Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is is Bloomberg
Speaker 1: day Break for a Monday, November seven two. Coming up
Speaker 1: this hour, Apple expects to produce at least three million
Speaker 1: fewer iPhone fourteens than originally planned. Thousands of job cuts
Speaker 1: wore recordedly on the way at Facebook, Pair and meta platforms.
Speaker 1: The investors brace for this week's key report on inflation,
Speaker 1: and we take you to Egypt, where a big climate
Speaker 1: change summit is underway. It's the final push for campaigning
Speaker 1: in New York's governor's race hand the mid terms. Plus
Speaker 1: the CDC warns of the surgeon covid flew and RSV
Speaker 1: on Michael bar more ahead, I'm John Stage, Aaron Sports.
Speaker 1: Big win for the Jets, that upset of the bills
Speaker 1: the Rangers lost, and lets we signed their closer. That's
Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg eleven,
Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius
Speaker 1: x M one nine and around the world on Bloomberg Radio.
Speaker 1: Come and via the Bloomberg Business app. Good morning, I've
Speaker 1: Nathan Hager and I'm Karen Moscow. In US Dock index
Speaker 1: futures are on the rise this morning. We are coming
Speaker 1: up to five oh one on Wall Street, and we
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SNP futures have eight points this morning, Down
Speaker 1: futures have eighty five, and NASDACK futures up about sixteen.
Speaker 1: The decks in Germany's up seven tenths of a percent,
Speaker 1: and the tenure treasury up four thirty seconds shield four
Speaker 1: point one four percent. The yield on the two year
Speaker 1: four point six seven percent. Nathan Karen. The rise we're
Speaker 1: seeing in futures this morning could build on Friday's rally
Speaker 1: on Wall Street, it saw the SNP five snap of
Speaker 1: four day losing streak stilt. The index is down twenty
Speaker 1: one percent in two and on track for its worst
Speaker 1: year in at least a decade. Alan Zaffron is founding
Speaker 1: partner and co CEO at I e Q Capital. What
Speaker 1: we are fearful of, and if you're parish, is that
Speaker 1: the FED is only going to pivot when the p
Speaker 1: M is the Purchasing Manager Index, which is a broad
Speaker 1: measure of economic activity. If it were to really plummet,
Speaker 1: the said would have no choice but to do so,
Speaker 1: and that probably only happens coincidentally with the labor markets
Speaker 1: starting to get out of control. I e Q Capital's
Speaker 1: Alan Zafran says FED rate hikes will take six to
Speaker 1: twelve months to work their way through the economy. Well, Nathan,
Speaker 1: the attention is we turns to inflation. Let's take a
Speaker 1: look at the economic calendar, with Bloomberries if any down
Speaker 1: Judas topping this week's list, the October consumer price and
Speaker 1: except for Thursday and tracking the ever rising cost of
Speaker 1: living post pandemic economist the inflation running hot at about
Speaker 1: eight percent year over a year, keeping the federal reserve
Speaker 1: on the offense. Now, wages are on the rise, but
Speaker 1: inflation is outstripping the games. Hence a lack of confidence
Speaker 1: in America's economy and the University of Michigan consumer sentiment
Speaker 1: and except once again to run their record low ex
Speaker 1: set for Friday. Then eat del Judai s Bloomberg day break.
Speaker 1: All right, Vinny, thanks, it's also another busy week for earning.
Speaker 1: Let's preve you that with Bloomberg's Charlie Pellett. With about
Speaker 1: four hundred thirty companies in the SMP five hundred reporting
Speaker 1: so far have reported positive earning surprises, according to data
Speaker 1: compound by Bloomberg. Peter Roppenheimer is chief Global equity strategist
Speaker 1: at Goldman Sachs International. This is not a disastrous earning season,
Speaker 1: but certainly not nearly as strong as we've seen previously.
Speaker 1: And the key thing that's happening, and we've been arguing
Speaker 1: this for some time, is that margins are starting to
Speaker 1: come under pressure as a result of these high input costs.
Speaker 1: Among the company's scheduled to report this week, Activision Blizzard
Speaker 1: asked Rosenca, BioNTech, Occidental Petroleum, and ribviean automotive in New York.
Speaker 1: Charlie Pellet Bloomberg Daybreak. All right, Charlie, thank you about
Speaker 1: looking at earnings longer term. Goldman Sachs is lowering its
Speaker 1: estimates for the SMP five hired for each year till four.
Speaker 1: The bank strategist say, margin contraction in the third quarter
Speaker 1: signals more pain ahead. Goldman is not changing it's here
Speaker 1: end targets for the SNP. It still thinks the index
Speaker 1: will drop another four and a half percent this year
Speaker 1: to thirty six hundred before rising to four thousand and three.
Speaker 1: I mean well, Karen Morgan. Stanley's Michael Wilson says investors
Speaker 1: should stay bullish on equities ahead of this week's midterm elections.
Speaker 1: Wilson correctly predicted this year's slump in stocks. He says
Speaker 1: if Republicans win at least one chamber of Congress, it
Speaker 1: could provide a catalyst for lower bond yields and higher
Speaker 1: equity prices. Well. Turning to corporate news, now, we're watching
Speaker 1: shares of Apple this morning. They are currently down more
Speaker 1: than one percent in early trading. The company expects to
Speaker 1: produce at least three million fewer iPhone fourteen handsets than
Speaker 1: originally planned this year, and Bloomberg Daybreak Asia anchor Bryan
Speaker 1: Curtis has more from Hong Kong. Bloomberg sources say the
Speaker 1: company and its suppliers now aimed to make about eighty
Speaker 1: seven million devices. That's down from ninety million. The reduction
Speaker 1: is due to softer demand for the iPhone fourteen and
Speaker 1: fourteen plus that adds to supply issues in places like
Speaker 1: Jung Joe, China. The plant there is under a COVID lockdown.
Speaker 1: You know Kong Brian Curtis, Bloomberg Daybreak, Brian, thanks. We
Speaker 1: continue to see job cuts in corporate America. Facebook parent
Speaker 1: Meta Platforms will reportedly start laying off thousands this week.
Speaker 1: According to The Wall Street Journal, The cuts could come
Speaker 1: as early as Wednesday. Met has been struggling with growing losses,
Speaker 1: and it's been investing heavily in its metaverse business. Meta shares,
Speaker 1: which are down seventy three percent this year, are rising
Speaker 1: this morning, up more than three percent in early trading. Well, Nathan,
Speaker 1: Twitter brought the acts down hard last week on close
Speaker 1: to thirty seven hundred of its employees. Now it's asking
Speaker 1: dozens of them to come back. Sources tell us the
Speaker 1: company decided the employees were either fired by mistake or
Speaker 1: too essential to the changes. New owner Elon Musk wants
Speaker 1: to make one of those changes, adding verification checkmarks for
Speaker 1: subscribers to Twitter's monthly Blue service that's been delayed till
Speaker 1: Wednesday to avoid mid term election chaos. Well, the world's
Speaker 1: focus for the next couple of weeks, Karen will be
Speaker 1: on the health of the planet. The Seven Summit is
Speaker 1: underway in Egypt, the United Nations Annual Climate Change Event
Speaker 1: is beginning with discussions on reparations or compensating poorer nations
Speaker 1: for the damage from emissions produced elsewhere. We get more
Speaker 1: from Bloombergs use of kamal l Dean in Charmel Shake.
Speaker 1: We've got over one hundred heads of state to hund
Speaker 1: delegations from all across the world, and they've set apart
Speaker 1: a little bit lower. I would say they admit that
Speaker 1: because of some of the risks, everything of the Ukraine
Speaker 1: War to be ongoing, to your political statics in China
Speaker 1: and the US, it's gonna be harder to get things going. Nonetheless,
Speaker 1: they want to show some results, and they already to
Speaker 1: get contraction on adding a little bit of a controversial
Speaker 1: item to the attenda, the loss and damage items that
Speaker 1: this is related to unchecked cossal fuel use that cause
Speaker 1: economic destruction in disproportioned ways. Bloomberg's use of kamal l
Speaker 1: Dean reports. The leaders of Germany, France and the UK
Speaker 1: are appearing at the start of copy. US President Joe
Speaker 1: Biden and Brazil's president elect are due to appear later
Speaker 1: on well. Finally, Nathan Warren Buffett's Berkshire Hathaway has taken
Speaker 1: a beating on auto insurance. They conglomerate reported and nine
Speaker 1: hundred sixty two million dollar loss on insurance underwriting in
Speaker 1: the third quarter. That's the worst quarterly loss in a year.
Speaker 1: Auto insurers have struggled to keep pace with higher used
Speaker 1: car prices and the rising costs of accidents. And this
Speaker 1: is Bloomberg Max Haaren. It's five oh seven on Wall Street.
Speaker 1: Got some showers sixty degrees in Central Park the northbound
Speaker 1: Van Wick Off ramp to the westbound Belt Parkway is
Speaker 1: closed for an accident investigation. Michael barrs here with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, might call Good morning Nathan. It was the
Speaker 1: final weekend of campaigning before Tuesday's mid term elections. President
Speaker 1: Joe Biden campaign for New York Governor Kathy Hokel at
Speaker 1: a rally and Yonkers Sunday. Biden, hoping to give the
Speaker 1: incumbent a last minute boost against Republican challenger Lees Eldott,
Speaker 1: poles show the race between the two narrowing. Biden criticized
Speaker 1: former President Trump and the Republican Party's record on the economy.
Speaker 1: What's gonna happen the next couple of years is going
Speaker 1: to have more to do with what this country looks
Speaker 1: like twenty years from now than anything else. Congressman Zelden
Speaker 1: campaign at a rally in Rochester, promising, if he's elected governor,
Speaker 1: he's going to crack down on crime, and those state
Speaker 1: employees in charge of fighting it, you're going to emergency
Speaker 1: here in the state of New York. Meanwhile, former President
Speaker 1: Trump urged Florida voters to support Republican candidates in Tuesday's
Speaker 1: mid term elections. This is a year we are going
Speaker 1: to take back the House. We are going to take
Speaker 1: back the Senate. We're going to take back America. We're
Speaker 1: going to take Trump spoke at a rally in Miami
Speaker 1: with Florida Senators Marco Rubio and Rick Scott, a former
Speaker 1: director of the f d A, is concerned that the
Speaker 1: US is not prepared for the current virus season. Bloomberg
Speaker 1: said Baxter as the story the US has center in
Speaker 1: cold flu, RSV and COVID season, and former director Scott
Speaker 1: gott leeb on CBS has heard here on. Bloomberg says
Speaker 1: some past mistakes are getting in the way of new policies.
Speaker 1: We know wearing a mask if you have the flu
Speaker 1: rs V when you go out is effective at preventing
Speaker 1: forward transmission. Nobody wants to say that. So I think
Speaker 1: that there's a lot of reluctance now, in part because
Speaker 1: of the failures of public health messaging during the pandemic
Speaker 1: and things we've got wrong at the backlash toys. So
Speaker 1: we don't have a good solution for what we're entering
Speaker 1: right now. Got Leeb says mistakes should have been made
Speaker 1: during COVID should not affect medical policy going forward. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Gab break authorities continued
Speaker 1: to investigate in New York City high rise fire over
Speaker 1: the weekend that injured over three dozen people and was
Speaker 1: traced to a faulty lithium ion battery. It is the
Speaker 1: latest in the fast growing series of battery blazes that
Speaker 1: have fire officials concerned. The fire has burned the dramatic
Speaker 1: and rare rope rescue twenty stories above Manhattan's East fifty
Speaker 1: second Street, a few blocks from the United Nations headquarters.
Speaker 1: Global used twenty four hours a day on airand on
Speaker 1: Bloomberg Quick Take Power about more than twenty seven hundred
Speaker 1: journalists analysts more than a hundred twenty countries. I'm Michael
Speaker 1: bar This is Bloomberg, Nathan. Thank you, Michael. Almost five
Speaker 1: ten on Wall Street. Time for the Bloomberg Sports Up Day,
Speaker 1: brought to you by Tri State Autie. Good morning, John
Speaker 1: stash Our, all right, good morning eight of the Jets
Speaker 1: of an underdogs almost every week. They were eleven point
Speaker 1: underdogs that met live. Buffalo came in and a FC
Speaker 1: best six and one, three wins by at least three touchdowns.
Speaker 1: But the Jets sat Josh Allen five times, intercepted them twice,
Speaker 1: and twice got themselves into the end zone. Files show
Speaker 1: Blitz takes the snout hard to run up the middle
Speaker 1: of the five. What Jeck blocks down? Ryos motion first
Speaker 1: and goal at the second back to fro Zacholson scream right,
Speaker 1: hobbson half the ten, half the five, which is the
Speaker 1: good He's across the goal, Jet cluespn Eric the cost.
Speaker 1: The game was tied when the Jets went on our
Speaker 1: thirteen play eighty six yard drive at ended with a
Speaker 1: Greg's airline go ahead field goal. They upset the Bills seventeen.
Speaker 1: They're only half game behind Buffalo game last night to
Speaker 1: a FC Division leaders who went overtime. Kansas City beat Tennessee.
Speaker 1: Patrick Mahomes through the ball sixty eight times. Tom Brady
Speaker 1: threw at fifty eight the last one of ten pass
Speaker 1: Sampa Bay's only touchdown of the day. They beat the
Speaker 1: Rams in the battle of the last two Super Bowl winners,
Speaker 1: both of whom struggling this year. Green Bay really struggling,
Speaker 1: lost to the Jets, loss of the Giants, and just
Speaker 1: lost to lowly Detroit. Aaron Rodgers intercepted three times. The
Speaker 1: sound of Timmy Trumpet playing Narco will continue to be
Speaker 1: heard at City Field for the years to come. The
Speaker 1: Mets locked up all star closer Edwin Diaz, who was
Speaker 1: a free agent five years hundred two million, most of
Speaker 1: it for a reliever. The Nets laid down six requirements
Speaker 1: that Kyrie Irving must meet before they consider lifting his suspension.
Speaker 1: The Rangers lost to Detroit three two and overtime. John Stash,
Speaker 1: Howard Bloomberg, Sports Nathan all Right, John Thanks s S
Speaker 1: and P. Futures up twelve point, Staff futures up at
Speaker 1: futures are higher by thirty three points. You're listening to
Speaker 1: Bloomberg Gaber Bloomberg Sports is brought to you by Autie.
Speaker 1: Don't let someone else drive off in the Autie model.
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Speaker 1: and breaking news twenty four hours a day. At Bloomberg
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Speaker 1: Tape is a Bloomberg business clash, and I'm camerin Moscow
Speaker 1: and US dot Index futures are on the rise this
Speaker 1: morning after dropping earlier. European shares are higher, led by
Speaker 1: travel shares, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now is in
Speaker 1: P futures or up about sixteen points now futures up
Speaker 1: a hundred forty three NASDACK futures up forty the decks
Speaker 1: in Germany's up one percent. Can your true a sure?
Speaker 1: We have five thirty seconds, you have four point one
Speaker 1: three percent and a yield in the two year four
Speaker 1: point six seven percent. NIMEX screwed oil is it will
Speaker 1: change in ninety two dollars fifty six cents of Barrel
Speaker 1: comics schooled that a third of a percent, or six dollars.
Speaker 1: At sixteen eighty two sixty announced the euro point nine
Speaker 1: nine nine one against the dollar, British found one point
Speaker 1: one four six five and the end one forty six
Speaker 1: point four and nine. And Bitcoin this morning is down
Speaker 1: one point seven percent. It's a twenty thousand, seven hundred
Speaker 1: eighty dollars. That's a bloomberg business flash. Now here's Nuchael
Speaker 1: bar with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. Election day is tomorrow, but
Speaker 1: already more than forty million Americans have cast early ballots.
Speaker 1: Republicans are optimistic about winning enough seats to retake control
Speaker 1: of both the House and the Senate, while Democrats insist
Speaker 1: they are poised for a better night than many expect.
Speaker 1: The COP twenty seven You and Climate talks began in Egypt,
Speaker 1: with a deal to discuss how rich countries can help
Speaker 1: pay for the damages caused by global warming Elsewhere. Recent
Speaker 1: climate disasters, such as the floods in Pakistan have put
Speaker 1: the issue back into focus. In the NFL, the Jets
Speaker 1: upset the Bills seventeen. The Patriots won, the Commanders lost.
Speaker 1: The Ravens play the Saints tonight in the NHL. The
Speaker 1: Rangers lost in O t to the Red Wings three
Speaker 1: two in the NBA, the Wizards lost. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more of than hundred journalists and analyist more
Speaker 1: than a hundred twenty countries. I'm Michael bar and this
Speaker 1: is Bloomberg, Nathan. Thank you, Michael. It's five nineteen on
Speaker 1: Wall Street Line from the Bloomberg Interactive Brokers Studios. This
Speaker 1: is Bloomberg Daybreak and Dennis Gartman's back with us this morning,
Speaker 1: the chairman of the University of Akron Endowman Investment Committee,
Speaker 1: former publisher of the Gartment Letter. At the start of
Speaker 1: a really busy week for markets, with elections, earnings, and
Speaker 1: inflation all in focus, Dennis, what are you focusing on
Speaker 1: this week? Elections have so the focal point for everybody.
Speaker 1: Just given given the fact that the elections are tomorrow,
Speaker 1: and given the fact that they're as tight as they're
Speaker 1: going to be, however, I think that the Republicans will
Speaker 1: end up sweeping the House, probably winning thirty five seats,
Speaker 1: and I actually think that they'll end up winning the
Speaker 1: Senate probably fifty two seats, maybe fifty three seats at most.
Speaker 1: That'll be supportive to share prices for the near termament
Speaker 1: at least people will become enthusiastic about a Republican capability
Speaker 1: to control the House and the Senate. But it also
Speaker 1: means it will have gridlock government for the past for
Speaker 1: the next two years or so, as everybody gets ready
Speaker 1: for the next presidential elections. So the election cycle stops
Speaker 1: tomorrow and begins Wednesday again, all at one time. I've
Speaker 1: been very barish share prices since the start of the year.
Speaker 1: I continue to be barish for share prices at this point.
Speaker 1: I think the Fed continues to tighten monetary policy far
Speaker 1: longer than anybody had anticipated, takes rates far higher, and
Speaker 1: takes them for a longer period of time than anybody
Speaker 1: had thought originally. So I haven't changed my opinion even slightly. Nathan,
Speaker 1: I want to hone in a little bit more on
Speaker 1: your view and where rates go from here. But we
Speaker 1: did get a note this morning from Mike Wilson over
Speaker 1: Morgan Stanley, who has also been pretty barish on this
Speaker 1: market and called the drop in stocks. He's saying that
Speaker 1: we could see an equity rally off the back of
Speaker 1: tomorrow's election. Obviously, it sounds like you agree with that.
Speaker 1: How big a rally could we see? Do you think?
Speaker 1: First of all, let's say we've we've had a huge
Speaker 1: bounce in in a a very normal technical bounce from
Speaker 1: the lows made three or four or three or four
Speaker 1: weeks ago. I followed the CNN Fair and Green Index,
Speaker 1: which has gotten to fourteen. Anytime it gets below twenty,
Speaker 1: you're going to get a bounce of some sort. You
Speaker 1: get oversold. And of course, the for three weeks we've
Speaker 1: taken the stock market, we've taken the down from what
Speaker 1: twenty nine thousand to thirty three thousand. That's probably as
Speaker 1: much of a rally as you're going to get. I
Speaker 1: think the high that we saw two weeks ago is
Speaker 1: probably going to be the end of it. Uh. And
Speaker 1: so I tend to disagree a little bit with Mr
Speaker 1: Wilson at this point. I think we've probably seen this,
Speaker 1: But I think we've already discount of the fact that
Speaker 1: the Republicans are going to sweep the House and the Senate.
Speaker 1: So I'm not sure that there's much left on the upside.
Speaker 1: At the same time, the CNN Fair and Green Index
Speaker 1: has gotten to sixty one and turned lower, and when
Speaker 1: that gets to that level, it usually means that the
Speaker 1: rally has run its course and the next next leg
Speaker 1: down is coming. The problem is that the rally was
Speaker 1: on very light volume, and good, good rallies, strong values,
Speaker 1: rallies that have sustainability, have to have increasing circumstances increasing volume,
Speaker 1: and we've not seen that. So I continue to think
Speaker 1: that it's a bear market that the rally we've already
Speaker 1: had has just counted the fact that the Republicans sweep
Speaker 1: the House and the Senate tomorrow, and given that the
Speaker 1: possibility of a red wave tomorrow and the return of
Speaker 1: divided government, what will that mean for equities as we
Speaker 1: head toward that next election? In I think the the
Speaker 1: overwhelming fundamental that's driving prices has been the fact that
Speaker 1: the FED has driven its balance sheet from nine trouillion
Speaker 1: dollars to nine trillion dollars over the course of the
Speaker 1: last decade. And as pro must has said, and in
Speaker 1: order to can continue to remain consistent, has said that
Speaker 1: it will be reducing the size of that balance sheet
Speaker 1: by its billion dollars a month. They're taking the fuel
Speaker 1: that had driven the bull market away. It's as if
Speaker 1: you've taken your foot off the gas pedal and the
Speaker 1: car stalls. I think that that's the overriding fundamental. If
Speaker 1: you get a bounce predicated upon the better action by
Speaker 1: the part of the Republicans of the House and the
Speaker 1: Senate to morow use that strength to sell into and
Speaker 1: reduce your positions get smaller and not larger. At this point,
Speaker 1: we also got a note from Goldman Sacks cutting earnings
Speaker 1: estimates for the SMP for this year and next. What
Speaker 1: kind of earnings compression do you see for stocks? Probably
Speaker 1: ten or fifteent reduction and earnings over the course the
Speaker 1: next year or two, And that means the price earnings
Speaker 1: multiple has to come in again. It's been coming in
Speaker 1: for the past six or seven months, the longer than that, actually,
Speaker 1: and I think it continues to come in. So I
Speaker 1: agree with Goldman Sacks. I think earnings are going to
Speaker 1: be the monsterbly lesser, demonsterly smaller than had been anticipated
Speaker 1: three and four and five and six months ago. The
Speaker 1: market had anticipated good earnings. Learnings are coming in less
Speaker 1: than expected, and I think that that's likely to continue
Speaker 1: for a long period of time. So again, use strength
Speaker 1: to sell into, use strength to reduce your positions. Here,
Speaker 1: she or loses the least amount of money in a
Speaker 1: bear market will be the winner. As I said, we'll
Speaker 1: hone in a little bit deeper into that view, including
Speaker 1: where the fed path goes from here. Dennis Gartman is
Speaker 1: with us for the hour. Dennis Gartman, former publisher of
Speaker 1: the Gartment Letter and now chairman of the University of
Speaker 1: Akron Endowment Investment Committee. Looking ahead to the market open
Speaker 1: this morning, futures are pointing to more gains after Friday's rally.
Speaker 1: SMP futures are up eighteen points down, futures up a
Speaker 1: hundred sixty one, and NASTACK futures are higher by fifty
Speaker 1: one points ten. Your treasury is up for thirty seconds,
Speaker 1: the yield down nearly two basis points to four point
Speaker 1: almost four point one four percent yield on the two
Speaker 1: year four point six eight percent. NIMEX crude little changed
Speaker 1: on the session, up five cents ninety two dollars sixty
Speaker 1: six cents of barrel Comac sculled a four tenths per cent,
Speaker 1: or six dollars thirty cents sixty eight two ninety for
Speaker 1: announce of gold. This is Bloomberg. Bloomberg day Break is
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Speaker 1: Wealth Management knows that the portfolio is more than a
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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg eving freo to Washington d C, Bloomberg on to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N
Speaker 1: sixty to the country, Sirius XM Chentle one nineteen and
Speaker 1: around the Blobe, the Bloomberg Business at and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Daybreak and it's five thirty
Speaker 1: on Well Street. Good morning. I'm Karen Moscow, I'm Nathan Hagar.
Speaker 1: Bloomberg Daybreak is brought to you by se I. Imagine
Speaker 1: your asset management firms operational infrastructure as it can petitive advantage.
Speaker 1: Let se I show you how at se I C
Speaker 1: dot com slash I m S and we're just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you up to date on the news you need
Speaker 1: to know at this hour. Well, Investors this week will
Speaker 1: be keeping a close eye on key economic data. The
Speaker 1: October Consumer Price Index is due out Thursday, and University
Speaker 1: of Michigan Consumer Sentiment Index comes out Friday. Paid in
Speaker 1: in Regal Chief US economist Jeffrey Cleveland says jobs data
Speaker 1: from Friday suggests the FEDS still in the thick of
Speaker 1: its inflation battle. But wage growth data has slowed, maybe
Speaker 1: a little bit, but point four month and month is
Speaker 1: still pretty strong. We're hanging out around five percent year
Speaker 1: on year wage growth, and that is not consistent, in
Speaker 1: my view, with two percent inflation. I think it's far
Speaker 1: too soon for the Fed to say they're putting the
Speaker 1: brakes on here. And paidon in Regals, Jeffrey Cleveland says
Speaker 1: the Fed wants to see less job growth because the
Speaker 1: labor market is out of balance. I meantime, Karen, we're
Speaker 1: seeing turmoil in tech labor. This morning. Wall Street Journal
Speaker 1: reports Facebook parent meta platforms will lay off thousands potentially
Speaker 1: as early as Wednesday, and Twitter, which cut close to
Speaker 1: thirty undred employees last week, is now asking dozens of
Speaker 1: them to come back. The Bloomberg Tech editor vlad Zabov
Speaker 1: says Twitter's moves likely don't reflect broader transit big tech.
Speaker 1: Months ago, twives prior leadership decided to come back on
Speaker 1: spending on office space in order to preserve jokes. What
Speaker 1: we've seen in with Twitter cannot be extended to the
Speaker 1: proto tech in industry. It is a very unique situation
Speaker 1: and there's a lot of unpredictability because of Elon Mustine
Speaker 1: a Helm Bloomberg says more changes are coming to Twitter.
Speaker 1: The company alladed verification check marks for members of its
Speaker 1: monthly subscription service after tomorrow's midterm elections to avoid potential chaos.
Speaker 1: Well seeking with tech Nathan Shares of Apple down one
Speaker 1: percent in early trading after the company announced it expects
Speaker 1: to produce less iPhone fourteen models than originally planned. In Egypt,
Speaker 1: Caring You and climate discussions are focused on how rich
Speaker 1: countries can pay for global damages caused by global warming.
Speaker 1: Netherlands Prime Minister Mark Rota spoke with Bloomberg speriencing Laquax
Speaker 1: about moving forward on climate issues. We already are at
Speaker 1: this moment committing the one hut of billion to help
Speaker 1: their yes to the world also and also the global
Speaker 1: South to get on board with effecting climate change. Dutch
Speaker 1: Prime Minister Mark Roots is one of several world leaders
Speaker 1: at the COP twenty seven conference. US President Joe Biden
Speaker 1: is set to appear later this week. Futures this morning
Speaker 1: on the rise. SNP futures up about seventeen points down,
Speaker 1: futures have onety four and NASDAG futures are up forty four.
Speaker 1: Straight ahead your latest local headlines, plus a check of sports.
Speaker 1: And this is Bloomberg. Thanks her three on Wall Street
Speaker 1: sixteh degrees in Central Park Out a crash westbound Belt
Speaker 1: Parkway off ramp to the northbound Van Wick and Michael
Speaker 1: Barr has more on what's going on in New York
Speaker 1: and around the world. Michael, thank you very much, Nathan.
Speaker 1: Both President Joe Biden and his predecessor Donald Trump are
Speaker 1: hoping to provide their parties late boosts on the last
Speaker 1: full day of campaigning before mid term elections that could
Speaker 1: he shaped the balance of power in Washington. Biden is
Speaker 1: holding a roley this evening in Maryland as Democrats i
Speaker 1: retaking its governorship. Yesterday, the president campaign for New York
Speaker 1: Governor Kathy Hoco at a rally in Yonkers. Biden, hoping
Speaker 1: to give the incumbent a last minute boost against Republican
Speaker 1: challenger Lese Helden, Poles showed the race between the two
Speaker 1: narrowing just a few days from the election. Biden criticized
Speaker 1: Zelden for voting with House Republicans against the American Rescue
Speaker 1: Plan that included money for police. Opponent had a choice.
Speaker 1: You could kick cops on the job or cave to
Speaker 1: his Republican leaders. I'll give you one guess what he did.
Speaker 1: He cave. Former President Trump is set to stage his
Speaker 1: own event in Ohio, where his hand picks Senate candidate
Speaker 1: jd Events will be at his side. Yesterday, Trump urged
Speaker 1: Florida voters to support Republican candidates in the midterms. Trump
Speaker 1: urged voters to vote Republican and bring the House and
Speaker 1: sent it on Republican control this Tuesday. You must go
Speaker 1: out and vote Republican in this giant red wave, Uncle sham,
Speaker 1: giant red wave that they're all talking about. The former
Speaker 1: president spoke at a rally in Miami with Florida Senators
Speaker 1: Marco Rubio and Rick Scott Ukraine President Voladimir z Lensky
Speaker 1: said Iron must be punished for what he called its
Speaker 1: complicity in Russian terror. Zelenski accused the regime in Tehran
Speaker 1: of helping to prolong the war and exacerbate its impact
Speaker 1: on food and energy supplies. The CDC issued a warning
Speaker 1: of a surge in respirants or viruses from COVID, FLEW
Speaker 1: and RSV, especially among children, that threatens to overwhelm hospitals
Speaker 1: this fall and winter. And the power of ball lottery
Speaker 1: drawing is tonight, Oh lord. The jackpot is expected to
Speaker 1: be one point nine billion dollars. Okay, there you got
Speaker 1: news thy fre hours a day on here and on
Speaker 1: Bloomberg Quick Take Power got more than twenty seven hundre
Speaker 1: journalist analysts more than under twenty countries. Michael Bart, this
Speaker 1: is Bloomberg. NA found my level. Thank you, Michael. Five
Speaker 1: on Wall Street time for the Bloomberg Sports Uptake, brought
Speaker 1: to you by Try stayed out. He with John stas
Speaker 1: all right, Nathan that Jets had that four game when
Speaker 1: he was drink and then laid an egg and yet
Speaker 1: another lost to New England. That led to many saying
Speaker 1: same old Jets They're not saying that now. Not After
Speaker 1: a twenty seventeen upset of heavily favored Buffalo and met
Speaker 1: life Jet defense outstanding sack Josh Allen five times intercepted
Speaker 1: him twice, Jets put together a fourth quarter drive eighties
Speaker 1: six yards in thirteen plays. They had eight straight runs
Speaker 1: that Jets ranted for a hundred and seventy four yards.
Speaker 1: Drive took over six minutes, ended with a field goal
Speaker 1: that gave him the lead after once trailing by eleven.
Speaker 1: They go to their bye week six and three, five
Speaker 1: wins in their last six games. Their coaches, Robert Salem,
Speaker 1: you know, I know a lot of people are going
Speaker 1: to be surprised, right. I don't think there's a person's
Speaker 1: surprise in the locker room. Um, it's a hard fall game.
Speaker 1: It's a damn good football team, world coach football team
Speaker 1: over there. Buffalo. Obviously they're they've got championship aspirations. But um,
Speaker 1: but I don't think there's a guy in that locker
Speaker 1: room that didn't think we couldn't win. After the bye week,
Speaker 1: another game with the Patriots, a battle of last two
Speaker 1: Super Bowl winners. Both the Rams and Bucks struggling this year.
Speaker 1: Tampa Bay one on a Tom Brady ten fast with
Speaker 1: nine seconds left. Brady went over a hundred thousand passing
Speaker 1: yards for his career overtime Last night in Kansas City,
Speaker 1: the Chiefs beat the Titans. Also over time with the
Speaker 1: Garden Rangers after leading to nothing, lost in Detroit three
Speaker 1: to two, then nets one twice over the weekend without
Speaker 1: Kyrie irving. His suspension will not end until he made
Speaker 1: six requirements laid down by the team. Mats have a
Speaker 1: lot of free agents crossed one off the list ed
Speaker 1: when Diaz struggled early in his met career, but tremendous
Speaker 1: this past season, and he has cashed in five years
Speaker 1: hundred two million, most of it for reliever. D has
Speaker 1: averaged almost two strikeouts perking in his pitch. John Stash
Speaker 1: Bloomberg Sports Nathan Right John thank you five thirty seven
Speaker 1: on Wall Street time for the State Business Report with
Speaker 1: Bloomberg's de east Pellgreen Macy's is investing millions to fund
Speaker 1: minority owned businesses. The New York Times says the thirty
Speaker 1: billion dollars over five years will support underrepresented groups in
Speaker 1: the retail industry. More of the former cult firearms complex
Speaker 1: in Connecticut is closer to being converted to apartments. Hartford
Speaker 1: Business says the Cult Gateway partnership could create forty five
Speaker 1: more apartments in two buildings there. The new offering comes
Speaker 1: as commercial demand for the space waynes Split Society entering
Speaker 1: New York's retail market. This is a maker of canned
Speaker 1: wine based cocktails. This journal says the drinks are being
Speaker 1: distributed at Total Wine and More and also through Go Puff.
Speaker 1: The founder of the company is a former marketing exact
Speaker 1: for celebrities and Jersey Shore Restaurant Week is underway, multiple
Speaker 1: restaurants offering three course meals for as little as thirty
Speaker 1: dollars and twenty two cents. It's all designed to get
Speaker 1: you out spending during what's typically a slow patch before
Speaker 1: holiday spending ramps up, and this event runs through Sunday.
Speaker 1: With the Try State Business Report, I'm to these Pelligreen
Speaker 1: All right, Denise, Thanks, It's five thirty eight on Wall Street.
Speaker 1: Blomberg Radios on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three affiliate radio stations around the World. I'm Steve
Speaker 1: Podas on K and X in Los Angeles. We're talking
Speaker 1: about the high cost of impounding Russian super yachts. I'm
Speaker 1: Corney Donahouan Can't Baby in Omaha Berkshire Hathaway takes a
Speaker 1: beating on auto insurance wing on Quarterly Earning. I'm Gina
Speaker 1: Servetti and for w B b M in Chicago, I'm
Speaker 1: reporting that United Airlines has joined the growing list of
Speaker 1: companies withholding advertising on Twitter. For Now, I'm Klain heat
Speaker 1: KILM bloom Bag, dab did who a Dam and London.
Speaker 1: We've been reporting on officials agreeing to discuss climate reparations
Speaker 1: from rich countries at the COP twenty seven Climate Conference.
Speaker 1: I'm Denise Peligrini atm W t AM in Cleveland. I'm
Speaker 1: reporting on Hamba's new plans self driving electric vehicles for
Speaker 1: the elderly and gen Z and those are some of
Speaker 1: the stories are twenty seven hundred Bloomberg journalists and analysts
Speaker 1: you're working on this morning at thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. Britain's new Prime
Speaker 1: Minister Rishi Sunac got a quick sign of trouble ahead
Speaker 1: when a quarrel over trade rules between Northern Ireland, Great
Speaker 1: Britain and the Republic of Ireland flared anew. When the
Speaker 1: UK left the European Union, it was understood that an
Speaker 1: open border between Northern Ireland and the Republic was essential,
Speaker 1: but this meant Brexit would require an economic border in
Speaker 1: the Irish Sea. Britain agreed to a protocol making that
Speaker 1: stipulation in twenty but when protests in the North shut
Speaker 1: down the region's power sharing Assembly, the Tories moved to
Speaker 1: unilaterally cancel the protocol. A trade war between the UK
Speaker 1: and the EU is now a distinct possibility. The world
Speaker 1: needs Britain and the EU to be allies, not rivals.
Speaker 1: If Sunac wants to make a difference, a reset of
Speaker 1: UK EU relations would be a great place to start.
Speaker 1: The editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: opinion or ope i n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion and Bloomberg Sports. Was brought
Speaker 1: to you by Autie don't let someone else drive off
Speaker 1: in the outie model you've always wanted. Visit your local
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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: US Dock Index futures on the rise this morning, van
Speaker 1: sell off stalling as some investors sent up here. Rate
Speaker 1: of disinflation has already begun and the mid term election
Speaker 1: results will be favorable to markets who check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, Guess
Speaker 1: and P Future is up about nineteen points down. Futures
Speaker 1: have a hundred forty five and NAS day Future is
Speaker 1: up fifty four. The decks in Germany's up nine tenths
Speaker 1: of a percent. Ten year treasury of five thirty seconds
Speaker 1: he had four point one three percent, and the yield
Speaker 1: on the two year four point six seven percent. Nine
Speaker 1: Max Screwed oil is down two tens per cent, or
Speaker 1: nineteen cents at ninety two dollars forty two cents of
Speaker 1: barrel co makes schooled up three tens percent or five
Speaker 1: dollars thirty cents at sixteen eighty one ninety announce the
Speaker 1: euro point nine against the dollar. British found one point
Speaker 1: one four four four and again one forty six point
Speaker 1: six six and bitcoin is down one point seven percent
Speaker 1: at twenty thousand and seven hundred fifty dollars. That's a
Speaker 1: bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Karen, thank you
Speaker 1: very much. Tuesday is the mid term elections nationwide. More
Speaker 1: than forty million Americans have already cast their bellot. The
Speaker 1: election could shift the balance of power in Congress. North
Speaker 1: Korea's military says its recent barrage of missile tests were
Speaker 1: practices to mercilessly strike key South Korean and US targets,
Speaker 1: such as air bases and operation command systems, with a
Speaker 1: variety of missiles that likely would include nuclear capable weapons.
Speaker 1: The North's military said today it's missile tests were a
Speaker 1: reaction to last week's massive air force drills between the
Speaker 1: US and South Korea in the NFL. The Jets beat
Speaker 1: the Bills. Twenty seventeen, the Patriots won, the Commanders lost.
Speaker 1: The Ravens play the Saints tonight in the NHL. The
Speaker 1: Rangers lost in overtime to the Red Wings three two
Speaker 1: in the NBA, the Wizards lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quickdake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and This is Bloomberg,
Speaker 1: Nathan Fire, Michael, Thanks at SI forty nine on Wall
Speaker 1: Street Life from the Bloomberg Interactive Brooker Studios. This is
Speaker 1: burg Daybreak, And Dennis Gartman is back with us now
Speaker 1: chairman of the University of Akron Endowman Investment Committee and
Speaker 1: former publisher of the Gartment Letter. Dennis. Earlier, we spoke
Speaker 1: about the potential for equity rally off the back of
Speaker 1: the mid terms. I want to dig into the economic
Speaker 1: data now that we're expecting this week. Of course, we
Speaker 1: get the October Consumer Price Index on Thursday. Do you
Speaker 1: think we'll see further signs of moderation in inflation from
Speaker 1: the data this week? I think we'll see some further
Speaker 1: signs of moderation to to replicate your awards. I don't
Speaker 1: think we're gonna have a an untoward number coming out.
Speaker 1: I think it will be slightly less than than had
Speaker 1: been anticipated. And I think we've seen most commodity prices
Speaker 1: be somewhat under pressure over the course of the past
Speaker 1: month or two. But pay attention to what's going on
Speaker 1: this morning in the gold market, pay attention to what's
Speaker 1: going on in the bond market, and pay attention to
Speaker 1: what's going on in the stock market. All three of
Speaker 1: them should not be rising together. Two of them are
Speaker 1: probably wrong. We'll see which ones are wrong. But I
Speaker 1: think that inflationary numbers are going to start turning back
Speaker 1: for the worst over the course of the next several months.
Speaker 1: But this week's CPI number will probably beneficial to share
Speaker 1: prices modestly, so the opperative board here being modestly. So
Speaker 1: why do you think we're going to see more pressure
Speaker 1: on inflation longer term? Basically because the head's balance sheet
Speaker 1: remains extended. They said they're going to continue to cut it.
Speaker 1: But as I said earlier, we've gone from nine billion
Speaker 1: dollars nine billion dollars to nine trillion dollars. Actually it's
Speaker 1: downd all about eight point five billion. They need to
Speaker 1: take dollars out of it. Inflation is always an everywhere
Speaker 1: a monetary phenomenon. With the lag, the lag has been uh,
Speaker 1: we're only six months to a year and taking it
Speaker 1: into the allowing the head to reduce the size of
Speaker 1: the balance sheet. And I think we have several years
Speaker 1: of higher inflation to ahead of us on balance so well,
Speaker 1: we're gonna have to get used to five and six
Speaker 1: percent inflation over the course the next several years, and
Speaker 1: I think that that's going to be incumbent, So be
Speaker 1: careful out there. The thing that I find amusing to
Speaker 1: me is the fact that gold and bonds are rallying
Speaker 1: this morning. That shouldn't be happening. It's something it is happening,
Speaker 1: And pay attention to that fact. Again, as I said
Speaker 1: earlier this morning, use the strength and stock It is
Speaker 1: just to reduce the size of your exposure, to get
Speaker 1: less large, get less involved, become more involved in the
Speaker 1: gold market. And I think that that's the important to me.
Speaker 1: The most important thing that I saw last week was
Speaker 1: the fact that gold had an outside reversal week, which
Speaker 1: is a very rare circumstance and new low and at
Speaker 1: a movement above the previous week's highs and the close
Speaker 1: above the previous week's highs, and it's not given back
Speaker 1: any of those games. So that's something to pay attention
Speaker 1: to beyond just stock prices. Watch what's going on in gold.
Speaker 1: It's signaling something traumatic is about to happen. I know
Speaker 1: you've been watching gold for some time and it's really
Speaker 1: a fairly budged with all these inflationary pressures going on.
Speaker 1: But now with this call, where do you think gold
Speaker 1: goes from here? Eighteen hundred or nineteen hundred dollars over
Speaker 1: the course the next several months, I think that's where
Speaker 1: we're gonna go where at one Now, the fact that
Speaker 1: it held in the low sixteen hundreds bottomed in November,
Speaker 1: in September and October, and Friday's action was extraordinary, rallying
Speaker 1: what fifty to fifty five dollars announced with especially following
Speaker 1: effect that you had an overtly barish article and the
Speaker 1: barons over the weekend about how bad gold has has
Speaker 1: been the fact that those two things occurred at the
Speaker 1: same time of a very various article and in a
Speaker 1: very strong movement on Friday and an outside reversal week
Speaker 1: tells me that gold prices have seen their lows and
Speaker 1: want to go demonstrably higher. So as you come out
Speaker 1: of stock, prices move into a move into a bit
Speaker 1: of goal. I think that makes sense. I've done that
Speaker 1: for the University, and we're going to continue to do
Speaker 1: that when we meet next in two weeks for our
Speaker 1: quarterly meeting. Yeah, I've just about a minute left here, Dennis.
Speaker 1: Of course, there's a lot of attention on where the
Speaker 1: FED takes rates from here, where the terminal rate's gonna be.
Speaker 1: Where do you think the Fed is going to say?
Speaker 1: I know you've been focused on the balance sheet, but
Speaker 1: where do you think rates go from here? For the Fed?
Speaker 1: I think we take the overnight said funds rate to
Speaker 1: five five and a quarter and at that point they'll
Speaker 1: sit tight for a long period of time. If I've
Speaker 1: learned anything in the forty five years I've learned i've
Speaker 1: been in the market since that when the FED changes
Speaker 1: monetary policy from easing to tightening, or from tightening to easing,
Speaker 1: it takes rates far farther and takes them for a
Speaker 1: far longer period of time than even the most radical
Speaker 1: among us wants to believe. So I think we're gonna
Speaker 1: go to at least five percent, maybe five and a half,
Speaker 1: and then it then comes to pivot. The pivot meaning
Speaker 1: they'll sit tight for a long period of time. It
Speaker 1: maybe several years before we actually see them pivot and
Speaker 1: take great slower So be prepared for higher rates for
Speaker 1: a protected period of time for the next several years.
Speaker 1: As always, Dennis, great to get your view. Thanks for
Speaker 1: being with us for the full hour here Dennis Gartman,
Speaker 1: former publisher of the Gartment Letter and now the chairman
Speaker 1: of the University of acron Endowment Investment Committee. Karen Nathan,
Speaker 1: It is five three on Wall Street, time for the
Speaker 1: Bloomberg Law Report that's yet to the legal stories we're
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. More election lawsuits
Speaker 1: have been filed this year than in all of twenty
Speaker 1: by Democrats and Republicans, challenging everything from who can vote
Speaker 1: to where ballots are collected and monitored. The Sixth Circuit
Speaker 1: rule that Experience did not violate the Fair Credit Reporting
Speaker 1: Act when it failed to remove any erroneous report of
Speaker 1: a bankruptcy from a man's credit report. The Justice Department
Speaker 1: reports the former heads of movie Pass and its parent
Speaker 1: company have both been charged with securities fraud and wire fraud.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks, Now
Speaker 1: another legal story we're watching. Arizona defied a Supreme Court
Speaker 1: criminal precedent for decades until the Court specifically instructed this
Speaker 1: state that it had to allow defendants facing the death
Speaker 1: penalty to tell the jury that if they spared them
Speaker 1: from a death sentence, they would never be eligible for parole. Still,
Speaker 1: Arizona did and runs around the Supreme Court decisions, creating
Speaker 1: a procedural maze that blocked a death row inmates relief
Speaker 1: at each turn, leading Justice Helena Kagan to call it
Speaker 1: Kafka esque. For more Bloomberg's doing, Grosso speaks to Bloomberg
Speaker 1: Law reporter Jordan Reuben. So that's why Justice Elena Kagan said,
Speaker 1: Kafka would have loved this case exactly so way she
Speaker 1: put it. She says Costco would have loved this because
Speaker 1: Cruz loses the Simmons claim undirect appeal in the first instance,
Speaker 1: before the Lynch case, and then he tries again, and
Speaker 1: the reason he loses, according to the state, is because no,
Speaker 1: Simmons has actually always applied. It was just that Lynch
Speaker 1: told Arizona that it had to then apply the law.
Speaker 1: So it wasn't what's called a significant change in the
Speaker 1: law according to Arizona. And that's super important for this
Speaker 1: case because it all comes down to this state procedural
Speaker 1: rule which says that on post conviction like what Cruz
Speaker 1: was trying to raise, he can only get the benefit
Speaker 1: if there was a significant change in law, and according
Speaker 1: to Arizona, the Lynch holding wasn't a significant change. I
Speaker 1: thought it was odd that the state was still arguing
Speaker 1: in its briefs that Simmons and Lynch were wrongly decided
Speaker 1: by the court, and Justice Kagan told Arizona's attorney that
Speaker 1: she found that shocking and perhaps a bit insulting tell
Speaker 1: us about Arizona's arguments. So Arizona takes this sort of
Speaker 1: hyper technical reading. They're saying, it's just the state issue
Speaker 1: that in the first instance, it shouldn't even get to
Speaker 1: the U. S. Supreme Court because it's a state court
Speaker 1: dealing with the state procedural rule, and so there is
Speaker 1: this kind of threshold issue at the U. S. Supreme
Speaker 1: Court of whether the justices can even really take a
Speaker 1: look at this because it's a state issue. And so
Speaker 1: there's this initial argument of whether we're even getting into
Speaker 1: the territory of dealing with the type of federal issue
Speaker 1: that the U. S. Supreme Court can grapple with. And
Speaker 1: so that's one of Arizona's arguments that the U. S.
Speaker 1: Supreme Court really shouldn't even be getting involved. That's part
Speaker 1: of it. Another part is, according to this state procedural rule,
Speaker 1: they're saying it wasn't a significant change in law, despite
Speaker 1: how much that might seem to fly in the face
Speaker 1: of common sense. As Justice Kagan was pointing out during
Speaker 1: the argument, they're saying, it's not a significant change, it's
Speaker 1: just now an application of the law. And so that's
Speaker 1: what brings up this situation where Kegan is pointing out
Speaker 1: the cruises blah in this procedural maze, no matter in
Speaker 1: which direction he turns. And that's Bloomberg Law reporter Jordan
Speaker 1: Rubens being at the Bloomberg's June Grosso catch more of
Speaker 1: that interview, plus analysis of the latest legal news by
Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show
Speaker 1: at Bloomberg dot com slash podcast. Attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot
Speaker 1: com and on the Bloomberg terminal at b Law. Go
Speaker 1: and futures this morning on the rise, SNP futures up
Speaker 1: about nineteen points down, futures have a hundred fifty and
Speaker 1: NASDAC futures up fifty seven still ahead. On Bloomberg Daybreak,
Speaker 1: we have a check on the business headlines and all
Speaker 1: the news you need to start your day. And this
Speaker 1: is Bloomberg