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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning. I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories we're following today, Karen.

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Speaker 3: Investors are in Wade and C mode ahead of tomorrow's

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Speaker 3: key jobs report. More on that in a moment. But yesterday,

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Speaker 3: after another week reading in the labor market, US two

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Speaker 3: year note yields briefly fell below the ten year note.

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Speaker 3: Stocks fell as well, led by tech shares. Joe Quinlan

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Speaker 3: is head of CIO market Strategy for Maryland Bank of

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Speaker 3: America Private Bank.

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Speaker 4: Given the fact that we've had a really good run

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Speaker 4: this year, I'm not surprised we're seeing some profit taking.

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Speaker 4: September is always a rough month for the markets. There's

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Speaker 4: concerns about the tightening of the race to the presidential race,

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Speaker 4: and I think this pullback in megateech is healthy. Actually,

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Speaker 4: I mean our clients conversations about the valuations of some

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Speaker 4: of these companies. So and he pulled back here is healthy.

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Speaker 4: US economy is chugging along. It's not great, but it's good.

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Speaker 4: It's not stalling it. It's cooling down a little bit,

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Speaker 4: but we're in good shape heading into the year end.

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Speaker 3: Bank of America Private Banks show. Quinlan says he's advising

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Speaker 3: clients to buy dips in the market.

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Speaker 1: Well, Nathan, one of the stocks leading to clins in

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Speaker 1: yesterday's session was in Vidia. It has now dropped eleven

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Speaker 1: percent over the past two days. And let's get the

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Speaker 1: latest from Bloomberg's John Tucker and John, here's some new

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Speaker 1: information about a Justice Department probe here.

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Speaker 5: Yeah, Karen. Invidia says it has not been subpoenaed. You'll

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Speaker 5: recall we reported the Justice Department's conducting an anti trust investigation,

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Speaker 5: and the dog often sends out requests for information in

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Speaker 5: the form of what's known as a civil investigative demand,

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Speaker 5: which is commonly referred to as a subpoena. Sources tell

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Speaker 5: Bloomberg the DOJ has indeed sent such a request seeking

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Speaker 5: information about Invidia's acquisition of run Ai and aspects of

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Speaker 5: its chip business. The company says, quote, we are happy

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Speaker 5: to answer questions regulators may have about our business. And

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Speaker 5: Vidia has drawn regulatory scrutiny since becoming the world's most

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Speaker 5: valuable chipman and a key beneficiary of the AI spending boom.

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Speaker 5: In Vidio pre market is most active. Shares are up

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Speaker 5: about seven tenths of a percent in New York. I'm

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Speaker 5: John Tucker, Bloomberg Radio.

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Speaker 6: Okay, John, thank you.

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Speaker 3: Turning back to the economy, A key week for labor

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Speaker 3: market data continues this morning. We get a preview from

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Speaker 3: Bloomberg's Michael McKee.

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Speaker 7: Jobs Week continues with two more inputs to economists thinking

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Speaker 7: about what the August employment report will show on Friday.

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Speaker 7: ADP's monthly jobs report, based on payrolls handled by the

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Speaker 7: data processor, don't forecast the government numbers, but generally do

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Speaker 7: capture the direction. They'll likely show a rebounded hiring last

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Speaker 7: month if that's what we're likely to see on Friday.

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Speaker 7: The claims report is for last week, so it won't

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Speaker 7: reflect conditions during the payrolls survey week earlier in August,

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Speaker 7: but it should suggest whether we are starting to see layoffs.

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Speaker 7: So far, initial claims have remained low, with no sign

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Speaker 7: companies are cutting workers, although rising continuing claims show it

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Speaker 7: might be getting harder for those without a job to

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Speaker 7: find a new one. Michael McKee, Bloomberg Radio.

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Speaker 1: All right, Mike, thanks well as investors and the Fed

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Speaker 1: await that key data. Oak Tree Capitals Howard Mark says

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Speaker 1: US interest rates will settle in a range between three

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Speaker 1: and four percent, he told a conference in Australia. Quote

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Speaker 1: where not going back to zero or a half or one.

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Speaker 3: Let's turn to politics now, Karen. Vice President Kamala Harris

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Speaker 3: is talking about capital gains tax rates. She wants to

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Speaker 3: pair back the increase that President Biden has proposed. Details

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Speaker 3: from Bloomberg's Amy Morris.

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Speaker 8: A campaign official tells Bloomberg the move aims to bolster

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Speaker 8: Harris's efforts to court the business community and deep pocketed

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Speaker 8: donors in her bid for the White House. Harris announced

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Speaker 8: her plan at a rally in New Hampshire.

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Speaker 9: If you earn a million dollars a year or more,

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Speaker 9: the tax rate on your long term capital gains will

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Speaker 9: be twenty eight percent under my plan.

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Speaker 8: You might recall President Biden had proposed a series of

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Speaker 8: increases on capital gains tax rates to between thirty nine

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Speaker 8: point six and forty four point six rs. Is breaking

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Speaker 8: from that, saying that when the government encourages investment, it

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Speaker 8: can lead to broad based economic growth In Washington, Amy

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Speaker 8: Moore as Bloomberg Radio, All.

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Speaker 10: Right, Amy, thank you all.

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Speaker 1: President Biden is making a decision that could have implications

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Speaker 1: in the twenty twenty four race. Bloomberg News has learned

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Speaker 1: the President is preparing to block Nippon Steele's fourteen point

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Speaker 1: one billion dollar takeover of US Steel. Bloomberg's Martin Richie

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Speaker 1: reports a decision could come as soon as this week.

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Speaker 11: For Nippon Steel, it's a big blue They were hoping

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Speaker 11: to expand their footprint globally as their as domestic demand

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Speaker 11: for steel ebbs in Japan and for US Steel. You know,

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Speaker 11: the company itself had agreed to this takeover. Their shares

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Speaker 11: slumped down seventeen percent by close of business yesterday.

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Speaker 1: Bloomberg's Martin Richie says US Steel CEO has warnt Plants

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Speaker 1: could close and jobs could be lost if the deal

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Speaker 1: doesn't go through. The merger is going through a review

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Speaker 1: from this Secretive Committee on Foreign Investment in the US,

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Speaker 1: and sources tell us Biden plans to kill it as

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Speaker 1: soon as it lands on his desk.

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Speaker 3: Well, Karen, Both Kamala Harris and former President Trump are

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Speaker 3: getting ready for their first debate next week in Philadelphia.

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Speaker 3: Trump was in Harrisburg, Pennsylvania, last night for an event

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Speaker 3: hosted by Fox News. He said his debate strategy will

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Speaker 3: be to let Harris talk, and he complained about some

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Speaker 3: of the terms of the debate on ABC News.

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Speaker 12: I agreed to do it because they wouldn't do any

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Speaker 12: other network, She shield. The other thing is her best

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Speaker 12: friend is the head of the network, her husband's best

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Speaker 12: friend is married to the head of the network, and

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Speaker 12: they're going to get the questions.

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Speaker 3: And former President Trump's pushed to keep microphones turned on

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Speaker 3: only when the candidate is speaking. ABC agreed to those rules,

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Speaker 3: and says both campaigns had agreed to them as well,

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Speaker 3: but the Harris campaign had pushed against it, saying that

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Speaker 3: keeping the mics on would put her at a disadvantage.

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Speaker 3: Our coverage of the ABC News presidential debate begins Tuesday

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Speaker 3: night at eight pm Wall Street Time on a special

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Speaker 3: edition of Balance of Power on Bloomberg Radio and Television.

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Speaker 1: Well Nathan, As we await next week's debate, Harris is

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Speaker 1: picking up the endorsement of a former Republican representative, Liz Cheney,

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Speaker 1: says she will support Kamala Harris for president. Cheney, who

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Speaker 1: co chaired the House investigation into the January sixth attach,

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Speaker 1: became a fierce Trump critic. She was ousted in her

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Speaker 1: twenty twenty two Republican primary in Wyoming as a result.

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Speaker 3: Karen, a former Treasury secretary, has a warning about US

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Speaker 3: policy against China. Speaking of a summit in Shanghai, Robert

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Speaker 3: Rubin said politicians should be careful not to go too

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Speaker 3: far with trade restrictions and tariffs on China while trying

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Speaker 3: to safeguard national security. Back in May, President Biden announced

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Speaker 3: plans to raise tariffs on Chinese imports, including semiconductors, solar cells,

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Speaker 3: and critical minerals, with rates ranging from twenty five percent

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Speaker 3: for batteries to one hundred percent for electric vehicles.

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

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

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Speaker 1: the world, and for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 1: good Morning, Good.

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Speaker 13: Morning, Karen. Tips about online posts threatening a school shooting

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Speaker 13: last year led Georgia police to interview a young teenage boy,

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Speaker 13: but investigators didn't have enough evidence for an arrest. Yesterday,

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Speaker 13: officials said the now fourteen year old opened fire at

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Speaker 13: a high school outside Atlanta, killing four people and wounding nine.

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Speaker 13: Authorities say the teen, identified as Colt Gray, has been

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Speaker 13: charged as an adult in the depths of two Appalachi

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Speaker 13: High School students and two teachers. Barrow County Sheriff jud Smith.

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Speaker 14: All of our victims that are at the hospital are

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Speaker 14: gonna make it and gonna recover well, as we've been told,

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Speaker 14: and we don't expect any more fatalities at this time.

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Speaker 13: Georgia Governor Brian Kemp.

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Speaker 14: This is everybody's worst nightmare, and I just want to

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Speaker 14: offer my sincere condolences and our thoughts and prayers to

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Speaker 14: the families of that have lost loved ones for those

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Speaker 14: that are injuring and injured and continuing to fight.

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Speaker 13: Governor Kemp. Authority say the suspect who surrendered is cooperating.

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Speaker 13: Attempts by Russia to influence the twenty twenty four presidential

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Speaker 13: election have brought to indictments and warnings from the Justice Department.

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Speaker 13: The Biden administration alleges that senior aide to Russian leader

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Speaker 13: of Vladimir Plutin engaged in a sweeping operation aimed at

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Speaker 13: supplying millions of Americans with disinformation to sow division and

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Speaker 13: secure Russia's preferred outcome of re electing Donald Trump. Attorney

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Speaker 13: General Mary Garland.

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Speaker 15: The Justice Department is seizing thirty two Internet domains that

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Speaker 15: the Russian government and the Russian sponsored actors have used

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Speaker 15: to engage in a covert campaign to interfere and influence

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Speaker 15: the outcome of our country's elections.

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Speaker 13: The Biden administration also says Russia tried to peddle pro

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Speaker 13: Russian propaganda, especially related to the war in Ukraine. O'biden

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Speaker 13: will announce seven point three billion dollars in awards for

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Speaker 13: more than a dozen rural electric cooperatives during a trip

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Speaker 13: to Wisconsin today. The funding is expected to help underwrite

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Speaker 13: the purchase of clean energy, as well as investments in

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Speaker 13: transmission line, substation upgrades and software to help lower energy costs.

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Speaker 13: Global News twenty four hours a day and whenever you

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Speaker 13: want it, we have the Bloomberg News Now. I'm Michael Barr,

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Speaker 13: and this is Bloomberg Karen.

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

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Speaker 1: Bloomberg Sports outdate with Dan Schwartzman.

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Speaker 10: Dan, good morning, Good morning, Karen.

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Speaker 16: American Jessica Pegola advancing to the semi finals at the

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Speaker 16: US SOAP with the straight sets win.

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Speaker 10: Over top seated EGS FIATK.

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Speaker 16: This marks the first time Pegoula has advanced past the

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Speaker 16: quarterfinal round of a Grand Slam.

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Speaker 10: After being oz and six previously. Pagoula talking about her performance, I.

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Speaker 17: Thought I played, yeah, really clean match, served pretty well,

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Speaker 17: returned well. I feel like I didn't really do anything

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Speaker 17: that bad and was able to kind of jump on

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Speaker 17: her really early, and I think frustrate her and was

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Speaker 17: able to keep my level even when she picked it

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Speaker 17: up from the second set. So yeah, I think I

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Speaker 17: just played all around really good tennis team.

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Speaker 10: That's Kersey the US Open.

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Speaker 16: In the other matchup, Krolino Muchova knocking out beat with

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Speaker 16: Sadad Maya in straight sets in the Mendra Top Seedyonic

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Speaker 16: Center dominates Daniel Medvedev to advance the Semis, while Jack

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Speaker 16: Draper has yet to lose a set so far this

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Speaker 16: tournament after beating Alex Deminar in trade sets. Coming up

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Speaker 16: this evening, Arena, Sabalanca faces Emma Navarro while Pegoula plays

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Speaker 16: Musheva in the Semis. NFL regular season kicking off tonight

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Speaker 16: in Kansas City, the defending Super Bowl champion Chiefs hosting

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Speaker 16: the Baltimore Ravens Mets. When they're seventh in a row

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Speaker 16: eight to three over the Red Sox Mets, remaining a

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Speaker 16: half game behind the Braves in the NL Wildcard race

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Speaker 16: after the Braves knock off the Rockies five to two.

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Speaker 10: Meanwhile, the Yankees.

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Speaker 16: Remaining a half game behind the Orioles in the AL

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Speaker 16: East a ten to six loss at the Rangers, while

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Speaker 16: Baltimore falls to the White Sox eight to one, Chicago

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Speaker 16: snapping a twelve game losing streak.

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Speaker 10: Elsewhere, the Nationals faull to the Marlins four to three.

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Speaker 16: I'm in backsbeat the Giant six to four, Athletics getting

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Speaker 16: dominated by the Mariners sixteen to three.

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Speaker 10: That that's your Bloomberg Sports Support Sports Update. I'm Dan Schwartzman,

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Speaker 10: Karen and Nathan.

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Speaker 6: Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 6: and around the world on Bloomberg dot Com and the

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Speaker 6: Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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Speaker 3: I'm Nathan Hager. Taxes and the economy. They are emerging

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Speaker 3: as key themes ahead of the first debate for Donald

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Speaker 3: Trump and Kambala Harris next week. The Vice President is

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Speaker 3: making a pitch for higher capital gains taxes as she

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Speaker 3: flushes out her economic policy.

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Speaker 9: We know when the government encourages investment, it leads to

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Speaker 9: broad based economic growth, and it creates jobs, which makes

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Speaker 9: our economy stronger.

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Speaker 3: That was the Vice president as she called for a

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Speaker 3: twenty eight percent rate for capital gains taxes during a

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Speaker 3: speech in Portsmouth, New Hampshire. Joining us this morning is

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Speaker 3: Bloomberg News Senior editor Bill Ferry Spill.

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Speaker 13: Good morning.

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Speaker 3: It's a higher rate, but not as high as President

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Speaker 3: Biden has called for. So what's the contrast she's trying

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Speaker 3: to draw here?

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Speaker 18: Well, she's you know, we're what two months out, and

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Speaker 18: there's been some questions about whether how she would differentiate

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Speaker 18: herself from President Joe Biden. So maybe this is the

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Speaker 18: start of that. In the kind of home stretch of

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Speaker 18: the campaign, she said she would like to see a

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Speaker 18: twenty eight percent capital gains tax rate on people earning

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Speaker 18: one million dollars or more. That's down from the thirty

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Speaker 18: nine point six percent rate that President Joe Biden had supported,

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Speaker 18: So you know a little bit of a differentiation there.

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Speaker 18: Kamala Harris has started to put more flesh on her

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Speaker 18: economic plan. That comes after some a few weeks of

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Speaker 18: criticism that wasn't clear what her policies were, so we're

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Speaker 18: heading into this debate now starting to see that the

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Speaker 18: Capitol Games tax is won. We've seen her propose a

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Speaker 18: tax deduction for startup costs for small businesses that would

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Speaker 18: go up to fifty thousand dollars from five thousand dollars,

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Speaker 18: and said she said she's going to set a goal

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Speaker 18: of trying to get twenty five million new business applications

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Speaker 18: in the first term of her administration. That would be

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Speaker 18: an increase from about nineteen million under Biden so far.

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Speaker 18: So we're starting to hear a few more details. I

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Speaker 18: think she'll show up at that debate less likely to

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Speaker 18: face criticism that people don't know what her policies are.

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Speaker 3: Are you expecting that We're going to hear many more

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Speaker 3: details on former President Trump's economic proposals, a lot of

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Speaker 3: calls for tax cuts across the board when he speaks

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Speaker 3: before the Economic Club of New York later today.

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Speaker 18: Yeah, I think you know, one of his signature achievements

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Speaker 18: I think of his administration was that twenty seventeen tax

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Speaker 18: bill at lower taxes, primarily on businesses. I think you

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Speaker 18: know he views that as kind of the winning issue

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Speaker 18: across the board. There's been some questions about how much

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Speaker 18: it would cost. It's one study has put it in

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Speaker 18: the several trillion dollars over ten years. So he hasn't

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Speaker 18: really explained how he would pay for that beyond he

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Speaker 18: says it would boost economic growth and that would kind

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Speaker 18: of pay for itself. I think there's still gonna be

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Speaker 18: a lot of questions about that, but you'll have to,

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Speaker 18: you know, two dueling economic plans to see get debated

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Speaker 18: next next next week when we have this first debate

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Speaker 18: between the two candidates.

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Speaker 3: I wonder if we're going to see much political impact

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Speaker 3: on this. Reporting that President Biden as soon as this

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Speaker 3: week could move to block the US steel takeover by

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Speaker 3: Japan's Nippon Steel.

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Speaker 18: Yeah, there's really no political support in the US at

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Speaker 18: this point in either party for this proposal. It seems

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Speaker 18: like the President's opposition to it, along with Vice President

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Speaker 18: Harris's opposition Donald Trump's opposition, it seems like that would

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Speaker 18: be sufficient to kill this off at least for the

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Speaker 18: foreseeable future. It was a fourteen billion dollar takeover proposal.

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Speaker 18: The companies on both sides, Nippon Steele and US Steel

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Speaker 18: of course in support of it. But it's you know,

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Speaker 18: this is a US Steel is a company based in

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Speaker 18: the biggest swing stake state of the MA all Pennsylvania.

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Speaker 18: The unions are not for it, So you know, both

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Speaker 18: parties going after those working class voters. You have to

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Speaker 18: really question the timing of the proposal and why why

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Speaker 18: Nippon Steele thought that was that, right in the middle

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Speaker 18: of a presidential campaign was the time to throw this

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Speaker 18: out there. It does seem to be dead in the water.

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Speaker 3: Just thirty seconds left. I wonder what you make of

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Speaker 3: former President Trump saying his debate strategy is going to

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Speaker 3: be to let Harris talk when there's been all this

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Speaker 3: back and forth about whether to keep the mics on

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Speaker 3: during the whole debate.

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Speaker 1: Yeah.

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Speaker 18: Well, you know, Republicans have said that they've criticized Kamala

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Speaker 18: Harris for saying that some of her answers don't get

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Speaker 18: to the point that she speaks in word salads. I

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Speaker 18: think that's what the president is going for or hoping

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Speaker 18: for in this case. But he also said, listen, he

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Speaker 18: used that Mike Tyson quote about everyone has a strategy

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Speaker 18: till they get punched in the face. He said he's

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Speaker 18: willing to willing to shift gears. I don't think we

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Speaker 18: know what's going to happen. I think it could be

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Speaker 18: a real free for all, but we'll all have to

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Speaker 18: tune in and see.

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Speaker 10: I'm Nathan Hager and I'm Karen Moscow.

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