speaker 1: news and science and technology with the Bloomberg and j 620 00:34:03,840 --> 00:34:06,600 Speaker 1: i T Stem Report. It is brought to you by 621 00:34:06,800 --> 00:34:09,600 Speaker 1: New Jersey Institute of Technology. N j i T is 622 00:34:09,680 --> 00:34:13,600 Speaker 1: dedicated to bolstering support for female and minorities students pursuing 623 00:34:13,680 --> 00:34:17,040 Speaker 1: careers and high paying STEM industries learn more at n 624 00:34:17,120 --> 00:34:19,319 Speaker 1: j I, T, DOT, E, d U and now here's 625 00:34:19,360 --> 00:34:22,560 Speaker 1: just making news. In science, Technology, engineering, and math, the 626 00:34:22,719 --> 00:34:25,520 Speaker 1: US has agreed to pay vaccine partners Fizer and by 627 00:34:25,600 --> 00:34:28,000 Speaker 1: On Tech three point two billion dollars in a deal 628 00:34:28,120 --> 00:34:31,040 Speaker 1: for more than a hundred million of their messenger RNA 629 00:34:31,200 --> 00:34:34,920 Speaker 1: shots against COVID nineteen. The deal is for doses for adults, 630 00:34:35,040 --> 00:34:37,800 Speaker 1: children and infants and may include some shots that target 631 00:34:37,840 --> 00:34:40,920 Speaker 1: the omicron variant. Deliveries are planned again as soon as 632 00:34:41,040 --> 00:34:44,239 Speaker 1: late summer and continue into the fourth quarter. The new 633 00:34:44,320 --> 00:34:46,640 Speaker 1: head of the government's road safety agencies said it will 634 00:34:46,640 --> 00:34:50,440 Speaker 1: intensify efforts to understand the risks posed by automated vehicle 635 00:34:50,560 --> 00:34:54,120 Speaker 1: technology so we can decide what regulations may be necessary 636 00:34:54,200 --> 00:34:58,120 Speaker 1: to protect drivers, passengers, and pedestrians. Stephen Cliff, who was 637 00:34:58,239 --> 00:35:00,160 Speaker 1: confirmed last month as head of the Nation and All 638 00:35:00,239 --> 00:35:04,000 Speaker 1: Highway Traffic Safety Administration. So the agency is assessing crash 639 00:35:04,120 --> 00:35:08,360 Speaker 1: data recently reported by automakers and tech companies. And bitcoin 640 00:35:08,520 --> 00:35:10,680 Speaker 1: is on track for its worst quarter in more than 641 00:35:10,760 --> 00:35:13,560 Speaker 1: a decade, has more hawkish central banks and a string 642 00:35:13,600 --> 00:35:17,640 Speaker 1: of high profile crypto blow ups. Hammer sentiment pent draw 643 00:35:17,800 --> 00:35:21,280 Speaker 1: down is the biggest cryptocurrency or in the biggest cryptocurrency 644 00:35:21,440 --> 00:35:24,160 Speaker 1: is the largest since the third quarter of twenty eleven, 645 00:35:24,480 --> 00:35:26,960 Speaker 1: when bitcoin was still in its infancy. And that's a 646 00:35:26,960 --> 00:35:29,920 Speaker 1: Bloomberg and j Anti Stem report. Nathan, all right, Karen, 647 00:35:29,960 --> 00:35:32,520 Speaker 1: thank you. We're live from the Bloomberg Interactive Broker Studios 648 00:35:32,560 --> 00:35:34,680 Speaker 1: where it's six fifty on Wall Street. Time now to 649 00:35:34,760 --> 00:35:36,320 Speaker 1: check what's going on in d C. Some of the 650 00:35:36,400 --> 00:35:39,040 Speaker 1: top stories in our nation's capital include the January six 651 00:35:39,080 --> 00:35:42,080 Speaker 1: Committee issuing another subpoena, this time to former White House 652 00:35:42,080 --> 00:35:46,040 Speaker 1: Council Pat Saboloni, President Biden seeking to boost abortion patient 653 00:35:46,239 --> 00:35:49,320 Speaker 1: privacy after row. And the history making day at the 654 00:35:49,360 --> 00:35:52,560 Speaker 1: Supreme Court as Kaitanji Brown Jackson takes her oath to 655 00:35:52,640 --> 00:35:56,360 Speaker 1: succeed retiring Justice Stephen Bryan on the Supreme Court. And 656 00:35:56,400 --> 00:35:59,400 Speaker 1: we've just gotten late breaking news out of Washington. The 657 00:35:59,480 --> 00:36:03,879 Speaker 1: longest serving Senator, Vermont Democrat Patrick Lahey, broke his hip 658 00:36:03,920 --> 00:36:05,560 Speaker 1: in a fall last night and he's going to have 659 00:36:05,640 --> 00:36:08,680 Speaker 1: to have surgery. Like he is the longest serving sitting senator. 660 00:36:08,719 --> 00:36:12,000 Speaker 1: He announced last year that he will not seek reelection 661 00:36:12,160 --> 00:36:15,439 Speaker 1: this fall. Let's get more on some of these stories now. Bloomberg, Government, 662 00:36:15,440 --> 00:36:18,919 Speaker 1: Congressional reporter Jack Fitzpatrick is with us this morning, and Jack, 663 00:36:18,960 --> 00:36:21,640 Speaker 1: I want to start off with the latest from the 664 00:36:21,719 --> 00:36:24,719 Speaker 1: January six committee, because it really does seem like the 665 00:36:24,800 --> 00:36:27,359 Speaker 1: investigation and the hearings are ramping up in a new 666 00:36:27,440 --> 00:36:30,600 Speaker 1: and significant way after the testimony we got this week 667 00:36:30,680 --> 00:36:34,400 Speaker 1: from a former White House aid Cassidy Hutchinson. Yes, we 668 00:36:34,800 --> 00:36:38,040 Speaker 1: the latest from the committee that they are subpoena in 669 00:36:38,320 --> 00:36:42,960 Speaker 1: Pat Saboloni, the former White House Council under then President Trump. 670 00:36:43,640 --> 00:36:46,160 Speaker 1: He's come up a number of times in these hearings. 671 00:36:46,239 --> 00:36:50,120 Speaker 1: If you've followed this, you've learned who he is. And Uh, 672 00:36:50,440 --> 00:36:53,360 Speaker 1: he's become a bit of a central figure because of 673 00:36:53,719 --> 00:36:58,600 Speaker 1: his warnings that the voter fraud claims did not have 674 00:36:58,800 --> 00:37:03,600 Speaker 1: legal merit. He came up warning that Trump should not 675 00:37:03,800 --> 00:37:07,719 Speaker 1: go to the capital on January six. So they are 676 00:37:07,800 --> 00:37:11,759 Speaker 1: seeking an interview with him on the record, Uh, not 677 00:37:12,040 --> 00:37:14,960 Speaker 1: testimony during a hearing, but one of the video interviews. 678 00:37:15,000 --> 00:37:19,279 Speaker 1: On July six. He had spoken to them informally, but 679 00:37:19,400 --> 00:37:22,880 Speaker 1: has refused to cooperate beyond that. Uh. And now that 680 00:37:23,120 --> 00:37:25,640 Speaker 1: just the number of times his name has come up 681 00:37:25,680 --> 00:37:30,560 Speaker 1: and he has been a figure is establishing the lack 682 00:37:30,680 --> 00:37:34,680 Speaker 1: of legal merit for Trump's position throughout all of this 683 00:37:35,520 --> 00:37:38,279 Speaker 1: has caused the Committee to try to get him to 684 00:37:38,560 --> 00:37:41,839 Speaker 1: do one of the video interviews that you've you've seen. 685 00:37:41,920 --> 00:37:44,799 Speaker 1: They use clips of those two to make their case, 686 00:37:45,480 --> 00:37:49,680 Speaker 1: so they are subpoenaing him, and clearly that could provide 687 00:37:49,800 --> 00:37:53,759 Speaker 1: even more evidence to that argument that the Committee is 688 00:37:53,800 --> 00:37:56,759 Speaker 1: trying to make that Trump's own lawyers were telling him 689 00:37:56,840 --> 00:37:59,480 Speaker 1: that what he was doing did not have legal merit. 690 00:38:00,040 --> 00:38:04,919 Speaker 1: One interesting item from Cassidy Hutchinson's testimony this week about 691 00:38:05,000 --> 00:38:09,120 Speaker 1: pat Sippoloni was she says that she heard Sippoloni say 692 00:38:09,239 --> 00:38:12,680 Speaker 1: that they could be charged with every crime imaginable based 693 00:38:12,840 --> 00:38:17,000 Speaker 1: on the President wanting to go with the rally goers 694 00:38:17,360 --> 00:38:20,279 Speaker 1: to the capital. Is this where this hearing, where this 695 00:38:20,440 --> 00:38:23,839 Speaker 1: investigation is going, Jack, the idea that we could see 696 00:38:23,880 --> 00:38:27,360 Speaker 1: criminal referrals coming out from the Committee to the Justice Department, 697 00:38:28,480 --> 00:38:35,000 Speaker 1: that's really a logical conclusion. Um. It would probably seem 698 00:38:35,360 --> 00:38:40,080 Speaker 1: to be a bit more significantly focused on the broader 699 00:38:40,320 --> 00:38:45,440 Speaker 1: issue of Trump going forward with these voter fraud claims 700 00:38:45,520 --> 00:38:49,600 Speaker 1: and telling a number of people to gather on January six, 701 00:38:49,880 --> 00:38:53,279 Speaker 1: knowing it could be dangerous, uh and and knowing and 702 00:38:53,400 --> 00:38:55,880 Speaker 1: being told by his own lawyers that the voter fraud 703 00:38:55,960 --> 00:38:59,160 Speaker 1: claims did not have legal merits. But yet the the 704 00:38:59,400 --> 00:39:04,480 Speaker 1: Hutchinson UH, the testimony the other day adds a new 705 00:39:04,560 --> 00:39:08,160 Speaker 1: wrinkle at at the almost an appendix to that UH 706 00:39:08,480 --> 00:39:10,960 Speaker 1: with the issue of Trump trying to go to the 707 00:39:11,080 --> 00:39:14,920 Speaker 1: capitol himself. That has been disputed, and we'll see if 708 00:39:14,960 --> 00:39:18,719 Speaker 1: there actually is testimony from Secret Service agents who say 709 00:39:18,800 --> 00:39:21,520 Speaker 1: that he did not try to grab the wheel or 710 00:39:21,840 --> 00:39:24,440 Speaker 1: or pushback on some of the details. That's an issue 711 00:39:24,440 --> 00:39:28,440 Speaker 1: that's come out from Tony Ornado, although they haven't they 712 00:39:28,520 --> 00:39:31,080 Speaker 1: haven't spoken to the committee yet on the record, so 713 00:39:31,200 --> 00:39:34,120 Speaker 1: we'll have to see where that goes. But yet that's 714 00:39:34,280 --> 00:39:36,600 Speaker 1: the the idea of criminal referral seems to be the 715 00:39:36,680 --> 00:39:40,120 Speaker 1: focus because the committee is very focused on making the 716 00:39:40,239 --> 00:39:43,719 Speaker 1: case that the President and others knew that what they 717 00:39:43,760 --> 00:39:47,000 Speaker 1: were doing was illegal and that their arguments were not 718 00:39:47,960 --> 00:39:51,400 Speaker 1: rational illegal arguments. Let's turn into some of the developments 719 00:39:51,440 --> 00:39:55,520 Speaker 1: around abortion rights. After the Supreme Court's decision to overturn Row, 720 00:39:55,640 --> 00:39:59,280 Speaker 1: we've gotten some new guidance from the Widen administration. What's 721 00:39:59,400 --> 00:40:03,040 Speaker 1: the new move here, Yeah, the latest move is that 722 00:40:03,520 --> 00:40:08,480 Speaker 1: HHS issued guidance telling healthcare providers they are not required 723 00:40:08,880 --> 00:40:12,879 Speaker 1: and may actually legally not be allowed to disclose information 724 00:40:13,760 --> 00:40:19,040 Speaker 1: related to abortion or other reproductive healthcare. The focus would 725 00:40:19,040 --> 00:40:23,160 Speaker 1: be medical records and data from period tracking apps. The 726 00:40:23,280 --> 00:40:26,880 Speaker 1: concern there among activists is that that kind of information 727 00:40:27,000 --> 00:40:30,920 Speaker 1: could be subpoenaed by state prosecutors. As everybody tries to 728 00:40:31,000 --> 00:40:37,440 Speaker 1: figure out the legal issues around whether you can leave states, 729 00:40:37,640 --> 00:40:41,200 Speaker 1: if state level officials could try to stop you from 730 00:40:41,320 --> 00:40:44,680 Speaker 1: leaving states to get an abortion. Uh So, the the 731 00:40:44,840 --> 00:40:48,160 Speaker 1: issue of privacy is something that the White House and 732 00:40:48,239 --> 00:40:52,040 Speaker 1: the Biden administration broadly is trying to take some steps 733 00:40:52,080 --> 00:40:54,560 Speaker 1: on there. And in our last minute here jack we're 734 00:40:54,560 --> 00:40:57,440 Speaker 1: going to see more history at the Supreme Court right 735 00:40:57,520 --> 00:41:03,120 Speaker 1: around noon today when the term officially ends. Yes, Katangi 736 00:41:03,200 --> 00:41:06,080 Speaker 1: Brown Jackson is going to be sworn in as a 737 00:41:06,200 --> 00:41:11,000 Speaker 1: Supreme Court justice today. Obviously significant not only that she 738 00:41:11,160 --> 00:41:14,160 Speaker 1: would be the first black woman on the Court, but 739 00:41:14,320 --> 00:41:18,600 Speaker 1: at a very significant time following the recent ruling on 740 00:41:18,719 --> 00:41:23,680 Speaker 1: abortion rights. Uh Now, oral arguments don't start until October, 741 00:41:23,880 --> 00:41:26,160 Speaker 1: so we may not hear from her in a high 742 00:41:26,239 --> 00:41:29,799 Speaker 1: profile way other than her being sworn in. There could 743 00:41:29,800 --> 00:41:33,480 Speaker 1: be emergency petitions, but at least in the context of 744 00:41:33,800 --> 00:41:37,680 Speaker 1: a historic event that is today at noon and when 745 00:41:37,800 --> 00:41:40,680 Speaker 1: she will be sworn in. All right, Jack Fitzpatrick, our 746 00:41:40,719 --> 00:41:44,800 Speaker 1: congressional reporter at Bloomberg Government, thanks for the update from Washington, 747 00:41:44,960 --> 00:41:47,200 Speaker 1: and you can read more about all these stories on 748 00:41:47,320 --> 00:41:50,600 Speaker 1: Bloomberg dot com or on the Bloomberg terminal. And a reminder, 749 00:41:50,640 --> 00:41:53,880 Speaker 1: you can follow all the latest on Bloomberg Radio in Washington, 750 00:41:53,960 --> 00:41:58,480 Speaker 1: Bloomberg and one oh five point seven FM h D two. 751 00:41:58,680 --> 00:42:01,040 Speaker 1: As we get ready for Mark could open. That does 752 00:42:01,200 --> 00:42:05,280 Speaker 1: pointing to more losses, at least the way the futures 753 00:42:05,320 --> 00:42:08,040 Speaker 1: contracts are going this morning, we see SMP futures down 754 00:42:08,080 --> 00:42:10,200 Speaker 1: down fifty points, a drop of one of the third 755 00:42:10,280 --> 00:42:12,640 Speaker 1: percent down. Futures are down one point one percent, now 756 00:42:12,719 --> 00:42:16,399 Speaker 1: down three thirty five points, and NASDAC futures lower by 757 00:42:16,440 --> 00:42:19,160 Speaker 1: a hundred eighty eight points, that is a drop of 758 00:42:19,280 --> 00:42:22,439 Speaker 1: one point six percent. The tenure treasury is up nine 759 00:42:22,520 --> 00:42:25,399 Speaker 1: thirty seconds, the yield three point zero five percent. Yield 760 00:42:25,440 --> 00:42:28,360 Speaker 1: on the two year right now two point nine eight percent. 761 00:42:28,800 --> 00:42:31,759 Speaker 1: NIMEX crude is moving lower, down a half percent, down 762 00:42:31,840 --> 00:42:34,640 Speaker 1: fifty seven cents at a hundred nine dollars eighteen cents 763 00:42:34,680 --> 00:42:40,080 Speaker 1: of barrel bitcoin right around nineteen thousand dollars. Bloomberg surveillance 764 00:42:40,160 --> 00:42:43,279 Speaker 1: is next. Tom Keen, Jonathan Farrow, and Lisa Brahmbo would 765 00:42:43,360 --> 00:42:45,120 Speaker 1: take you the rest of the way for Karen Moscow. 766 00:42:45,600 --> 00:42:48,160 Speaker 1: I'm Nathan Hagar. This is Bloomberg.