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Speaker 1: Live from the Bloomberg Interacted Brooker Studios. This is is Bloomberg

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Speaker 1: Daybreak for Wednesday, July Chew coming up the shower. Stocks

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Speaker 1: look to extend Wall Street's biggest rally in three weeks.

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Speaker 1: Netflix shares gain after subscriber loss was not as bad

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Speaker 1: as feared. Inflation in the UK surges to a forty

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Speaker 1: year high, and President Biden plans to take executive action

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Speaker 1: to tackle climate change. The Trying Steam bakes under the

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Speaker 1: Summer Sizzle and Shark sightings closed Rockaway Beaches on John

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Speaker 1: Tucker Bore Straight Ahead. I'm John stand and Sports making

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Speaker 1: nine straight All Star Game victories of the American Lady Yankees.

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Speaker 1: Dian Carlos Danton with the m v P. That's All

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Speaker 1: Trained head on Bloomberg Daybreak on Bloomberg eleven three on

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x

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Speaker 1: AM one nine team and around the world Bloomberg Radio

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Speaker 1: dot Com and via the Bloomberg Business App. Good Morning,

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow and U West

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Speaker 1: on Index Futures are higher this morning. We're coming up

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Speaker 1: to six o one on Wall Street, and we check

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Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg.

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Speaker 1: Right now, SNP futures are up eight points to down

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Speaker 1: futures up fifty, NASDACK futures up forty two. The decks

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Speaker 1: in Germany's up a quarter percent. The ten year treasury

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Speaker 1: up nine thirty seconds, held two point nine eight percent.

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Speaker 1: The yield on the two year at three point one

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Speaker 1: eight percent. NIMEX screwed oil is down one percent on

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Speaker 1: a dollar nine at a hundred three dollars thirteen cents

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Speaker 1: of barrel. Look at it Bitcoin this morning it's up

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Speaker 1: one percent at twenty three thousand, five forty dollars. Nathan

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Speaker 1: mccaren futures are adding to yesterday's gains on Wall Street.

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Speaker 1: There were the biggest in three weeks. It was a

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Speaker 1: broad based rally, all eleven industry groups in the SNP

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Speaker 1: five hundred advanced. John Barenko is chief investment Officer of

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Speaker 1: Fundamental Investments at all Spring Global Investments. I think we're

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Speaker 1: in a transition period here, and then the market really

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Speaker 1: is indeda evidence really, and I think evidence that inflation

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Speaker 1: is speaking evidence that, um, you know, we're moving down

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Speaker 1: a path of hopefully towards a you know, a soft landing.

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Speaker 1: John Baranko at all Spring Global Investment says he is

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Speaker 1: looking for companies with strong balance sheets they're able to

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Speaker 1: weather tough economic conditions well. Nathan Earning's optimism is helping

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Speaker 1: fuel this morning's gains. Netflix shares are up seven and

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Speaker 1: a half percent in early trading, and for subscriber numbers

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Speaker 1: came in better than estimates. To get the story from Bloombery,

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Speaker 1: Sterley Pillett, the leader in paid streaming TV, says it

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Speaker 1: lost nine hundred seventy thousand subscribers in the second quarter,

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Speaker 1: less than half what Wall Street feared, thanks in large

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Speaker 1: part to a new season of Stranger Things, the services

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Speaker 1: most popular English language series. This quarter, Netflix expects to

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Speaker 1: sign up one million subscribers. While that is well short

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Speaker 1: of the one point eight three million analysts forecasts this period,

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Speaker 1: it reverses the lost is of the first half. In

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Speaker 1: New York, Charlie Pellet, Bloomberg Daybreak, Charlie, thank you, and

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Speaker 1: earnings continue to roll in today. With seventeen companies on

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Speaker 1: the SMP reporting, We get results from Tesla after the

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Speaker 1: closing bell. Here with the preview is Bloomberg's Jeff Balinger

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Speaker 1: Bloomberg Intelligence as Tesla's fundamentals relative to its peers are

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Speaker 1: strong and the company's credit rating could be moved to

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Speaker 1: investment grade, but lockdowns in China had an impact on

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Speaker 1: vehicle production, and Tesla is heavily invested in bitcoin. Its

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Speaker 1: bottom line may include a charge of nearly three quarters

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Speaker 1: of a billion dollars related to the plunge in the

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Speaker 1: price of the cryptocurrency. Jeff Wellinger, Bloomberg Daybreak, Right, Jeff,

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Speaker 1: thank you well. Tesla has been a longtime favorite of

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Speaker 1: investor Kathy Wood, and her funds have felt the pain

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Speaker 1: as Tesla shares fell from the November peak. Now we're

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Speaker 1: this morning Wood is closing down whatever exchange traded funds,

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Speaker 1: and we get the latest live from Bloomberg's Rendita Young.

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Speaker 1: Good morning Rindy to Good morning Karen. A regulatory filing

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Speaker 1: shows Kathie Wood is shutting down her ARC Trands parents

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Speaker 1: et F. The fund gained only twelve million dollars in

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Speaker 1: assets since it launched at the end of last year.

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Speaker 1: That's a fraction of the nine billion dollars in Woods

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Speaker 1: flagship fund. It contains hold things like Teal, Dock and Spotify.

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Speaker 1: It was aimed at investing in companies that received high

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Speaker 1: scores on transparency. Transparency Global, which shaped the funds underlying portfolio,

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Speaker 1: will stop calculating the index at the end of July.

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Speaker 1: Live in New York, I'm reneed a young Bloomberg daybreak

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Speaker 1: al right, Nita. Thanks. Bitcoin is trading at a one

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Speaker 1: month high this morning right now at about twenty three thousand,

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Speaker 1: five hundred, though that is a far cry from November's

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Speaker 1: peak of nearly sixty nine thousand. Billionaire investor Mike Novigrats

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Speaker 1: weighed in on the sell off at the Bloomberg Crypto

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Speaker 1: Summit in New York. What I don't think people expected

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Speaker 1: was the magnitude of losses that would show up in

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Speaker 1: you know, professional institutions balance sheets, and that caused the

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Speaker 1: daisy chain of effects. It turned into a full fledged

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Speaker 1: credit crisis. Mike nelvi Grat says, right, gulators should do

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Speaker 1: more to protect crypto investors, and he called for more

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Speaker 1: transparency in the industry. Oh, we turned to the economy now, Nathan,

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Speaker 1: expect higher interest rates for the foreseeable future. That, according

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Speaker 1: to black Stone. We caught up with Joseph Zeidel, chief

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Speaker 1: investment strategists and Blackstone's Private Wealth Solutions Group. I think

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Speaker 1: that inflation is more deeply entrenched in the U s

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Speaker 1: economy and it's going to require the FED to take

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Speaker 1: interest rates up higher and the tightening cycle longer. So

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Speaker 1: my own view is that Fed fund rates could exceed

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Speaker 1: four percent. I think they could go above four hours

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Speaker 1: and made can close black Stone Private Well, it's Joseph

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Speaker 1: Zidel like expects the FED to high by seventy five

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Speaker 1: basis points at next week's meeting like the US. Karen,

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Speaker 1: inflation continues to be a major problem in Europe and

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Speaker 1: fresh Day to show the UK still struggling to tain prices.

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Speaker 1: Let's go to London get the latest with Bloomberg's un ponds.

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Speaker 1: Good morning You and good morning Nathan and Karen. A

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Speaker 1: fresh forty year high for UK inflation. Consumer prices rose

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Speaker 1: nine point four percent in the eighth of June, driven

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Speaker 1: by searching prices from to fuel. The pain only sets

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Speaker 1: get worse, with inflation forecast to top eleven percent in October,

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Speaker 1: when another gas and electricity price hike is due. The

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Speaker 1: banking and has already increased rates five times since December,

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Speaker 1: and today's day so well had to calls for a

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Speaker 1: jumbo hike at the bank's next meeting in London. I'm

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Speaker 1: you and pots in back day break, all right you

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Speaker 1: and thank you all back here in the US, President

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Speaker 1: Biden plans to take executive action to tackle climate change.

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Speaker 1: With his clean energy agenda stalled on Capitol Hill, the

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Speaker 1: President will outline his steps later today at a shuttered

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Speaker 1: coal fire plant in Somerset, Massachusetts. He is not expected

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Speaker 1: to declare a climate emergency, but Bloomberg Politics contributor mc

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Speaker 1: davis says he doesn't have to. There are many things

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Speaker 1: he can do around pollution from cars, and and and

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Speaker 1: and and put a little pressure on Joe Mansion by

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Speaker 1: you know, talking about doing some things around coal and

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Speaker 1: gas fire power plant regulation. So I think he could

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Speaker 1: bring him along to the negotiating table if he wants

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Speaker 1: to put some heat on Mansion. And bloom you got

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Speaker 1: Sloomberg Politics, A contributor. Big Davis will have more on

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Speaker 1: the president's announcement in just a few minutes. Bloomberg's and

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Speaker 1: Must Do is at the event, and she'll join us

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Speaker 1: live again in just a few moments, futures are higher.

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Speaker 1: This morning, straight ahead, your latest local headlines, plus a

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Speaker 1: check of sports. And this is Bloomberg. All right, Karen,

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Speaker 1: thank you. Six seven on Wall Street, seventy eight degrees

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Speaker 1: in Central Park. Still dealing with an accident investigation eastbound

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Speaker 1: Bruckner at the Sheridan. More coming up in traffic. First,

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Speaker 1: John Tucker with what else is going on in sweltering

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Speaker 1: New York and around the world? John, And as a

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Speaker 1: heat wave griff the city, Nathan, everyone's been ordered out

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Speaker 1: of the water on Rockaway Beaches. Sharks were seen prowling

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Speaker 1: the area. The police department has been doing flyovers to

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Speaker 1: look for any threats. Parts Officials say they'll reopen the

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Speaker 1: beach when it's safe to do so. Trump indorsed candidate

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Speaker 1: won the closely watch Republican primary for governor in Maryland.

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Speaker 1: The story from Bloomberg sat me Morris Dan Cox won

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Speaker 1: the Republican primary in the race to replace Governor Larry

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Speaker 1: Hogan of Maryland, a race that became a proxy clash

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Speaker 1: between former President Trump and Hogan, a potential GOP presidential candidate.

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Speaker 1: Trump had endorsed Cox, while Hogan, who can't seek re election,

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Speaker 1: because of term limits. Backed Kelly Schultz, who served in

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Speaker 1: Hogan's administration, Cox will face the winner of the crowded

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Speaker 1: Democratic primary. Cox organized bus loads of Trump supporters to

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Speaker 1: attend the Stop the Steel rally before the assault on

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Speaker 1: the US capital in Washington. I'm anymore as Bloomberg Daybreak.

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Speaker 1: In Maryland's Democratic primary, former nonprofit leader westmore lad the

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Speaker 1: field with thirty six percent of the vote. He was

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Speaker 1: followed by former Labor Secretary Tom Perez and State Controller

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Speaker 1: Peter Frenshaw, who garnered twenty seven nine of the vote.

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Speaker 1: Former Secretary State Henry Kissinger has some words of advice

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Speaker 1: for President Biden regarding China. That story from Ed Baxter. Kissinger,

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Speaker 1: of course, was Richard Nixon State Department. Later, during the

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Speaker 1: time of Ping Pong diplomacy with China, Kissinger tells Bloomberg's

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Speaker 1: editor in chief John Michael Thwaite at the Intelligence Squared event,

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Speaker 1: it is important to prevent some of China's actions, that

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Speaker 1: it's a permanent detendment, that it's not something that can

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Speaker 1: be achieve uh endless confrontations. Kissinger says, today's world needs flexibility.

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Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak and former

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Speaker 1: New York City Mayor Bill Deblancia says he's dropping out

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Speaker 1: of the crowded Democratic primary race for an open seat

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Speaker 1: in the state's redrawn tenth congressional district. De Blasia says

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Speaker 1: it's clear people are looking for another option, pulls that

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Speaker 1: showed him trailing several other candidates and A thirty one

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Speaker 1: year old crew member on Law and Order Organized Crime

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Speaker 1: was fatally shot in Brooklyn this week while working on

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Speaker 1: the production of the TV show Johnny Pizzaro was found

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Speaker 1: unconscious and unresponsive with multiple gunshot wounds to the head

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Speaker 1: and neck on North Henry Street in Greenpoint. Global News

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Speaker 1: twenty four hours a day on Aeron on Bloomberg Quick

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Speaker 1: to Power by more than twenty seven hundred journalists and

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Speaker 1: analysts and more than one countries. I'm John Tucker. This

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Speaker 1: is Bloomberg, all right, John, thank you, coming up to

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Speaker 1: six ten on Wall Street and John Sashower has a

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Speaker 1: Bloomberg Sports update. Thanks Nathan. There was a long period

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Speaker 1: where the National League dominated the Baseball All Star Game

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Speaker 1: one twenty of twenty one back the nineteen sixties and seventies,

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Speaker 1: but lately the American League is at its way. Last

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Speaker 1: night in Los Angeles, the n L jumped in front

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Speaker 1: two runs in the first inning, but then failed to

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Speaker 1: score again. And the Yale did damage in the fourth

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Speaker 1: swing and high fly ball trill, forget it way back

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Speaker 1: out to left center field and that is tall. Oh

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Speaker 1: my goodness, he crushed it, John Carlos Stanton deep into

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Speaker 1: the pavilion and left center field, and the American League

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Speaker 1: with one swing is tied it up. It's too two.

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Speaker 1: As Stanton goes keen, he has had to call the

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Speaker 1: Stanton homer travel four hundred and fifty seven ft, longer

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Speaker 1: than any homer hit at Dodger Stadium this season. Next

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Speaker 1: batter was the Twins Iron Buxton. He had a solo

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Speaker 1: shot and that was it for the scoring. The A

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Speaker 1: l one three to two and is now one nine

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Speaker 1: All Star Games in a row twenty one of the

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Speaker 1: last twenty five. Stanton, in l a native, was the

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Speaker 1: m v P third Yankee to win Derek Jeter in

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Speaker 1: two thousand, Marianna Rivera in two thousand and thirteen. Aaron

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Speaker 1: Judge struck out twice, Jose Trevino got a base hit,

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Speaker 1: and Estra Cortez pitched the sixth and in Clay Holmes

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Speaker 1: got two houts in the eight for the Mets. Jeff

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Speaker 1: McNeill over one also got hit by a pitch. Pete

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Speaker 1: Alonzo was up once and drew a walk. Miles Bridges

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Speaker 1: was the Charlotte Hornets leading score this past season. He's

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Speaker 1: currently a free agent. He's now facing three felon accounts

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Speaker 1: of domestic violence, excused of assaulting his girlfriend. Waiting word

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Speaker 1: on how long the suspension Cleveland quarterback to Shaun Watson

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Speaker 1: be the entire season. John stash Award, Blueberg Sports, Nathan

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Speaker 1: John Thanks s, S and P. Future is now up

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Speaker 1: up thirty two points. Send your Treasury's up nine thirty seconds.

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Speaker 1: The yield two point nine eight percent. You're listening to

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Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather heat advisory noon

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Speaker 1: today till eight Tomorrow night with highs in the load

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Speaker 1: of mid nineties all the way into Friday. Right now

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Speaker 1: The Bloomberg Business at and at Bloomberg Quick Take, She's

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Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Stocks are

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Speaker 1: inching higher amid speculation that the worst of this year's

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Speaker 1: higher as Netflix surges in early trading on a smaller

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Speaker 1: than expected subscriber loss. We check the markets every fifteen

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Speaker 1: Future is up six points this morning. Down Future is

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Speaker 1: up thirty seven. Nasday Future is also up thirty seven.

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Speaker 1: The decks in German he is up at thirty five

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Speaker 1: percent ten. Your treasury of nine thirty seconds held two

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Speaker 1: point nine eight percent. The yield on the two year

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Speaker 1: one and a half percent out of dollar fifty two

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Speaker 1: school that will change the seventy eight announced zero one

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Speaker 1: point to four and Bitcoin this morning of one point

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Speaker 1: four percent at twenty three thousand and six twenty five dollars.

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Speaker 1: As a Bloomberg Business Flash. Now here's John Tucker with

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Speaker 1: more on what's going on around the world. John and Karen.

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Speaker 1: President Biden said to announce executive action today to confront

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Speaker 1: climate change. Russian President Ladmir Putin's signaling Europe will start

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Speaker 1: between former President Trump and Hogan. Westmore led the Democratic

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Speaker 1: field and the Yankees t and Como stamp name the

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Speaker 1: All Star Game, m v P as the American League,

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Speaker 1: Beach the National League. Global News twenty four hours a

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Speaker 1: day on IRAN, on Bloomberg, Quicksache, We're Powerline. We're the

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Speaker 1: twenty seven hood journalists and analysts more than one hundred

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Speaker 1: twenty countries. I'm John Soccer. This is Bloomberg. Nathan all right, John,

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Speaker 1: thank you. It's six nineteen on Wall Street Live from

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Speaker 1: the Bloomberg Interactive Broker Studios. This is a Bloomberg Daybreak,

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Speaker 1: and we continue to watch Netflix shares this morning. They're

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Speaker 1: up more than seven percent in the pre market after

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Speaker 1: the streaming giant second quarter earnings and a subscriber loss

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Speaker 1: that came in not as bad as many Wall Street

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Speaker 1: analysts were expecting. Let's bringing one of the best of them. KEITHA.

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Speaker 1: Wronganathan is with us this morning, Senior media analyst at

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Speaker 1: Bloomberg Intelligence. KEITHA. Good morning. So Netflix shed nine hundred

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Speaker 1: seventy thousand subscribers in this last quarter and that's a

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Speaker 1: good thing. Good morning, Nathan. Yeah, thank you for having me.

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Speaker 1: And yeah, it looks like in this environment less bad

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Speaker 1: definitely seems to be good. But I think it's still

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Speaker 1: a little bit premature for for a victory lap. So yes, uh,

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Speaker 1: you know, um I. One one key positive that came

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Speaker 1: out of last night's report was that it looks like

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Speaker 1: the subscriber base is stabilizing. Uh, you know, we're we're

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Speaker 1: done with the worst most likely in terms of subscriber losses.

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Speaker 1: But then if you look at the third quarter guide

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Speaker 1: doesn't it doesn't look particularly inspiring. But at the same time,

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Speaker 1: management seems to have a better handle on what they're

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Speaker 1: going to do to read in the great subscriber growth. Yeah,

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Speaker 1: as you allude to, Netflix is saying it's going to

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Speaker 1: sign up about a million customers in this current quarter.

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Speaker 1: That was lower than many analysts were expecting. What was

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Speaker 1: at one point eight million or something like that the

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Speaker 1: average analyst estimate there. How is it going to do it?

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Speaker 1: What does Netflix need to do to cement a turnaround

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Speaker 1: after the first quarter that really put a shutter in investors.

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Speaker 1: So they really have so many different initiatives whichtball. We

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Speaker 1: have to remember that the full streaming game has has

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Speaker 1: kind of changed completely. We're we're done with those days

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Speaker 1: of heavy growth when you know, services were able to

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Speaker 1: easily at and and fifteen million subscriber spread quarters. So

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Speaker 1: now we're in a different world where in a little

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Speaker 1: bit of an uncharted territory, Netflix does have an advantage.

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Speaker 1: It is the dominant streaming platform. They still do have

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Speaker 1: two million subscribers, they have huge levels of engagement. Um

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Speaker 1: So that is something that they're really looking to capitalize

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Speaker 1: on going forward. Um So in three they're going to

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Speaker 1: be introducing an advertising tier which they're hoping will um

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Speaker 1: you know, not only open up their addressable market significantly,

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Speaker 1: but will also then reignite both subscriber growth as well

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Speaker 1: as um you know, revenue, But in terms of near

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Speaker 1: term and how they're going to um you know, get

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Speaker 1: more subscribers onto the service, there's just you know a

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Speaker 1: combination of different strategies. So they're obviously going to uh

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Speaker 1: I think the biggest thing for them right now. This

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Speaker 1: is something that Read Hastings spoke to yesterday as well.

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Speaker 1: Stranger Things was by far the biggest driver for this

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Speaker 1: uh you know, UM subscriber beat, if you want to

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Speaker 1: call it, for the second quarter. So content, content, content,

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Speaker 1: content is king. It is absolut netally the biggest differentiator,

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Speaker 1: and they do have a content slate that's kind of

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Speaker 1: ramping up. The only problem for them is that they're

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Speaker 1: their competition is getting much much tougher, so you have

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Speaker 1: a lot of great content coming from rival services as well. Yeah,

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Speaker 1: I wanted to ask you about that because I know

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Speaker 1: you've been bullish in the past about Netflix's content and

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Speaker 1: its ability to compete on that score with some of

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Speaker 1: the other players like Prime Video, Hulu, Disney Plus, now

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Speaker 1: Apple Plus. Does it still have a content advantage compared

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Speaker 1: to some of those other players. Absolutely, I do think

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Speaker 1: that they have you know, a first mood mover advantage.

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Speaker 1: They do have this great ability to drive the social conversation.

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Speaker 1: We've seen that time and again with with you know,

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Speaker 1: these big, big hits, whether it's an Ozark, whether it's

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Speaker 1: a Stranger Things, whether it's a Peaky Blinders. But you know,

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Speaker 1: a competition is ramping up. So you know, you brought

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Speaker 1: up Apple TV. Plus, they have their flagship show ted Lasso,

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Speaker 1: which is coming back. You have a huge movie state

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Speaker 1: coming there. You have HBO Max where you have you know,

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Speaker 1: the Game of Throne sequel with the House of the Dragon.

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Speaker 1: You have Prime, Amazon Prime, that's kind of really doubling down.

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Speaker 1: Whether it's you know, they're going after Thursday night football,

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Speaker 1: they're prepared to launching They're prepared to launch a lot

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Speaker 1: of The Rings, which is supposedly one of the most

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Speaker 1: expensive expensive shows in the history of television. So yes, um,

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Speaker 1: you know, Netflix definitely has an advantage. But but one

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Speaker 1: of the things that they did bring up, um during

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Speaker 1: their earnings called was that they're holding content spending flat.

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Speaker 1: It's going to be about seventeen billion dollars and that's

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Speaker 1: a huge amount of money. But I'm not sure that's

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Speaker 1: going to be enough to cut it, especially when you

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Speaker 1: have rivals also willing uh to to to write huge,

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Speaker 1: huge checks for content. Only about thirty seconds left here, GEETHA.

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Speaker 1: But the big question going into this earnings was whether

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Speaker 1: people continue to see Netflix as an expense worth spending

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Speaker 1: on in this economy. Did Netflix answer that question in

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Speaker 1: the earnings? They did so, you know, yes, they do

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Speaker 1: allude to inflationary pressures and impending recession and people kind

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Speaker 1: of holding back a little bit. We saw some elevated

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Speaker 1: shown levels because of the recent price increases that they

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Speaker 1: h implemented across the board in so many different regions.

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Speaker 1: But at this end of the day, it is a

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Speaker 1: compelling value proposition and that and they're hoping that as

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Speaker 1: they kind of introduced more features, as they introduce better content,

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Speaker 1: people will still hold on to their Netflix subscription even

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Speaker 1: with you know, an economic downturn. Great to speak with

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Speaker 1: you this morning, KEITHA. Thanks for this Keith of Wrong

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Speaker 1: and Nathan senior media analysts at Bloomberg Intelligence. And again,

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Speaker 1: Netflix shares on the rise this morning, up more than

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Speaker 1: seven percent, following that second quarter subscriber loss that came

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Speaker 1: in not as bad as analysts were expecting. SMP futures

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Speaker 1: right now up seven points down futures of forty three

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Speaker 1: NASTACT futures higher by thirty nine points just ahead. Stocks

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Speaker 1: come off their biggest rally in three weeks, and as

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Speaker 1: we continue to watch Netflix shares, will bring you the

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Speaker 1: five things need to know to start your day. Coming

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Speaker 1: up on Bloomberg day Break, Bloomberg eleven three oh weather.

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Speaker 1: The heat advisory kicks in noon, doesn't go away till

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Speaker 1: eight tomorrow night, but the heat will stay with us

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Speaker 1: into Friday. Highs in the low nineties for the rest

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Speaker 1: of this week. Right now seventy eight degrees broadcasting live

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Speaker 1: from the Bloomberg Interacted Broker Studio in New York, Bloomberg

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Speaker 1: and Looking Free to Washington, d C, Bloomberg to Boston,

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Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N

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Speaker 1: six to the country, Sirius XM chto one nineteen and

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Speaker 1: around the globe the Bloomberg Business APT and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak six thirty on Wall Street.

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Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow. We

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Speaker 1: are just about three hours away from the open of

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Speaker 1: US trading time for the five things you need to

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Speaker 1: notice start your day. Brought to you by Interactive Brokers.

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Speaker 1: Interactive Brokers Global Linelist helps you find new global investment

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Speaker 1: today at ibk R dot com. Slash g a up first.

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Speaker 1: US futures are adding to yesterday's gains on Wall Street,

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Speaker 1: which were the biggest in three weeks. Still, Sherry Paul's

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Speaker 1: senior portfolio manager with Morgan Stanley Private Wealth, says, the

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Speaker 1: markets remain uncertain. Clients I think are feeling very data

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Speaker 1: overwhelmed and the greatest threat to portfolio returns as in decision.

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Speaker 1: So right now where we're advising clients is to go

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Speaker 1: right down the middle of this market. You want to

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Speaker 1: plan for inflation being structural and own sectors of the

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Speaker 1: market that actually benefit from the reflationary stories. So that

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Speaker 1: would put you in financials and energy stocks. Sherry Paul

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Speaker 1: with Morgan Stanley Private Wealth says investors sugar remain active

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Speaker 1: despite volatility. We get more earnings today. Karen with seventeen

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Speaker 1: companies in the SPI reporting, Tesla headlines the list investors

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Speaker 1: will look for how its bottom line is affected by

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Speaker 1: lockdowns in China and the crypto plunge. Tesla is heavily

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Speaker 1: invested in bitcoin well. Turning to Netflix now, Nathan shares

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00:22:08,680 --> 00:22:11,160
Speaker 1: up almost seven percent in early training after it lost

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00:22:11,280 --> 00:22:15,359
Speaker 1: less subscribers than initially feared. Katha Raganatha uncovers Netflix for

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Speaker 1: a Bloomberg Intelligence, there's really not a whole lot to

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Speaker 1: cheer about. What the market is really looking for at

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00:22:21,359 --> 00:22:24,080
Speaker 1: this point of time is really some clarity, not just

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Speaker 1: on the subscriber growth trajectory, but also on other metrics.

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Speaker 1: So you know, how are they going to drive our poo,

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Speaker 1: how are they going to drive margins? So there's pressure

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Speaker 1: all around. Bloomberg Intelligence US media analyst Gita Raganathan says

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Speaker 1: Netflix still has positives working in its favor, including its

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Speaker 1: size and reach. Now we're learning more this morning. Caring

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Speaker 1: about Kathy Wood closing down one of her exchange traded funds,

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Speaker 1: Bloomberg's Rnida Young joins US Live with the details. Good

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Speaker 1: morning Grenida, Good morning Nathan. A regulatory filing shows Kathy

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Speaker 1: Wood is shutting down her ARC Transparency e t F.

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Speaker 1: The fun gained only twelve million dollars in assets since

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Speaker 1: it launched at the end of last year. That's a

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Speaker 1: fraction of the nine billion dollars in Woods flagship fund.

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Speaker 1: Now it contains holdings like Teal, Dock and Spotify, and

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Speaker 1: it was aimed at investing in companies that received high

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Speaker 1: scores on transparency. Transparency Global, which shaped the funds underlying portfolio,

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Speaker 1: will stop calculating the index at the end of July.

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Speaker 1: Live in New York. I'm really need a young Bloomberg

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Speaker 1: daybreak al right, re need to thanks and overseas ju

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Speaker 1: and inflation figures in the UK rose nine point four

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Speaker 1: percent year over year of forty year high. That's the

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00:23:29,160 --> 00:23:31,320
Speaker 1: fine things you need to notice start your day. Brought

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00:23:31,359 --> 00:23:39,959
Speaker 1: to you by Interactive Brokers. This is Bloomberg sixty three

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00:23:40,000 --> 00:23:42,320
Speaker 1: on Wall Street, seventy nine degrees in Central Park. We

433
00:23:42,320 --> 00:23:44,280
Speaker 1: got a problem headed to Jeff care Poor a crash

434
00:23:44,359 --> 00:23:47,760
Speaker 1: on westbound Belt Parkway at Farmers Boulevard. Details counting up

435
00:23:47,760 --> 00:23:50,120
Speaker 1: in traffic. First John Tucker with what else is going

436
00:23:50,160 --> 00:23:52,600
Speaker 1: on in New York and around the world. Good morning, John, Nathan.

437
00:23:52,680 --> 00:23:55,439
Speaker 1: The summer swelter resumes today. Is the heat advisory starts

438
00:23:55,480 --> 00:23:59,280
Speaker 1: at noon when gun we expancts some relief on Bloomberg's

439
00:23:59,280 --> 00:24:02,280
Speaker 1: media cologist Rob Carolin, hopefully as some answers this morning,

440
00:24:02,280 --> 00:24:05,080
Speaker 1: Good morning, Rob, John. The hot weather that's developed across

441
00:24:05,119 --> 00:24:07,040
Speaker 1: the century United States, while the piece of it is

442
00:24:07,080 --> 00:24:09,159
Speaker 1: broken off and is working its way through the eastern

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00:24:09,240 --> 00:24:10,800
Speaker 1: part of the country, and that's why we're going to

444
00:24:10,880 --> 00:24:13,320
Speaker 1: be so warm between now and the end of the weekend.

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00:24:13,640 --> 00:24:15,800
Speaker 1: We're under a heat advisory from noon today through a

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00:24:15,960 --> 00:24:18,320
Speaker 1: p m. Thursday. The only wrinkle in the forecast the

447
00:24:18,400 --> 00:24:20,160
Speaker 1: next couple of days is the potential for a little

448
00:24:20,200 --> 00:24:23,040
Speaker 1: bit of afternoon shower and thutterstorm activity. Those areas that

449
00:24:23,119 --> 00:24:25,160
Speaker 1: do see the storms would see temperatures cool off quite

450
00:24:25,160 --> 00:24:27,360
Speaker 1: a bit. I think the heat is going to peak Saturday,

451
00:24:27,680 --> 00:24:31,040
Speaker 1: John Bloomberg METEA rologist Rob Carolin. Here's the end of

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00:24:31,080 --> 00:24:34,520
Speaker 1: the political road for former Mayor Bill de Blasio. It's

453
00:24:34,600 --> 00:24:39,399
Speaker 1: clear to me that when it comes to this congressional district,

454
00:24:39,440 --> 00:24:41,680
Speaker 1: people are looking for another option. He's dropping out of

455
00:24:41,720 --> 00:24:44,240
Speaker 1: the crowded Democratic primary race for an open seat in

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00:24:44,280 --> 00:24:47,720
Speaker 1: the state's redraw and tenth congressional district. The Blasio leaves

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00:24:47,720 --> 00:24:50,680
Speaker 1: a jam pack field. The keeper of tender records is

458
00:24:50,760 --> 00:24:53,600
Speaker 1: as the Secret Service to determine whether any tax messages

459
00:24:53,680 --> 00:24:56,159
Speaker 1: by agents around the time of the attack on the

460
00:24:56,280 --> 00:25:00,439
Speaker 1: Capitol were improperly deleted. That story from Bloomberg's Jeff Lenger.

461
00:25:00,960 --> 00:25:04,480
Speaker 1: The National Archives and Records Administrations said in a letter

462
00:25:04,600 --> 00:25:07,400
Speaker 1: to the agency that it must submit a report within

463
00:25:07,520 --> 00:25:11,439
Speaker 1: thirty days documenting what occurred. A spokesman for the Secret

464
00:25:11,520 --> 00:25:15,640
Speaker 1: Service has previously said the texts were inadvertently lost during

465
00:25:15,680 --> 00:25:19,359
Speaker 1: an equipment upgrade. The House committee investigating the efforts by

466
00:25:19,480 --> 00:25:22,720
Speaker 1: former President Trump and his allies to overturn the results

467
00:25:22,760 --> 00:25:26,359
Speaker 1: of the twenty election has also subpoenaed the agency for

468
00:25:26,560 --> 00:25:30,040
Speaker 1: the texts. Jeff Bellinger, Bloomberg, Debreak, and the House has

469
00:25:30,080 --> 00:25:32,840
Speaker 1: passed a bill that would recognize same sex marriages under

470
00:25:32,880 --> 00:25:36,480
Speaker 1: federal law and extend legal protections all married couples, a

471
00:25:36,640 --> 00:25:40,080
Speaker 1: reaction to concern the Supreme Court might reconsider a ruling

472
00:25:40,280 --> 00:25:43,600
Speaker 1: extending those rights. Global News twenty four hours a day

473
00:25:43,640 --> 00:25:47,280
Speaker 1: on Aeron on Bloomberg, Quicktake power by more than journalist

474
00:25:47,320 --> 00:25:51,760
Speaker 1: analysis more than one twenty countries. John Senter, this is Bloomberg,

475
00:25:51,840 --> 00:25:59,440
Speaker 1: Nathan John thanks sixty five on Wall Street. Time for

476
00:25:59,480 --> 00:26:02,280
Speaker 1: the Bloomberg Sports Update with John Sire. All Right, an's

477
00:26:02,280 --> 00:26:04,359
Speaker 1: another one to the American League in the Baseball All

478
00:26:04,359 --> 00:26:06,159
Speaker 1: Star Game. That's nine in a row, twenty one of

479
00:26:06,200 --> 00:26:09,440
Speaker 1: the last five. In Los Angeles, the NL scored twice.

480
00:26:09,520 --> 00:26:11,840
Speaker 1: First Inningbaul Goldsmid a home run, but the rest of

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00:26:11,920 --> 00:26:15,240
Speaker 1: the game ten a L pitchers, including the Yankees Nestor

482
00:26:15,320 --> 00:26:17,960
Speaker 1: Cortez at Clay Holmes, combined to HERL eight scoreless sings,

483
00:26:18,040 --> 00:26:21,560
Speaker 1: leven only one hit with ten strikeouts. Toronto's Alec Manoa

484
00:26:21,600 --> 00:26:24,080
Speaker 1: struck at the site in the second inning as he

485
00:26:24,240 --> 00:26:28,000
Speaker 1: was talking to the Fox broadcasters. Cleveland's Emmanuel Chase struck

486
00:26:28,040 --> 00:26:30,320
Speaker 1: at the site in the ninth on just ten pitches.

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00:26:30,359 --> 00:26:32,360
Speaker 1: The a L one three to two, got all three

488
00:26:32,400 --> 00:26:34,480
Speaker 1: and the fourth inning the game time long to on

489
00:26:34,600 --> 00:26:37,000
Speaker 1: wherever the Yankees Gihant Carlos Stanton in l A native,

490
00:26:37,400 --> 00:26:40,240
Speaker 1: his first career All Star Game hit. Next batter the

491
00:26:40,280 --> 00:26:44,280
Speaker 1: Twins Byron Bexton. Buxton solo shot seventh time at All

492
00:26:44,280 --> 00:26:46,440
Speaker 1: Star Game history, back to back homers. Both came off

493
00:26:46,520 --> 00:26:49,440
Speaker 1: Tony Gonsolin. He took the loss, something he hasn't done

494
00:26:49,440 --> 00:26:51,960
Speaker 1: all season. He's eleven and oh for the Dodgers. Stanton

495
00:26:52,320 --> 00:26:54,399
Speaker 1: in his first All Star Game as a Yankee the

496
00:26:54,480 --> 00:26:56,560
Speaker 1: third Yank to win m v P. Derek Jeter did

497
00:26:56,600 --> 00:26:59,640
Speaker 1: it in two thousand, Marianna Rivera in two thousand. Thirteam

498
00:27:00,080 --> 00:27:03,200
Speaker 1: at SEC media Day, Alabama coach Nick Saban asked a

499
00:27:03,280 --> 00:27:06,320
Speaker 1: bad players now being able to cash in on their name,

500
00:27:06,359 --> 00:27:09,639
Speaker 1: image and likeness. Players did extremely well last year. I

501
00:27:09,720 --> 00:27:12,040
Speaker 1: think they made over three million dollars in name, image

502
00:27:12,080 --> 00:27:15,520
Speaker 1: and likeness and UM. But I do think that the

503
00:27:15,600 --> 00:27:19,959
Speaker 1: concerns um are you know there there has to be something,

504
00:27:20,480 --> 00:27:25,320
Speaker 1: some guidelines that sort of protect competitive balance. A lot

505
00:27:25,359 --> 00:27:28,360
Speaker 1: of social media reacted to that comment, considering Saban makes

506
00:27:28,400 --> 00:27:30,520
Speaker 1: over nine million a year and it really hasn't been

507
00:27:31,080 --> 00:27:35,040
Speaker 1: competitive balance in college football at Alabama has dominated every year.

508
00:27:35,160 --> 00:27:38,040
Speaker 1: John stashually were Bloomberg Sports Nathan Okay, John, thank you

509
00:27:38,080 --> 00:27:40,000
Speaker 1: at six thirty seven on Wall Street Time Now to

510
00:27:40,040 --> 00:27:41,760
Speaker 1: take a look at stock some of the names moving

511
00:27:41,800 --> 00:27:43,560
Speaker 1: in the pre market. For that, we are joined this

512
00:27:43,680 --> 00:27:47,480
Speaker 1: morning by Bloomberg Markets Live reporter Heather Blurk. Heather, good morning.

513
00:27:47,520 --> 00:27:51,119
Speaker 1: We're seeing the future sort of pair back their earlier games.

514
00:27:51,160 --> 00:27:54,520
Speaker 1: But it looks like Netflix is still holding up. Yeah, definitely,

515
00:27:54,760 --> 00:27:58,960
Speaker 1: that's up about seven um. So Netflix lost more than

516
00:27:58,960 --> 00:28:01,640
Speaker 1: a million customers in the first half, and the message

517
00:28:01,760 --> 00:28:04,600
Speaker 1: was it could have been worse. So it lost almost

518
00:28:04,640 --> 00:28:07,399
Speaker 1: a million customers, but that was the last less than

519
00:28:07,480 --> 00:28:10,080
Speaker 1: half of Wall Street feared and that was in large

520
00:28:10,160 --> 00:28:13,040
Speaker 1: part to uh, the new season of Stranger Things. And

521
00:28:13,160 --> 00:28:16,640
Speaker 1: you're also seeing some rid a cross with other online

522
00:28:16,680 --> 00:28:20,840
Speaker 1: content companies like Disney and Warner Brothers rising premarket. And

523
00:28:21,000 --> 00:28:23,200
Speaker 1: it looks like investors, at least for this morning, or

524
00:28:23,240 --> 00:28:26,880
Speaker 1: putting some bets on casino stocks as well. Yeah, definitely.

525
00:28:26,960 --> 00:28:29,440
Speaker 1: I'm looking at Las Vegas Sands. That's up about two

526
00:28:29,600 --> 00:28:33,520
Speaker 1: or three percent UM so Macau casino stocks listed in

527
00:28:33,600 --> 00:28:36,760
Speaker 1: the US or higher because the city plans to reopen

528
00:28:36,960 --> 00:28:41,040
Speaker 1: casinos on Saturday if conditions allow. And Las Vegas Stans

529
00:28:41,080 --> 00:28:44,120
Speaker 1: also reports earnings today after the market closed. Yeah, not

530
00:28:44,240 --> 00:28:47,000
Speaker 1: the only earning story we're looking forward to. We've gotten

531
00:28:47,040 --> 00:28:51,200
Speaker 1: even more earnings as well from Interactive Brokers, and that

532
00:28:51,520 --> 00:28:55,200
Speaker 1: didn't look so good. No, that was definitely a miss

533
00:28:55,560 --> 00:29:00,760
Speaker 1: um that missed the averagejournalists estimate um. Looks like that

534
00:29:01,560 --> 00:29:05,320
Speaker 1: total customer accounts a little bit, but it was definitely

535
00:29:05,480 --> 00:29:10,680
Speaker 1: the earnings. Okay. And we've got a biotech that's slumping

536
00:29:11,000 --> 00:29:13,960
Speaker 1: really really badly in the pre market as well. Yeah,

537
00:29:14,160 --> 00:29:17,560
Speaker 1: as much as so. It's clinical trial for a varian

538
00:29:17,640 --> 00:29:22,120
Speaker 1: cancer treatment, Oveck didn't meet its primary endpoints. So you know,

539
00:29:22,200 --> 00:29:25,880
Speaker 1: with these small biotechs, one drug or one study can

540
00:29:25,920 --> 00:29:28,680
Speaker 1: really make all the difference. Yeah, and we're talking about

541
00:29:28,760 --> 00:29:32,120
Speaker 1: VBL Therapeutics v b l T the ticker there. Uh

542
00:29:32,320 --> 00:29:35,760
Speaker 1: finally Heather omn coon am I pronouncing that right now?

543
00:29:36,520 --> 00:29:40,320
Speaker 1: So yeah, so the so that and some other advertising

544
00:29:40,400 --> 00:29:45,800
Speaker 1: stocksure like um Um are doing well. Uh pre market

545
00:29:46,160 --> 00:29:50,720
Speaker 1: interpublic basically on the kron Um had its second quarter

546
00:29:50,840 --> 00:29:53,560
Speaker 1: revenue beat the average annalists estimate and it raised its

547
00:29:53,680 --> 00:29:58,400
Speaker 1: organic sales growth. And these are proxies for consumer confidence

548
00:29:58,600 --> 00:30:01,800
Speaker 1: um because it ad spending really got reined in during

549
00:30:01,840 --> 00:30:06,480
Speaker 1: the pandemic. So that's the sector seems to be recovering alright.

550
00:30:06,520 --> 00:30:10,560
Speaker 1: Bloomberg Markets reporter Heather Burke. Markets Live reporter Heather Burke

551
00:30:10,600 --> 00:30:12,560
Speaker 1: with us in the pre market this morning. You can

552
00:30:12,680 --> 00:30:15,800
Speaker 1: check out more of Heather's work on the Markets Live

553
00:30:15,880 --> 00:30:18,760
Speaker 1: blog m l I v GO m Live on the

554
00:30:18,800 --> 00:30:22,280
Speaker 1: Bloomberg terminal. Heather, thanks for the pre market update, and

555
00:30:22,360 --> 00:30:24,520
Speaker 1: as we look at stocks as a whole ahead of

556
00:30:24,560 --> 00:30:28,160
Speaker 1: the open, the gains we had seen for futures have

557
00:30:28,680 --> 00:30:31,320
Speaker 1: turned around the other way. Right now, SMP futures are

558
00:30:31,440 --> 00:30:35,640
Speaker 1: down seven points, STAFF futures down seventy eight, NASTAC futures

559
00:30:35,640 --> 00:30:38,920
Speaker 1: are lower by nine points. This follows the biggest rally

560
00:30:39,040 --> 00:30:42,720
Speaker 1: for the SMP in about three weeks yesterday. A little

561
00:30:42,800 --> 00:30:45,200
Speaker 1: uncertainty now in the market as we get closer to

562
00:30:45,320 --> 00:30:47,760
Speaker 1: the open. The ten year treasury right now is up

563
00:30:48,160 --> 00:30:51,240
Speaker 1: fourteen thirty seconds, the yield two point nine six percent

564
00:30:51,360 --> 00:30:54,840
Speaker 1: yield on the two year three point one six Nimex

565
00:30:54,920 --> 00:30:57,520
Speaker 1: crude is moving lower, down one point seven percent, down

566
00:30:57,560 --> 00:30:59,920
Speaker 1: a dollar seventy two and a hundred two dollars five

567
00:31:00,080 --> 00:31:03,240
Speaker 1: decents of barrel comics gold a little change down to

568
00:31:03,280 --> 00:31:07,120
Speaker 1: buck for fifty announced, the euro one point one zero

569
00:31:07,440 --> 00:31:09,880
Speaker 1: at one point zero one nine two against the dollar,

570
00:31:10,440 --> 00:31:13,640
Speaker 1: and Bitcoin still moving higher, trading at twenty three thousand,

571
00:31:13,720 --> 00:31:23,400
Speaker 1: seven hundred dollars. You're listening to Bloomberg Daybreak Bloomber eleven

572
00:31:23,400 --> 00:31:26,040
Speaker 1: three oh weather heat advisory from noon today till eight

573
00:31:26,160 --> 00:31:29,080
Speaker 1: tomorrow night. We're expecting highs for the rest of this week.

574
00:31:29,160 --> 00:31:32,080
Speaker 1: In the load of mid nine days right now seventy

575
00:31:32,160 --> 00:31:39,680
Speaker 1: nine in Central Park markets, headlines and breaking news twenty

576
00:31:39,720 --> 00:31:42,560
Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg

577
00:31:42,640 --> 00:31:46,640
Speaker 1: Business at and at Bloomberg Quicktake, He's a Bloomberg Business

578
00:31:46,680 --> 00:31:56,360
Speaker 1: blash and I'm Karen Moscow and you Bush Stock Index futures.

579
00:31:56,560 --> 00:31:59,920
Speaker 1: They are now moving lower, with SMP futures down about

580
00:32:00,000 --> 00:32:02,400
Speaker 1: twelve points beginning the First Word breaking news desk for

581
00:32:02,440 --> 00:32:05,760
Speaker 1: today's morning call. And here's Bill Maloney. Bill, good morning, Hey,

582
00:32:05,920 --> 00:32:08,240
Speaker 1: good morning, Karen. That's right. US futures trading in the

583
00:32:08,320 --> 00:32:10,560
Speaker 1: red right now at futures down a hundred point, says

584
00:32:10,560 --> 00:32:13,160
Speaker 1: if he's dropped twelve one NASDACK futures are down by

585
00:32:13,320 --> 00:32:15,960
Speaker 1: thirty the US a ten year the two point nine

586
00:32:16,040 --> 00:32:18,880
Speaker 1: six percent gold is little changed, Oil is trading lower

587
00:32:18,960 --> 00:32:22,560
Speaker 1: and Bitcoin higher by one point six percent. Japan rose

588
00:32:22,560 --> 00:32:24,840
Speaker 1: two point seven percent overnight, while europ and markets are

589
00:32:24,840 --> 00:32:26,840
Speaker 1: in the red this morning, and back in the US

590
00:32:26,920 --> 00:32:29,880
Speaker 1: on the economic front at ten o'clock, existing home sales

591
00:32:30,240 --> 00:32:32,520
Speaker 1: after the BELUS Knight and Netflix supported a smaller than

592
00:32:32,600 --> 00:32:36,520
Speaker 1: expected loss in subscribers, and another news Cathy Wood shuttered

593
00:32:36,600 --> 00:32:39,800
Speaker 1: and e t F for the first time. Wrapping things up,

594
00:32:39,880 --> 00:32:43,040
Speaker 1: Chevron was raised to buy at HSBC and Eagle Materials

595
00:32:43,120 --> 00:32:46,280
Speaker 1: was put to neutral at JP. Morgan Live from the

596
00:32:46,280 --> 00:32:49,200
Speaker 1: First Breaking News deskcom Bill Maloney, Karen, all right, Bill,

597
00:32:49,240 --> 00:32:51,040
Speaker 1: thank you to here live breaking news. Over your Bloomberg

598
00:32:51,120 --> 00:32:53,320
Speaker 1: tip squawk on your termin I'll ask you a w

599
00:32:53,480 --> 00:32:55,640
Speaker 1: u K and that's a Bloomberg business flash. Now here's

600
00:32:55,720 --> 00:32:58,160
Speaker 1: John Tucker with more on what's going on around the world.

601
00:32:58,360 --> 00:33:00,880
Speaker 1: John Karen Currance. Today is an in Biden has send

602
00:33:00,920 --> 00:33:04,480
Speaker 1: to announce executive action to confront climate change. Russ and

603
00:33:04,560 --> 00:33:07,960
Speaker 1: President Vladimir Blutin signaling Europe will start getting gas again

604
00:33:08,000 --> 00:33:10,960
Speaker 1: through a key pipeline. Europe's waiting to see whether dance

605
00:33:11,000 --> 00:33:15,360
Speaker 1: flows resumed tomorrow. And Dan Cox wins the Republican primary

606
00:33:15,480 --> 00:33:18,240
Speaker 1: in the race to replace Governor Larry Hogan of Maryland.

607
00:33:18,640 --> 00:33:21,080
Speaker 1: That's a race that became a proxy clash between former

608
00:33:21,120 --> 00:33:26,080
Speaker 1: President Trumpenhogen Westmore led the Democratic field, and the American

609
00:33:26,160 --> 00:33:29,640
Speaker 1: League beats the National League in the All Star Game.

610
00:33:30,000 --> 00:33:33,480
Speaker 1: The Yankees gen Carlos Stanton is named the Game's MVP

611
00:33:33,960 --> 00:33:37,240
Speaker 1: Global News twenty a day on air, and a Bloomberg

612
00:33:37,320 --> 00:33:40,040
Speaker 1: quick Take power by more than twenty seven hundred journalists

613
00:33:40,080 --> 00:33:43,120
Speaker 1: and analysts in more than one hundred twenty countries. On

614
00:33:43,280 --> 00:33:46,600
Speaker 1: John Temper, this is Bloomberg. Karen all right, John, thank you.

615
00:33:46,760 --> 00:33:48,960
Speaker 1: It is gonna up to sixty nine. On Wall Street,

616
00:33:49,000 --> 00:33:51,160
Speaker 1: we turned to news and science and technology now with

617
00:33:51,200 --> 00:33:53,640
Speaker 1: the Bloomberg n j I T stammerport. It brought to

618
00:33:53,680 --> 00:33:57,000
Speaker 1: you by New Jersey Institute of Technology RANKY, Top fifty

619
00:33:57,080 --> 00:34:00,040
Speaker 1: national public university by US News and World Report. It

620
00:34:00,120 --> 00:34:03,360
Speaker 1: at number fourteen in the nation on Money's Best Colleges List.

621
00:34:03,680 --> 00:34:05,760
Speaker 1: Learn more at n j I T dot E d U.

622
00:34:06,280 --> 00:34:09,279
Speaker 1: Here's let's making news in science, Technology, engineering, and math.

623
00:34:09,640 --> 00:34:12,480
Speaker 1: Twitter has scored an early win against Elon Musk and

624
00:34:12,640 --> 00:34:15,160
Speaker 1: its fight to make him complete as forty four billion

625
00:34:15,239 --> 00:34:18,359
Speaker 1: dollar buyout. A Delaware judge is agreed to fast track

626
00:34:18,440 --> 00:34:21,919
Speaker 1: the case with an October trial date, despite Musk's legal

627
00:34:22,040 --> 00:34:25,520
Speaker 1: team arguing that Twitter was unfairly pushing for an early trial,

628
00:34:26,239 --> 00:34:29,600
Speaker 1: and Elon Musk's main company, Tesla, will have increased competition

629
00:34:29,640 --> 00:34:32,399
Speaker 1: from General Motors. GM will start selling a battery power

630
00:34:32,480 --> 00:34:36,040
Speaker 1: to Chevrolet Blazer next year, giving it a direct competitor

631
00:34:36,120 --> 00:34:39,480
Speaker 1: to Tesla Model Y, the US is best selling electric suv.

632
00:34:40,040 --> 00:34:42,120
Speaker 1: The electric Blazer model will go on sale in the

633
00:34:42,200 --> 00:34:45,440
Speaker 1: summer at three. And the Senate has voted to begin

634
00:34:45,520 --> 00:34:48,320
Speaker 1: debate on legislation to provide more than fifty two billion

635
00:34:48,400 --> 00:34:52,279
Speaker 1: dollars to the American semiconductor industry. It's a major milestone

636
00:34:52,320 --> 00:34:55,000
Speaker 1: for the longstalled bill that supporters say is vital to

637
00:34:55,120 --> 00:34:58,440
Speaker 1: national security. Details of the bill are still being worked out.

638
00:34:58,760 --> 00:35:01,359
Speaker 1: That's a Bloomberg n j I TI STEM report. Nathan

639
00:35:01,480 --> 00:35:03,400
Speaker 1: all right, Karen, thank you. We're live from the Bloomberg

640
00:35:03,440 --> 00:35:06,000
Speaker 1: Interactive Workers studios where it's six fifty on Wall Street.

641
00:35:06,080 --> 00:35:07,520
Speaker 1: Time now to check what's going on in d C.

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Speaker 1: Some of the top stories in our nation's capital include

643
00:35:10,160 --> 00:35:13,800
Speaker 1: President Biden heading to Massachusetts later today to announce executive

644
00:35:13,840 --> 00:35:17,719
Speaker 1: actions to tackle climate change. Bloomberg's and Mostoo will be

645
00:35:17,800 --> 00:35:19,719
Speaker 1: covering the event for us. She joins US Live this

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Speaker 1: morning from Somerset, Massachusetts, and good morning. What are we

647
00:35:23,360 --> 00:35:27,200
Speaker 1: expecting to hear from the President later tonight? Well, Nathan,

648
00:35:27,280 --> 00:35:30,919
Speaker 1: we could be hearing an announcement of an executive order

649
00:35:31,320 --> 00:35:35,279
Speaker 1: National Emergency about climate change, one of the actually the

650
00:35:35,560 --> 00:35:40,279
Speaker 1: first executive order on this topic ever issued by a president. Now,

651
00:35:40,640 --> 00:35:43,520
Speaker 1: he's also going to be talking about funding for low

652
00:35:43,600 --> 00:35:46,959
Speaker 1: income home energy assistance during this heatwave and the rising

653
00:35:47,040 --> 00:35:50,680
Speaker 1: energy costs, and Biden is also going to be boosting

654
00:35:50,800 --> 00:35:55,960
Speaker 1: offshore winds. Now, I'm surrounded here in southern Massachusetts by

655
00:35:56,000 --> 00:35:58,239
Speaker 1: some of the most beautiful beaches in New England, but

656
00:35:58,400 --> 00:36:02,200
Speaker 1: not this place. Right here at Brighton Point in Somerset,

657
00:36:02,280 --> 00:36:05,759
Speaker 1: which is the former site of New England's largest coal

658
00:36:06,000 --> 00:36:10,200
Speaker 1: fired power plant, it is now rubble and an Italian

659
00:36:10,280 --> 00:36:13,520
Speaker 1: company has purchased part of the land to build subsea

660
00:36:13,640 --> 00:36:20,239
Speaker 1: cable manufacturing facility that would serve the emerging offshore wind industry. So, uh,

661
00:36:20,640 --> 00:36:22,640
Speaker 1: President Biden is going to be coming to this very

662
00:36:22,760 --> 00:36:27,719
Speaker 1: visual site um to sort of bolster the idea of

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00:36:28,280 --> 00:36:32,160
Speaker 1: clean energy, but also show the past and what once

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00:36:32,520 --> 00:36:38,120
Speaker 1: was here in Massachusetts, the transition from dirty to clean energy.

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Speaker 1: Are we expecting any protest at this event? And yes,

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00:36:42,719 --> 00:36:45,440
Speaker 1: we are, actually, Nathan, There's been a lot of debate

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00:36:45,520 --> 00:36:50,480
Speaker 1: over whether this National Emergency Order should be addressed by

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00:36:50,520 --> 00:36:54,479
Speaker 1: the President, and there is a very large organized group

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00:36:54,600 --> 00:36:58,359
Speaker 1: around this Brighton Point, Somerset community. A number of New

670
00:36:58,400 --> 00:37:01,719
Speaker 1: Englander is about four thousand people are active in this

671
00:37:01,920 --> 00:37:04,200
Speaker 1: group and they have been out in full force at

672
00:37:04,320 --> 00:37:07,920
Speaker 1: every event over really the last decade, and are expected

673
00:37:07,960 --> 00:37:11,400
Speaker 1: to be both at Brighton Point in Somerset when the

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00:37:11,440 --> 00:37:13,920
Speaker 1: President arrives for a tour, and perhaps also at the

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00:37:13,960 --> 00:37:16,799
Speaker 1: airport in Rhode Island where he's flying in. All right,

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00:37:16,840 --> 00:37:19,879
Speaker 1: Bloomberg's and mos too joining us live this morning from

677
00:37:20,000 --> 00:37:25,080
Speaker 1: near the once Brighton Point power plant in Somerset, Massachusetts.

678
00:37:25,320 --> 00:37:28,080
Speaker 1: Listeners in Boston can catch live coverage from Anne of

679
00:37:28,239 --> 00:37:31,440
Speaker 1: the President's announcement this afternoon on Bloomberg Bay State Business

680
00:37:31,480 --> 00:37:34,080
Speaker 1: That there's two to five pm on Bloomberg one oh

681
00:37:34,120 --> 00:37:38,080
Speaker 1: six one Boston, Newburyport and HD two coming up to

682
00:37:38,160 --> 00:37:40,360
Speaker 1: six fifty three Now on Wall Street. Let's get to

683
00:37:40,440 --> 00:37:42,520
Speaker 1: some of the other DC stories we're watching, including the

684
00:37:42,600 --> 00:37:46,360
Speaker 1: Senate moving forward with fifty two billion dollars in semiconductor funding,

685
00:37:46,560 --> 00:37:50,040
Speaker 1: a Trump backed candidate winning a Maryland primary that could

686
00:37:50,080 --> 00:37:52,560
Speaker 1: be a proxy for four and the head of the

687
00:37:52,600 --> 00:37:56,399
Speaker 1: House Democratic Caucus telling former President Trump quote run Donald run.

688
00:37:57,040 --> 00:37:59,400
Speaker 1: Let's bring in Bloomberg. Government reporter Emily Wilkins from are

689
00:37:59,400 --> 00:38:02,200
Speaker 1: on all these stories. Emily, Good morning. So the slim

690
00:38:02,280 --> 00:38:06,279
Speaker 1: down Ships bill is moving forward in the Senate, isn't. Yes,

691
00:38:06,440 --> 00:38:09,240
Speaker 1: there was a procedural vote last night in the Senate

692
00:38:09,320 --> 00:38:12,840
Speaker 1: that wound up clearing. You saw fourteen Republicans joining with

693
00:38:12,960 --> 00:38:16,640
Speaker 1: Democrats on it, really showing the strong support that is

694
00:38:16,680 --> 00:38:20,200
Speaker 1: there for this package, even in its slimmed down form.

695
00:38:20,680 --> 00:38:23,200
Speaker 1: So what you've got basically is that fifty two billion

696
00:38:23,280 --> 00:38:27,680
Speaker 1: dollars for those semiconductors, as well as the investment credit

697
00:38:27,760 --> 00:38:31,040
Speaker 1: for the manufacturer of semi conductors UH tools of Great

698
00:38:31,080 --> 00:38:36,120
Speaker 1: semi conductors, as well as uhifty billion for a secure

699
00:38:36,239 --> 00:38:40,799
Speaker 1: communications program and two million for worker training. So lots

700
00:38:40,840 --> 00:38:45,320
Speaker 1: of different components in this bill. Uh. You saw Senator

701
00:38:45,440 --> 00:38:48,359
Speaker 1: Chuck Schumer basically say that if he saw a lot

702
00:38:48,440 --> 00:38:50,600
Speaker 1: of Republican support, he was going to try and add

703
00:38:50,600 --> 00:38:52,759
Speaker 1: a little bit more to the bill. And so we

704
00:38:52,920 --> 00:38:55,759
Speaker 1: are sort of seeing a slightly healtier package than we

705
00:38:55,840 --> 00:38:59,080
Speaker 1: might have otherwise gone through. And this is just gonna

706
00:38:59,080 --> 00:39:02,000
Speaker 1: allow more Democrats and Republicans to get their priorities out there.

707
00:39:02,120 --> 00:39:03,839
Speaker 1: So are we thinking that this bill has a better

708
00:39:04,000 --> 00:39:07,799
Speaker 1: chance of passing given the Seneminarity leader Mitch McConnell had

709
00:39:07,800 --> 00:39:09,480
Speaker 1: said he was going to block the bill because of

710
00:39:09,760 --> 00:39:13,839
Speaker 1: Democrats moving forward on a slim down economic package. Yeah,

711
00:39:13,920 --> 00:39:16,680
Speaker 1: that was a McConnell's sort of initial bid on it,

712
00:39:17,320 --> 00:39:21,200
Speaker 1: if you remember. Though, after he said that, Mansion Senator

713
00:39:21,280 --> 00:39:24,240
Speaker 1: Joe Mansion said that he could not support that larger

714
00:39:24,280 --> 00:39:27,960
Speaker 1: reconciliation package even though it had already been slimmed down,

715
00:39:28,040 --> 00:39:31,319
Speaker 1: that he wanted an even slimmer package. And I think

716
00:39:31,360 --> 00:39:33,800
Speaker 1: it got to the point where Republicans were like, Okay,

717
00:39:34,200 --> 00:39:36,680
Speaker 1: they've knocked out enough of the funding that we were

718
00:39:36,760 --> 00:39:39,880
Speaker 1: hoping to see not pass. We're good moving ahead with chips.

719
00:39:40,080 --> 00:39:42,080
Speaker 1: At the same point, Nathan, there is a lot of

720
00:39:42,239 --> 00:39:46,040
Speaker 1: pressure on lawmakers to move on this. UH Commerce Secretary

721
00:39:46,120 --> 00:39:48,520
Speaker 1: Gino Romundo has been talking to them, but there have

722
00:39:48,600 --> 00:39:51,680
Speaker 1: also been a number of outside companies. It's basically going

723
00:39:51,719 --> 00:39:54,840
Speaker 1: to lawmakers and saying, hey, this is a national security measure,

724
00:39:54,960 --> 00:39:57,520
Speaker 1: this is a job's measure, this is an economy measure,

725
00:39:57,840 --> 00:40:00,440
Speaker 1: and this is something that if you don't pass before

726
00:40:00,480 --> 00:40:03,680
Speaker 1: the August recess, we will be taking our business, um

727
00:40:03,840 --> 00:40:07,080
Speaker 1: hundreds of billions of dollars of business to other countries.

728
00:40:07,480 --> 00:40:11,080
Speaker 1: And just outside Washington, we had a very interesting primary

729
00:40:11,200 --> 00:40:14,040
Speaker 1: for governor on the Republican side, putting a Trump backed

730
00:40:14,120 --> 00:40:17,160
Speaker 1: candidate against the candidate who's backed by someone who's thinking

731
00:40:17,200 --> 00:40:21,839
Speaker 1: about running against the President Trump if he decides to. Yeah.

732
00:40:22,000 --> 00:40:25,480
Speaker 1: Trump and Maryland Governor Larry Hogan are not exactly the

733
00:40:26,160 --> 00:40:28,440
Speaker 1: best friends. Uh. They do have a bit of a

734
00:40:28,480 --> 00:40:31,920
Speaker 1: contentious relationship and and really represent kind of two different

735
00:40:31,920 --> 00:40:36,360
Speaker 1: philosophies within the Republican Party. And Trump's backed candidate for

736
00:40:36,440 --> 00:40:40,160
Speaker 1: Maryland Governor, Dan Cox, he won that Republican primary over

737
00:40:40,280 --> 00:40:43,839
Speaker 1: the candidate which Hogan had had supported. Uh, we don't

738
00:40:43,880 --> 00:40:46,800
Speaker 1: know yet who which Democrats they'll be going up against

739
00:40:47,040 --> 00:40:50,080
Speaker 1: the November. That primary is is a little bit too

740
00:40:50,160 --> 00:40:53,279
Speaker 1: close to call still at this point, but yeah, this

741
00:40:53,480 --> 00:40:56,239
Speaker 1: could is. It basically gives Trump another kind of big

742
00:40:56,360 --> 00:41:00,759
Speaker 1: win in his two endorsement game, the fact that he

743
00:41:00,920 --> 00:41:03,560
Speaker 1: was able to boost this candidate, particularly in a state

744
00:41:03,960 --> 00:41:08,120
Speaker 1: that is as blue as Maryland. Another interesting wrinkle here, though, Nathan,

745
00:41:08,320 --> 00:41:11,200
Speaker 1: is that the Democratic Governor's Association actually spent a lot

746
00:41:11,280 --> 00:41:14,040
Speaker 1: of money backing Cox because they think that he will

747
00:41:14,080 --> 00:41:17,040
Speaker 1: be the easier candidate for them to beat come November. Now,

748
00:41:17,080 --> 00:41:19,399
Speaker 1: about thirty seconds left here, emlieve we've got some really

749
00:41:19,480 --> 00:41:22,400
Speaker 1: interesting comments from the head of the House Democratic Caucus

750
00:41:22,440 --> 00:41:28,080
Speaker 1: about whether President Trump should run again in run Donald run.

751
00:41:28,280 --> 00:41:32,960
Speaker 1: That's what Coking Jeffries told the Bloomberry editorial board yesterday.

752
00:41:33,120 --> 00:41:35,400
Speaker 1: He said that Trump running would be a disaster, that

753
00:41:35,480 --> 00:41:38,680
Speaker 1: Republicans are trying to prevent Trump from declaring his candidacy

754
00:41:38,800 --> 00:41:41,040
Speaker 1: so prior to the mid terms. I mean, what Jeffries

755
00:41:41,160 --> 00:41:43,680
Speaker 1: told us is that the big thing for Democrats is

756
00:41:43,760 --> 00:41:45,839
Speaker 1: going to sort of be saying, look, you know things

757
00:41:45,920 --> 00:41:48,040
Speaker 1: might not be perfect right now, but you most certainly

758
00:41:48,080 --> 00:41:50,520
Speaker 1: do not want the Republicans in charge, and really hitting

759
00:41:50,600 --> 00:41:53,680
Speaker 1: home that message over the next couple of months. Interesting

760
00:41:53,800 --> 00:41:56,440
Speaker 1: as the president, the former president gets ready to make

761
00:41:56,480 --> 00:41:59,400
Speaker 1: his first trip back to Washington next week. Thanks for this, Emily,

762
00:41:59,480 --> 00:42:03,000
Speaker 1: great having on as always, Bloomberg Government reporter Emily Wilkins

763
00:42:03,080 --> 00:42:05,480
Speaker 1: with us from the nation's capital. Read more about all

764
00:42:05,520 --> 00:42:08,560
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal,

765
00:42:08,880 --> 00:42:10,960
Speaker 1: and you can follow all the latest on Bloomberg Radio

766
00:42:11,040 --> 00:42:14,839
Speaker 1: in Washington at Bloomberg and one oh five point seven

767
00:42:14,960 --> 00:42:19,040
Speaker 1: FM HD two. Futures have turned lower now with SMP

768
00:42:19,160 --> 00:42:22,239
Speaker 1: futures now down six points down, futures down fifty five

769
00:42:22,560 --> 00:42:26,520
Speaker 1: NASTACK futures lower by eleven, so little change to the downside,

770
00:42:26,600 --> 00:42:29,279
Speaker 1: but futures had been higher for much of this pre

771
00:42:29,400 --> 00:42:32,240
Speaker 1: market session. Ten Your Treasury is up fourteen thirty seconds,

772
00:42:32,239 --> 00:42:34,480
Speaker 1: the yield two point nine six percent. Yield on the

773
00:42:34,560 --> 00:42:38,960
Speaker 1: two year right now three point one seven percent up.

774
00:42:39,040 --> 00:42:42,560
Speaker 1: Next Bloomberg Surveillance with Tom Keene, Jonathan Farroll and Kaylee

775
00:42:42,640 --> 00:42:45,720
Speaker 1: Lines and for Lisa Brahmowitz, for Karen Moscow. I'm Nathan Hagar.

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Speaker 1: This is Bloomberg