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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Amy

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Speaker 1: Morris and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Karen.

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Speaker 2: President Biden continues to insist he will remain in the

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Speaker 2: twenty twenty four presidential race, but two critical mistakes in

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Speaker 2: the span of two hours deepened concerns about his mental acuity,

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Speaker 2: threatening his campaign. Biden mistook two of his biggest allies

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Speaker 2: for his greatest enemies. At the opening of the press conference,

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Speaker 2: Biden fumbled a question about Vice President Kamala Harris.

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Speaker 3: I wouldn't have picked Vice President Trump to be vice president,

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Speaker 3: so I think she's not qualified to be president.

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Speaker 2: And before the news conference, at a NATO event, the

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Speaker 2: President stunned the audience when he mistakenly introduced Ukrainian President

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Speaker 2: Vladimir Zelensky as Russian President Vladimir Putin.

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Speaker 3: And now I want to hand it over to the

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Speaker 3: President of Ukraine, who has as much courage as he

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Speaker 3: has determination, ladies and gentlemen, President Putin, President Putin. We've

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Speaker 3: got big President Pruser, President Lensky.

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Speaker 1: Well. Almost immediately after the press conference ended, at least

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Speaker 1: three more House Democrats joined the growing list of lawmakers

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Speaker 1: calling on Biden to step aside. Biden continues to resist

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Speaker 1: those calls, saying he's the best person for the job

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Speaker 1: and that he has support from NATO leaders.

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Speaker 3: I'm not handing any my European allies CONFI to say, Joe,

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Speaker 3: don't run. What I hear them say is you've got

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Speaker 3: to win. I can't lets the sky come forward. He'd

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Speaker 3: be a disaster.

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Speaker 1: Now at least sixteen congressional Democrats are calling on Biden

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Speaker 1: to bow out of the presidential race.

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Speaker 2: And one of those now calling for Biden to leave

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Speaker 2: the race is Democratic Representative Jim Hins of Connecticut, the

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Speaker 2: ranking member on the House Intelligence Committee. He explained his

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Speaker 2: decision on MSNBC, and I'm far from.

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Speaker 4: The only Democrat who believes this, that the numbers, the

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Speaker 4: Tree projectory, what Americans feel in their bones right now

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Speaker 4: suggest not only that Joe Biden would lose this race,

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Speaker 4: but that he or we would lose the Senate and

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Speaker 4: the House.

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Speaker 2: Congressman Jim Hmes of Connecticut, former President Obama and Nancy

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Speaker 2: Pelosi have reportedly held some private meetings about the future

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Speaker 2: of Biden's campaigns. He and n reports both Obama and

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Speaker 2: the ex House speaker expressed worries about Biden's mental fitness

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Speaker 2: and how difficult it will be for him to beat

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Speaker 2: Donald Trump and later President Biden said he was not

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Speaker 2: opposed to taking a neurological exam if his doctors recommend it,

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Speaker 2: if they think there's.

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Speaker 3: A problem, I promise you word that they don't think

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Speaker 3: it's a problem. I think I should have a neurological exam.

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Speaker 5: Again, I'll do it.

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Speaker 3: No one's suggested that to me now, and I'll ask

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Speaker 3: you another question. No matter what I did, no one's

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Speaker 3: going to be satisfied.

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Speaker 2: Biden did admit that there are other people who can

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Speaker 2: beat Trump too, but quote, it's awful hard to start

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Speaker 2: from scratch.

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Speaker 1: Well. Meanwhile, lemy T. Trump met with Hungarian Prime Minister

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Speaker 1: Victor Orbon yesterday in Florida. The Hungarian leader posted a

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Speaker 1: photo with the Republican nominee at is Mari Lango Resort,

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Speaker 1: showing the pair giving a thumbs up. Hraman is the

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Speaker 1: European Union with the closest contact with the Russias Vladimir

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Speaker 1: Putin and has worked to stall Western aid to Ukraine.

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Speaker 2: We'll have much more analysis on the race for president

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Speaker 2: in just a few minutes. But we want to turn

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Speaker 2: back to the markets now, when we haven't said this

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Speaker 2: in more than a week, no record closed for stocks.

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Speaker 2: In fact, the tech led sell off led to a

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Speaker 2: two percent drop in the NASDAK and a nearly one

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Speaker 2: percent drop for the S and P. Kate Moore is

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Speaker 2: head of Thematic Strategy at Blackrock Global Allocation and says

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Speaker 2: the market has a good base to move forward.

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Speaker 1: Most people were skeptical about the sustainability of the equity

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Speaker 1: market going into the second half of the year. There

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Speaker 1: are little anxious that we can't repeat returns.

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Speaker 4: I think this message.

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Speaker 1: That we're getting now that the FED is going to

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Speaker 1: be in a place where they can continue to or

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Speaker 1: they can start to ease policy.

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Speaker 6: And continue to guide us.

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Speaker 1: That is the path into the beginning of twenty twenty

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Speaker 1: five is going to be quite supportive for equity markets.

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Speaker 2: Black Rocks Cape bora Bloomberg index of the magnificent seven

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Speaker 2: megacaps yesterday slid the most since twenty twenty two.

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Speaker 1: Well, let me the big focus today is going to

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Speaker 1: be the start of earning season from the big bank

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Speaker 1: City Group, JP, Morgan Chase and Wells Fargo all report

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Speaker 1: this morning. Rebecca Patterson is a former chief investment strategist

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Speaker 1: at Bridgewater Associates.

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Speaker 7: I think the banking system is really the heartbeat of

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Speaker 7: our economy. It keeps the blood pumping, if you will,

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Speaker 7: in terms of capital and liquidity getting to businesses and

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Speaker 7: households so they can spend and invest and grow. So

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Speaker 7: how the banks are doing is fundamental, not just for

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Speaker 7: my view on the equity market, but for on the

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Speaker 7: broader macro landscape as well.

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Speaker 1: Former Bridgewater Associates chief investment strategist Rebecca Patterson note shares

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Speaker 1: of the largest lenders have done far better than the

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Speaker 1: stocks of their smaller rivals. JP Morgan and Goldman Sachs

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Speaker 1: are trading near records. Well Wells, far Go and others

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Speaker 1: are around multi year highs.

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Speaker 2: And today, after inflation cooled in June to the slowest

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Speaker 2: pace since twenty twenty one, investors get another key reading

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Speaker 2: this morning. For more, We're joined by Bloomberg's John Tucker,

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Speaker 2: John and Amy.

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Speaker 8: The producer Price Indecks out at eight thirty Wall Street Time,

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Speaker 8: may confirm that inflation is looking really good. It comes

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Speaker 8: a day at the Consumer Price Indeck show to inflation

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Speaker 8: at the slowest pace in more than three years. Economist

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Speaker 8: Claudia Sama New Sensory Advisors reacted to the latest figures, this.

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Speaker 7: Is the disinflation story. It's here, and it has been here.

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Speaker 7: We've just it's been under the hood and been hidden.

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Speaker 8: Federal Reserve Bank of Chicago President Austin Goolsby described their

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Speaker 8: latest inflation data as excellent, adding the figures provide the

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Speaker 8: evidence the central Bank is on a path to its

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Speaker 8: two percent goal. Goolsby declined to offer guidance on the

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Speaker 8: timing of the first indust rate cut, but markets are

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Speaker 8: clearly pricing. In September, I'm John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thank you. In company news, Boeing is

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Speaker 1: notified some seven thirty seven Max customers in recent weeks

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Speaker 1: that aircraft do for delivery in twenty twenty five and

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Speaker 1: twenty twenty six face additional delays. Sources say the planemaker

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Speaker 1: has cautioned that delivery timelines continue to slip by three

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Speaker 1: to six months on top of already late handovers. And

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Speaker 1: it's time now for a look at some of the

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Speaker 1: other stories making news in New York and around the world.

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Speaker 1: And for that we're joined by Bloomberg's Michael Barr Michael,

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Speaker 1: good morning.

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Speaker 9: Good morning Karen. Today, the fate of New Jersey Senator

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Speaker 9: Bob Menendez is now in the hands of a New

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Speaker 9: York City jury. The judge delivered instruction yesterday afternoon to

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Speaker 9: the jury in the Menendez bribery trial. Prosecutors say the

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Speaker 9: Democrat accepted gold bars and cash from three New Jersey

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Speaker 9: businessmen in exchange for favors. More than a million electrical

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Speaker 9: customers in Houston are still without power after Hurricane Beryl

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Speaker 9: made landfall Monday with sweltering heat. Most customers have been

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Speaker 9: notified they won't have their power restored until the end

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Speaker 9: of the weekend. This woman criticized utility companies.

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Speaker 6: A lot of businesses are suffering. But when you see

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Speaker 6: the lights downtown with empty complexes, and then you see

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Speaker 6: mom and pop shop that's closed, that affects a lot

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Speaker 6: of people.

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Speaker 9: Meanwhile, the current heat wave across the Southwest is especially brutal.

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Speaker 9: In Las Vegas, the temperature has hit one hundred and

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Speaker 9: fifteen degrees or more for six consecutive days. Actor Alec

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Speaker 9: Baldwin's trial continues. In New Mexico, Hanegutierras reed who served

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Speaker 9: as the set's armorer and has already been sentenced to

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Speaker 9: eighteen months in prison, is expected to be called to

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Speaker 9: the stand later today. Meanwhile, a crime scene technician testified

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Speaker 9: that live bullets were discovered mixed in with the dummy

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Speaker 9: rounds in several places on the set of Rust. New

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Speaker 9: Yorkers have paid fifty eight percent more in food delivery

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Speaker 9: fees since a minimum wage law went into effect in

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Speaker 9: late twenty twenty three. The report by the New York

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Speaker 9: City Department of Consumer and Worker Protection suggests that restaurant

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Speaker 9: delivery services have passed on the bulk of these rising

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Speaker 9: costs to customers. Meanwhile, in California, some fast food to

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Speaker 9: restaurant owners are scrambling to absorb a jump in labor costs.

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Speaker 9: A new California law boosted the hourly wage from fast

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Speaker 9: food workers from sixteen dollars to twenty dollars an hour.

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Speaker 9: Many major fast food chain operators say they're cutting hours

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Speaker 9: and raising prices to stay in business. This man owns

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Speaker 9: nine Jersey Mikes in Los Angeles.

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Speaker 10: We've had to cut back in their hours, We've had

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Speaker 10: to cut back on staff, and we're trying to accommodate

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Speaker 10: as much as possible.

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Speaker 4: But when the people aren't the customers aren't coming in.

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Speaker 1: It's very difficult to pay for to pay for the

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Speaker 1: staff to be here.

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Speaker 9: Global News twenty four hours a day and whenever you

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Speaker 9: want it with Bloomberg News Now. I'm Michael Barr, and

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Speaker 9: this is Bloomberg Karen.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update with John Stashaur.

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Speaker 11: John, good morning, Good morning kiaraon Yankee, he said, Tampa

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Speaker 11: Bay trying to accomplish a couple of things not done

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Speaker 11: in a month. Win, a series, win, a second game

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Speaker 11: in a row. Didn't happen. The rais Randy and Rose

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Speaker 11: Arena two run holder first inning, Yanks tied the game

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Speaker 11: solo shots by Austin Wells and won soto with the

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Speaker 11: Rays with three in the third off Nester Cortez, who

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Speaker 11: continues to struggle on the road, Tampa Bay won five

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Speaker 11: to four. Aaron Judge has cooled off last eight games,

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Speaker 11: no extra base hits, no RBIs that despite coming up

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Speaker 11: in the first inning with runners at second and third,

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Speaker 11: nobody out. He also had two on with one out

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Speaker 11: in the ninth after.

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Speaker 10: Six hundred at bets you know, things like that happen.

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Speaker 10: You know, you never want that to happen. You're trying

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Speaker 10: to come through and yeah, I just missed a couple

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Speaker 10: of pitches. But when it comes down to it, I

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Speaker 10: got to get the job done there, you know, especially

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Speaker 10: in that situation, you know, down a couple of runs,

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Speaker 10: Guy's working somewhere at bats in front of me. You know,

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Speaker 10: I got to keep the line moving there, and you know,

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Speaker 10: either get on base or get the guys over in

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Speaker 10: the scoring position a little bit more for Minny Rice.

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Speaker 11: Yanks left ten minut on base, one for nine with

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Speaker 11: runners in scoring position. What have saved them during this slump?

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Speaker 11: The Orioles have lately been losing. They get swept a

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Speaker 11: home by the Cubs by a combined twenty one to

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Speaker 11: twos of Baltimore only two games ahead. Yanks and Orioles

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Speaker 11: started a big weekend series tonight at Camden Yards break

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Speaker 11: up the Mets. They had that stretch where they went

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Speaker 11: ten and twenty five. They are now on one where

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Speaker 11: they've gone twenty three and ten. Cityfield sweep at Washington,

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Speaker 11: winning seven nothing behind David Peterson Mets home tonight for

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Speaker 11: Colorado today will be the forty ninth Grand Slam semifinal

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Speaker 11: match for Novak Djokovic's thirteenth at Wimbledon. He'll face Italy's

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Speaker 11: Lorenzo Mussetti. Carlos Alcaraz meets daneil Medvedev, who Alcarez beat

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Speaker 11: in the semis last year before he upset Djokovic in

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Speaker 11: the final. Women's final Tomorrow Jazz Bin Palini and Barbora

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Speaker 11: craged Dakova, seated only thirty first before next week's Open

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Speaker 11: Championship hits the Scottish Open. Justin Thomas eight under sixty

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Speaker 11: two for his first opening round lead in three years

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Speaker 11: of sixty five for Rory McElroy back for the first

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Speaker 11: time since those miss futs at the end of the

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Speaker 11: US Open last month. John Stashanwer Bloomberg Sports.

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Speaker 5: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 5: and around the world on Bloomberg dot Com and the

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Speaker 5: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: President Biden made some gaffes while speaking at the NATO

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Speaker 2: summit in Washington. He mistakenly referred to Vice President Kamala

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Speaker 2: Harris as Donald Trump. He also incorrectly called Ukrainian President

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Speaker 2: Vladimir Zelensky, Russian President Vladimir Putin. Still President Biden consists

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Speaker 2: or rather continues to insist that he is the man

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Speaker 2: for the job.

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Speaker 3: I'm determined on running, but I think it's important that

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Speaker 3: I really lay fears I see, let them see me

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Speaker 3: out there.

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Speaker 2: Now we're joined now by Bloomberg's Kevin Whitelof with some

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Speaker 2: analysis of this. Kevin, how much damage did that news

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Speaker 2: conference due to the Biden campaign?

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Speaker 12: I mean, at this point, every little bit hurts. I mean,

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Speaker 12: I think the biggest problem is that, you know, he

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Speaker 12: can go out as he did, have a pretty good

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Speaker 12: press conference, sound pretty wrong, make some good arguments, make

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Speaker 12: a couple some forceful remarks, and then one or two

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Speaker 12: gaffs are the things that I'm going to be getting

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Speaker 12: everybody's attention. So I think that if this press conference

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Speaker 12: had happened, I don't know, say a month ago, it

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Speaker 12: probably would have gone, you know, without a huge amount

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Speaker 12: of attention. But in the wake of that debate performance

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Speaker 12: and everybody trying to focus on every single moment, it's

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Speaker 12: almost impossible for him to truly rewrite the narrative at

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Speaker 12: this point, or at the very least is going to take,

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Speaker 12: you know, weeks and weeks and weeks, and the Democrats

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Speaker 12: really don't have that kind of time if they are

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Speaker 12: going to think at all about the option of replacing

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Speaker 12: him at the top of the ticket.

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Speaker 2: Is that why we're seeing more Democrats come out now

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Speaker 2: and openly call for Biden to step aside because of

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Speaker 2: that time factor.

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Speaker 12: Well, I mean, they really have to do something before

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Speaker 12: the convention or at the convention. If it's going to happen,

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Speaker 12: it's it's it's nearly I mean, look, it's almost entirely unprecedented,

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Speaker 12: unprecedented for it to even happen that way, it's almost

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Speaker 12: impossible for it to happen later. There has to be

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Speaker 12: some semblance of a process if they're going to choose

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Speaker 12: somebody else. But it's ultimately up to pretty much one man,

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Speaker 12: Joe Biden, to make that decision. Essentially nobody else can

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Speaker 12: make it for him. But every single Democrat that comes

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Speaker 12: out and then calls for him to do it makes

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Speaker 12: it that much harder for Biden because you know that

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Speaker 12: the Trump campaign is going to bring up every single

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Speaker 12: one of those and recycle those calls, and those remarks

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Speaker 12: come as we get closer in November.

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Speaker 2: Now, not only are we hearing from congressional Democrats, but

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Speaker 2: CNN is reporting Obama, Former President Obama, and former Health

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Speaker 2: Speaker Nancy Pelosi have reportedly met about this are also

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Speaker 2: reportedly quite concerned. Is any of this going to have

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Speaker 2: an effect?

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Speaker 12: I mean, we'll see. Biden was convinced in twenty twenty

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Speaker 12: he was the best positioned, maybe the only person who

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Speaker 12: could beat Donald Trump, and he did win. It was

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Speaker 12: very narrow, but he won, and he's obviously still convinced

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Speaker 12: that he's still the best person to do it now,

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Speaker 12: and the polls are a little bit hard to read

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Speaker 12: on this one. You know, the obvious replacement would be

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Speaker 12: Kamala Harris, and you know her polling and recognition, and

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Speaker 12: you know, isn't that much stronger. So I do think

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Speaker 12: that it's going to be ultimately up to Biden, probably

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Speaker 12: the family around him, his wife in maybe a couple

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Speaker 12: of close ages, but you know, almost all of them

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Speaker 12: have pretty strong incentives to want him to stay in

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Speaker 12: the race. So it's a little hard to imagine who

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Speaker 12: exactly is going to be able to come through and

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Speaker 12: change his mind. It's going to be a tough thing

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Speaker 12: again never been done before. Huge risk involved at this

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Speaker 12: point really either way.

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Speaker 2: And behind the scenes, Dems reportedly some are angry that

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Speaker 2: Biden won't leave the race. Is this causing a split

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Speaker 2: in the party.

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Speaker 12: Well, you know, you can only imagine how many private

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Speaker 12: conversations are being ahead and calls and emails and texts

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Speaker 12: flying around over this. There's obviously this enormous amount of

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Speaker 12: concern that not only will if Biden stays in the race,

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Speaker 12: will will he lose, but that the Democrats could lose

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Speaker 12: both chambers of Congress, and that sort of puts them

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Speaker 12: in a really bad, really weak position and gives Donald

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Speaker 12: Trump a potentially very free hand to take the country

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Speaker 12: in a very different direction. That has everybody very panicked.

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Speaker 12: I think the problem they all have is a it's

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Speaker 12: not clear if Joe Biden's going to change his mind,

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Speaker 12: but be it's really not clear that if you replace

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Speaker 12: Biden with someone else at this very late stage, that

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Speaker 12: the result is going to be any different.

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Speaker 2: We got about a minute here, Kevin the president has

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Speaker 2: said he's willing to take a neurological exam. Are we

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Speaker 2: past that?

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Speaker 12: I mean, you know, at this point, I suppose anything

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Speaker 12: could help, but then the question is still going to

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Speaker 12: be you know, who believes it. No one really believed

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Speaker 12: Donald Trump's supposed a cognitive test either, right, So you know,

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Speaker 12: I think that some of these things really get baked

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Speaker 12: in the repetition of some of these clips and moments

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Speaker 12: on social media are super, super damaging to Biden and

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Speaker 12: trying to build it back, trying to show trying to

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Speaker 12: make the case that he's able to do it and

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Speaker 12: show that he can be nimble on his feet. You know,

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Speaker 12: you can do it a couple of times, but it

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Speaker 12: just doesn't take much to undo weeks and maybe months

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Speaker 12: of that kind of work.

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