1 00:00:02,560 --> 00:00:05,800 Speaker 1: My from the Bloomberg interactor Berger Studios. This is Bloomberg 2 00:00:05,880 --> 00:00:09,200 Speaker 1: day Break for Friday, July twenty nine two. Coming up 3 00:00:09,200 --> 00:00:13,080 Speaker 1: this hour, Nazzac Future's rally thanks to earnings from Amazon 4 00:00:13,160 --> 00:00:16,560 Speaker 1: and Dapple, Intel and Roku share sell off on disappointing 5 00:00:16,640 --> 00:00:19,720 Speaker 1: quarterly results. Big Oil in the spotlight this morning, with 6 00:00:19,760 --> 00:00:22,880 Speaker 1: Exxon and Chevron reporting, and Jannet Yellen says the US 7 00:00:22,920 --> 00:00:26,200 Speaker 1: economy is slowing, but not in a recession. The former 8 00:00:26,200 --> 00:00:28,920 Speaker 1: New York State Supreme Court justice has been sentenced for 9 00:00:28,960 --> 00:00:32,000 Speaker 1: taking bribes. Plus flooding in eastern Kentucky has left at 10 00:00:32,040 --> 00:00:35,040 Speaker 1: least eight people dead. I'm Mike Lablar. More Ahead, I'm 11 00:00:35,080 --> 00:00:38,040 Speaker 1: John Stash, Aaron Sports. Aaron Judge strikes again a home 12 00:00:38,120 --> 00:00:40,199 Speaker 1: run bottom of the ninth inning. Give me the Yankee 13 00:00:40,280 --> 00:00:45,280 Speaker 1: the one Nothing went over Kansas City. That's All's trendy 14 00:00:45,280 --> 00:00:49,240 Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York, 15 00:00:49,440 --> 00:00:54,080 Speaker 1: Bloomberg ninety one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,400 --> 00:00:58,800 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine team, 17 00:00:59,040 --> 00:01:01,960 Speaker 1: and around the world on Bloomberg Radio dot Com and 18 00:01:02,120 --> 00:01:09,319 Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagart and 19 00:01:09,360 --> 00:01:12,720 Speaker 1: I'm Karen Moscow, and US stock index futures are rising 20 00:01:12,880 --> 00:01:14,760 Speaker 1: this morning. We are coming up to six oh one 21 00:01:14,800 --> 00:01:16,759 Speaker 1: on Wall Street, and we check the markets every fifteen 22 00:01:16,760 --> 00:01:19,559 Speaker 1: minutes throughout the trading day. On Bloomberg. Right now, SNP 23 00:01:19,720 --> 00:01:22,600 Speaker 1: futures are up thirty one points. Now Future is up 24 00:01:22,600 --> 00:01:25,920 Speaker 1: eighty five and nasdack futures up one fifty four. That's 25 00:01:26,000 --> 00:01:29,120 Speaker 1: up one point two percent. Ten year treasury down eleven 26 00:01:29,200 --> 00:01:31,840 Speaker 1: thirty seconds. You two point seven one percent, and they 27 00:01:31,920 --> 00:01:34,880 Speaker 1: yield on the two year two point eight nine percent, 28 00:01:34,959 --> 00:01:37,479 Speaker 1: and nine mex screwed oil is of two point one 29 00:01:37,640 --> 00:01:40,880 Speaker 1: percent Nathan, Karen. The big lift in nastack futures follows 30 00:01:40,880 --> 00:01:45,039 Speaker 1: earnings from two tech giants. Let's begin with Amazon. Those 31 00:01:45,040 --> 00:01:49,600 Speaker 1: shares are surging by twelve percent. The company reported revenue 32 00:01:49,640 --> 00:01:52,120 Speaker 1: the top estimates and gave a strong sales forecast for 33 00:01:52,120 --> 00:01:55,880 Speaker 1: the current quarter. Bloomberg Intelligence Senior retail analyst Punum Goyle says, 34 00:01:55,960 --> 00:01:59,080 Speaker 1: it's quite a different story from another high profile retailer. 35 00:01:59,360 --> 00:02:01,800 Speaker 1: We right now worried about what we saw earlier this 36 00:02:01,880 --> 00:02:06,280 Speaker 1: week with Walpart taking down guidance as we had thought 37 00:02:06,320 --> 00:02:09,840 Speaker 1: that Amazon has a different customer based. Amazon doesn't target 38 00:02:09,840 --> 00:02:13,160 Speaker 1: the low income consumer, so we didn't think Walmart's rose 39 00:02:13,200 --> 00:02:16,440 Speaker 1: would bleed into Amazon, and that's exactly what we saw today. 40 00:02:16,560 --> 00:02:20,120 Speaker 1: Bloomberg Intelligence analists poom Goyle says Amazon added full and 41 00:02:20,200 --> 00:02:22,919 Speaker 1: part time jobs at the slowest pace since tween, in 42 00:02:22,960 --> 00:02:26,760 Speaker 1: an effort to cut costs well. Nathan Apple shares also higher. 43 00:02:26,760 --> 00:02:28,680 Speaker 1: They're up more than two and a half percent. The 44 00:02:28,680 --> 00:02:33,080 Speaker 1: company's revenue and profit narrowly topped estimates, with iPhone sales 45 00:02:33,080 --> 00:02:36,400 Speaker 1: holding up better than expected. Tom Giles is an executive 46 00:02:36,400 --> 00:02:40,480 Speaker 1: technology editor for Bloomberg News. The market took away that 47 00:02:40,800 --> 00:02:46,160 Speaker 1: Apple so far is weathering the downturn relatively well um 48 00:02:46,240 --> 00:02:49,080 Speaker 1: and they even though they missed on a couple of 49 00:02:49,120 --> 00:02:54,120 Speaker 1: their different products, they did uh surpass wall streets projections 50 00:02:54,320 --> 00:02:58,120 Speaker 1: on the iPhone, which is their biggest product, all important product. 51 00:02:58,320 --> 00:03:02,440 Speaker 1: Bloomberg Tom Giles says the iPad also performed better than feared, 52 00:03:02,520 --> 00:03:06,919 Speaker 1: though other products, including max and wearables, fell short of projections. 53 00:03:07,160 --> 00:03:09,920 Speaker 1: On the flip side, carrying shares of Inteller down nine 54 00:03:09,919 --> 00:03:12,320 Speaker 1: and a half percent in early trading. The chip maker's 55 00:03:12,360 --> 00:03:15,679 Speaker 1: profit and sales missed estimates, and it's also slashing forecasts. 56 00:03:15,880 --> 00:03:19,280 Speaker 1: More from Bloomberg's Charlie Pellett. The world's biggest maker of 57 00:03:19,280 --> 00:03:22,760 Speaker 1: computer processors was weighed down by a steep drop in 58 00:03:22,840 --> 00:03:26,520 Speaker 1: demand for data center chips and a steep decline in 59 00:03:26,680 --> 00:03:30,920 Speaker 1: PC shipments after two years of growth. Spending on laptop 60 00:03:31,000 --> 00:03:35,440 Speaker 1: and desktop machines is declining quickly as rising inflation is 61 00:03:35,520 --> 00:03:39,600 Speaker 1: leading consumers to shy away from large purchases. The market 62 00:03:39,680 --> 00:03:43,280 Speaker 1: for chips that power PCs is still Intel's biggest source 63 00:03:43,320 --> 00:03:46,320 Speaker 1: of revenue and the cash needed to fund an ambitious 64 00:03:46,320 --> 00:03:49,840 Speaker 1: attempt by CEO Pat Gelsinger to restore the company to 65 00:03:50,200 --> 00:03:55,240 Speaker 1: semiconductor industry leadership in New York. Charlie Pellett, Bloomberg day Break. 66 00:03:55,360 --> 00:03:58,360 Speaker 1: All right, Charlie, thank you. Even another stock getting hammered 67 00:03:58,400 --> 00:04:02,280 Speaker 1: this morning. Roku shares are down more than twenty four percent. 68 00:04:02,560 --> 00:04:07,280 Speaker 1: The maker of streaming TV devices reported disappointing second quarter results. 69 00:04:07,640 --> 00:04:10,760 Speaker 1: Roku said advertisers are pulling back on spending due to 70 00:04:10,840 --> 00:04:14,160 Speaker 1: economic concerns, and the earnings continue today. Karen with Big 71 00:04:14,200 --> 00:04:17,240 Speaker 1: Oil in the spotlight. Bloomberg's Jeff Balinger reports X on 72 00:04:17,279 --> 00:04:20,960 Speaker 1: Mobile and Chevron post quarterly results this morning. There could 73 00:04:21,000 --> 00:04:23,640 Speaker 1: be a lot to like what X on Mobile reports. 74 00:04:23,680 --> 00:04:27,840 Speaker 1: Bloomberg Intelligence says the company likely saw a substantial increase 75 00:04:27,839 --> 00:04:30,880 Speaker 1: in net earnings from its refining unit. If that drove 76 00:04:30,880 --> 00:04:33,839 Speaker 1: a major improvement and free cash flow, it could mean 77 00:04:33,960 --> 00:04:38,479 Speaker 1: faster share by backs. Refinding improvements at Chevron likely lagged 78 00:04:38,480 --> 00:04:41,680 Speaker 1: behind X on Mobile. The I says the company's balance 79 00:04:41,760 --> 00:04:44,560 Speaker 1: sheet maybe in a net cash position before the end 80 00:04:44,600 --> 00:04:47,039 Speaker 1: of the year if it continues to hold back on 81 00:04:47,160 --> 00:04:51,560 Speaker 1: share repurchases. Jeff Bellinger, Bloomberg Day Break, Right, Jeff, thank 82 00:04:51,560 --> 00:04:53,839 Speaker 1: you well. Turning to the economy. Now, there's a key 83 00:04:53,839 --> 00:04:56,240 Speaker 1: report coming up before we wrap up the week. The 84 00:04:56,360 --> 00:04:59,800 Speaker 1: University of Michigan issues it's National Consumer Sentiment Index for 85 00:05:00,080 --> 00:05:02,960 Speaker 1: Law at ten am Wall Street Time and Bloomberg's Viney 86 00:05:03,000 --> 00:05:06,320 Speaker 1: Down Judas has more. The Prairie report covering early July 87 00:05:06,400 --> 00:05:10,560 Speaker 1: showed long term inflation expectations declined. At that time. At 88 00:05:10,640 --> 00:05:14,200 Speaker 1: least the consumer surveyed anticipated prices would rise at an 89 00:05:14,279 --> 00:05:16,920 Speaker 1: annual rate at two point eight percent over the next 90 00:05:16,960 --> 00:05:21,360 Speaker 1: five to ten years. Today we're pushing nine percent inflation. Overall, 91 00:05:21,360 --> 00:05:25,159 Speaker 1: consumer sentiment is suffering with the University of Michigan index 92 00:05:25,320 --> 00:05:29,320 Speaker 1: at historic close and he dealt Jdicce Bloomberg day Break. Okay, Vinny, thanks. 93 00:05:29,400 --> 00:05:32,000 Speaker 1: That sentiment report comes the day after the latest GDP 94 00:05:32,160 --> 00:05:34,600 Speaker 1: data fired up the debate over whether the US has 95 00:05:34,600 --> 00:05:38,159 Speaker 1: slipped into a recession. One top official says no. Let's 96 00:05:38,160 --> 00:05:40,880 Speaker 1: get the latest line from Bloomberg's Riunita Young. Good morning, Rinita, 97 00:05:40,920 --> 00:05:44,599 Speaker 1: Good morning Nathan. Treasury Secretary Janet Yellen is rejecting the 98 00:05:44,640 --> 00:05:47,760 Speaker 1: notion that the US has entered a recession. She points 99 00:05:47,760 --> 00:05:52,479 Speaker 1: to continued job creation, gains in consumer spending, strong household finances, 100 00:05:52,600 --> 00:05:56,680 Speaker 1: and growth in business, Although she acknowledges a slowdown is 101 00:05:56,760 --> 00:06:00,120 Speaker 1: needed to tame inflation. We knew they would. Challenge is 102 00:06:00,160 --> 00:06:06,320 Speaker 1: ahead of US. Growth is slowing globally. Inflation remains unacceptably high, 103 00:06:06,440 --> 00:06:10,119 Speaker 1: and it's this administration's top priority to bring it down. 104 00:06:10,440 --> 00:06:14,839 Speaker 1: Treasury Secretary Janet Yellen says she remains optimistic about the 105 00:06:14,880 --> 00:06:18,680 Speaker 1: country's ability to fight inflation. Live in New York, I'm 106 00:06:18,680 --> 00:06:21,479 Speaker 1: ready to Young Bloomberg Daybreak, all right, ready to thank you. 107 00:06:21,520 --> 00:06:24,119 Speaker 1: But we also have news on the geo political front 108 00:06:24,160 --> 00:06:27,520 Speaker 1: this morning. Presidents Biden and she Jan Ping have now 109 00:06:27,560 --> 00:06:30,480 Speaker 1: agreed to set up an in person meeting, and Bloomberg 110 00:06:30,560 --> 00:06:33,720 Speaker 1: said Bachelor has the details. This could be interpreted as 111 00:06:33,720 --> 00:06:37,599 Speaker 1: a positive sign the dialogue could remain open, but tensions 112 00:06:37,680 --> 00:06:40,960 Speaker 1: remain high, with words like constructive left out of the readouts. 113 00:06:41,360 --> 00:06:44,560 Speaker 1: White House Folks Women Karen Jean Pierre says Taiwan was 114 00:06:44,600 --> 00:06:48,360 Speaker 1: a major issue. President Biden underscored that the United States 115 00:06:48,480 --> 00:06:51,960 Speaker 1: policy has not changed and that the United States strongly 116 00:06:52,080 --> 00:06:56,960 Speaker 1: opposes unilateral efforts to change the status. Also mentioned of 117 00:06:56,960 --> 00:06:59,560 Speaker 1: the readouts efforts to fight climate change and protect the 118 00:06:59,560 --> 00:07:03,839 Speaker 1: global macro economy. In San Francisco, I'm at Baxter Bloomberg 119 00:07:03,880 --> 00:07:07,280 Speaker 1: day break, Okay and thanks SMP futures up thirty points now, 120 00:07:07,360 --> 00:07:10,520 Speaker 1: DEALT futures up ninety Nastack futures up a hundred fifty 121 00:07:10,520 --> 00:07:13,320 Speaker 1: one points. The tenure Treasury is down twelve thirty seconds 122 00:07:13,400 --> 00:07:16,880 Speaker 1: yield two point seven to per cent. Local headlines and 123 00:07:16,920 --> 00:07:23,040 Speaker 1: a check off sports up next. This is Bloomberg and 124 00:07:23,120 --> 00:07:24,920 Speaker 1: at six oh seven on Wall Street, We're it's seventy 125 00:07:24,920 --> 00:07:27,560 Speaker 1: five degrees in Central Park. Got an overturned tractor trailer 126 00:07:27,600 --> 00:07:30,080 Speaker 1: on the southbound six eighty four off ramp to two 127 00:07:30,080 --> 00:07:33,280 Speaker 1: eighty seven inheritson more coming up in Traffic First Michael 128 00:07:33,280 --> 00:07:35,120 Speaker 1: Barr with what else is going on in New York 129 00:07:35,160 --> 00:07:37,520 Speaker 1: and around the world Company Michael Good Morning. Nathan, a 130 00:07:37,600 --> 00:07:40,360 Speaker 1: former New York State Supreme Court justice, was sentenced to 131 00:07:40,640 --> 00:07:44,640 Speaker 1: a year and four months in jail. Attorney General Letitia 132 00:07:44,760 --> 00:07:49,120 Speaker 1: James has former judge John mccallock accepted bribes from a 133 00:07:49,120 --> 00:07:53,720 Speaker 1: Democratic Party political operative. James says mccallick took bribes from 134 00:07:53,760 --> 00:07:57,720 Speaker 1: former Erie County Democratic Committee Chairman G. Stephen Pigeon in 135 00:07:57,760 --> 00:08:02,560 Speaker 1: exchange for a political, judicial, and personal favors. In Kentucky, 136 00:08:02,640 --> 00:08:04,840 Speaker 1: at least eight people are dead after more than ten 137 00:08:04,960 --> 00:08:08,840 Speaker 1: inches of rain in twenty four hours. It submerged homes, 138 00:08:09,000 --> 00:08:13,760 Speaker 1: washed away roads, and triggered mudslides. Governor Andy Butscher has 139 00:08:13,800 --> 00:08:17,360 Speaker 1: declared a state of emergency. State police are fully active, 140 00:08:17,600 --> 00:08:20,920 Speaker 1: have an extra helicopter that can be used in rescues. 141 00:08:20,960 --> 00:08:25,360 Speaker 1: The Transportation Cabinet is actively working preparing for debris removal. 142 00:08:25,920 --> 00:08:30,400 Speaker 1: Fish and wildlife is out with votes, working to make 143 00:08:30,480 --> 00:08:35,720 Speaker 1: water rescues were safe for their personnel. Forestry is ready 144 00:08:36,360 --> 00:08:40,440 Speaker 1: for any clean up. This is an all hands on deck. 145 00:08:41,040 --> 00:08:45,000 Speaker 1: Governor Mascher says about twenty people are without power. Former 146 00:08:45,040 --> 00:08:48,360 Speaker 1: President Donald Trump says the Saudi funded live golf circuit 147 00:08:48,400 --> 00:08:52,320 Speaker 1: has created a gold rush for players. Trump played around 148 00:08:52,640 --> 00:08:56,360 Speaker 1: yesterday on his home course at Trump National Deadminister. This 149 00:08:56,400 --> 00:08:59,520 Speaker 1: one was the Live Golf Invitational pro am. The former 150 00:08:59,520 --> 00:09:02,000 Speaker 1: president says what the Saludi Back League is doing is 151 00:09:02,040 --> 00:09:05,800 Speaker 1: good for golf because it gives players an alternative. Trump 152 00:09:05,840 --> 00:09:08,640 Speaker 1: also says nobody has gotten to the bottom of nine eleven. 153 00:09:09,200 --> 00:09:13,360 Speaker 1: Three hostile foreign actors breached the federal courts document management 154 00:09:13,480 --> 00:09:18,400 Speaker 1: system via an incredibly significant and sophisticated cyber attack more 155 00:09:18,400 --> 00:09:21,560 Speaker 1: than eighteen months ago. The Chairman of the House Judiciary Committee, 156 00:09:21,559 --> 00:09:24,680 Speaker 1: Gerald Nadler, said that the hack had a disturbing impact 157 00:09:24,720 --> 00:09:29,160 Speaker 1: on both pending civil and criminal litigation and national security. 158 00:09:29,520 --> 00:09:33,000 Speaker 1: The Mega Millions lottery drawing to night, the jackpot one 159 00:09:33,120 --> 00:09:36,480 Speaker 1: point one billion dollars. What would you do with all 160 00:09:36,480 --> 00:09:43,000 Speaker 1: that money as bills? Definitely bills. That's a number one 161 00:09:43,040 --> 00:09:47,720 Speaker 1: priority for me. Knocks on bills down and I have 162 00:09:47,800 --> 00:09:51,200 Speaker 1: to get uh see what I got there. It's the 163 00:09:51,240 --> 00:09:54,760 Speaker 1: third largest prize in US lottery history. Global News twenty 164 00:09:54,840 --> 00:09:57,440 Speaker 1: four hours a day on airand on Bloomberg Quick Take 165 00:09:57,480 --> 00:10:00,520 Speaker 1: powered by more than twenty seven under journal to analysts 166 00:10:00,559 --> 00:10:02,680 Speaker 1: more than a hundred twenty countries. I'm Michael Barb. This 167 00:10:02,720 --> 00:10:04,800 Speaker 1: is Bloomberg Knight. You know one point one billion would 168 00:10:04,840 --> 00:10:06,760 Speaker 1: take care of a lot of bills. Thank you, Michael. 169 00:10:11,600 --> 00:10:13,640 Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg 170 00:10:13,679 --> 00:10:16,160 Speaker 1: Sports Update with John Stesshow all right, Nathan. The Yankees 171 00:10:16,200 --> 00:10:18,680 Speaker 1: sixties seven win of the year, thirty eight at home, 172 00:10:18,760 --> 00:10:21,120 Speaker 1: and twelve of the thirty eight nearly a third have 173 00:10:21,240 --> 00:10:24,880 Speaker 1: been walk off wins, and three of the twelve have 174 00:10:25,160 --> 00:10:28,760 Speaker 1: ended just like the one last night hit in the 175 00:10:28,800 --> 00:10:34,120 Speaker 1: are pitting Glove Center. It is high Hello for hell God, 176 00:10:35,120 --> 00:10:38,839 Speaker 1: I walk off or run to win the game, A 177 00:10:39,280 --> 00:10:44,080 Speaker 1: judge and glad oh wow bottom by the nine all 178 00:10:44,280 --> 00:10:48,720 Speaker 1: run by judge to win the ball game one nothing 179 00:10:48,920 --> 00:10:51,840 Speaker 1: Sirlene fing and great pictures dokay in the City's Brady 180 00:10:51,920 --> 00:10:54,680 Speaker 1: Singers seven and is only one hit struck at ten 181 00:10:55,000 --> 00:10:57,600 Speaker 1: the Yanks Jameson tay On, We're on Marion at Joe 182 00:10:57,640 --> 00:11:00,040 Speaker 1: Clait's Holmes. Together they gat of only four it no 183 00:11:00,200 --> 00:11:04,120 Speaker 1: walks twelve strikehouse of scoreless until the Aaron Judge blast 184 00:11:04,160 --> 00:11:07,240 Speaker 1: four hundred one feet off Scott Farlow judges thirty ninth 185 00:11:07,280 --> 00:11:08,880 Speaker 1: home run of the year. He had never had a 186 00:11:08,920 --> 00:11:11,920 Speaker 1: walk off homer before this season. He's had three in 187 00:11:12,000 --> 00:11:14,559 Speaker 1: the last two and a half months. Andrew Benintendi made 188 00:11:14,559 --> 00:11:16,920 Speaker 1: his Yankee debut faced the team that just traded him. 189 00:11:16,960 --> 00:11:20,000 Speaker 1: Vatted leadoff went over four. The series continues tonight. The 190 00:11:20,040 --> 00:11:22,880 Speaker 1: Mets tonight visit the Marlins. The Mets just sent two 191 00:11:22,920 --> 00:11:26,080 Speaker 1: minor leaguers to Cincinnati for outfielder Tyler Nick when he 192 00:11:26,080 --> 00:11:28,800 Speaker 1: was hitting two forty six to the Reds. Rangers drafted 193 00:11:28,880 --> 00:11:31,480 Speaker 1: Kapo Kecko second overall a couple of years ago. They 194 00:11:31,480 --> 00:11:33,079 Speaker 1: have given the twenty one year old the two year 195 00:11:33,080 --> 00:11:36,880 Speaker 1: contract extension. The Jets signed linebacker Kwan Alexander. He had 196 00:11:36,880 --> 00:11:39,400 Speaker 1: been with New Orleans before that the forty Niners, where 197 00:11:39,640 --> 00:11:42,320 Speaker 1: he was coached by the Jets coach Robert Salah. White 198 00:11:42,320 --> 00:11:45,400 Speaker 1: out dk Metcalfe new contract with Seattle and the Dallas 199 00:11:45,480 --> 00:11:49,239 Speaker 1: Cowboys son kick returner Cavante Turpin. He was the USFL 200 00:11:49,400 --> 00:11:51,840 Speaker 1: m v P with the New Jersey Generals. John stashwar 201 00:11:51,880 --> 00:11:55,400 Speaker 1: Bloomberg Sports Nathan thank you, John SMP futures up twenty 202 00:11:55,480 --> 00:11:58,480 Speaker 1: nine points now del futures fiveness at future is highed 203 00:11:58,760 --> 00:12:07,600 Speaker 1: by one forty eight points. This is Bloomberg Bloomberg eleven 204 00:12:07,679 --> 00:12:10,439 Speaker 1: three oh weather partly sunny, maybe an afternoon shower, thunderstorm 205 00:12:10,480 --> 00:12:14,440 Speaker 1: going up to near ninety degrees, partly sunny Tomorrow uperds 206 00:12:14,840 --> 00:12:18,400 Speaker 1: mix of sun and cloud Sunday operatings right now in 207 00:12:18,400 --> 00:12:25,000 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 208 00:12:25,000 --> 00:12:27,959 Speaker 1: a day at Bloomberg dot com. The Bloomberg Business at 209 00:12:28,080 --> 00:12:38,000 Speaker 1: and at Bloomberg Quicktape is a Bloomberg business flash and 210 00:12:38,040 --> 00:12:42,160 Speaker 1: I'm Karen Moscow and earnings from Chevron crossing the Bloomberg. 211 00:12:42,200 --> 00:12:44,559 Speaker 1: It did expand at shared by backs by as much 212 00:12:44,559 --> 00:12:48,480 Speaker 1: as fifty percent after blowing past all forecasts with the 213 00:12:48,640 --> 00:12:53,000 Speaker 1: strongest quarterly performance in company history, and shares jumping in 214 00:12:53,040 --> 00:12:56,080 Speaker 1: early trading up three point two per cent. Stocks in 215 00:12:56,120 --> 00:12:59,240 Speaker 1: Europe in the US are set for their biggest monthly 216 00:12:59,280 --> 00:13:03,040 Speaker 1: advance in November twenty on positive earnings, and we check 217 00:13:03,120 --> 00:13:06,439 Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg. 218 00:13:06,520 --> 00:13:08,480 Speaker 1: Right now, S and P futures are up about twenty 219 00:13:08,520 --> 00:13:11,640 Speaker 1: nine points down futures of eighty seven and NASDAG futures 220 00:13:11,640 --> 00:13:14,839 Speaker 1: have one hundred forty up one point one percent. The 221 00:13:14,880 --> 00:13:17,120 Speaker 1: decks in Germany's of nine tens of a percent ten 222 00:13:17,200 --> 00:13:20,160 Speaker 1: year treasury down nine thirty seconds yield two point seven 223 00:13:20,240 --> 00:13:22,360 Speaker 1: one percent, the yield on the two year two point 224 00:13:22,400 --> 00:13:25,280 Speaker 1: eight eight percent. Nine mex screwed oil of one point 225 00:13:25,320 --> 00:13:27,880 Speaker 1: seven percent of a dollar sixty four at ninety eight dollars. 226 00:13:27,920 --> 00:13:30,640 Speaker 1: Five cents of barrel comexs gold a half percent or 227 00:13:30,679 --> 00:13:34,160 Speaker 1: eight dollars at seventeen seventy seven. Twenty announced the euro 228 00:13:34,280 --> 00:13:36,520 Speaker 1: one point oh two one five against the dollar, British 229 00:13:36,520 --> 00:13:38,520 Speaker 1: found one point to one six zero and the yen 230 00:13:38,559 --> 00:13:41,800 Speaker 1: one thirty three point to two, and bitcoin is higher 231 00:13:41,880 --> 00:13:46,280 Speaker 1: up a quarter percent at twenty four thousand, one hundred dollars. 232 00:13:46,440 --> 00:13:49,040 Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with 233 00:13:49,120 --> 00:13:51,839 Speaker 1: more on what's going on around the world. Michael Darren, 234 00:13:51,880 --> 00:13:55,000 Speaker 1: thank you very much. President Chi Jinking warned against meddling 235 00:13:55,040 --> 00:13:58,320 Speaker 1: in China's dealings with Taiwan during a phone call with 236 00:13:58,400 --> 00:14:02,800 Speaker 1: his US counterpart Joe By. It comes among Beijing's opposition 237 00:14:02,840 --> 00:14:06,960 Speaker 1: to HOW Speaker Nancy Pelosi's possible visit to Taiwan that 238 00:14:07,120 --> 00:14:10,360 Speaker 1: China claims as its own. Flooding in eastern Kentucky has 239 00:14:10,440 --> 00:14:14,120 Speaker 1: left at least eight people dead. Governor Andy Basher has 240 00:14:14,160 --> 00:14:17,840 Speaker 1: declared a state of emergency. In baseball, the Yankees beat 241 00:14:17,880 --> 00:14:20,840 Speaker 1: the Royals one zip. The Red Sox beat the Guardians 242 00:14:20,880 --> 00:14:23,920 Speaker 1: for to The Orioles shut out the Rays three nothing. 243 00:14:24,200 --> 00:14:27,080 Speaker 1: The Giants beat the Cubs for two. Global News twenty 244 00:14:27,080 --> 00:14:30,000 Speaker 1: four hours a day on here and on Bloomberg Quicktake, 245 00:14:30,240 --> 00:14:33,280 Speaker 1: powered by more than twenty seven hundred journalists and analysts 246 00:14:33,320 --> 00:14:36,920 Speaker 1: more than countries. I'm Michael bar This is Bloomberg, Nathan. 247 00:14:37,080 --> 00:14:39,400 Speaker 1: Thank you, Michael. It is six nineteen on Wall Street 248 00:14:39,440 --> 00:14:43,200 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 249 00:14:43,200 --> 00:14:45,360 Speaker 1: And even as we watch big oil earnings begin to 250 00:14:45,360 --> 00:14:48,400 Speaker 1: cross the Bloomberg terminal, we keep our focus on big tech. 251 00:14:48,480 --> 00:14:52,240 Speaker 1: After a very interesting week for the tech sector, capped 252 00:14:52,280 --> 00:14:57,160 Speaker 1: off by Amazon and Apple both posting strong earnings despite 253 00:14:57,240 --> 00:15:00,960 Speaker 1: economic headwinds, Let's bring in Matthew Blocksham, senior industry analyst 254 00:15:01,040 --> 00:15:04,120 Speaker 1: of Bloomberg Intelligence, for more on what we learned from 255 00:15:04,360 --> 00:15:07,680 Speaker 1: the two big tech giants. Matt, good morning. Let's start 256 00:15:07,720 --> 00:15:10,720 Speaker 1: off with Amazon just because the shares are surging so much, 257 00:15:11,000 --> 00:15:15,800 Speaker 1: still managing to eke out revenue even with inflation and 258 00:15:16,080 --> 00:15:18,480 Speaker 1: cost cuts. Do you think that can continue as we 259 00:15:18,520 --> 00:15:20,480 Speaker 1: get through the rest of this year and with the 260 00:15:20,480 --> 00:15:25,360 Speaker 1: FED tightening policy. I mean that they're certainly very constant 261 00:15:25,480 --> 00:15:28,400 Speaker 1: about the next course. I mean that they delivered temper 262 00:15:28,520 --> 00:15:31,360 Speaker 1: and constant currency growth in course just reported and looking 263 00:15:31,400 --> 00:15:35,560 Speaker 1: for as much as you know, maybe kind off in 264 00:15:35,560 --> 00:15:37,600 Speaker 1: the quarter ahead. And I think that's coming from both 265 00:15:38,000 --> 00:15:40,480 Speaker 1: resilience in the e commerce business, you know, which which 266 00:15:40,560 --> 00:15:43,960 Speaker 1: is kind of more or less flat um constant currency, 267 00:15:44,040 --> 00:15:49,080 Speaker 1: but really coming the cloud business Amazon Web services, so yeah, 268 00:15:49,160 --> 00:15:52,600 Speaker 1: near um obviously some some weakness in the consumer, but 269 00:15:52,680 --> 00:15:54,640 Speaker 1: not really kind of denting that business too much. And 270 00:15:54,720 --> 00:15:56,560 Speaker 1: I think the other really positive thing, which I think 271 00:15:56,600 --> 00:15:59,920 Speaker 1: is pretty more behind the Shampie's reaction, is what they 272 00:16:00,000 --> 00:16:03,280 Speaker 1: have been able to deliver on costs um in the 273 00:16:03,320 --> 00:16:05,960 Speaker 1: court just reported. That was a big concern for people 274 00:16:06,000 --> 00:16:09,040 Speaker 1: as it came out the pandemic that there's perhaps overinvested 275 00:16:09,080 --> 00:16:12,360 Speaker 1: in capacity for the e commerce business, and they're starting 276 00:16:12,400 --> 00:16:15,080 Speaker 1: to show signs that they're getting that under control, and 277 00:16:15,400 --> 00:16:17,960 Speaker 1: some positive messaging about the quarters ahead in terms of 278 00:16:18,000 --> 00:16:21,440 Speaker 1: what they'll be doing on headcount and getting spending more 279 00:16:21,440 --> 00:16:25,640 Speaker 1: online with the revenue they're expecting to get from from 280 00:16:25,640 --> 00:16:29,800 Speaker 1: a course of different potsile business. So as Amazon navigates 281 00:16:29,840 --> 00:16:32,800 Speaker 1: the rest of this year, Matt, where do you see 282 00:16:33,360 --> 00:16:36,680 Speaker 1: the business really seeing signs of growth. Is it going 283 00:16:36,760 --> 00:16:38,520 Speaker 1: to be more on the e commerce side or is 284 00:16:38,520 --> 00:16:41,800 Speaker 1: it going to be more on cloud. I think it's 285 00:16:41,800 --> 00:16:44,360 Speaker 1: more on cloud. And again we we saw them say 286 00:16:44,440 --> 00:16:49,560 Speaker 1: yesterday that they're shifting the focus of their spending towards 287 00:16:49,640 --> 00:16:52,680 Speaker 1: that part of the business because that's where the strength is. 288 00:16:53,240 --> 00:16:55,880 Speaker 1: UM that that unit grew at something like thirty three 289 00:16:56,040 --> 00:16:59,240 Speaker 1: percent you're over year and the course just gone. It's 290 00:16:59,320 --> 00:17:02,280 Speaker 1: the dominant cloud provider in the world, put about thirty 291 00:17:02,280 --> 00:17:04,679 Speaker 1: five percent share, and they were saying there's still a 292 00:17:04,760 --> 00:17:08,280 Speaker 1: huge amount of opportunity in that marketplace. So I think 293 00:17:08,320 --> 00:17:11,040 Speaker 1: that's going to continue to be both the driver of 294 00:17:11,119 --> 00:17:13,960 Speaker 1: both revenues and profit for them. To give you a sense, 295 00:17:13,960 --> 00:17:16,560 Speaker 1: in the first six months of the year, UM the 296 00:17:16,600 --> 00:17:19,840 Speaker 1: cloud business delivered something like twelve billion dollars of operating 297 00:17:19,880 --> 00:17:23,280 Speaker 1: income compared to about five billion dollars of losses across 298 00:17:23,320 --> 00:17:26,520 Speaker 1: the other businesses. So it really is the revenue and 299 00:17:26,800 --> 00:17:30,760 Speaker 1: profit engine of Amazon right now. When it comes to Apple, 300 00:17:31,040 --> 00:17:35,640 Speaker 1: we saw pretty strong results for iPhone and iPad in particular. 301 00:17:35,880 --> 00:17:37,879 Speaker 1: What about the rest of the business there was some 302 00:17:37,920 --> 00:17:41,080 Speaker 1: weakness and some of the other parts of what Apple's out. Yeah, 303 00:17:41,160 --> 00:17:45,440 Speaker 1: that's right. So a big miss on the wearable segment UM, 304 00:17:45,560 --> 00:17:47,960 Speaker 1: so maybe they're kind of the Watch seven not rowing 305 00:17:48,000 --> 00:17:52,120 Speaker 1: so well. That's about a ten percent miss against expectations 306 00:17:52,600 --> 00:17:55,840 Speaker 1: UM and also a miss on max of the kind 307 00:17:55,840 --> 00:17:58,639 Speaker 1: of PC division. I think that that the people are 308 00:17:58,680 --> 00:18:02,080 Speaker 1: more comfortable about the map commiss because essentially it's about 309 00:18:02,920 --> 00:18:05,359 Speaker 1: timing of new products or see some some of that's 310 00:18:05,400 --> 00:18:09,640 Speaker 1: been down to shortage of chips and then prioritizing chips 311 00:18:09,720 --> 00:18:12,200 Speaker 1: apply to the iPhone and the iPads. So I think 312 00:18:12,200 --> 00:18:15,159 Speaker 1: it's confidence that when those new products come out in 313 00:18:15,200 --> 00:18:18,600 Speaker 1: the next few months that will pep up demand. On 314 00:18:18,640 --> 00:18:22,280 Speaker 1: the MAX side, I think the wearables is a little 315 00:18:22,280 --> 00:18:24,880 Speaker 1: bit more of a head scratcher. I guess people will 316 00:18:24,920 --> 00:18:28,200 Speaker 1: be hoping that the Watch eight, which should come out 317 00:18:28,280 --> 00:18:32,800 Speaker 1: maybe in September, will be a bigger upgrade and people 318 00:18:32,800 --> 00:18:36,240 Speaker 1: will get more excited about that as their next time piece. 319 00:18:36,600 --> 00:18:38,919 Speaker 1: Now last minute here, Matt, is there any concern that 320 00:18:38,920 --> 00:18:41,720 Speaker 1: Apple is going to manage to keep that product line 321 00:18:41,840 --> 00:18:45,560 Speaker 1: going with the China exposure and the potential perhaps for 322 00:18:45,840 --> 00:18:50,920 Speaker 1: supply chain disruptions. I think the the noises yesterday where 323 00:18:51,119 --> 00:18:54,320 Speaker 1: maybe the supply chain issues were still there oh easing, 324 00:18:54,440 --> 00:18:56,919 Speaker 1: So I think that there's more confidence, if you like, 325 00:18:57,040 --> 00:19:00,000 Speaker 1: that there's going to be a better balance between supply 326 00:19:00,000 --> 00:19:03,680 Speaker 1: and demand in the next couple of quarters. Clearly China 327 00:19:03,880 --> 00:19:06,320 Speaker 1: um is a bit of an issue for them, but 328 00:19:06,480 --> 00:19:09,280 Speaker 1: I'd say, certainly in in the commentary on what we 329 00:19:09,320 --> 00:19:12,040 Speaker 1: saw in the numbers they released for the course just 330 00:19:12,119 --> 00:19:14,719 Speaker 1: gone um that perhaps held up a bit better than 331 00:19:14,800 --> 00:19:17,159 Speaker 1: people expected. And I think you know, they said it 332 00:19:17,240 --> 00:19:20,520 Speaker 1: was the biggest course overseeing for people shifting from android 333 00:19:20,560 --> 00:19:24,880 Speaker 1: to iOS. So I think you know that the the 334 00:19:25,000 --> 00:19:28,919 Speaker 1: appetite for Apple products, certainly in the IP area, is 335 00:19:28,960 --> 00:19:32,480 Speaker 1: still incredibly strong. Appreciate this man, thanks for coming on 336 00:19:32,560 --> 00:19:36,920 Speaker 1: with us. Matthew Blacks, some senior industry analyst at Bloomberg Intelligence. 337 00:19:37,080 --> 00:19:41,240 Speaker 1: On Amazon after earnings shares are up twelve percent in 338 00:19:41,280 --> 00:19:45,239 Speaker 1: the pre market, and on Apple those shares higher by 339 00:19:45,280 --> 00:19:49,880 Speaker 1: about two percent this morning, driving Nasdaq futures higher. They're 340 00:19:49,920 --> 00:19:52,520 Speaker 1: up a hundred forty points again of one point one 341 00:19:53,000 --> 00:19:56,000 Speaker 1: s and P futures up twenty nine. Dow Future is 342 00:19:56,080 --> 00:20:02,359 Speaker 1: higher by nineties six points. You're listening to Bloomberg Daybreak 343 00:20:07,480 --> 00:20:10,200 Speaker 1: Bloomberg eleventh, three oh weather partly sunny, maybe an afternoon 344 00:20:10,200 --> 00:20:11,840 Speaker 1: shower storm to end the week. We'll get up to 345 00:20:11,880 --> 00:20:14,400 Speaker 1: near ninety degrees. Will be probably the mostly sunny tomorrow 346 00:20:15,040 --> 00:20:17,560 Speaker 1: all weekend long. We're looking for highs near ninety right 347 00:20:17,640 --> 00:20:24,840 Speaker 1: now in Central Park. Broadcasting live from the Bloomberg Interacted 348 00:20:24,880 --> 00:20:28,760 Speaker 1: Broker Studio in New York, Bloomberg Living Freedom to Washington, 349 00:20:28,840 --> 00:20:32,920 Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one 350 00:20:33,040 --> 00:20:36,520 Speaker 1: to San Francisco, Bloomberg N sixty to the Country, Sirius 351 00:20:36,640 --> 00:20:39,280 Speaker 1: XM to A one nine, and around the globe the 352 00:20:39,280 --> 00:20:43,159 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 353 00:20:43,200 --> 00:20:52,000 Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm 354 00:20:52,080 --> 00:20:55,080 Speaker 1: Nathan Hager and I'm Karen Moscow. We are just about 355 00:20:55,080 --> 00:20:57,520 Speaker 1: three hours away from the open of US trading. Time 356 00:20:57,560 --> 00:20:59,320 Speaker 1: to the five things that you need to notice start 357 00:20:59,359 --> 00:21:03,040 Speaker 1: your day to you buy Interactive Brokers Simple, ib KR 358 00:21:03,119 --> 00:21:06,520 Speaker 1: Global Trader app deposit in your local currency and trade 359 00:21:06,520 --> 00:21:09,160 Speaker 1: stocks in the US, Europe and Asia. Start your free 360 00:21:09,160 --> 00:21:13,200 Speaker 1: trial at ibk r dot com Slash Global Trader. First 361 00:21:13,280 --> 00:21:17,280 Speaker 1: futures are higher following earnings from two tech giants. Amazon 362 00:21:17,400 --> 00:21:21,320 Speaker 1: shares are surging twelve percent after the company reported revenue 363 00:21:21,320 --> 00:21:23,920 Speaker 1: that top estimates, and Apple shares are up two percent 364 00:21:24,200 --> 00:21:28,119 Speaker 1: after it also beat estimates. Bloomberg Intelligence Senior analyst Matthew 365 00:21:28,160 --> 00:21:31,320 Speaker 1: blocks Them has more keeping costs under control that's been 366 00:21:31,359 --> 00:21:34,719 Speaker 1: a really big focus for Amazon shareholders recently, and optimistic 367 00:21:34,720 --> 00:21:37,240 Speaker 1: about the next quarter. They issued a arrange for revenue 368 00:21:37,240 --> 00:21:39,879 Speaker 1: guidance that was pretty much consistent with where alas you're 369 00:21:39,880 --> 00:21:42,879 Speaker 1: expecting it to be. I think for Apple, iPhone sales 370 00:21:42,920 --> 00:21:46,320 Speaker 1: held up better than expected. People expecting new mexicom on 371 00:21:46,400 --> 00:21:47,919 Speaker 1: in the next course and that's going to really help 372 00:21:47,960 --> 00:21:50,680 Speaker 1: sales and encouraging Tim Coots if they expect to see 373 00:21:50,720 --> 00:21:53,879 Speaker 1: progress in revenue in next quarter. Matthew blocks Them with 374 00:21:53,920 --> 00:21:57,359 Speaker 1: Bloomberg Intelligence says both Amazon and Apple are position for 375 00:21:57,440 --> 00:22:00,879 Speaker 1: strong performances in the next quarter. Has gotten results from 376 00:22:01,000 --> 00:22:03,680 Speaker 1: Chevron and x on mobile care in the big oil companies, 377 00:22:03,720 --> 00:22:07,440 Speaker 1: both reporting earnings above analyst estimates. Shares of Intel are 378 00:22:07,520 --> 00:22:10,840 Speaker 1: down nearly ten percent, the chip makers profit in sales 379 00:22:10,880 --> 00:22:14,840 Speaker 1: miss projections, and Roku shares are plunging down more than 380 00:22:14,880 --> 00:22:19,479 Speaker 1: twenty after it also missed estimates. Unathanic Key Economic Report 381 00:22:19,600 --> 00:22:22,120 Speaker 1: is also due out today. The University of Michigan issues 382 00:22:22,160 --> 00:22:25,760 Speaker 1: it's National Consumer Sentiment Index for July. It comes as 383 00:22:25,800 --> 00:22:28,879 Speaker 1: experts debate whether the US has slipped into a recession. 384 00:22:29,200 --> 00:22:32,280 Speaker 1: One top officials says no. We get the latest lie 385 00:22:32,320 --> 00:22:35,160 Speaker 1: from Bloomberg's Rendi Young Good morning, Ready Down, Good morning, Karen. 386 00:22:35,240 --> 00:22:38,840 Speaker 1: Treasury Secretary Janet Yellen is rejecting the notion that the 387 00:22:38,960 --> 00:22:42,840 Speaker 1: US has entered a recession. She points to continued job creation, 388 00:22:43,200 --> 00:22:47,440 Speaker 1: gains in consumer spending, strong healthhold finances, and growth in business, 389 00:22:47,760 --> 00:22:51,919 Speaker 1: although she acknowledges a slowdown is needed to tame inflation. 390 00:22:52,480 --> 00:22:55,440 Speaker 1: We know there are challenges ahead of US. Growth is 391 00:22:55,520 --> 00:23:01,760 Speaker 1: slowing globally, Inflation remains unacceptably high, and it's this administration's 392 00:23:01,840 --> 00:23:05,879 Speaker 1: top priority to bring it down. Treasury Secretary Janet Yellen 393 00:23:05,960 --> 00:23:10,480 Speaker 1: says she remains optimistic about the country's ability to fight inflation. 394 00:23:11,000 --> 00:23:13,719 Speaker 1: Live in New York, I'm gonna need a young Bloomberg daybreak. 395 00:23:14,000 --> 00:23:16,600 Speaker 1: We need an note on geo politics this morning. President's 396 00:23:16,640 --> 00:23:18,520 Speaker 1: Biden and Shi Jin Ping have agreed to set up 397 00:23:18,520 --> 00:23:21,840 Speaker 1: an in person meeting after their loan long phone call yesterday. 398 00:23:22,359 --> 00:23:25,719 Speaker 1: And futures this morning are on the rise. SMP futures 399 00:23:25,760 --> 00:23:28,159 Speaker 1: up about thirty points down, features up a hundred, nastag 400 00:23:28,240 --> 00:23:31,000 Speaker 1: features at four. That's the five things that you need 401 00:23:31,040 --> 00:23:33,280 Speaker 1: to know to start your day, brought to you by 402 00:23:33,520 --> 00:23:40,040 Speaker 1: Interacted brokers. And it's now six thirty three on Wall Street, 403 00:23:40,080 --> 00:23:42,399 Speaker 1: seventy five degrees in Central Park. Got an accident on 404 00:23:42,440 --> 00:23:45,200 Speaker 1: the southbound FDR Drive at sixty three Street that Peter 405 00:23:45,240 --> 00:23:46,880 Speaker 1: Van is gonna tell you about in a few minutes. First, 406 00:23:46,880 --> 00:23:48,720 Speaker 1: Michael Bars here with Roy else is going on in 407 00:23:48,760 --> 00:23:51,200 Speaker 1: New York and around the world. Good morning, Michael, Good 408 00:23:51,280 --> 00:23:54,960 Speaker 1: morning Nathan. A former State Supreme Court justice and a 409 00:23:55,000 --> 00:23:58,680 Speaker 1: former Democratic power broker from Western New York were sentenced 410 00:23:58,680 --> 00:24:01,840 Speaker 1: to prison for their roles a bribery scheme which authorities 411 00:24:01,840 --> 00:24:06,879 Speaker 1: say influenced judicial decisions and official appointments. G Stephen Pidgeon, 412 00:24:07,000 --> 00:24:10,639 Speaker 1: the ex chairman of the Erie County Democratic Committee, received 413 00:24:10,760 --> 00:24:15,080 Speaker 1: a one year sentence. Former Justice John mccallick received a 414 00:24:15,200 --> 00:24:19,000 Speaker 1: year and four months. Heavy rains have caused flash flooding 415 00:24:19,000 --> 00:24:22,320 Speaker 1: and mud slides as storms pound parts of eastern Kentucky. 416 00:24:22,680 --> 00:24:25,600 Speaker 1: Kentucky Governor Andy Basher says that at least eight people 417 00:24:25,600 --> 00:24:27,840 Speaker 1: have died from the flooding in the state. We have 418 00:24:27,960 --> 00:24:32,000 Speaker 1: activated our National Guard. In fact, I just signed a 419 00:24:32,160 --> 00:24:37,520 Speaker 1: state of emergency that will unlock the resources needed and 420 00:24:37,600 --> 00:24:41,000 Speaker 1: also tell the people of eastern Kentucky that we are 421 00:24:41,040 --> 00:24:43,960 Speaker 1: going to be there for them. Governor Brasier also says 422 00:24:44,000 --> 00:24:47,280 Speaker 1: about twenty thou people are without power. New York City 423 00:24:47,280 --> 00:24:50,760 Speaker 1: Mayor Eric Adams met with the newly confirmed director of 424 00:24:50,800 --> 00:24:54,240 Speaker 1: the a t F, Steve Detleback, and the statement. Adams says, 425 00:24:54,320 --> 00:24:56,600 Speaker 1: the a t F will be a partner in ending 426 00:24:56,640 --> 00:24:59,320 Speaker 1: the flow of illegal guns to New York City and 427 00:24:59,359 --> 00:25:02,760 Speaker 1: in taking down the violent offenders. We want a t 428 00:25:02,960 --> 00:25:05,639 Speaker 1: F to double the number of ages here in New 429 00:25:05,680 --> 00:25:09,320 Speaker 1: York City, and we need Congress to support the a 430 00:25:09,440 --> 00:25:13,040 Speaker 1: t F with the resources to make that happy. Mayor 431 00:25:13,080 --> 00:25:16,479 Speaker 1: Adams also called for revoking the license of the nation's 432 00:25:16,560 --> 00:25:20,560 Speaker 1: largest supplier of ghost guns. Vice President Kamala Harris was 433 00:25:20,600 --> 00:25:23,440 Speaker 1: in Brooklyn yesterday and to speak about the Biden administration's 434 00:25:23,480 --> 00:25:29,560 Speaker 1: investments in underserved communities, financial institutions, and small businesses. Black 435 00:25:29,600 --> 00:25:34,639 Speaker 1: and Latino homeowners are rejected by traditional financial institutions at 436 00:25:34,640 --> 00:25:39,160 Speaker 1: a higher rate when applying for home owns, and this 437 00:25:39,240 --> 00:25:43,800 Speaker 1: is the case even when they have credit profiles that 438 00:25:43,840 --> 00:25:47,440 Speaker 1: are similar to other applicants. Vice President Harris made the 439 00:25:47,480 --> 00:25:51,360 Speaker 1: trip with HUD Secretary Marcia Fudge. All right, let's see 440 00:25:51,359 --> 00:25:54,439 Speaker 1: who's not at work on Monday. The Mega Millions lottery 441 00:25:54,520 --> 00:25:57,960 Speaker 1: drawing is tonight. It is the third largest prize in 442 00:25:58,160 --> 00:26:03,200 Speaker 1: US lottery history. The jackpot is worth one point one 443 00:26:03,720 --> 00:26:07,520 Speaker 1: billion dollars. The odds of winning the jackpot are one 444 00:26:07,600 --> 00:26:10,800 Speaker 1: in three hundred two point five million. I still got 445 00:26:10,840 --> 00:26:13,440 Speaker 1: a chance. Global News twenty four hours a day on air, 446 00:26:13,560 --> 00:26:16,320 Speaker 1: end on Bloomberg Quick Take, powered by more than twenty 447 00:26:16,359 --> 00:26:18,440 Speaker 1: seven hundred journalists and analyst and more than a hundred 448 00:26:18,440 --> 00:26:21,040 Speaker 1: twenty countries. Michael Barr, this is Bloomberg. Hey, you know 449 00:26:21,040 --> 00:26:24,439 Speaker 1: what they say, can't win if you don't play. Thank you, Michael, 450 00:26:28,840 --> 00:26:31,520 Speaker 1: Almost six thirty six on Wall Street on Stash Hours 451 00:26:31,560 --> 00:26:34,399 Speaker 1: and Bloomberg Sports Update. All right, Nathan pictures dual in 452 00:26:34,480 --> 00:26:37,600 Speaker 1: the bronze Kansas City, Brady Singer allowed only one hit 453 00:26:37,680 --> 00:26:40,520 Speaker 1: struck out of ten. Jamison Ion works six scoreless as 454 00:26:40,640 --> 00:26:43,040 Speaker 1: Ron Mernaccio two after that, and then Clay home the 455 00:26:43,119 --> 00:26:45,760 Speaker 1: Yanks and Royal still scoreless with one out in the 456 00:26:45,800 --> 00:26:48,200 Speaker 1: bottom of the ninth. Yeah, it was time for all 457 00:26:48,280 --> 00:26:51,040 Speaker 1: to rise. Aaron Judge's thirty ninth poem run of the 458 00:26:51,080 --> 00:26:53,440 Speaker 1: season night after he went over five with three strikeouts 459 00:26:53,440 --> 00:26:56,119 Speaker 1: against the Mets four hundred thirty one feet off the 460 00:26:56,200 --> 00:26:58,640 Speaker 1: Royal sky barlowis the Yanks second hit of the game 461 00:26:58,640 --> 00:27:01,480 Speaker 1: and they won one to nothing. Is there twelve walk 462 00:27:01,520 --> 00:27:04,359 Speaker 1: off win That's twelve of their thirty eight at home, 463 00:27:04,440 --> 00:27:07,000 Speaker 1: so nearly a third. Judge has had four of those 464 00:27:07,040 --> 00:27:09,280 Speaker 1: game winning heads, three of them home runs. You never 465 00:27:09,320 --> 00:27:11,640 Speaker 1: had a walk off hit until this season. Only other 466 00:27:11,720 --> 00:27:14,240 Speaker 1: Yankee they had three walk off home runs of the season. 467 00:27:14,600 --> 00:27:17,679 Speaker 1: The nicky man over New Yankee Andrew Benintendi, bad at leadoff, 468 00:27:17,680 --> 00:27:19,960 Speaker 1: went over four against the team that just traded him 469 00:27:20,200 --> 00:27:22,520 Speaker 1: before going to the Royals. Ben Intendie played for the 470 00:27:22,520 --> 00:27:24,920 Speaker 1: Red Sox. Playing for the Sox, that you get a little, 471 00:27:25,400 --> 00:27:27,720 Speaker 1: you know, a bit of a smack talk, which is great. 472 00:27:27,800 --> 00:27:30,600 Speaker 1: I mean it's all for the song, good fun um. 473 00:27:30,640 --> 00:27:32,280 Speaker 1: But yeah, I mean, I've seen how this place can 474 00:27:32,320 --> 00:27:35,480 Speaker 1: get and help help pumped up and how energize it 475 00:27:35,520 --> 00:27:37,960 Speaker 1: can get. So I'm excited to be out there, you know, 476 00:27:38,119 --> 00:27:39,840 Speaker 1: and be able to call this at the home stadiums. 477 00:27:39,840 --> 00:27:42,000 Speaker 1: And Mets have a new outfielder themselves. They just sent 478 00:27:42,080 --> 00:27:44,919 Speaker 1: two minor leaguers to Cincinnati for Tyler nake Win. The 479 00:27:44,960 --> 00:27:48,640 Speaker 1: Mets visit for Marlin's tonight. Arizona Cardinals QB Kyler Murray 480 00:27:48,680 --> 00:27:51,280 Speaker 1: just got that big contract, but unhappy with the uproar 481 00:27:51,440 --> 00:27:54,359 Speaker 1: over the report of the so called homework clause, where 482 00:27:54,560 --> 00:27:57,680 Speaker 1: Murray's required to work on the game plan each week. 483 00:27:57,800 --> 00:27:59,879 Speaker 1: Murray called it a joke. The Cardinals have now taken 484 00:27:59,920 --> 00:28:04,400 Speaker 1: the clause out of the contract. Bloomberg Sports David, all right, John, 485 00:28:04,440 --> 00:28:06,800 Speaker 1: thank you sixty seven on Wall Street. Time to take 486 00:28:06,800 --> 00:28:08,359 Speaker 1: a look at stock, some of the names moving in 487 00:28:08,400 --> 00:28:11,359 Speaker 1: the pre market with Bloomberg Radio on TV. Markets correspondent 488 00:28:11,720 --> 00:28:15,440 Speaker 1: pretty goofa joining us with the focus on the oil majors. 489 00:28:15,520 --> 00:28:19,600 Speaker 1: Now that the earnings focuses are turned that way, so 490 00:28:19,680 --> 00:28:22,120 Speaker 1: much to discuss, Nathan, I'm just looking through these earnings. 491 00:28:22,160 --> 00:28:24,600 Speaker 1: I mean, they're literally to hitting the wire as as 492 00:28:24,640 --> 00:28:26,840 Speaker 1: we speak. We are seeing x on mobile shows will 493 00:28:26,840 --> 00:28:28,199 Speaker 1: start with big oil here and then we'll go to 494 00:28:28,240 --> 00:28:30,840 Speaker 1: big tech. X on mobile x O M is your taker. 495 00:28:30,840 --> 00:28:33,439 Speaker 1: Those shows are up two point six percent in the 496 00:28:33,440 --> 00:28:36,439 Speaker 1: preme market. It's pretty fascinating. Here they posted their's best 497 00:28:36,800 --> 00:28:39,640 Speaker 1: profit ever. Of course, it's coming off the back of 498 00:28:39,680 --> 00:28:44,320 Speaker 1: commodity prices. The concern here though, is about their Russian business. 499 00:28:44,440 --> 00:28:46,480 Speaker 1: How do they have to actually pull out of Russia 500 00:28:46,520 --> 00:28:48,960 Speaker 1: some of the costs that are associated there also the 501 00:28:49,040 --> 00:28:51,680 Speaker 1: question about recession fears. You know, Nathan, I was talking 502 00:28:51,720 --> 00:28:55,560 Speaker 1: to a member of the financial community yesterday. We'll keep 503 00:28:55,600 --> 00:28:59,360 Speaker 1: him anonymous, talking about what the actual kind of momentum 504 00:28:59,400 --> 00:29:01,680 Speaker 1: trade in the modity hedging actually is. If you're talking 505 00:29:01,680 --> 00:29:04,360 Speaker 1: about recession, the commodity trade is the first one that 506 00:29:04,400 --> 00:29:06,400 Speaker 1: falls apart at any sign of recession. You've kind of 507 00:29:06,440 --> 00:29:09,520 Speaker 1: already seen that with this pull back in the oil markets. 508 00:29:09,560 --> 00:29:12,280 Speaker 1: But nevertheless, when it comes to Exons bottom line, that 509 00:29:12,360 --> 00:29:15,160 Speaker 1: profit still soaring to an all time high. Nathan, But 510 00:29:15,200 --> 00:29:17,480 Speaker 1: it's not just Exon. You gotta talk about Chevron as well. 511 00:29:17,760 --> 00:29:20,200 Speaker 1: C v X is your taker up about three point 512 00:29:20,240 --> 00:29:23,600 Speaker 1: seven percent in the pre market. They have record profit too, 513 00:29:23,760 --> 00:29:26,280 Speaker 1: and here's what they're doing with it. They're increasing their 514 00:29:26,400 --> 00:29:29,880 Speaker 1: share buy backs by get this, as much as fifty percent, 515 00:29:30,280 --> 00:29:34,800 Speaker 1: blowing past all those profit forecasts. Enormously strong quarterly performance 516 00:29:34,920 --> 00:29:38,200 Speaker 1: in company history. So you rearly can see that big oil, 517 00:29:38,400 --> 00:29:42,280 Speaker 1: big oils thriving right now. Well, yeah, it certainly seems 518 00:29:42,320 --> 00:29:45,760 Speaker 1: to be even despite the headwinds around the war in 519 00:29:45,840 --> 00:29:48,760 Speaker 1: Russia and Ukraine. But we do have to talk as 520 00:29:48,800 --> 00:29:52,160 Speaker 1: well about the big text story. We're still watching Amazon 521 00:29:52,200 --> 00:29:55,720 Speaker 1: shares in particular surge this morning. We absolutely are, and 522 00:29:55,760 --> 00:29:58,000 Speaker 1: I think a good way to frame this conversation is 523 00:29:58,040 --> 00:30:02,400 Speaker 1: simply that, uh, this they had some really tough expectations 524 00:30:02,400 --> 00:30:04,280 Speaker 1: to beat, or I should say, there was such a 525 00:30:04,320 --> 00:30:07,000 Speaker 1: gloomy forecast going into these earnings. So a m z 526 00:30:07,160 --> 00:30:09,880 Speaker 1: N is your taker. The shares are up about twelve percent. 527 00:30:10,000 --> 00:30:12,240 Speaker 1: This is massive for Amazon, which by the way, has 528 00:30:12,240 --> 00:30:14,440 Speaker 1: been beaten up in the last two years or so. 529 00:30:14,840 --> 00:30:16,640 Speaker 1: And this comes as the fact they show that their 530 00:30:16,680 --> 00:30:19,400 Speaker 1: cost story they can actually control, that they are able 531 00:30:19,440 --> 00:30:21,400 Speaker 1: to generate more sales, they are able to slow that 532 00:30:21,440 --> 00:30:24,240 Speaker 1: spending picture, and that was really the concern for Amazon, 533 00:30:24,280 --> 00:30:26,719 Speaker 1: the fact that you do have these kind of higher 534 00:30:26,720 --> 00:30:29,040 Speaker 1: pressures on the consumer. You have higher shipping costs, you 535 00:30:29,080 --> 00:30:31,440 Speaker 1: have higher labor costs as well. I'd love to give 536 00:30:31,440 --> 00:30:35,040 Speaker 1: the example I'm actually seeing commercials for Amazon, not advertising 537 00:30:35,040 --> 00:30:37,640 Speaker 1: to the consumer, but advertising to workers to come work 538 00:30:37,680 --> 00:30:40,040 Speaker 1: for their warehouses, which is significant. Speaks to the labor 539 00:30:40,120 --> 00:30:43,560 Speaker 1: dynamics here, but they're actually showing that those margin concerns well, 540 00:30:43,680 --> 00:30:45,960 Speaker 1: they're actually getting better. So that's something to keep in mind. 541 00:30:46,120 --> 00:30:47,960 Speaker 1: And of course Apple shares we always have to talk 542 00:30:48,000 --> 00:30:50,160 Speaker 1: about this. Shares are up in the pre market to 543 00:30:50,280 --> 00:30:52,720 Speaker 1: the tune of about two and a half percent. Yeah, 544 00:30:52,720 --> 00:30:55,280 Speaker 1: after the big beat on iPhone and iPad sales in 545 00:30:55,280 --> 00:30:59,120 Speaker 1: particularly thanks Cretty as always for TV and radio markets 546 00:30:59,160 --> 00:31:02,520 Speaker 1: corresponded pretty gupta. In the pre market, looking ahead to 547 00:31:02,560 --> 00:31:05,560 Speaker 1: the open, SMP futures are higher by thirty two points. 548 00:31:05,560 --> 00:31:08,960 Speaker 1: Staff futures up a two nastack future is still leading 549 00:31:09,000 --> 00:31:11,920 Speaker 1: the games after the big Tech earnings up a hundred 550 00:31:12,040 --> 00:31:14,800 Speaker 1: fifty five points, a gain of one point two percent. 551 00:31:14,960 --> 00:31:23,479 Speaker 1: You're listening to Bloomberg day break Bloomberg eleven three oh 552 00:31:23,480 --> 00:31:27,680 Speaker 1: weather highs near ninety degrees today, tomorrow and the next day, 553 00:31:27,720 --> 00:31:30,200 Speaker 1: maybe an afternoon shower, a storm, but a really nice 554 00:31:30,280 --> 00:31:38,320 Speaker 1: weekend on tap currently seventy in Central Park Markets, headlines 555 00:31:38,360 --> 00:31:41,320 Speaker 1: and breaking news twenty four hours a day at Bloomberg 556 00:31:41,400 --> 00:31:44,800 Speaker 1: dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape. 557 00:31:45,000 --> 00:31:54,280 Speaker 1: This is a Bloomberg Business clash and I'm Karen Moscow. 558 00:31:54,400 --> 00:31:58,520 Speaker 1: And futures on the rise this morning, especially nasdack futures, 559 00:31:58,520 --> 00:32:01,280 Speaker 1: which you're jumping almost one two percent. We go to 560 00:32:01,320 --> 00:32:04,120 Speaker 1: the First Word Breaking news desk for today's morning call. 561 00:32:04,440 --> 00:32:07,640 Speaker 1: Here's Bell Maloney, Bell, good morning, Hey, good morning, Karen. 562 00:32:07,680 --> 00:32:09,720 Speaker 1: That's right. US features are in the green right now, 563 00:32:09,760 --> 00:32:12,880 Speaker 1: helped by earnings last night from Amazon and Apple. Douf 564 00:32:12,880 --> 00:32:15,160 Speaker 1: you just currently up on hundred twenty one points. SUS 565 00:32:15,160 --> 00:32:18,680 Speaker 1: gained thirty two. Well NAS that futures rise by seven, 566 00:32:19,040 --> 00:32:21,640 Speaker 1: the US ten year old at two point seven percent, 567 00:32:21,680 --> 00:32:24,520 Speaker 1: Gold is up five, Oil is climbing, but Bitcoin is 568 00:32:24,600 --> 00:32:27,640 Speaker 1: little changed. Hong Kong fell two point three percent overnight, 569 00:32:27,680 --> 00:32:30,480 Speaker 1: while up markets are trading higher this morning and back 570 00:32:30,480 --> 00:32:33,120 Speaker 1: in the US on the economic Fronday, thirty pc E 571 00:32:33,200 --> 00:32:35,640 Speaker 1: and ninety five Chicago p M I and at ten 572 00:32:35,640 --> 00:32:39,120 Speaker 1: o'clock Michigan Sentiment after the bellost night, Amazon sales did 573 00:32:39,160 --> 00:32:42,880 Speaker 1: top estimates. App Apple revenue beat estimates, but Intel cut 574 00:32:42,880 --> 00:32:45,840 Speaker 1: its sales and profit forecasts for the rest of the year. 575 00:32:46,280 --> 00:32:49,400 Speaker 1: Regarding earnings this morning, Chevron and Exxon Mobile both beat 576 00:32:49,480 --> 00:32:52,280 Speaker 1: estimates and wrapping things up, Intel was cut to neutral 577 00:32:52,280 --> 00:32:54,680 Speaker 1: at Robert Baird, Facebook cut to sell it, DC Bank, 578 00:32:55,000 --> 00:32:57,920 Speaker 1: and Comcast was cut to neutral over at JP Morgan 579 00:32:58,480 --> 00:33:00,440 Speaker 1: Live from the first to breaking news tests gone boom, 580 00:33:00,440 --> 00:33:02,440 Speaker 1: Maloney care all right, Phil, thank you to hear live 581 00:33:02,480 --> 00:33:05,280 Speaker 1: breaking news over your Bloomberg type squawk on your terminal 582 00:33:05,440 --> 00:33:08,240 Speaker 1: squ a w K and us a Bloomberg business flash. 583 00:33:08,280 --> 00:33:10,520 Speaker 1: Now here's Michael Barr with more on what's going on 584 00:33:10,640 --> 00:33:13,960 Speaker 1: around the world. Michael Karen, thank you very much. President 585 00:33:14,040 --> 00:33:17,280 Speaker 1: Joe Biden and Chinese President Chi Jing Bing told AIDS 586 00:33:17,320 --> 00:33:21,360 Speaker 1: to plan and in person meeting. During yesterday's call, the 587 00:33:21,480 --> 00:33:24,680 Speaker 1: fifth conversation between the leaders of the world's two largest 588 00:33:24,720 --> 00:33:29,480 Speaker 1: economies centered on Taiwan, a long time flash point exacerbated 589 00:33:29,520 --> 00:33:33,120 Speaker 1: by how Speaker Nancy Pelosi's possible visit to the island 590 00:33:33,160 --> 00:33:36,400 Speaker 1: next month. Flooding in eastern Kentucky has left at least 591 00:33:36,440 --> 00:33:39,880 Speaker 1: eight people dead. The area is bracing for more rain. 592 00:33:40,480 --> 00:33:43,120 Speaker 1: In baseball, the Yankees beat the Royals one zip. The 593 00:33:43,160 --> 00:33:46,800 Speaker 1: Red Sox beat the Guardians four two. The Orioles shut 594 00:33:46,800 --> 00:33:50,240 Speaker 1: out the Rays three nothing. The Giants beat the Cubs 595 00:33:50,400 --> 00:33:53,360 Speaker 1: four two. Global News twenty four hours a day on 596 00:33:53,560 --> 00:33:57,560 Speaker 1: air and on Bloomberg Quicktake, powered by more than und 597 00:33:57,600 --> 00:34:00,600 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 598 00:34:00,600 --> 00:34:03,959 Speaker 1: Barr and this is Bloomberg. Cameron, all right, Michael, thank you. 599 00:34:04,040 --> 00:34:06,720 Speaker 1: Sixty nine on Wall Street returned to news and science 600 00:34:06,720 --> 00:34:09,320 Speaker 1: and technology now with the Bloomberg and j I. T. 601 00:34:09,560 --> 00:34:12,839 Speaker 1: Stammer fort BRONTI U buy New Jersey Institute of Technology, 602 00:34:12,920 --> 00:34:16,319 Speaker 1: transforming computing professionals and to data scientists to meet the 603 00:34:16,360 --> 00:34:18,960 Speaker 1: demand in this fast growing field. Learn more at n 604 00:34:19,000 --> 00:34:21,600 Speaker 1: j I T dot E d U slash data science 605 00:34:21,880 --> 00:34:24,960 Speaker 1: and here's US making news and science, technology, engineering, and mouth. 606 00:34:25,280 --> 00:34:29,160 Speaker 1: The Biden administration reportedly will offer updated booster shots for 607 00:34:29,200 --> 00:34:32,400 Speaker 1: the coronavirus in September. According to The New York Times, 608 00:34:32,520 --> 00:34:35,200 Speaker 1: Fiser and Maderna have promised they can deliver the new 609 00:34:35,280 --> 00:34:38,560 Speaker 1: vaccines by then. The Time says the new boosters are 610 00:34:38,560 --> 00:34:42,120 Speaker 1: expected to offer more protection against the omicron subvariant b 611 00:34:42,320 --> 00:34:45,240 Speaker 1: A five. The House has passed a package to support 612 00:34:45,239 --> 00:34:48,120 Speaker 1: the domestic ship industry and includes fifty two billion dollars 613 00:34:48,120 --> 00:34:51,440 Speaker 1: in grants and incentives for semiconductor manufacturing in the US. 614 00:34:51,880 --> 00:34:54,600 Speaker 1: Now goes to President Biden for his signature. And a 615 00:34:54,600 --> 00:34:58,480 Speaker 1: new study says human caused climate change made last week's 616 00:34:58,640 --> 00:35:01,799 Speaker 1: deadly heat wave and Land and Wales at least ten 617 00:35:01,840 --> 00:35:04,520 Speaker 1: times more likely and added a few degrees to how 618 00:35:04,520 --> 00:35:08,040 Speaker 1: brutally hot had got. A team of international scientists found 619 00:35:08,040 --> 00:35:10,520 Speaker 1: that the heat wave that set a new national record 620 00:35:10,640 --> 00:35:13,239 Speaker 1: high and more than a hundred and four degrees fahrenheit 621 00:35:13,640 --> 00:35:16,399 Speaker 1: was made stronger and more likely by the build up 622 00:35:16,440 --> 00:35:19,760 Speaker 1: of height trapped gas from the burning of coal, oil, 623 00:35:19,840 --> 00:35:23,239 Speaker 1: and natural gas. The study is by World Weather Attribution, 624 00:35:23,280 --> 00:35:25,879 Speaker 1: a collection of scientists across the globe who do real 625 00:35:25,880 --> 00:35:29,000 Speaker 1: time studies of extreme weather, and as the Bloomberg and j. I. T. 626 00:35:29,120 --> 00:35:31,920 Speaker 1: Stem Report. Nathan all right, Karen, Thanks, We're live from 627 00:35:31,960 --> 00:35:35,080 Speaker 1: the Bloomberg Interactive Brokers Studios, where it's almost six fifty 628 00:35:35,160 --> 00:35:37,399 Speaker 1: one on Wall Street Time Now to check what's going 629 00:35:37,400 --> 00:35:39,440 Speaker 1: on in DC. Some of the top stories in our 630 00:35:39,520 --> 00:35:42,799 Speaker 1: nation's capital include presidents Biden and She planning to meet 631 00:35:42,840 --> 00:35:47,560 Speaker 1: in person as intentions intensify, or Taiwan, the president encountering 632 00:35:47,640 --> 00:35:51,320 Speaker 1: GOP talker recession by touting job gains, and the start 633 00:35:51,440 --> 00:35:55,320 Speaker 1: of the congressional August recess. In the era Senate Democrats 634 00:35:55,320 --> 00:35:58,160 Speaker 1: wait for ruling on their spending deal. Let's bring back 635 00:35:58,160 --> 00:36:02,040 Speaker 1: Bloomberg Government reporter Emily Wilkins for more on all these stories. So, Emily, 636 00:36:02,080 --> 00:36:05,719 Speaker 1: what's the latest on what we've heard about the President's 637 00:36:05,960 --> 00:36:09,880 Speaker 1: call with China's Shijen paying yesterday? So we know that 638 00:36:09,920 --> 00:36:12,640 Speaker 1: it was about a two hour call, and based on 639 00:36:12,680 --> 00:36:17,400 Speaker 1: the readouts that we've seen, UH, the call is apparently 640 00:36:17,640 --> 00:36:19,440 Speaker 1: well enough that the two of them are now talking 641 00:36:19,480 --> 00:36:22,160 Speaker 1: about scheduling an in person meeting. This would be the 642 00:36:22,239 --> 00:36:26,040 Speaker 1: first in person meeting of Biden and She since Biden 643 00:36:26,080 --> 00:36:29,239 Speaker 1: became president. Um, there's not a lot of details yet 644 00:36:29,280 --> 00:36:31,359 Speaker 1: about exactly when that would be, but we're of course 645 00:36:31,440 --> 00:36:34,719 Speaker 1: keeping a very close eye out. And Taiwan was also discussed. 646 00:36:34,719 --> 00:36:38,120 Speaker 1: Remember how Speaker Nancy Pelosi. It's been reported that she 647 00:36:38,239 --> 00:36:40,640 Speaker 1: will be heading to the island uh in a trip 648 00:36:40,719 --> 00:36:43,680 Speaker 1: that begins today. It's going to include several countries in 649 00:36:43,719 --> 00:36:46,799 Speaker 1: the Asia Pacific region, but the Taiwan trips huge. She 650 00:36:46,800 --> 00:36:49,760 Speaker 1: would be the highest ranking US official to visit Taiwan 651 00:36:50,040 --> 00:36:53,800 Speaker 1: in over twenty five years. UH. The Pentagon and Department 652 00:36:53,800 --> 00:36:57,160 Speaker 1: of Defense have been looking at security options, and even 653 00:36:57,200 --> 00:37:00,000 Speaker 1: though they've kind of suggested that they're not super comfortable 654 00:37:00,080 --> 00:37:02,799 Speaker 1: with this trip, a lot of lawmakers on both sides 655 00:37:02,840 --> 00:37:05,560 Speaker 1: of the aisle have really backed Pelosi going and have 656 00:37:05,640 --> 00:37:08,040 Speaker 1: kind of encouraged her to not back out now for 657 00:37:08,080 --> 00:37:11,800 Speaker 1: any pressure reasons. The Taiwan trip did come up a 658 00:37:11,840 --> 00:37:14,680 Speaker 1: little bit in the phone call yesterday with President Biden 659 00:37:14,719 --> 00:37:18,600 Speaker 1: and President she She warned Biden he said, whoever plays 660 00:37:18,640 --> 00:37:22,680 Speaker 1: with fire will get burned, and Biden re emphasized that 661 00:37:22,719 --> 00:37:26,120 Speaker 1: the us UH opposes any change in the current status 662 00:37:26,200 --> 00:37:29,960 Speaker 1: quo or any undermining of the peace and stability across 663 00:37:30,080 --> 00:37:32,920 Speaker 1: the Taiwan straight. So it would be interesting to see 664 00:37:33,040 --> 00:37:36,560 Speaker 1: if the Speaker goes, what and how does Beijing wind 665 00:37:36,600 --> 00:37:38,960 Speaker 1: up retaliating. Yeah, it seems like we've really seen a 666 00:37:39,000 --> 00:37:42,040 Speaker 1: build up of tensions, even with the Speaker Pelosi not 667 00:37:42,120 --> 00:37:45,680 Speaker 1: even confirming whether she's going to go to Taiwan. If 668 00:37:45,719 --> 00:37:49,360 Speaker 1: we do get an in person meeting between presidents Biden 669 00:37:49,360 --> 00:37:53,480 Speaker 1: and She. Given the tensions that still exist between these 670 00:37:53,480 --> 00:37:56,680 Speaker 1: two countries, what would the President hope to accomplish by 671 00:37:56,840 --> 00:37:59,799 Speaker 1: going face to face with the Chinese leader? I mean, 672 00:38:00,040 --> 00:38:01,600 Speaker 1: of the one thing that you hear from the White 673 00:38:01,600 --> 00:38:03,680 Speaker 1: House a lot is that it's simply important to keep 674 00:38:03,680 --> 00:38:06,839 Speaker 1: the line of communication open between Biden and She. They 675 00:38:06,840 --> 00:38:10,440 Speaker 1: are two leaders of two giant powers to giant economies, 676 00:38:10,680 --> 00:38:13,439 Speaker 1: and they do need to be having these communications. There's 677 00:38:13,440 --> 00:38:15,479 Speaker 1: certain efforts that the U s And China of course 678 00:38:15,560 --> 00:38:18,840 Speaker 1: work on things like climate change, things like trade agreement, 679 00:38:19,360 --> 00:38:21,560 Speaker 1: but there's also a number of points of tension where 680 00:38:21,560 --> 00:38:24,160 Speaker 1: the US is trying to put pressure on China in 681 00:38:24,239 --> 00:38:26,600 Speaker 1: terms of human rights abuses, in terms of you know, 682 00:38:26,640 --> 00:38:29,759 Speaker 1: what's happening with Taiwan in the Taiwan Straight So it's 683 00:38:29,760 --> 00:38:33,080 Speaker 1: a very complex relationship overall. It would be interesting to 684 00:38:33,120 --> 00:38:35,560 Speaker 1: hear what the White House would lay out for potential 685 00:38:35,560 --> 00:38:38,640 Speaker 1: goals for a meeting ones one actually get scheduled. And 686 00:38:38,719 --> 00:38:41,120 Speaker 1: of course, the other big source of tension here in 687 00:38:41,160 --> 00:38:45,920 Speaker 1: the US is the economy still and now these latest 688 00:38:45,960 --> 00:38:50,120 Speaker 1: GDP readings that seem to have given Republicans like on 689 00:38:50,160 --> 00:38:53,440 Speaker 1: a silver platter, a new talking point against the White House. 690 00:38:53,800 --> 00:38:56,840 Speaker 1: Oh absolutely. I mean, you saw Senator Ted Cruz yesterday 691 00:38:57,080 --> 00:39:01,319 Speaker 1: trying to actually introduce legislation just suffir me that two 692 00:39:01,400 --> 00:39:06,000 Speaker 1: quarters of negative GDP equals a recession. Because you're hearing, 693 00:39:06,080 --> 00:39:08,759 Speaker 1: of course, abiding come out very strongly against that, really 694 00:39:08,800 --> 00:39:11,320 Speaker 1: pushing back saying that, you know what, the jobs markets 695 00:39:11,320 --> 00:39:14,239 Speaker 1: looking really good. We don't have the National Bureau of 696 00:39:14,239 --> 00:39:16,799 Speaker 1: Economic Research way in yet on whether or not this 697 00:39:16,880 --> 00:39:19,840 Speaker 1: is a recession. Um really trying to push hard against that, 698 00:39:19,960 --> 00:39:22,840 Speaker 1: really trying to continue the narrative that the economy is 699 00:39:22,920 --> 00:39:25,680 Speaker 1: doing well. But I mean, Nathan, you can message all 700 00:39:25,719 --> 00:39:28,200 Speaker 1: you want when Americans go to the grocery store and 701 00:39:28,239 --> 00:39:31,040 Speaker 1: they see the current levels of inflation, and I think 702 00:39:31,040 --> 00:39:33,279 Speaker 1: that speaks more than any sort of messaging that the 703 00:39:33,320 --> 00:39:35,840 Speaker 1: White House could be doing. So I'm really curious to 704 00:39:35,880 --> 00:39:38,560 Speaker 1: see exactly how much being in a recession or not 705 00:39:38,600 --> 00:39:42,960 Speaker 1: being in a recession ultimately impacts the political fortunes of Democrats. Certainly, 706 00:39:43,040 --> 00:39:45,560 Speaker 1: it's not preventing them, didn't prevent them from passing that 707 00:39:45,640 --> 00:39:48,600 Speaker 1: fifty two billion dollar chips bill this week, and it 708 00:39:48,640 --> 00:39:51,720 Speaker 1: doesn't seem to be slowing anything down as they consider 709 00:39:52,080 --> 00:39:55,400 Speaker 1: that very large climate and healthcare package. Yeah, and I 710 00:39:55,440 --> 00:39:57,520 Speaker 1: mean that's something that the President has said is going 711 00:39:57,560 --> 00:40:01,040 Speaker 1: to be important to tamp down inflation and to keep 712 00:40:01,080 --> 00:40:04,360 Speaker 1: the economy from going into what he considers a recession. 713 00:40:04,440 --> 00:40:08,960 Speaker 1: This new deal between Senator's Mansion and Schumer that had 714 00:40:09,000 --> 00:40:11,400 Speaker 1: been left for dead just a couple of days ago. Yeah, 715 00:40:11,440 --> 00:40:14,360 Speaker 1: this was a huge surprise for us in Washington that 716 00:40:14,480 --> 00:40:17,480 Speaker 1: this deal was resurrected. We thought it was just down 717 00:40:17,520 --> 00:40:19,840 Speaker 1: to a couple of healthcare provisions, but no, it's actually 718 00:40:19,880 --> 00:40:23,480 Speaker 1: contains a substantial amount on climate as well as some 719 00:40:23,560 --> 00:40:26,880 Speaker 1: things that lawmakers wanted to do on taxes. Really, the 720 00:40:26,960 --> 00:40:30,440 Speaker 1: big question right now where the Senator Kristensen must stand 721 00:40:30,600 --> 00:40:33,560 Speaker 1: because if she opposes this, and she might because there 722 00:40:33,600 --> 00:40:37,160 Speaker 1: are taxes, uh, tax changes in here that she does 723 00:40:37,200 --> 00:40:40,520 Speaker 1: not like. Uh, is she going to potentially sink this? 724 00:40:40,719 --> 00:40:42,960 Speaker 1: You still need all fifty senators. Just because you have 725 00:40:43,040 --> 00:40:45,399 Speaker 1: Joe Mansion on board doesn't mean it's a guess if 726 00:40:45,440 --> 00:40:48,440 Speaker 1: you have one other Democratic senator being a know in 727 00:40:48,440 --> 00:40:50,160 Speaker 1: our last minute here, Emily, are they going to be 728 00:40:50,200 --> 00:40:54,120 Speaker 1: able to pass this without Republican votes? I mean, there's 729 00:40:54,120 --> 00:40:57,160 Speaker 1: still a question about whether every provision in this really 730 00:40:57,239 --> 00:41:02,000 Speaker 1: big bill, uh can pass under the reconciliation rules, right, Yeah, 731 00:41:02,080 --> 00:41:05,000 Speaker 1: that's the other thing. The Democrats submitted the text to 732 00:41:05,040 --> 00:41:08,600 Speaker 1: the Senate Parliamentarian. Remember, she's kind of the referee here 733 00:41:08,719 --> 00:41:11,400 Speaker 1: looking through everything deciding if it can or cannot go 734 00:41:11,480 --> 00:41:14,839 Speaker 1: through reconciliation. We're expecting to hear a ruling from her 735 00:41:14,840 --> 00:41:18,920 Speaker 1: potentially next week. Um. That could lead to Senators passing 736 00:41:18,960 --> 00:41:20,920 Speaker 1: the bill. But it's still a bit of a question 737 00:41:21,040 --> 00:41:23,359 Speaker 1: up in the air on what the timeline exactly is 738 00:41:23,400 --> 00:41:25,239 Speaker 1: going to be here. The Senate was already supposed to 739 00:41:25,280 --> 00:41:27,279 Speaker 1: be in next week. The House is getting ready to 740 00:41:27,280 --> 00:41:29,560 Speaker 1: come back at some point in August after the Senate 741 00:41:29,560 --> 00:41:32,960 Speaker 1: passes the bill. UM. So lawmakers are certainly being prepared 742 00:41:33,000 --> 00:41:35,200 Speaker 1: for that one. But yes, Nathan, I mean, if all 743 00:41:35,280 --> 00:41:38,880 Speaker 1: fifty Democrats and all but three Democrats in the House 744 00:41:38,920 --> 00:41:42,279 Speaker 1: are supportive of this, they can absolutely pass it without Republicans, 745 00:41:42,600 --> 00:41:45,520 Speaker 1: all right. Bloomberg Government reporter Emily Wilkins keeping on top 746 00:41:45,520 --> 00:41:48,480 Speaker 1: of everything in the nation's capital, even in the dog 747 00:41:48,600 --> 00:41:51,000 Speaker 1: days of summer. There is a lot going on in 748 00:41:51,120 --> 00:41:53,280 Speaker 1: d C. And you can read a lot more about 749 00:41:53,360 --> 00:41:56,320 Speaker 1: it on Bloomberg dot Com or on the Bloomberg Terminal 750 00:41:56,400 --> 00:41:59,680 Speaker 1: and follow all the latest Bloomberg Radio in Washington Bloomberg 751 00:41:59,760 --> 00:42:02,760 Speaker 1: ninety nine one and one oh five point seven FM 752 00:42:03,000 --> 00:42:08,040 Speaker 1: HD two Wall Street Big focuses earnings after Amazon and 753 00:42:08,160 --> 00:42:12,040 Speaker 1: Apple came out with strong results. Nasdaq futures are on 754 00:42:12,120 --> 00:42:14,400 Speaker 1: the rise by one point one percent, a gain of 755 00:42:14,400 --> 00:42:17,800 Speaker 1: a hundred forty four points, SMP futures up thirty two points, 756 00:42:18,120 --> 00:42:21,160 Speaker 1: and Dow futures are higher by a hundred nineteen points. 757 00:42:21,160 --> 00:42:23,840 Speaker 1: That's a gain of four tenths percent. Exxon Mobile and 758 00:42:23,920 --> 00:42:27,560 Speaker 1: Chevron both also came out with strong results. Those shares 759 00:42:27,680 --> 00:42:30,480 Speaker 1: are climbing as well in the pre market, and the 760 00:42:30,520 --> 00:42:34,200 Speaker 1: tenure Treasury is down six thirty seconds, yield two point 761 00:42:34,239 --> 00:42:36,359 Speaker 1: six nine percent. The yield on the two year right 762 00:42:36,360 --> 00:42:40,080 Speaker 1: now two point eight six percent. Bloomberg Surveillance is next 763 00:42:40,080 --> 00:42:44,000 Speaker 1: with Tom Keene, Jonathan Farrow, and Lisa brahmoys for Karen Moscow. 764 00:42:44,440 --> 00:42:48,560 Speaker 1: I'm Nathan Hager, Happy Friday. This is Bloomberg