Speaker 1: My from the Bloomberg Interactive Booker Studios is a Bloomberg
Speaker 1: Daybreak for Tuesday, August sixteen, two coming up this hour.
Speaker 1: Stocks begin the day at three month highs apples. That's
Speaker 1: another date for workers to return to the office. Its
Speaker 1: primary day with key races involving Liz Channion Wyoming and
Speaker 1: Sarah Palin in Alaska. And the d o J opposes
Speaker 1: the release of an affidavit in the search of Donald
Speaker 1: Trump's home stabbing issues, gauze headaches at New York City airports,
Speaker 1: plus former Trump attorney Rudy Giuliani is the target of
Speaker 1: a criminal pro On Michael barn More Ahead, I'm John Standstown.
Speaker 1: A sports rough night for New York baseball. The Yankees
Speaker 1: were shut out again. The Mets lost in Atlanta thirteen
Speaker 1: to one. That's alls training head on Bloomberg Daybreak on Bloomberg.
Speaker 1: He liveing Free on New York Bloomberg one, Washington, d
Speaker 1: C Bloomberg one oh six one, Boston Bloomberg nine sixties
Speaker 1: and Francisco Sirius XM one nineteen and around the world
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app.
Speaker 1: Good Morning, I'm John Tucker and I'm Karen Moscow. US
Speaker 1: futures are little change this morning. We are coming up
Speaker 1: to five oh one on Wall Street, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg right now it's in p futures are little change
Speaker 1: and so are down a nownsday features the decks in
Speaker 1: Germany is up eight ten seven percent. Ten Your treasury
Speaker 1: little change, yell two point seven eight percent. They yield
Speaker 1: on the two year three point one nine percent. Nine
Speaker 1: Max screwed oils down one point one percent on a
Speaker 1: dollar one at eighty eight dollars thirty eight cents of
Speaker 1: barrel Comics gold is down four tenths percent, or seven
Speaker 1: dollars seventy cents at seventeen ninety announced and Bitcoin this
Speaker 1: morning is lower, down a third of a percent at
Speaker 1: twenty three thousand, nine hundred dollars. John and Karen, we
Speaker 1: begin today's session with US stocks at a three month high.
Speaker 1: Spire his game for four straight weeks, its longest winning
Speaker 1: streak this year. Hanks Math is chief invest an Officer
Speaker 1: at Haverford Trust. Now, I think it's anticipating that we
Speaker 1: are beyond peak inflation um and that a lot of factors,
Speaker 1: including the federal reserves policy, is starting to unwind inflation
Speaker 1: and and perhaps perhaps the said might get lucky and
Speaker 1: engineer is somewhat soft landing have for trust. Hank Smith
Speaker 1: says the next batch of retail earnings could be key
Speaker 1: for the markets, and John, we start hearing from some
Speaker 1: of those retailers today. Walmart reports less than two hours
Speaker 1: from now. We get a preview from Bloomberg's Jeff Bellinger.
Speaker 1: The giant retailer issued a business update less than a
Speaker 1: month ago in which it lowered its profit outlook, so
Speaker 1: Bloomberg Intelligence says today's really should hold few surprises. Inflation
Speaker 1: has been a significant headwind for Walmart, causing customers to
Speaker 1: spend more on food and less on discretionary items. B
Speaker 1: I says a sales event in June may have helped
Speaker 1: to reduce some inventory, but Walmart will likely need further
Speaker 1: markdowns to move over stocks of clothing. Jeff Bullinger, bloom
Speaker 1: Bird Day Break. Thanks Jeff on Wall Street, we're learning
Speaker 1: what some of the world's biggest money managers doing with
Speaker 1: their stock portfolios. Let's get the very latest lie from
Speaker 1: Bloomberg's Renva Good morning Reneita, Good morning John. During the
Speaker 1: latest quarter, Stanley drugcon Miller's family office offloaded Big Tech,
Speaker 1: selling its entire one million dollar position in Amazon and
Speaker 1: scaling back at steak in Microsoft. Sorel's fund management boosted
Speaker 1: its steaks in Amazon Salesforce and Alphabet. Berkshire Hathaway eliminated
Speaker 1: a Verizon steak and boosted other bets, including Occidental Petroleum,
Speaker 1: increasing its investment there more than it did in any
Speaker 1: other firm. But Apple remains Perkshire's largest holding, and Michael
Speaker 1: Berry's Scion Asset Management exited all equity positions except one.
Speaker 1: It added, private prison operator Geo Group, Scion's only stockholding
Speaker 1: as of the end of June. Live in New York,
Speaker 1: I'm rened a young Gimberg daybreak, I really need to
Speaker 1: thank you. While Apple is making news this morning, Bloomberg
Speaker 1: News has learned the company has laid off many of
Speaker 1: its contract based recruiters in the past week. It's part
Speaker 1: of a push to rain in the tech giants hiring
Speaker 1: and spending, and in another development, Apple has said a
Speaker 1: September five deadline for corporate employees to be in the
Speaker 1: office at least three days a week COVID spikes disrupted
Speaker 1: Apple's previous attempts to have workers back in the office,
Speaker 1: and let's turn to politics now where it's primary thing.
Speaker 1: In Wyoming and Alaska, Representative Liz Cheney is racing for
Speaker 1: a loss, while the former vice presidential Candida Sarah Palin
Speaker 1: looks the stage of political comeback, and Bloomberg's Amy Morris
Speaker 1: has more from our news room. In Washington, Cheney is
Speaker 1: all but certain to lose to challenger Harriet Hageman, who
Speaker 1: has former President Trump's support and leads by nearly thirty
Speaker 1: percentage points in the polls. The Cheney supporters say she's
Speaker 1: already charting a rebound. In Alaska, former Governor Sarah Palin
Speaker 1: is trying for a comeback in the open race for
Speaker 1: the states sole seat in Congress. Her critics say she's
Speaker 1: been more visible on right wing TV in the lower
Speaker 1: forty eight than in her own home state, but she
Speaker 1: has Trump's endorsement. Also in Alaska, Senator Lisa Murkowski is
Speaker 1: in a re election fight against Trump supported candidate Kelly Shabaka.
Speaker 1: In Washington, I'm any more, as Bloomberg Daybreak remy, thank you,
Speaker 1: we also have news about Donald Trump's battle with the
Speaker 1: Justice Department. The d o J says it's against the
Speaker 1: release of an affidavit justifying a search warrant for documents
Speaker 1: at the former president's Florida home. The search warrant itself
Speaker 1: has been released, but the Justice Department says that affidavit
Speaker 1: includes sensitive information about the investigation. St. John's University law
Speaker 1: professor John Barrett says it's a standard move by the
Speaker 1: d J. It's the details of what surveillance information, what
Speaker 1: informant information, what choer course and dealings led the government
Speaker 1: to believe that there were classified documents in mar Laga,
Speaker 1: and that's all highly confidential and actively part of an investigation. St.
Speaker 1: John's University law professor John Barrett was a guest on
Speaker 1: Bloomberg Sound on Catch the program weekdays at five pm
Speaker 1: Eastern on Bloomberg Radio and Geo Politics. Also in focus
Speaker 1: this morning, China says it's going to fight back against
Speaker 1: the latest congressional visits at Taiwan. That story from Bloomberg's
Speaker 1: and Baxter. It says it will increase patrols both air
Speaker 1: and c to provide a resolute response. In an exclusive
Speaker 1: interview with Bloomberg editor in Chief John Micklethwaite. Singapore Deputy
Speaker 1: Prime Minister Lawrence Whang says China and the US mistakenly
Speaker 1: could sleepwalk into a conflict. We are starting to see
Speaker 1: a series of decisions being taken by both countries that
Speaker 1: will lead us into more and more dangerous territory. Wang says,
Speaker 1: neither side wants open conflict, but it's very concerned a
Speaker 1: mistake could happen. In San Francisco. I'm at Baxter Bloomberg daybreak,
Speaker 1: all right, and thank you. N S and P Futures
Speaker 1: are starting to extend their declines. They're done about six
Speaker 1: points now down, futures down fourteen and as a future
Speaker 1: is down about eighteen. The decks in Germany is up
Speaker 1: about seven tenths of upper cent and the tenure treasury
Speaker 1: down one thirty second yeld two point seven nine percent,
Speaker 1: the yield on the two year three point to zero percent.
Speaker 1: Straight to had your latest local headlines plus the check
Speaker 1: of sports, and this is Bloomberg. Thanks Wall Street. Time
Speaker 1: to bring in Michael Barr with more on what else
Speaker 1: is going on in New York and around the world. John,
Speaker 1: thank you very much. Travelers at New York City area airports,
Speaker 1: were told by the FAA to expect delays because of
Speaker 1: airline staffing shortages. Staffing at a facility that manages the
Speaker 1: air space for all three major New York airports is
Speaker 1: said to be the problem. The f A later tweeted
Speaker 1: that the problem had been solved and things at the
Speaker 1: big airports in the New York City area we're getting
Speaker 1: back to normal. Not soon enough for these people they
Speaker 1: were grounded. Maybe we'll start driving, Maybe that'll be better,
Speaker 1: and maybe we'll see. With the industry struggling with pent
Speaker 1: up demand for travel and a system that's understaff, post
Speaker 1: COVID airports, blame the airlines, and the airlines blame the
Speaker 1: f A. A. Prosecutors in Atlanta have told Rudy Giuliani's
Speaker 1: lawyers that he is a target of their criminal investigation
Speaker 1: and possible illegal attempts by then President Donald Trump and
Speaker 1: others to interfere in the general election in Georgia. Juliani says,
Speaker 1: you do this to a lawyer, we don't have America anymore.
Speaker 1: Russia and Ukraine blame each other for the renewed shelling
Speaker 1: near a nuclear power plant in western Ukraine. State Department
Speaker 1: spokesperson ned Price says the US is closely monitoring the
Speaker 1: activity at the plant. We believe that the fighting there
Speaker 1: is dangerous, it's irresponsible, and we do continue to urge
Speaker 1: into all military operations out of near Ukraine's facilities in
Speaker 1: the return of full control of those facilities. Ukraine State
Speaker 1: Department spokesperson ned Price. The efforts to continue to bring
Speaker 1: w n B A star Britney Grinder and fellow American
Speaker 1: detaining Paul Wheeland back from Russia but continues. Grinder's attorneys
Speaker 1: have filed an appeal who was recently sentenced to nine
Speaker 1: years in prison in Russia. Bill Richardson, who has worked
Speaker 1: in hostage negotiations through his position at the Richardson Center
Speaker 1: for Global Engagement, says he has talked to both sides.
Speaker 1: It basically says the legal process is over except for
Speaker 1: the appeal, and it's reasonable to have this appeal nine
Speaker 1: years sentence in a penal Connolly. Now there can be
Speaker 1: negotiations between the United States and Russia. Bill Richardson believes
Speaker 1: Grinder's legal team has been effective. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven journalists and analysts in more
Speaker 1: than a hundred twenty countries. I'm Michael Barr, and this
Speaker 1: is Bloomberg. John. Michael, thank you as a five cent
Speaker 1: of wal previous time for the Bluebird Sports Update. And
Speaker 1: good morning John. All right, good morning John. It's more
Speaker 1: than just a little slump now for the Yankees. This
Speaker 1: has been going on since the All Star break when
Speaker 1: the Yanks were flying high at sixty four and eight.
Speaker 1: But since then, twelve games, only two wins and shut
Speaker 1: out four times, including each of the last two nights
Speaker 1: they were back at the stadium. They lost four nothing
Speaker 1: to Tampa Bay. The Rays used five pitchers, They took
Speaker 1: advantage of a misplaying center field by Aaron Hicks for
Speaker 1: one run, and they got three more with two outs
Speaker 1: in the ninth in a not a good situation. And yet,
Speaker 1: as always Aaron Boone looks on the bright st there's
Speaker 1: some good things happening. Our starters continue to really throw
Speaker 1: the ball well. A number of guys out of the
Speaker 1: pen um, you know, even though loose struggle tonight, are
Speaker 1: are throwing the ball well. Um, we just gotta get
Speaker 1: some guys on tracked offensively right now, and and get
Speaker 1: guys that should be key contributors. Contributing like they're capable
Speaker 1: of Hicks in particular has been a real problem five
Speaker 1: for his last fifty three. Yanks had one story threat
Speaker 1: last night and then Hicks in and with double play.
Speaker 1: The Mets had not at a game like last night
Speaker 1: almost all year. They lost in Atlanta thirteen to one,
Speaker 1: Braves with an eight run sixth inning. They hit three
Speaker 1: home runs, the top two in the Atlanta or to
Speaker 1: Ronald Lacuni and Dansby Swanson combined for six hits, six rbi.
Speaker 1: Seventh straight win for Atlantis, They'll end it. Pras are
Speaker 1: only four and a half games behind the Mets. Eightieth
Speaker 1: win of the year for the Dodgers. They've won thirteen
Speaker 1: and fourteen, and this after learning that Walker Bueller, was
Speaker 1: fourth of the Cy Young voting last season, is out
Speaker 1: with an elbow injury. The Texas Rangers have fired their manager,
Speaker 1: Chris Woodward. Pete Carrill has died at nine two. He
Speaker 1: coached basketball at Princeton for twenty nine years, one thirteen
Speaker 1: IVY League championships. John Stashward Bloomberg Sports, John all Right, Thanks,
Speaker 1: John had ahead of the Cash Show called on Wall
Speaker 1: Street futurest right now, they are in the red. The
Speaker 1: down futures down twenty six points at thirty three towns
Speaker 1: at eight hundred forty seven smp E Mini futures eight
Speaker 1: points lower, down about two tenths of a percent right now,
Speaker 1: and that as Tech futures twenty five points lower, that
Speaker 1: he is down two tenths of April Sat ten year
Speaker 1: yield to seventy nine two year three twenty. This is
Speaker 1: Bloomberg just ahead on Bloomberg Daybreak, followed the Smart Money
Speaker 1: with something called the thirteen f Bloomberg's Alex what will
Speaker 1: be here to explain You're listening to Bloomberg markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot com, the Bloomberg Business at and at Bloomberg Quick
Speaker 1: Tape is a Bloomberg Business Flash, and I'm camerin Moscow.
Speaker 1: US Dock Index futures are lower this morning. The dollar
Speaker 1: is rising as investors are concerned about signs of a
Speaker 1: sharp economic slowdown, even as the Federal Reserve stays in
Speaker 1: the path of monetary tightening. Check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg Guess and p
Speaker 1: Futures down almost seven points down, futures little change and
Speaker 1: now stack futures down about twenty one. The jacks in
Speaker 1: Germany's up six tensive up percent. The ten year treasury
Speaker 1: down three thirty seconds l two point seven nine percent.
Speaker 1: They yield on the two year three point to one percent.
Speaker 1: Nimex screwed oil is downe about three tents of upper
Speaker 1: cent or twenty seven cents at eighty nine dollars, sixteen
Speaker 1: cents of barrel co mix school is down a third
Speaker 1: of per cent or six dollar sixty cents at sevente
Speaker 1: fifty announce the euro one point one three eight against
Speaker 1: the dollar, British found one point to zero four nine
Speaker 1: and the end one three point nine nine. And looking
Speaker 1: at bitcoin, it's down about about a tenth of a percent.
Speaker 1: It's at twenty four thousand dollars. Today, we'll still get
Speaker 1: a look at housing stars and building permits out at
Speaker 1: a thirty Wall Street time, Industrial production capacity utilization around
Speaker 1: at nine fifteen, and home Depot and Walmarter among companies
Speaker 1: schedule to report earnings today. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barrow with more on what's going on
Speaker 1: around the world. Uncle good morning, Good morning, Karen. The
Speaker 1: Justice Department said it opposes the release of an FBI
Speaker 1: f A David justifying the search for it used removed
Speaker 1: documents from former President Donald Trump's Mara Lago home in Florida.
Speaker 1: Last week. The d o J asked the judge to
Speaker 1: keep the filing sealed due to the investigation that implicates
Speaker 1: national security. It is primary day in Wyoming and Alaska.
Speaker 1: Republican Congresswomenalist Cheney is fighting to keep her seat after
Speaker 1: voting to impeach Trump. In baseball, the slumping Yankees lost
Speaker 1: to the Raise for Zip. The Braves put on What
Speaker 1: For and Why? Whipping on the Mets thirteen one, The
Speaker 1: Nationals Orioles and Giants won the A's lost. Global news
Speaker 1: twenty four hours a day on here and on Bloomberg
Speaker 1: Quick Tank, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Hi, Michael Barr,
Speaker 1: and this is Bloomberg's thank you. I think Michael. It
Speaker 1: is now five twenty on Wall Street. We are lying
Speaker 1: from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak.
Speaker 1: Regulations require institutional investors who manage more than a hundred
Speaker 1: million dollars to file something called a thirteen F forum. Uh.
Speaker 1: They lay out the firm's equity holdings as at the
Speaker 1: end of the most recent quarter. You can actually follow
Speaker 1: the smart money. Now we're joined by Alex Webber, a
Speaker 1: Bloomberg quick take, So give me the highlights. Were the
Speaker 1: big names? Where are they holding or not holding? Alex?
Speaker 1: The two big I think takeaways were big names that
Speaker 1: we should be watching a really Berkshire Hathaway Michael Burry
Speaker 1: Berkshire Hathway. Of course, we're in Buffett had made significant
Speaker 1: investments in the prior quarter, buying up forty one billion
Speaker 1: in net stock purchases this quarter, in the second quarter
Speaker 1: he made just three point eight billion dollars in purchases,
Speaker 1: which seems to suggest something about the direction of travel
Speaker 1: in his mind that maybe he thought the bottom was
Speaker 1: there he bought it previously. That's maybe an influence you
Speaker 1: can take. Michael Burry meanwhile, of course, famously from the
Speaker 1: Big short, has cut all of his long stock holdings
Speaker 1: to just one this one. He has bought a company
Speaker 1: called the Geo Group, which runs prisons. It's a private
Speaker 1: prison for it, I would love to get a read
Speaker 1: from that on the logic behind that deal. But he's
Speaker 1: been getting a lot of attention on social media recently
Speaker 1: for his bearish calls saying that the situation could be
Speaker 1: as direst the two thousand and eight financial crisis. So
Speaker 1: those are the two big names I think getting the
Speaker 1: headlines all right, Uh, dive a little deeper. You have
Speaker 1: Tiger Global Management and the Soros Fund Management. Um, what
Speaker 1: are they buying? They seem to have made quite a
Speaker 1: shrewd call. They piled into the some of the big
Speaker 1: text stocks and did so just before the big spike
Speaker 1: that occurred as the fed UM signal, or on the
Speaker 1: optimism that the FEDS tightening wouldn't be as aggressive as
Speaker 1: previously thought. Tiger Global buying into Alphabet Docu, signed Zoom
Speaker 1: amongst others, and Sauros was I was checking my data here.
Speaker 1: I think getting into Amazon which others had not been doing.
Speaker 1: Others have been getting out of Amazon now. Obviously with
Speaker 1: the Amazon and stock, it depends whether you're playing it
Speaker 1: on its e commerce prospects or on its cloud opportunities,
Speaker 1: and the senses that maybe the cloud opportunities are slowed down.
Speaker 1: But if if people's are turning to the more spendthrift
Speaker 1: opportunities for for commerce and maybe Amazon with maybe it's
Speaker 1: cheaper offerings, it is a good place to do that.
Speaker 1: You don't know why they are some exident or added
Speaker 1: these holdings and is this essentially a look in the
Speaker 1: rear view mirror. I mean, what as an individual adverse ture?
Speaker 1: How valuable is all this stuff? And it is almost
Speaker 1: in a sense, it's almost like the gossip pages of
Speaker 1: what's of the what's happening at these hedge funds. You
Speaker 1: get a sense of, oh, they're doing this. Then it's
Speaker 1: almost like this person is dating that person, right. You
Speaker 1: get a little bit of insight into what they're doing.
Speaker 1: You don't necessarily hear the logic behind it unless they
Speaker 1: decided to come out and make a public statement. And
Speaker 1: of course, for every company that goes into one particular stock,
Speaker 1: there might be another that leaves that particular stock. But
Speaker 1: for the direction of travel, you can sometimes get some
Speaker 1: useful insights, which is why I high I highlighted Berkshire
Speaker 1: Hathaway and Michael Burry, these two big names seen as
Speaker 1: you know, almost Bellweathers or certainly strong views on the
Speaker 1: market sense of direction and visa names that people are
Speaker 1: keen to follow. Also, it's find an interesting with Ray Dalio.
Speaker 1: He's one of the he's been a long time ball
Speaker 1: on China, yet his recent positions reflect maybe a little
Speaker 1: different thinking when it comes to the world's second biggest
Speaker 1: economy and the companies he's held there. Yeah, he's got
Speaker 1: out of both Ali Baba and j D dot Com,
Speaker 1: huge e commerce sites in China. We've obviously seen a
Speaker 1: lot of confusion coming out of China on the way,
Speaker 1: particularly the way they are addressing their big text stocks,
Speaker 1: and there has been a crackdown which doesn't quite seem
Speaker 1: as though it's over. We you know news recently on
Speaker 1: on ten Cent exiting some of its its portfolio companies,
Speaker 1: not least Matuan. The assumption for some is that is
Speaker 1: a response to the ongoing pressure these companies are facing
Speaker 1: as China tries to rain in the size of its
Speaker 1: of its tech giants. Alex, always a pleasure. We appreciate
Speaker 1: you being with us this morning, Alex Webb Bloomberg quick take,
Speaker 1: and of course you could read more about these thirteen
Speaker 1: F filings. Who's buying, who's selling at, what are they
Speaker 1: buying and what are they selling on Bloomberg and ahead
Speaker 1: of the cash open on walstreef down futures right now
Speaker 1: twenty two points lower. Smp E mini futures they're down
Speaker 1: seven points, and the nast day features twenty five points lower.
Speaker 1: As we look at the treasuries right now, the inversion
Speaker 1: between two's and tans out forty one basis points negative
Speaker 1: forty one basis points, the two year yield at three
Speaker 1: point to zero percent, the tenure at two seventy nine.
Speaker 1: And as we'll look at the commodities this morning, we
Speaker 1: have NAMEX cruded down thirty six cents right now at
Speaker 1: eighty nine oh five of barrel. And you are listening
Speaker 1: the Bloomberg's Game break and the Bloomberg Weather fort today
Speaker 1: from Rob Carolin. Mostly Sunday. The high temperature in the
Speaker 1: mid eighties, so I partly cloudy, sixty to seventy. Tomorrow's
Speaker 1: outlook partly mostly Sunday, chance of some afternoon showers be
Speaker 1: high about eighty degrees. Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg e Living Freedland to Washington,
Speaker 1: d C. Bloomberg to Boston Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg now sixteen to the country, Sirius
Speaker 1: XM Chad A one nineteen and around the globe, the
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's by thirty on Wall Street. Good morning.
Speaker 1: I'm John Tucker and I'm Cameron Moscow. We are just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you have to date on the news you
Speaker 1: need to know at this hour, and we begin today's
Speaker 1: session with US stocked at a three month high as
Speaker 1: despite concerns over inflation, potential recession and tightening from the Fed.
Speaker 1: Julie Bill is portfolio manager at Kane Anderson Redneck. The
Speaker 1: worries that you can kind of stay out of trouble,
Speaker 1: I think is investing in businesses that typically just serve
Speaker 1: other businesses. And I like software because they have high
Speaker 1: levels of recurring revenue and very good profitability. I think
Speaker 1: that makes them more durable. Julie bl with Kane Anderson
Speaker 1: Redneck says it's crucial for the FED to reign in inflation. Now, well,
Speaker 1: those concerns linger on Wall Street. We're also watching earnings
Speaker 1: we hear from retail giant Walmart this morning. Bloomberg's Charlie
Speaker 1: Pellett has a preview analyst survey by Bloomberg. See Walmart
Speaker 1: reporting second quarter adjusted earnings per share of a dollar
Speaker 1: sixty three on revenue of one hundred fifty one point
Speaker 1: one billion dollars. Walmart's insights into shopper behavior will be
Speaker 1: under scrutiny. Was analysts clues about how soaring inflation will
Speaker 1: affect spending during the rest of the year. The retail
Speaker 1: giant cut at earnings outlook three weeks ago. In New York,
Speaker 1: Charlie bloom Bird day break. All right, Charley, thank you
Speaker 1: about sticking with corporate news. Apple is turming its head count.
Speaker 1: The company laid off many contract based recruiters in the
Speaker 1: past week, and it's also set a September five deadline
Speaker 1: for corporate employee used to be in the office at
Speaker 1: least three days a week. Stocks sold off in the
Speaker 1: second quarter. We're learning what some of the world's biggest
Speaker 1: money managers did with their portfolios. Bloomberg's We Need a
Speaker 1: Young Joints is live with more We need a good morning,
Speaker 1: Good Morning John. During the latest quarter Stanley Drugon. Miller's
Speaker 1: family office sold its entire one million dollar position in
Speaker 1: Amazon and scaled back at steak in Microsoft. Sorel's Fund
Speaker 1: Management meanwhile boosted its steaks in Amazon Salesforce and Alphabet
Speaker 1: berks Are Hathaway eliminated a Verizon steak and boosted its
Speaker 1: other bets, including Occidental Petroleum and Michael Burry's Scion. Asset
Speaker 1: Management exited all equity positions except private prison operator Geo Group.
Speaker 1: It's only stock holding as at the end of Gin
Speaker 1: Live in New York. I'm gonna need to Young Bloomberg daybreak.
Speaker 1: I ready to thank you all to politics now. It's
Speaker 1: primary day for voters in Wyoming and Alaska. Representative List
Speaker 1: Cheney is bracing for a loss against Trump back challenger
Speaker 1: Harriet Hageman. She leads Cheney by nearly thirty percentage points
Speaker 1: in polls. Former Vice presidential candidate Sarah Palin is vying
Speaker 1: for Alaska's soul seat in Congress and also has Trump's bagging,
Speaker 1: And Alaska Senator at Lisa Murkowski faces Trump back Kelly
Speaker 1: Chabaka and straight Ahead your latest local headlines. Senate check
Speaker 1: is sports and mr is Bloomberg. Well, thanks Karen three
Speaker 1: on Wall Street, and it's time to bringing Michael Barr
Speaker 1: with more on what else is going on to New
Speaker 1: York and around the world. John, thank you very much, Sarah.
Speaker 1: Travelers at New York City area airports, including JFK, LaGuardia
Speaker 1: and Newark were told by the f a A to
Speaker 1: expect delays because of airline staffing shortages. The f a
Speaker 1: A leader tweeted that the problem had been solved and
Speaker 1: things at the big airports in the New York City
Speaker 1: area we're getting back to normal. Yesterday, this college student
Speaker 1: missed here connector from Newark to get to Syracuse, New York.
Speaker 1: She told news for she had to spend the night
Speaker 1: at the airport. They only had like two hours at
Speaker 1: this airport and had to um change channels and the
Speaker 1: next flight to Circus is in the morning. The problem
Speaker 1: was said to be staffing at a facility that manages
Speaker 1: the airspace for all three major New York airports. Rudy
Speaker 1: Giuliani is a target of the criminal investigation into possible
Speaker 1: illegal attempts by then President Donald Trump and others to
Speaker 1: interfere in the twenty general election in Georgia. Prosecutors informed
Speaker 1: attorneys for the former New York mayor turned Trump defender. Meanwhile,
Speaker 1: Fulton County District Attorney Fannie Willis is said that she
Speaker 1: is considering calling Trump himself to testify. Meanwhile, Allen Weiselberg,
Speaker 1: the Trump organizations longtime CFO, is said to be in
Speaker 1: plee talks with state prosecutors to resolve tax fraud charges.
Speaker 1: The effort to bring w n B A star Britney
Speaker 1: Grinder and fellow American detainee Paul Wheeland back from Russia
Speaker 1: is ongoing. Grinder was recently sentenced to nine years in
Speaker 1: prison in Russia. Her attorneys have filed an appeal. Bill Richardson,
Speaker 1: who has worked in hostage negotiations through his position at
Speaker 1: the Richardson Center for Global Engagement, says he has talked
Speaker 1: to both sides and is optimistic both sides are moving
Speaker 1: in the right direction because they've done it before. Despite
Speaker 1: the fact that the relationship between the United States and
Speaker 1: Russia is toxin. Bill Richardson believes Grinder's legal team has
Speaker 1: been effective. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven under journalist and analysts more than a hundred twenty countries.
Speaker 1: Michael Bard, this is Bloomberg, John, Michael. Thanks, it's now five.
Speaker 1: I thought Wall Street. Met's time for the Bloomberg Sports Updake.
Speaker 1: Here's John stas Shower. Thanks John. First place, Matt's first
Speaker 1: place Yankees, And yet last night they both lost and
Speaker 1: by a combined score of seventeen to one. Mets pitching
Speaker 1: has been so good, just had back to back shutouts
Speaker 1: to the Phillies, eight games in a row where the
Speaker 1: Mets did not allow more than two runs, and yet
Speaker 1: the Braves last night three runs off Carlos Carrasco and
Speaker 1: then in eight run sixth inning to win thirteen to one.
Speaker 1: Since those thing four or five at City Field, Braves
Speaker 1: had won seventh straight. They're backed within four and a
Speaker 1: half games with the Mets. Three more games remain in
Speaker 1: this series in Atlanta, and the Mets have lost infield
Speaker 1: of Luis ki Or made of a groin injury, and
Speaker 1: Mets manager Buck show Walt just played without shore Burn,
Speaker 1: Yankees playing without Stanton m These guys have played without people.
Speaker 1: I mean, it is what is yea He's stable so
Speaker 1: it was so it's Jake de grom So it's uh,
Speaker 1: you know, Nemo has been down and Neil's been down.
Speaker 1: I mean, and this is what it is. Yankee injuries
Speaker 1: have certainly heard them. D J the Mere the latest
Speaker 1: to be added the line up. Still remarkable how poorly
Speaker 1: the Yankees of way lately. After being so good for
Speaker 1: three months, they dropped ten last twelve. They've been shut
Speaker 1: out four times. Tampa Bay got a near perfect game
Speaker 1: on Sunday from Drew Asmuss, and last night the stadium
Speaker 1: they used five different pictures and one four to nothing.
Speaker 1: Garrett Cole last two starts has allowed a total of
Speaker 1: one run, has gotten no run support. Tampa Bay Blops
Speaker 1: have signed veteran defensive lineman Carl nasse If. He's the
Speaker 1: one who a year ago, while with the Raiders, came
Speaker 1: out as the NFL's first open the gay player. He
Speaker 1: has been with the Bucks before. There was a report
Speaker 1: that Kevin Durant would retire before playing again for the Nets.
Speaker 1: Katie posted on social media not true. He has said
Speaker 1: he wants to be traded with the Nets. Don't fire
Speaker 1: coach Steve Nash, MGM, Shawn Marks, John Stashower Bloomberg Sports,
Speaker 1: John all Right, thanks, John and tutting Down for the
Speaker 1: Try and State Business Report. For that we're joined by
Speaker 1: Bloomberg's Ed Quarry Robert Refkins Company. Compass spent more than
Speaker 1: a billion dollars to become a go to home seller
Speaker 1: in New York as well as Miami and l A,
Speaker 1: but it has yet degenerate an annual prophet it gets
Speaker 1: ready to brief investors on second quarter earnings, Compass will
Speaker 1: have to explain how affirm that couldn't make money in
Speaker 1: the hottest housing market ever can turn a profit. As
Speaker 1: things cooled down, a gauge of New York state manufacturing
Speaker 1: plunged by the second most in data going back to
Speaker 1: two thousand one, with sharp declines in orders and shipments
Speaker 1: that indicate an abrupt downturn in demand. The Federal Reserve
Speaker 1: Bank of New York's August General Business Conditions Index slumped
Speaker 1: more than forty two points. New York City is scheduled
Speaker 1: to sell about a billion dollars worth of general obligation
Speaker 1: bonds this week. It's also planning a billion dollars in
Speaker 1: revenue bond sales on August. According to a news release
Speaker 1: that your Bloomberg Trying State Business Report by ed Coreys
Speaker 1: five thirty eight hund Wall Street Bloomberg radios on the
Speaker 1: air from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in now with our global news stand for
Speaker 1: some of the top stories heard on our three hundred
Speaker 1: affiliate radio stations around the world. Um when you Donahoe
Speaker 1: on Cafebe and Omaha Berkshire. Hathaway cut its stake in
Speaker 1: Bison on the second quarter. I'm Gina Servetti and for
Speaker 1: Double News c CEO in Minneapolis. I'm reporting that three
Speaker 1: M has resumed its fight to halt lawsuits filed mostly
Speaker 1: by veterans who say the company's combat earplugs caused hearing damage.
Speaker 1: I'm Stephen Carol and Bloomberg DAB Digital Radio in London.
Speaker 1: We've been reporting on the latest UK jobs data showing
Speaker 1: the peak tartness and the labor markets may have passed.
Speaker 1: I'm Ad Cory on w A T A M in Cleveland.
Speaker 1: I'm reporting Baron's calls progressive of the country's best run
Speaker 1: auto insurer, and those are some of these stories are
Speaker 1: twenty Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. Nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. Six months into Russia's invasion of Ukraine,
Speaker 1: the democratic world has come together to impo was punishments
Speaker 1: on President Vladimir Putin and his enablers. Yet that has
Speaker 1: not stopped the bloodshed, and Putin is betting that Western
Speaker 1: unity will crumble as winter sets in and Europeans find
Speaker 1: themselves squeezed by rising food and energy prices. Proving him
Speaker 1: wrong will require Europe's leaders to prepare their countries for
Speaker 1: a protracted war and increase support to those least able
Speaker 1: to shoulder its costs. Above all, Europe's leaders must urge
Speaker 1: the public to be patient. The moral outrage and solidarity
Speaker 1: of the West has bolstered Ukraine's morale and helped its
Speaker 1: forces withstand rushes onslaught, but the fight to preserve the
Speaker 1: country's freedom won't and soon. The senatorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, slash Opinion or O P I
Speaker 1: N go on the Bloomberg terminal. This has been Bloomberg
Speaker 1: open in and Bloomberg Opinion editorial is gonna be heard
Speaker 1: every week day at this time terminal customers. You could
Speaker 1: read more at the O P I N Go head
Speaker 1: of the open on Wall Street futures see in the
Speaker 1: red right now down futures thirty two points, lower, SMP
Speaker 1: futures down to eight and the domesday futures down twenty
Speaker 1: seven points, and the Bloomberg Weather from meteorologist Rob Caroline
Speaker 1: expects sunny skies today in the mid eighties, partly cloudy,
Speaker 1: tonight low seventy and tomorrow's auto partly mostly sunny. Could
Speaker 1: see some anthnon showers with the high temperature. Eight markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quicktape He's a Bloomberg Business lash and I'm Karen Moscow
Speaker 1: and US Knock Index features are lower this morning. The
Speaker 1: dollar is rising. Investors are inserted about signs of a
Speaker 1: sharp economic slow down even as the Fed stays on
Speaker 1: the path of monetary tightening, and but check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, SNP
Speaker 1: future is down about eight points. Right now. DAL futures
Speaker 1: they're down to twenty five and as day futures down
Speaker 1: twenty eight. The decks in Germany's up six tenths of
Speaker 1: a percent. Ten. Your treasury down to thirty seconds yield
Speaker 1: two point seven nine percent, The yield on the two
Speaker 1: year three point to zero percent. Nine mex screwed oil
Speaker 1: is down half percent or forty two cents at eighty
Speaker 1: eight dollars. Ninety nine cents of barrel comes go down
Speaker 1: four tenths percent or seven dollars seventy cents is seventeen
Speaker 1: ninety forty announce the euro one point zero one three
Speaker 1: against the dollar, British found one point two zero two
Speaker 1: four and again one thirty four point one five. And
Speaker 1: looking at bitcoin it is up the tenth of up
Speaker 1: percent at twenty four thousand, one hundred dollars. That's a
Speaker 1: bloomberg USUS slash. 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. The Justice Department as opposing calls to unseal
Speaker 1: the f David supporting the search of former President Trump
Speaker 1: Samara Lago Home. The o J has called a grand
Speaker 1: jury and has witnesses cooperating with its probe focus on
Speaker 1: the mishandling of those sensitive documents. Wyoming Congresswoman Liz Cheney,
Speaker 1: who is a leading face in the January six Ryant investigation,
Speaker 1: is fighting to save her seat in the House. Today.
Speaker 1: Voters in Alaska as well as Wyoming are weighing in
Speaker 1: on the direction of the GOP in primaries. In baseball,
Speaker 1: the slumping Yankees lost to the raise for ZIP. The
Speaker 1: Braves put a what four and why whipping on the
Speaker 1: Mets thirteen one. The Nationals Orioles and Giants won the
Speaker 1: A's lost. Global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than h twenty countries.
Speaker 1: Michael Barr and this is Bloomberg Arran. All right, Michael
Speaker 1: bart thank you well. It's five of forty nine on
Speaker 1: Wall Street. It's time for the Bloomberg Law Report. We
Speaker 1: get to the legal stories we're watching this morning. From
Speaker 1: Bloomberg's Jeff Bellinger. The Internal Revenue Service announced that infest
Speaker 1: rates will increase in the fourth quarter, which starts October one.
Speaker 1: The rate of interest is determined on a quarterly basis
Speaker 1: under the i R S Code. The Labor Department cited
Speaker 1: International Cushioning of Ohio for twenty five alleged serious safety
Speaker 1: and health violations after a worker was hospitalized with second
Speaker 1: degree burns. A federal court in Manhattan ruled that Bob's
Speaker 1: discount furniture can compel arbitration of claims over alleged misleading warranties.
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, thank you.
Speaker 1: Now another legal story we're watching. Vanessa Bryant, the widow
Speaker 1: of basketball star Kobe Bryant, is suing Los Angeles County,
Speaker 1: saying her privacy was invaded when sheriff's deputies and firefighters
Speaker 1: shared photos of the crash side with their friends and colleagues.
Speaker 1: The trial is expected to last about two weeks. In
Speaker 1: witness says will likely include Vanessa Bryant and l A
Speaker 1: counter sheriff, Alex Villanueva. For more in the case, Bloomberge
Speaker 1: dun Grosso speaks to Warrington Parker, a partner at Crowell
Speaker 1: and Mooring. A primary issue in the case is whether
Speaker 1: she suffered emotional distress as a result of the county's actions.
Speaker 1: So Los Angeles County officials are arguing that she suffered
Speaker 1: emotional distress from the death of her husband and daughter,
Speaker 1: rather than distress that the photos were leaked. How can
Speaker 1: a jury separate those well, emotional distress damages are always
Speaker 1: a very difficult thing, both to prove and to disprove. Right,
Speaker 1: it's just how much are you hurt? And there's no
Speaker 1: clear marker for that. However, I think the county has
Speaker 1: a difficult time with that argument made, certainly without any dispute.
Speaker 1: Someone suffers emotional distress when I loved one died. But
Speaker 1: I think it is within the realm of experience and
Speaker 1: probability that you can exact surveys that emotional distress by
Speaker 1: just treating the family of loved ones or taking photos
Speaker 1: really according to a pointness at least almost like there
Speaker 1: was a trophy hunting type of experience, And I don't
Speaker 1: think any rational person can separate out one trauma from another. Now,
Speaker 1: does that impact your damages? Perhaps, yes, It doesn't make
Speaker 1: it impossible to conceive that she suffered additional emotional distress
Speaker 1: because of these photos. I don't think that's the true.
Speaker 1: Which side do you think has the better case here?
Speaker 1: Right now? I like pointest chances, And let me tell
Speaker 1: you what I'm thinking. You have a case where word
Speaker 1: photos were taken, and there is a history of these
Speaker 1: photos being taken in the Google book. You have a
Speaker 1: case in which people have at least as points painted
Speaker 1: have lied outright lie about what they did with the
Speaker 1: photos and why. You have the defendant saying that these
Speaker 1: photos were taken and then distribute for the purposes of training.
Speaker 1: But you have them distributed at a bar, you have
Speaker 1: them distributed to a person playing a video game, you
Speaker 1: have them distributed at an awards ceremony. That doesn't make sense.
Speaker 1: And I know that the defendants are saying that they
Speaker 1: immediately told people to remove it from their phone in
Speaker 1: order to mitigate any continuing harm, But there was no
Speaker 1: attempt to ensure that these photos were in fact destroyed,
Speaker 1: and it looks more like they were trying to cover
Speaker 1: up more than anything else. To add the extra spite
Speaker 1: is you have at least one of the deputy saying,
Speaker 1: should we really do this? We've gotten in trouble before
Speaker 1: for this and as Warrington Parker, a partner at Crowell
Speaker 1: and Moorings being at Bloomberg Student 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 Podcasts. Attorneys can find exceptional
Speaker 1: legal research and business development tool is at Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b Law Go.
Speaker 1: This is the Big Take, the best to Bloomberg's in
Speaker 1: depth original reporting from around the globe. This is a
Speaker 1: really fascinating story that's caused a lot of outrage among investors.
Speaker 1: This is so fascinating market shutdown in a way it's
Speaker 1: never done before. That's gonna have consequences for years to come.
Speaker 1: The Big Take on Bloomberg Radio and he in today's
Speaker 1: Big Take, the FEDS past crises hold secrets to tackling
Speaker 1: future recessions. Were joined now by David Wilcox, Director of
Speaker 1: US Economic Research at Bloomberg Economics. He was formerly director
Speaker 1: of the FEDS Division of Research and Stats and served
Speaker 1: as a senior advisor to three FED. Cheers, David, thanks
Speaker 1: for being with us this morning at the Echoes Building
Speaker 1: in Washington, hanging on the wall or pictures of past chairs.
Speaker 1: I imagine j Pale passes the portrait of Arthur Burns
Speaker 1: and thanks to himself. Oh God, I don't want to
Speaker 1: be that guy. Is it going to be that guy? Absolutely?
Speaker 1: I'm sure that's his sentiment. He wants to be the
Speaker 1: portrait of the next person too. Over Paul Voker, who
Speaker 1: came in after Burns in an extraordinary circumstance. Volker had
Speaker 1: attended a speech that Burns gave where he where Burns
Speaker 1: explained why no central bank could control inflation. Voker flew
Speaker 1: home from Belgrade, Yugoslavia, determined to demonstrate otherwise, and on
Speaker 1: October six nine, he and his colleagues unveiled a monetary
Speaker 1: policy revolution that did crush inflation. Tam Paul of t Neck,
Speaker 1: New Jersey. That was a painful period, but painful period
Speaker 1: we had to live through. Are we going to go
Speaker 1: through the same period? It was a painful period, but
Speaker 1: let's keep in mind it gave birth to an era
Speaker 1: that matro economists called the Great Moderation. It was period
Speaker 1: the Great Moderation was a period of low volatility, solid growth,
Speaker 1: low and predictable inflation. I don't think we're doomed for
Speaker 1: a repeat of the Voca recession. The main reason is
Speaker 1: because of the legacy that Voca and his successors left,
Speaker 1: which is a legacy of low inflation that breeds expectations
Speaker 1: of low inflation and inflation is a self fulfilling prophecy.
Speaker 1: Household and businesses expect the Fit to deliver on its
Speaker 1: promise of low inflation. There is a disconnect right now
Speaker 1: between what the markets believe and what some members of
Speaker 1: the Fellow Reserve are saying. Why is that? And is
Speaker 1: how problematic is that? Well? I think you understandably. The
Speaker 1: members of the Open Market Committee are projecting a cost stance.
Speaker 1: They are determined to win the battle against inflation, and
Speaker 1: their main message right now is a sort of Mario
Speaker 1: Draggy style. Whatever it takes, they are bound and determined
Speaker 1: to conquer inflation, even if that comes at the cost
Speaker 1: of a recession. Again, if a recession comes, I don't
Speaker 1: think it will be anywhere near the depth or the
Speaker 1: painfulness of the Vocal recession. What are the tradeoffs that
Speaker 1: j Pal faces? Does he have the torpedo employment? For instance, well,
Speaker 1: that certainly is not his goal. The trade off he
Speaker 1: faces is that he probably needs to engender a period
Speaker 1: of slow growth of more sluggish employment. The economy is
Speaker 1: overheated right now. It needs to cool off. But that
Speaker 1: is the pathway to a sustainable future. Really, the worst
Speaker 1: outcome is not to have that period of low growth
Speaker 1: or arising unemployment, because that would signal that we're in
Speaker 1: for a more prolonged era of higher, higher than desirable
Speaker 1: inflation and more volatility. I wish we had more time.
Speaker 1: David Wilcox, Director of US Economic Research at Bloomberg Economics.
Speaker 1: It was also formerly the director of the Federal Reserves
Speaker 1: Board Division of Research and Statistics, also serving as senior
Speaker 1: adviser to three FED chairs of That is today's big
Speaker 1: take ahead of the market opened on Wall Street. DAL
Speaker 1: futures right now fourteen points lower, smp E many futures
Speaker 1: down seven at the NAS day futures twenty five points lower.
Speaker 1: As we look to treasuries right now, the inversion continues,
Speaker 1: of course, between two's and ten's negative forty one basis
Speaker 1: points between the two the two year yield at three
Speaker 1: twenty the ten year at two seventy nine. You are
Speaker 1: listening to Bloomberg day Break