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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan Hager.

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Speaker 1: The employment report for May. It is expected to add

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Speaker 1: new evidence of a gradually cooling labor market. For casters

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Speaker 1: project employers boosted payrolls last month by one hundred eighty thousand.

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Speaker 1: Let's get a preview now from Bloomberg's Michael McKee.

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Speaker 2: The nation's labor market takes on added import as the

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Speaker 2: Fed gets ready for next week's policy meeting. While it

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Speaker 2: would take a major surprise for the May jobs report

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Speaker 2: to influence a rate change, today's dat it will help

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Speaker 2: set the scenario for a future move. After months of

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Speaker 2: almost entirely focusing on inflation, FED officials say they're now

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Speaker 2: almost as focused on employment. Anything close to consensus will

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Speaker 2: leave central bankers and investors parsing the difference between the

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Speaker 2: slowdown expected and an as yet unexpected recession. Should the

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Speaker 2: labor market show signs of significant weakening, it could mean

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Speaker 2: rate cuts come earlier. Michael McKee, Bloomberg Radio.

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Speaker 1: All right, Mike, thanks two. Big Wall Street banks are

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Speaker 1: sticking with that bet for earlier FED rate cuts, JP

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Speaker 1: Morgan Chase and city groups still are predicting that the

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Speaker 1: federal reserve will begin to ease next month. Traders have

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Speaker 1: all but ruled out in July cut. They did that

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Speaker 1: back in April. Now expect rates to hold steady until November,

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Speaker 1: but the case for earlier cuts has strengthened in recent days.

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Speaker 1: It's helped to drive the longest streak of global bond

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Speaker 1: gains since November. As for equities, meme stock mania is

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Speaker 1: gripping Wall Street once again. We're watching shares of game

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Speaker 1: Stop in the pre market. They are soaring by nearly

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Speaker 1: thirty four percent. Let's get more on why. From Bloomberg's

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Speaker 1: Jeff Bellinger.

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Speaker 3: The reason behind the rally is once again Keith gill

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Speaker 3: his Roaring Kitty online monikers and game Stop surging recently.

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Speaker 3: Now he says he plans to return to YouTube for

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Speaker 3: the first time in three years. His anticipated return is

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Speaker 3: sparking further speculation that Gil is bullish on GameStop. Within

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Speaker 3: minutes of the posting, more than ten thousand YouTube users

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Speaker 3: signaled an interest in being notified when the stream starts.

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Speaker 3: The latest surge adds to gills hall from positions disclosed

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Speaker 3: on his Reddit account, his stake of one hundred twenty

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Speaker 3: thousand call options at twenty dollars expiring in two weeks,

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Speaker 3: is now worth some three hundred and twenty five million dollars.

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Speaker 3: That would give him an unrealized profit of about two

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Speaker 3: hundred and sixty million dollars. Jeff Bellinger, Bloomberg Radio.

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Speaker 1: All right, Jeff, thank you, Now, let's turn to politics.

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Speaker 1: President Biden heads back to Normandy, France today, where he'll

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Speaker 1: give a speech defending democracy. From point to hawk that's

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Speaker 1: the spot where Army rangers scaled the cliffs during D Day,

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Speaker 1: But the President has matters back home in mind as well.

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Speaker 1: He gave an interview to David Murrrr on ABC's World

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Speaker 1: News tonight, and David asked the President about the federal

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Speaker 1: gun case against his son Hunter. Let me ask you,

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Speaker 1: will you accept the jury's outcome, their verdict no matter

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Speaker 1: what it is.

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Speaker 4: Yes?

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Speaker 2: And have you ruled out a pardon for your son?

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Speaker 4: Yes.

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Speaker 1: President Biden also talked about his push for a ceasefire

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Speaker 1: in Gaza. He says his announcement last week, billed as

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Speaker 1: an Israeli proposal, has had an impact on the ground.

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Speaker 5: They were going to go into Russia into Raffa full boar,

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Speaker 5: invade all of Raffa, go into the city, take it out, move,

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Speaker 5: move with full force. They haven't done that. And what

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Speaker 5: they've done is they've agreed to a significant agreement that

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Speaker 5: if in fact Alas accepts it.

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Speaker 1: No Israeli Prime Minister Benjamin Netanyahu has said there can

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Speaker 1: be no permanent cease fire until Hamas is destroyed, but

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Speaker 1: President Biden says he still thinks Neta Yahu backs his plan,

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Speaker 1: and we will hear more from the Israeli Prime minister

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Speaker 1: in Washington next month. He's accepted an invitation to address

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Speaker 1: both Houses of Congress, and we get the details on

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Speaker 1: that from Bloomberg Steve Potisk In.

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Speaker 6: The Nation.

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Speaker 7: Speaker Mike Johnson's office announced that Neta Yahoo will address

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Speaker 7: a joint meeting of the House and Senate on July

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Speaker 7: twenty fourth. Neta Yaho is facing intense criticism over the

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Speaker 7: civilian death toll in the war in Gaza, which has

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Speaker 7: caused divisions among lawmakers and led to public disagreements with

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Speaker 7: President Joe Biden. Some Democrats, including Vermont's Senator Bernie Sanders

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Speaker 7: and former Speaker Nancy Pelosi, have said they would boycott

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Speaker 7: the address. This would be Netanyahu's fourth speech to a

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Speaker 7: joint meeting of Congress that would make him the first

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Speaker 7: foreign leader to do so that many times in Washington

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Speaker 7: Steve Potisk Bloomberg.

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Speaker 4: Radio, Okay, Steve, thank you.

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Speaker 1: And as the war in Gaza rages on, the US

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Speaker 1: continues to show support for Ukraine. Officials say the US

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Speaker 1: will send about two hundred and twenty five million dollars

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Speaker 1: in military aid to the country. President Biden used his

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Speaker 1: speech on the eightieth anniversary of D Day to vow

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Speaker 1: the US will not walk away from the defense of

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Speaker 1: Ukraine and allow Russia to threaten more of Europe. Biden

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Speaker 1: plans to meet with Ukraine's President vladimir's Zelenski in Paris

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Speaker 1: later today. As for former President Donald Trump, investors are

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Speaker 1: weighing the potential impact if he wins this November's election.

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Speaker 1: Trump donors are cheering the prospect of a fresh round

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Speaker 1: of tax cuts next year, but that could have a

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Speaker 1: fiscal impact. The Congressional Budget Office estimates it would cost

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Speaker 1: four point six trillion dollars over a decade if portions

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Speaker 1: of the twenty seventeen tax cut package were extended. It's

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Speaker 1: not dampening Republican enthusiasm for the prospect, though many simply

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Speaker 1: reject those cost projections, asserting tax cuts pay for themselves

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Speaker 1: through economic gains. Turning to commodities, we're checking gold this

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Speaker 1: morning and it is lower by one point two percent.

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Speaker 1: That's after China's Central Bank disclosed it did not buy

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Speaker 1: any gold last month. It ends a massive buying spree

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Speaker 1: that had run for eighteen months. After the precious metal

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Speaker 1: surge to a record high. And stocks in India are

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Speaker 1: up two percent. The country's main index has recouped most

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Speaker 1: of its losses following the election results. Earlier this week,

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Speaker 1: the Indian stock market erased about three hundred and eighty

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Speaker 1: six billion dollars in value as Prime Minister Norendramode's ruling

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Speaker 1: party struggled to win a majority of seats in national elections. Now,

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Speaker 1: let's look at some of the other stories making news

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Speaker 1: in New York and around the world with Bloomberg's Michael Barr.

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Speaker 4: Happy Friday morning, Michael.

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Speaker 6: And Happy Friday to you, Nathan. Prosecutors on New York's

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Speaker 6: Long Island have charged sixty year old serial killer suspect

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Speaker 6: Rex Huerman with two more counts of murder. Suffolk County

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Speaker 6: District Attorney Ray Tierney talked about one of the victims,

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Speaker 6: Jessica Taylor, back in two thousand and three. Tierney says

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Speaker 6: Heureerman was ultimately tied to Taylor's killing after a hair

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Speaker 6: found on the skull at Gilgo Beach was DNA tested.

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Speaker 8: The defendant could not be excluded as the donor of

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Speaker 8: that hair, and it's one point eight three seven times

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Speaker 8: ten to the six hundred and third power more likely

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Speaker 8: that it came to that it matched the defender of

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Speaker 8: someone matching the defendan's DNA profile than a member of

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Speaker 8: the population at large.

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Speaker 6: District Attorney Tierney says the other murdered victim was Sandra Castilla,

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Speaker 6: killed back in nineteen ninety three. Several hundred airport workers

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Speaker 6: from John F. Kennedy Airport and LaGuardia Airport joined together

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Speaker 6: at JFKA the rally to improve working conditions at New

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Speaker 6: York City airports. The contract for the more than ten

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Speaker 6: thousand airport service workers, including baggage handlers, wheelchair attendants and cleaners,

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Speaker 6: is set to expire on June thirtieth. Queens Borough Union

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Speaker 6: President Donovan Richards spoke at the rally, standing with the

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Speaker 6: workers and it.

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Speaker 2: Is unions who built this borough.

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Speaker 9: It is unions who built this city, and it is

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Speaker 9: unions who run our airports.

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Speaker 6: Union president Donovan Richards says they're asking management for a

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Speaker 6: raise and minimum wage for employees to twenty five dollars

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Speaker 6: per hour by twenty thirty, improved healthcare benefits, and additional

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Speaker 6: paid leave. Former Trump White House aid Steve Bennon has

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Speaker 6: been ordered to turn himself in to a federal prison

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Speaker 6: starting July first. Bennon refused to comply with a subpoena

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Speaker 6: issued by the House January sixth committee, The former White

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Speaker 6: House aid was convicted of contempt of Congress and sentence

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Speaker 6: to four months in prison outside the courthouse. Bannon said

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Speaker 6: this will not stop him from speaking out about what

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Speaker 6: he says as an unfair justice department.

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Speaker 3: There is not a prison built.

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Speaker 4: Our jail built wherever shut me up.

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Speaker 6: A three judge appellate panel last month rejected an earlier

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Speaker 6: ruling from a judge who presided over Bannon's case and

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Speaker 6: said that he could stay out while his appeals pending.

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Speaker 6: Global news twenty four hours a day and whenever you

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Speaker 6: want it with the Bloomberg News. Now, I'm Michael Barr,

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Speaker 6: and this is Bloomberg. Nathan.

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Speaker 1: Okay, Michael, thank you time now for the Bloomberg Sports update.

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Speaker 1: Here is juhnstatsch Hower.

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Speaker 4: All right, Nathan.

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Speaker 10: The Celtics went through the first three rounds of the

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Speaker 10: NBA playoffs, only losing twice, and most of that without

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Speaker 10: christaphs Porzingis, the ex nick who averaged twenty points a

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Speaker 10: game in the regular season. He returned from a leg

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Speaker 10: injury in Boston per Game one of the NBA Finals

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Speaker 10: against Dallas, and Porzingis was immediately hitting shots, blocking shots.

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Speaker 10: The Celtics led the MAVs by seventeen in the first

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Speaker 10: quarter and by twenty nine in the second. They won

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Speaker 10: the series opener one oh seven to eighty nine. Porzingius

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Speaker 10: finished with twenty points. Jalen Brown had twenty two. Jason

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Speaker 10: Tatum scored sixteen. He had eleven rebounds in five assists.

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Speaker 9: We played well, a nice a lot of things we

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Speaker 9: feel like we could do better. But it definitely does

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Speaker 9: feel good to win the first game. But we know

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Speaker 9: that two years ago we won the first game and

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Speaker 9: you know the outcome of that series, So we still

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Speaker 9: have a lot of work to do.

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Speaker 10: Yeah, lost that series to Golden State, though, play Game

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Speaker 10: two in Boston on Sunday, a potentially big NBA story

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Speaker 10: that started brewing yesterday morning with the ESPN report the

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Speaker 10: Lakers are targeting Yukon's Dan Hurley as their next coach.

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Speaker 10: Two sides will reportedly meet today at the Stadium. Another

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Speaker 10: Yankee win of the Twins, this one eight to five.

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Speaker 10: They led seven to two, held on for their eighth

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Speaker 10: win in a row nineteenth in the last twenty three games,

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Speaker 10: they went six and o versus Minnesota and now here

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Speaker 10: come the Dodgers to town for a star studded, hyped

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Speaker 10: up weekend series, though we'll see if Juan Soto can play.

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Speaker 10: He left last night's game feeling discomfort in his left arm.

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Speaker 10: Mets are in London, where they'll play the Phillies tomorrow

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Speaker 10: and Sunday. Red Sox are in Chicago. The White Sox

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Speaker 10: have lost fourteen games.

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Speaker 6: In a row.

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Speaker 10: Boston won last night fourteen to two. Should be a

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Speaker 10: good friend Jopron semifinal this morning, when Yannick Sinner meets

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Speaker 10: Carlos Alcarez. The two and three seeds cast perud and

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Speaker 10: takes on Sasta zverev IGAs Hiantek will be a prohibited

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Speaker 10: favorite in tomorrow's women's finals. She's won twenty straight matches

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Speaker 10: in Paris. She'll take on the Italian Jasmine Paulini.

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Speaker 6: John Stanshan.

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Speaker 4: We're Bloomberg Sports.

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Speaker 11: Too, Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 4: Good morning. I'm Nathan Hager.

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Speaker 1: President Biden has said to meet later today with Ukraine's

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Speaker 1: President Vladimir Zelenski in Paris. Before that, though, the President

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Speaker 1: will speak on defending democracy from the cliffs where army

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Speaker 1: rangers scaled on the beaches of Normandy on D Day,

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Speaker 1: the same cliffs where then President Ronald Reagan gave one

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Speaker 1: of his most famous speeches forty years ago. For more

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Speaker 1: on the geopolitics, we are joined now by Bloomberg News

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Speaker 1: Senior editor Bill Ferries. Bill, Good morning. This theme of

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Speaker 1: defending democracy has really pervaded the President's trip to France

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Speaker 1: so far this year. What are you going to be

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Speaker 1: watching for on this second day of the President's visit

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Speaker 1: to Normandy and to Paris.

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Speaker 12: Well, we're looking, as you said, they have really the

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Speaker 12: President Biden and even some allies of French. President McCrone

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Speaker 12: really linked this eightieth anniversary of the Normandy invasion to

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Speaker 12: the situation going on in Ukraine, saying that you know,

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Speaker 12: eighty years ago the US and its allies were fighting

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Speaker 12: tyranny on the European continent, and that they want they

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Speaker 12: want to remind people that that's how they view the

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Speaker 12: situation in Ukraine.

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Speaker 2: Right now.

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Speaker 12: We do have reports coming out now in terms of

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Speaker 12: the Ukraine part of the equation that the US is

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Speaker 12: getting ready to The President is getting ready to approve

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Speaker 12: another two and twenty five million dollars in military aid

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Speaker 12: to Ukraine. This is from his Presidential Drawdown Authority. So

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Speaker 12: these are weapons that are already in store stores and

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Speaker 12: warehouses ready to go out. It's a lot of the

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Speaker 12: ammunition that we saw Ukraine lacking in the months while

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Speaker 12: the US Congress was debating whether to provide more aid.

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Speaker 12: And it includes some of the artillery for the hi

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Speaker 12: Mar systems, which can strike into Russian territory, and that's

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Speaker 12: something the US has just only recently given its approval for.

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Speaker 12: So we're going to try to see if there's more

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Speaker 12: coming from the US side and We also have a

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Speaker 12: report that the French President Macron is also planning to

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Speaker 12: send fighter jets to Ukraine. It will take a few

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Speaker 12: months to get Ukrainian pilots trained on those systems, but

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Speaker 12: those allies all promising fresh weapons for their ally in Kiev.

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Speaker 1: Yeah, really interesting to see how the tide has sort

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Speaker 1: of turned even over loose the last several months about

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Speaker 1: the level of support, the level of offensive support that

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Speaker 1: the US and its allies are willing to give Ukraine

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Speaker 1: right now, Where would you put the level of support

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Speaker 1: for Ukraine at this point when presumably a lot of voters,

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Speaker 1: a lot of citizens in many of these countries might

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Speaker 1: be feeling a bit of voter war fatigue at the moment.

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Speaker 12: Yeah, it's from the I think, from the heads of state,

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Speaker 12: from the governments, it's high. The level of support is high.

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Speaker 12: You remember when the US Congress passed this package, the

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Speaker 12: goal was really to provide a full year's worth of

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Speaker 12: funding for Ukraine so that the White House would not

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Speaker 12: have to go back to Congress asking for more money.

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Speaker 12: Took I think it took about six just about six

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Speaker 12: months for the White House to get that package through Congress.

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Speaker 12: When you count up all the delays, so they know

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Speaker 12: how hard that experience was and they want to try

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Speaker 12: to avoid that. And of course you have the US

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Speaker 12: election looming in November, and a lot of Republicans in particular,

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Speaker 12: but some Democrats as well, don't want to see a

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Speaker 12: lot more US taxpayer money flowing to Ukraine. They'd rather

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Speaker 12: see that kept at home. So there's a big question

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Speaker 12: mark hanging over what that support level will look like

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Speaker 12: after the November election.

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Speaker 1: And hanging over all of this as well as the

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Speaker 1: ongoing war in Gaza and President Biden continuing to push

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Speaker 1: for a ceasefire there, while we're waiting for Israeli Prime

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Speaker 1: Minister Benjamin netan Yahoo to give an address to Congress

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Speaker 1: late next month. It could be an overhang for quite

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Speaker 1: some time. Bill.

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Speaker 12: Yeah, Prime Minister Netanyaho's scheduled to speak to Congress a

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Speaker 12: joint session of Congress on July twenty fourth, So you know, roughly,

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Speaker 12: let's say, seven weeks from now, big question mark in

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Speaker 12: terms of what that conflict in Gaza will look like.

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Speaker 12: They've been trying to they've been trying to get a

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Speaker 12: breakthrough on this proposal for a cease fire for more

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Speaker 12: than two months now. So entirely possible that when Netan

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Speaker 12: Yaho comes to the US there could have been a

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Speaker 12: cease fire. They could still be trying to negotiate one.

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Speaker 12: We really don't know what status the war will be at,

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Speaker 12: but certainly you know a political message being sent as

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Speaker 12: well by Republicans, in particular inviting the Prime minister to come.

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Speaker 12: There's been a lot of tensions between Netanyahu and President

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Speaker 12: Biden and his administration. Will be very interesting to see

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Speaker 12: whether what the status of that relationship is come in July.

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