Speaker 1: Live from the Bloomberg Interacted Brooker Studios. This is is Bloomberg
Speaker 1: Daybreak for Wednesday, July Chew coming up the shower. Stocks
Speaker 1: look to extend Wall Street's biggest rally in three weeks.
Speaker 1: Netflix shares gain after subscriber loss was not as bad
Speaker 1: as feared. Inflation in the UK surges to a forty
Speaker 1: year high, and President Biden plans to take executive action
Speaker 1: to tackle climate change. The Trying Steam bakes under the
Speaker 1: Summer Sizzle and Shark sightings closed Rockaway Beaches on John
Speaker 1: Tucker Bore Straight Ahead. I'm John stand and Sports making
Speaker 1: nine straight All Star Game victories of the American Lady Yankees.
Speaker 1: Dian Carlos Danton with the m v P. That's All
Speaker 1: Trained head on Bloomberg Daybreak on Bloomberg eleven three on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x
Speaker 1: AM one nine team and around the world Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business App. Good Morning,
Speaker 1: I'm Nathan Hager and I'm Karen Moscow and U West
Speaker 1: on Index Futures are higher this morning. We're coming up
Speaker 1: to six o one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg.
Speaker 1: Right now, SNP futures are up eight points to down
Speaker 1: futures up fifty, NASDACK futures up forty two. The decks
Speaker 1: in Germany's up a quarter percent. The ten year treasury
Speaker 1: up nine thirty seconds, held two point nine eight percent.
Speaker 1: The yield on the two year at three point one
Speaker 1: eight percent. NIMEX screwed oil is down one percent on
Speaker 1: a dollar nine at a hundred three dollars thirteen cents
Speaker 1: of barrel. Look at it Bitcoin this morning it's up
Speaker 1: one percent at twenty three thousand, five forty dollars. Nathan
Speaker 1: mccaren futures are adding to yesterday's gains on Wall Street.
Speaker 1: There were the biggest in three weeks. It was a
Speaker 1: broad based rally, all eleven industry groups in the SNP
Speaker 1: five hundred advanced. John Barenko is chief investment Officer of
Speaker 1: Fundamental Investments at all Spring Global Investments. I think we're
Speaker 1: in a transition period here, and then the market really
Speaker 1: is indeda evidence really, and I think evidence that inflation
Speaker 1: is speaking evidence that, um, you know, we're moving down
Speaker 1: a path of hopefully towards a you know, a soft landing.
Speaker 1: John Baranko at all Spring Global Investment says he is
Speaker 1: looking for companies with strong balance sheets they're able to
Speaker 1: weather tough economic conditions well. Nathan Earning's optimism is helping
Speaker 1: fuel this morning's gains. Netflix shares are up seven and
Speaker 1: a half percent in early trading, and for subscriber numbers
Speaker 1: came in better than estimates. To get the story from Bloombery,
Speaker 1: Sterley Pillett, the leader in paid streaming TV, says it
Speaker 1: lost nine hundred seventy thousand subscribers in the second quarter,
Speaker 1: less than half what Wall Street feared, thanks in large
Speaker 1: part to a new season of Stranger Things, the services
Speaker 1: most popular English language series. This quarter, Netflix expects to
Speaker 1: sign up one million subscribers. While that is well short
Speaker 1: of the one point eight three million analysts forecasts this period,
Speaker 1: it reverses the lost is of the first half. In
Speaker 1: New York, Charlie Pellet, Bloomberg Daybreak, Charlie, thank you, and
Speaker 1: earnings continue to roll in today. With seventeen companies on
Speaker 1: the SMP reporting, We get results from Tesla after the
Speaker 1: closing bell. Here with the preview is Bloomberg's Jeff Balinger
Speaker 1: Bloomberg Intelligence as Tesla's fundamentals relative to its peers are
Speaker 1: strong and the company's credit rating could be moved to
Speaker 1: investment grade, but lockdowns in China had an impact on
Speaker 1: vehicle production, and Tesla is heavily invested in bitcoin. Its
Speaker 1: bottom line may include a charge of nearly three quarters
Speaker 1: of a billion dollars related to the plunge in the
Speaker 1: price of the cryptocurrency. Jeff Wellinger, Bloomberg Daybreak, Right, Jeff,
Speaker 1: thank you well. Tesla has been a longtime favorite of
Speaker 1: investor Kathy Wood, and her funds have felt the pain
Speaker 1: as Tesla shares fell from the November peak. Now we're
Speaker 1: this morning Wood is closing down whatever exchange traded funds,
Speaker 1: and we get the latest live from Bloomberg's Rendita Young.
Speaker 1: Good morning Rindy to Good morning Karen. A regulatory filing
Speaker 1: shows Kathie Wood is shutting down her ARC Trands parents
Speaker 1: et F. The fund gained only twelve million dollars in
Speaker 1: assets since it launched at the end of last year.
Speaker 1: That's a fraction of the nine billion dollars in Woods
Speaker 1: flagship fund. It contains hold things like Teal, Dock and Spotify.
Speaker 1: It was aimed at investing in companies that received high
Speaker 1: scores on transparency. Transparency Global, which shaped the funds underlying portfolio,
Speaker 1: will stop calculating the index at the end of July.
Speaker 1: Live in New York, I'm reneed a young Bloomberg daybreak
Speaker 1: al right, Nita. Thanks. Bitcoin is trading at a one
Speaker 1: month high this morning right now at about twenty three thousand,
Speaker 1: five hundred, though that is a far cry from November's
Speaker 1: peak of nearly sixty nine thousand. Billionaire investor Mike Novigrats
Speaker 1: weighed in on the sell off at the Bloomberg Crypto
Speaker 1: Summit in New York. What I don't think people expected
Speaker 1: was the magnitude of losses that would show up in
Speaker 1: you know, professional institutions balance sheets, and that caused the
Speaker 1: daisy chain of effects. It turned into a full fledged
Speaker 1: credit crisis. Mike nelvi Grat says, right, gulators should do
Speaker 1: more to protect crypto investors, and he called for more
Speaker 1: transparency in the industry. Oh, we turned to the economy now, Nathan,
Speaker 1: expect higher interest rates for the foreseeable future. That, according
Speaker 1: to black Stone. We caught up with Joseph Zeidel, chief
Speaker 1: investment strategists and Blackstone's Private Wealth Solutions Group. I think
Speaker 1: that inflation is more deeply entrenched in the U s
Speaker 1: economy and it's going to require the FED to take
Speaker 1: interest rates up higher and the tightening cycle longer. So
Speaker 1: my own view is that Fed fund rates could exceed
Speaker 1: four percent. I think they could go above four hours
Speaker 1: and made can close black Stone Private Well, it's Joseph
Speaker 1: Zidel like expects the FED to high by seventy five
Speaker 1: basis points at next week's meeting like the US. Karen,
Speaker 1: inflation continues to be a major problem in Europe and
Speaker 1: fresh Day to show the UK still struggling to tain prices.
Speaker 1: Let's go to London get the latest with Bloomberg's un ponds.
Speaker 1: Good morning You and good morning Nathan and Karen. A
Speaker 1: fresh forty year high for UK inflation. Consumer prices rose
Speaker 1: nine point four percent in the eighth of June, driven
Speaker 1: by searching prices from to fuel. The pain only sets
Speaker 1: get worse, with inflation forecast to top eleven percent in October,
Speaker 1: when another gas and electricity price hike is due. The
Speaker 1: banking and has already increased rates five times since December,
Speaker 1: and today's day so well had to calls for a
Speaker 1: jumbo hike at the bank's next meeting in London. I'm
Speaker 1: you and pots in back day break, all right you
Speaker 1: and thank you all back here in the US, President
Speaker 1: Biden plans to take executive action to tackle climate change.
Speaker 1: With his clean energy agenda stalled on Capitol Hill, the
Speaker 1: President will outline his steps later today at a shuttered
Speaker 1: coal fire plant in Somerset, Massachusetts. He is not expected
Speaker 1: to declare a climate emergency, but Bloomberg Politics contributor mc
Speaker 1: davis says he doesn't have to. There are many things
Speaker 1: he can do around pollution from cars, and and and
Speaker 1: and and put a little pressure on Joe Mansion by
Speaker 1: you know, talking about doing some things around coal and
Speaker 1: gas fire power plant regulation. So I think he could
Speaker 1: bring him along to the negotiating table if he wants
Speaker 1: to put some heat on Mansion. And bloom you got
Speaker 1: Sloomberg Politics, A contributor. Big Davis will have more on
Speaker 1: the president's announcement in just a few minutes. Bloomberg's and
Speaker 1: Must Do is at the event, and she'll join us
Speaker 1: live again in just a few moments, futures are higher.
Speaker 1: This morning, straight ahead, your latest local headlines, plus a
Speaker 1: check of sports. And this is Bloomberg. All right, Karen,
Speaker 1: thank you. Six seven on Wall Street, seventy eight degrees
Speaker 1: in Central Park. Still dealing with an accident investigation eastbound
Speaker 1: Bruckner at the Sheridan. More coming up in traffic. First,
Speaker 1: John Tucker with what else is going on in sweltering
Speaker 1: New York and around the world? John, And as a
Speaker 1: heat wave griff the city, Nathan, everyone's been ordered out
Speaker 1: of the water on Rockaway Beaches. Sharks were seen prowling
Speaker 1: the area. The police department has been doing flyovers to
Speaker 1: look for any threats. Parts Officials say they'll reopen the
Speaker 1: beach when it's safe to do so. Trump indorsed candidate
Speaker 1: won the closely watch Republican primary for governor in Maryland.
Speaker 1: The story from Bloomberg sat me Morris Dan Cox won
Speaker 1: the Republican primary in the race to replace Governor Larry
Speaker 1: Hogan of Maryland, a race that became a proxy clash
Speaker 1: between former President Trump and Hogan, a potential GOP presidential candidate.
Speaker 1: Trump had endorsed Cox, while Hogan, who can't seek re election,
Speaker 1: because of term limits. Backed Kelly Schultz, who served in
Speaker 1: Hogan's administration, Cox will face the winner of the crowded
Speaker 1: Democratic primary. Cox organized bus loads of Trump supporters to
Speaker 1: attend the Stop the Steel rally before the assault on
Speaker 1: the US capital in Washington. I'm anymore as Bloomberg Daybreak.
Speaker 1: In Maryland's Democratic primary, former nonprofit leader westmore lad the
Speaker 1: field with thirty six percent of the vote. He was
Speaker 1: followed by former Labor Secretary Tom Perez and State Controller
Speaker 1: Peter Frenshaw, who garnered twenty seven nine of the vote.
Speaker 1: Former Secretary State Henry Kissinger has some words of advice
Speaker 1: for President Biden regarding China. That story from Ed Baxter. Kissinger,
Speaker 1: of course, was Richard Nixon State Department. Later, during the
Speaker 1: time of Ping Pong diplomacy with China, Kissinger tells Bloomberg's
Speaker 1: editor in chief John Michael Thwaite at the Intelligence Squared event,
Speaker 1: it is important to prevent some of China's actions, that
Speaker 1: it's a permanent detendment, that it's not something that can
Speaker 1: be achieve uh endless confrontations. Kissinger says, today's world needs flexibility.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak and former
Speaker 1: New York City Mayor Bill Deblancia says he's dropping out
Speaker 1: of the crowded Democratic primary race for an open seat
Speaker 1: in the state's redrawn tenth congressional district. De Blasia says
Speaker 1: it's clear people are looking for another option, pulls that
Speaker 1: showed him trailing several other candidates and A thirty one
Speaker 1: year old crew member on Law and Order Organized Crime
Speaker 1: was fatally shot in Brooklyn this week while working on
Speaker 1: the production of the TV show Johnny Pizzaro was found
Speaker 1: unconscious and unresponsive with multiple gunshot wounds to the head
Speaker 1: and neck on North Henry Street in Greenpoint. Global News
Speaker 1: twenty four hours a day on Aeron on Bloomberg Quick
Speaker 1: to Power by more than twenty seven hundred journalists and
Speaker 1: analysts and more than one countries. I'm John Tucker. This
Speaker 1: is Bloomberg, all right, John, thank you, coming up to
Speaker 1: six ten on Wall Street and John Sashower has a
Speaker 1: Bloomberg Sports update. Thanks Nathan. There was a long period
Speaker 1: where the National League dominated the Baseball All Star Game
Speaker 1: one twenty of twenty one back the nineteen sixties and seventies,
Speaker 1: but lately the American League is at its way. Last
Speaker 1: night in Los Angeles, the n L jumped in front
Speaker 1: two runs in the first inning, but then failed to
Speaker 1: score again. And the Yale did damage in the fourth
Speaker 1: swing and high fly ball trill, forget it way back
Speaker 1: out to left center field and that is tall. Oh
Speaker 1: my goodness, he crushed it, John Carlos Stanton deep into
Speaker 1: the pavilion and left center field, and the American League
Speaker 1: with one swing is tied it up. It's too two.
Speaker 1: As Stanton goes keen, he has had to call the
Speaker 1: Stanton homer travel four hundred and fifty seven ft, longer
Speaker 1: than any homer hit at Dodger Stadium this season. Next
Speaker 1: batter was the Twins Iron Buxton. He had a solo
Speaker 1: shot and that was it for the scoring. The A
Speaker 1: l one three to two and is now one nine
Speaker 1: All Star Games in a row twenty one of the
Speaker 1: last twenty five. Stanton, in l a native, was the
Speaker 1: m v P third Yankee to win Derek Jeter in
Speaker 1: two thousand, Marianna Rivera in two thousand and thirteen. Aaron
Speaker 1: Judge struck out twice, Jose Trevino got a base hit,
Speaker 1: and Estra Cortez pitched the sixth and in Clay Holmes
Speaker 1: got two houts in the eight for the Mets. Jeff
Speaker 1: McNeill over one also got hit by a pitch. Pete
Speaker 1: Alonzo was up once and drew a walk. Miles Bridges
Speaker 1: was the Charlotte Hornets leading score this past season. He's
Speaker 1: currently a free agent. He's now facing three felon accounts
Speaker 1: of domestic violence, excused of assaulting his girlfriend. Waiting word
Speaker 1: on how long the suspension Cleveland quarterback to Shaun Watson
Speaker 1: will get. There's now report it's expected to be eight
Speaker 1: games for sexual misconduct. There was earlier reporting it would
Speaker 1: be the entire season. John stash Award, Blueberg Sports, Nathan
Speaker 1: John Thanks s, S and P. Future is now up
Speaker 1: five points. Stouth Future is up thirty, NaSTA Future is
Speaker 1: up thirty two points. Send your Treasury's up nine thirty seconds.
Speaker 1: The yield two point nine eight percent. You're listening to
Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather heat advisory noon
Speaker 1: today till eight Tomorrow night with highs in the load
Speaker 1: of mid nineties all the way into Friday. Right now
Speaker 1: seventy eight in Central Park markets, headlines and breaking new
Speaker 1: ones twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business at and at Bloomberg Quick Take, She's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Stocks are
Speaker 1: inching higher amid speculation that the worst of this year's
Speaker 1: equity route made. The over US stock Index futures are
Speaker 1: higher as Netflix surges in early trading on a smaller
Speaker 1: than expected subscriber loss. We check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg Guess and p
Speaker 1: Future is up six points this morning. Down Future is
Speaker 1: up thirty seven. Nasday Future is also up thirty seven.
Speaker 1: The decks in German he is up at thirty five
Speaker 1: percent ten. Your treasury of nine thirty seconds held two
Speaker 1: point nine eight percent. The yield on the two year
Speaker 1: three point one eight percent. NIMEX Screwed Oil is down
Speaker 1: one and a half percent out of dollar fifty two
Speaker 1: and a hundred two dollars seventy cents. A barrel comic
Speaker 1: school that will change the seventy eight announced zero one
Speaker 1: two three seven against the dollar, British found one point
Speaker 1: two zero one four and the end one thirty eight
Speaker 1: point to four and Bitcoin this morning of one point
Speaker 1: four percent at twenty three thousand and six twenty five dollars.
Speaker 1: As a Bloomberg Business Flash. Now here's John Tucker with
Speaker 1: more on what's going on around the world. John and Karen.
Speaker 1: President Biden said to announce executive action today to confront
Speaker 1: climate change. Russian President Ladmir Putin's signaling Europe will start
Speaker 1: getting gas again through a key pipeline. Dan Cox wins
Speaker 1: the Republican primer in the race to replace Governor Larry
Speaker 1: Hogan to Maryland, a race that became a proxy clash
Speaker 1: between former President Trump and Hogan. Westmore led the Democratic
Speaker 1: field and the Yankees t and Como stamp name the
Speaker 1: All Star Game, m v P as the American League,
Speaker 1: Beach the National League. Global News twenty four hours a
Speaker 1: day on IRAN, on Bloomberg, Quicksache, We're Powerline. We're the
Speaker 1: twenty seven hood journalists and analysts more than one hundred
Speaker 1: twenty countries. I'm John Soccer. This is Bloomberg. Nathan all right, John,
Speaker 1: thank you. It's six nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is a Bloomberg Daybreak,
Speaker 1: and we continue to watch Netflix shares this morning. They're
Speaker 1: up more than seven percent in the pre market after
Speaker 1: the streaming giant second quarter earnings and a subscriber loss
Speaker 1: that came in not as bad as many Wall Street
Speaker 1: analysts were expecting. Let's bringing one of the best of them. KEITHA.
Speaker 1: Wronganathan is with us this morning, Senior media analyst at
Speaker 1: Bloomberg Intelligence. KEITHA. Good morning. So Netflix shed nine hundred
Speaker 1: seventy thousand subscribers in this last quarter and that's a
Speaker 1: good thing. Good morning, Nathan. Yeah, thank you for having me.
Speaker 1: And yeah, it looks like in this environment less bad
Speaker 1: definitely seems to be good. But I think it's still
Speaker 1: a little bit premature for for a victory lap. So yes, uh,
Speaker 1: you know, um I. One one key positive that came
Speaker 1: out of last night's report was that it looks like
Speaker 1: the subscriber base is stabilizing. Uh, you know, we're we're
Speaker 1: done with the worst most likely in terms of subscriber losses.
Speaker 1: But then if you look at the third quarter guide
Speaker 1: doesn't it doesn't look particularly inspiring. But at the same time,
Speaker 1: management seems to have a better handle on what they're
Speaker 1: going to do to read in the great subscriber growth. Yeah,
Speaker 1: as you allude to, Netflix is saying it's going to
Speaker 1: sign up about a million customers in this current quarter.
Speaker 1: That was lower than many analysts were expecting. What was
Speaker 1: at one point eight million or something like that the
Speaker 1: average analyst estimate there. How is it going to do it?
Speaker 1: What does Netflix need to do to cement a turnaround
Speaker 1: after the first quarter that really put a shutter in investors.
Speaker 1: So they really have so many different initiatives whichtball. We
Speaker 1: have to remember that the full streaming game has has
Speaker 1: kind of changed completely. We're we're done with those days
Speaker 1: of heavy growth when you know, services were able to
Speaker 1: easily at and and fifteen million subscriber spread quarters. So
Speaker 1: now we're in a different world where in a little
Speaker 1: bit of an uncharted territory, Netflix does have an advantage.
Speaker 1: It is the dominant streaming platform. They still do have
Speaker 1: two million subscribers, they have huge levels of engagement. Um
Speaker 1: So that is something that they're really looking to capitalize
Speaker 1: on going forward. Um So in three they're going to
Speaker 1: be introducing an advertising tier which they're hoping will um
Speaker 1: you know, not only open up their addressable market significantly,
Speaker 1: but will also then reignite both subscriber growth as well
Speaker 1: as um you know, revenue, But in terms of near
Speaker 1: term and how they're going to um you know, get
Speaker 1: more subscribers onto the service, there's just you know a
Speaker 1: combination of different strategies. So they're obviously going to uh
Speaker 1: I think the biggest thing for them right now. This
Speaker 1: is something that Read Hastings spoke to yesterday as well.
Speaker 1: Stranger Things was by far the biggest driver for this
Speaker 1: uh you know, UM subscriber beat, if you want to
Speaker 1: call it, for the second quarter. So content, content, content,
Speaker 1: content is king. It is absolut netally the biggest differentiator,
Speaker 1: and they do have a content slate that's kind of
Speaker 1: ramping up. The only problem for them is that they're
Speaker 1: their competition is getting much much tougher, so you have
Speaker 1: a lot of great content coming from rival services as well. Yeah,
Speaker 1: I wanted to ask you about that because I know
Speaker 1: you've been bullish in the past about Netflix's content and
Speaker 1: its ability to compete on that score with some of
Speaker 1: the other players like Prime Video, Hulu, Disney Plus, now
Speaker 1: Apple Plus. Does it still have a content advantage compared
Speaker 1: to some of those other players. Absolutely, I do think
Speaker 1: that they have you know, a first mood mover advantage.
Speaker 1: They do have this great ability to drive the social conversation.
Speaker 1: We've seen that time and again with with you know,
Speaker 1: these big, big hits, whether it's an Ozark, whether it's
Speaker 1: a Stranger Things, whether it's a Peaky Blinders. But you know,
Speaker 1: a competition is ramping up. So you know, you brought
Speaker 1: up Apple TV. Plus, they have their flagship show ted Lasso,
Speaker 1: which is coming back. You have a huge movie state
Speaker 1: coming there. You have HBO Max where you have you know,
Speaker 1: the Game of Throne sequel with the House of the Dragon.
Speaker 1: You have Prime, Amazon Prime, that's kind of really doubling down.
Speaker 1: Whether it's you know, they're going after Thursday night football,
Speaker 1: they're prepared to launching They're prepared to launch a lot
Speaker 1: of The Rings, which is supposedly one of the most
Speaker 1: expensive expensive shows in the history of television. So yes, um,
Speaker 1: you know, Netflix definitely has an advantage. But but one
Speaker 1: of the things that they did bring up, um during
Speaker 1: their earnings called was that they're holding content spending flat.
Speaker 1: It's going to be about seventeen billion dollars and that's
Speaker 1: a huge amount of money. But I'm not sure that's
Speaker 1: going to be enough to cut it, especially when you
Speaker 1: have rivals also willing uh to to to write huge,
Speaker 1: huge checks for content. Only about thirty seconds left here, GEETHA.
Speaker 1: But the big question going into this earnings was whether
Speaker 1: people continue to see Netflix as an expense worth spending
Speaker 1: on in this economy. Did Netflix answer that question in
Speaker 1: the earnings? They did so, you know, yes, they do
Speaker 1: allude to inflationary pressures and impending recession and people kind
Speaker 1: of holding back a little bit. We saw some elevated
Speaker 1: shown levels because of the recent price increases that they
Speaker 1: h implemented across the board in so many different regions.
Speaker 1: But at this end of the day, it is a
Speaker 1: compelling value proposition and that and they're hoping that as
Speaker 1: they kind of introduced more features, as they introduce better content,
Speaker 1: people will still hold on to their Netflix subscription even
Speaker 1: with you know, an economic downturn. Great to speak with
Speaker 1: you this morning, KEITHA. Thanks for this Keith of Wrong
Speaker 1: and Nathan senior media analysts at Bloomberg Intelligence. And again,
Speaker 1: Netflix shares on the rise this morning, up more than
Speaker 1: seven percent, following that second quarter subscriber loss that came
Speaker 1: in not as bad as analysts were expecting. SMP futures
Speaker 1: right now up seven points down futures of forty three
Speaker 1: NASTACT futures higher by thirty nine points just ahead. Stocks
Speaker 1: come off their biggest rally in three weeks, and as
Speaker 1: we continue to watch Netflix shares, will bring you the
Speaker 1: five things need to know to start your day. Coming
Speaker 1: up on Bloomberg day Break, Bloomberg eleven three oh weather.
Speaker 1: The heat advisory kicks in noon, doesn't go away till
Speaker 1: eight tomorrow night, but the heat will stay with us
Speaker 1: into Friday. Highs in the low nineties for the rest
Speaker 1: of this week. Right now seventy eight degrees broadcasting live
Speaker 1: from the Bloomberg Interacted Broker Studio in New York, Bloomberg
Speaker 1: and Looking Free to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N
Speaker 1: six to the country, Sirius XM chto one nineteen and
Speaker 1: around the globe the Bloomberg Business APT and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak six thirty on Wall Street.
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow. We
Speaker 1: are just about three hours away from the open of
Speaker 1: US trading time for the five things you need to
Speaker 1: notice start your day. Brought to you by Interactive Brokers.
Speaker 1: Interactive Brokers Global Linelist helps you find new global investment
Speaker 1: opportunities to diversify your portfolio and discover undervalued companies that
Speaker 1: may have greater growth potential. Try ibk our Global Analysts
Speaker 1: today at ibk R dot com. Slash g a up first.
Speaker 1: US futures are adding to yesterday's gains on Wall Street,
Speaker 1: which were the biggest in three weeks. Still, Sherry Paul's
Speaker 1: senior portfolio manager with Morgan Stanley Private Wealth, says, the
Speaker 1: markets remain uncertain. Clients I think are feeling very data
Speaker 1: overwhelmed and the greatest threat to portfolio returns as in decision.
Speaker 1: So right now where we're advising clients is to go
Speaker 1: right down the middle of this market. You want to
Speaker 1: plan for inflation being structural and own sectors of the
Speaker 1: market that actually benefit from the reflationary stories. So that
Speaker 1: would put you in financials and energy stocks. Sherry Paul
Speaker 1: with Morgan Stanley Private Wealth says investors sugar remain active
Speaker 1: despite volatility. We get more earnings today. Karen with seventeen
Speaker 1: companies in the SPI reporting, Tesla headlines the list investors
Speaker 1: will look for how its bottom line is affected by
Speaker 1: lockdowns in China and the crypto plunge. Tesla is heavily
Speaker 1: invested in bitcoin well. Turning to Netflix now, Nathan shares
Speaker 1: up almost seven percent in early training after it lost
Speaker 1: less subscribers than initially feared. Katha Raganatha uncovers Netflix for
Speaker 1: a Bloomberg Intelligence, there's really not a whole lot to
Speaker 1: cheer about. What the market is really looking for at
Speaker 1: this point of time is really some clarity, not just
Speaker 1: on the subscriber growth trajectory, but also on other metrics.
Speaker 1: So you know, how are they going to drive our poo,
Speaker 1: how are they going to drive margins? So there's pressure
Speaker 1: all around. Bloomberg Intelligence US media analyst Gita Raganathan says
Speaker 1: Netflix still has positives working in its favor, including its
Speaker 1: size and reach. Now we're learning more this morning. Caring
Speaker 1: about Kathy Wood closing down one of her exchange traded funds,
Speaker 1: Bloomberg's Rnida Young joins US Live with the details. Good
Speaker 1: morning Grenida, Good morning Nathan. A regulatory filing shows Kathy
Speaker 1: Wood is shutting down her ARC Transparency e t F.
Speaker 1: The fun gained only twelve million dollars in assets since
Speaker 1: it launched at the end of last year. That's a
Speaker 1: fraction of the nine billion dollars in Woods flagship fund.
Speaker 1: Now it contains holdings like Teal, Dock and Spotify, and
Speaker 1: it was aimed at investing in companies that received high
Speaker 1: scores on transparency. Transparency Global, which shaped the funds underlying portfolio,
Speaker 1: will stop calculating the index at the end of July.
Speaker 1: Live in New York. I'm really need a young Bloomberg
Speaker 1: daybreak al right, re need to thanks and overseas ju
Speaker 1: and inflation figures in the UK rose nine point four
Speaker 1: percent year over year of forty year high. That's the
Speaker 1: fine things you need to notice start your day. Brought
Speaker 1: to you by Interactive Brokers. This is Bloomberg sixty three
Speaker 1: on Wall Street, seventy nine degrees in Central Park. We
Speaker 1: got a problem headed to Jeff care Poor a crash
Speaker 1: on westbound Belt Parkway at Farmers Boulevard. Details counting up
Speaker 1: in traffic. First John Tucker with what else is going
Speaker 1: on in New York and around the world. Good morning, John, Nathan.
Speaker 1: The summer swelter resumes today. Is the heat advisory starts
Speaker 1: at noon when gun we expancts some relief on Bloomberg's
Speaker 1: media cologist Rob Carolin, hopefully as some answers this morning,
Speaker 1: Good morning, Rob, John. The hot weather that's developed across
Speaker 1: the century United States, while the piece of it is
Speaker 1: broken off and is working its way through the eastern
Speaker 1: part of the country, and that's why we're going to
Speaker 1: be so warm between now and the end of the weekend.
Speaker 1: We're under a heat advisory from noon today through a
Speaker 1: p m. Thursday. The only wrinkle in the forecast the
Speaker 1: next couple of days is the potential for a little
Speaker 1: bit of afternoon shower and thutterstorm activity. Those areas that
Speaker 1: do see the storms would see temperatures cool off quite
Speaker 1: a bit. I think the heat is going to peak Saturday,
Speaker 1: John Bloomberg METEA rologist Rob Carolin. Here's the end of
Speaker 1: the political road for former Mayor Bill de Blasio. It's
Speaker 1: clear to me that when it comes to this congressional district,
Speaker 1: people are looking for another option. He's dropping out of
Speaker 1: the crowded Democratic primary race for an open seat in
Speaker 1: the state's redraw and tenth congressional district. The Blasio leaves
Speaker 1: a jam pack field. The keeper of tender records is
Speaker 1: as the Secret Service to determine whether any tax messages
Speaker 1: by agents around the time of the attack on the
Speaker 1: Capitol were improperly deleted. That story from Bloomberg's Jeff Lenger.
Speaker 1: The National Archives and Records Administrations said in a letter
Speaker 1: to the agency that it must submit a report within
Speaker 1: thirty days documenting what occurred. A spokesman for the Secret
Speaker 1: Service has previously said the texts were inadvertently lost during
Speaker 1: an equipment upgrade. The House committee investigating the efforts by
Speaker 1: former President Trump and his allies to overturn the results
Speaker 1: of the twenty election has also subpoenaed the agency for
Speaker 1: the texts. Jeff Bellinger, Bloomberg, Debreak, and the House has
Speaker 1: passed a bill that would recognize same sex marriages under
Speaker 1: federal law and extend legal protections all married couples, a
Speaker 1: reaction to concern the Supreme Court might reconsider a ruling
Speaker 1: extending those rights. Global News twenty four hours a day
Speaker 1: on Aeron on Bloomberg, Quicktake power by more than journalist
Speaker 1: analysis more than one twenty countries. John Senter, this is Bloomberg,
Speaker 1: Nathan John thanks sixty five on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update with John Sire. All Right, an's
Speaker 1: another one to the American League in the Baseball All
Speaker 1: Star Game. That's nine in a row, twenty one of
Speaker 1: the last five. In Los Angeles, the NL scored twice.
Speaker 1: First Inningbaul Goldsmid a home run, but the rest of
Speaker 1: the game ten a L pitchers, including the Yankees Nestor
Speaker 1: Cortez at Clay Holmes, combined to HERL eight scoreless sings,
Speaker 1: leven only one hit with ten strikeouts. Toronto's Alec Manoa
Speaker 1: struck at the site in the second inning as he
Speaker 1: was talking to the Fox broadcasters. Cleveland's Emmanuel Chase struck
Speaker 1: at the site in the ninth on just ten pitches.
Speaker 1: The a L one three to two, got all three
Speaker 1: and the fourth inning the game time long to on
Speaker 1: wherever the Yankees Gihant Carlos Stanton in l A native,
Speaker 1: his first career All Star Game hit. Next batter the
Speaker 1: Twins Byron Bexton. Buxton solo shot seventh time at All
Speaker 1: Star Game history, back to back homers. Both came off
Speaker 1: Tony Gonsolin. He took the loss, something he hasn't done
Speaker 1: all season. He's eleven and oh for the Dodgers. Stanton
Speaker 1: in his first All Star Game as a Yankee the
Speaker 1: third Yank to win m v P. Derek Jeter did
Speaker 1: it in two thousand, Marianna Rivera in two thousand. Thirteam
Speaker 1: at SEC media Day, Alabama coach Nick Saban asked a
Speaker 1: bad players now being able to cash in on their name,
Speaker 1: image and likeness. Players did extremely well last year. I
Speaker 1: think they made over three million dollars in name, image
Speaker 1: and likeness and UM. But I do think that the
Speaker 1: concerns um are you know there there has to be something,
Speaker 1: some guidelines that sort of protect competitive balance. A lot
Speaker 1: of social media reacted to that comment, considering Saban makes
Speaker 1: over nine million a year and it really hasn't been
Speaker 1: competitive balance in college football at Alabama has dominated every year.
Speaker 1: John stashually were Bloomberg Sports Nathan Okay, John, thank you
Speaker 1: at six thirty seven on Wall Street Time Now to
Speaker 1: take a look at stock some of the names moving
Speaker 1: in the pre market. For that, we are joined this
Speaker 1: morning by Bloomberg Markets Live reporter Heather Blurk. Heather, good morning.
Speaker 1: We're seeing the future sort of pair back their earlier games.
Speaker 1: But it looks like Netflix is still holding up. Yeah, definitely,
Speaker 1: that's up about seven um. So Netflix lost more than
Speaker 1: a million customers in the first half, and the message
Speaker 1: was it could have been worse. So it lost almost
Speaker 1: a million customers, but that was the last less than
Speaker 1: half of Wall Street feared and that was in large
Speaker 1: part to uh, the new season of Stranger Things. And
Speaker 1: you're also seeing some rid a cross with other online
Speaker 1: content companies like Disney and Warner Brothers rising premarket. And
Speaker 1: it looks like investors, at least for this morning, or
Speaker 1: putting some bets on casino stocks as well. Yeah, definitely.
Speaker 1: I'm looking at Las Vegas Sands. That's up about two
Speaker 1: or three percent UM so Macau casino stocks listed in
Speaker 1: the US or higher because the city plans to reopen
Speaker 1: casinos on Saturday if conditions allow. And Las Vegas Stans
Speaker 1: also reports earnings today after the market closed. Yeah, not
Speaker 1: the only earning story we're looking forward to. We've gotten
Speaker 1: even more earnings as well from Interactive Brokers, and that
Speaker 1: didn't look so good. No, that was definitely a miss
Speaker 1: um that missed the averagejournalists estimate um. Looks like that
Speaker 1: total customer accounts a little bit, but it was definitely
Speaker 1: the earnings. Okay. And we've got a biotech that's slumping
Speaker 1: really really badly in the pre market as well. Yeah,
Speaker 1: as much as so. It's clinical trial for a varian
Speaker 1: cancer treatment, Oveck didn't meet its primary endpoints. So you know,
Speaker 1: with these small biotechs, one drug or one study can
Speaker 1: really make all the difference. Yeah, and we're talking about
Speaker 1: VBL Therapeutics v b l T the ticker there. Uh
Speaker 1: finally Heather omn coon am I pronouncing that right now?
Speaker 1: So yeah, so the so that and some other advertising
Speaker 1: stocksure like um Um are doing well. Uh pre market
Speaker 1: interpublic basically on the kron Um had its second quarter
Speaker 1: revenue beat the average annalists estimate and it raised its
Speaker 1: organic sales growth. And these are proxies for consumer confidence
Speaker 1: um because it ad spending really got reined in during
Speaker 1: the pandemic. So that's the sector seems to be recovering alright.
Speaker 1: Bloomberg Markets reporter Heather Burke. Markets Live reporter Heather Burke
Speaker 1: with us in the pre market this morning. You can
Speaker 1: check out more of Heather's work on the Markets Live
Speaker 1: blog m l I v GO m Live on the
Speaker 1: Bloomberg terminal. Heather, thanks for the pre market update, and
Speaker 1: as we look at stocks as a whole ahead of
Speaker 1: the open, the gains we had seen for futures have
Speaker 1: turned around the other way. Right now, SMP futures are
Speaker 1: down seven points, STAFF futures down seventy eight, NASTAC futures
Speaker 1: are lower by nine points. This follows the biggest rally
Speaker 1: for the SMP in about three weeks yesterday. A little
Speaker 1: uncertainty now in the market as we get closer to
Speaker 1: the open. The ten year treasury right now is up
Speaker 1: fourteen thirty seconds, the yield two point nine six percent
Speaker 1: yield on the two year three point one six Nimex
Speaker 1: crude is moving lower, down one point seven percent, down
Speaker 1: a dollar seventy two and a hundred two dollars five
Speaker 1: decents of barrel comics gold a little change down to
Speaker 1: buck for fifty announced, the euro one point one zero
Speaker 1: at one point zero one nine two against the dollar,
Speaker 1: and Bitcoin still moving higher, trading at twenty three thousand,
Speaker 1: seven hundred dollars. You're listening to Bloomberg Daybreak Bloomber eleven
Speaker 1: three oh weather heat advisory from noon today till eight
Speaker 1: tomorrow night. We're expecting highs for the rest of this week.
Speaker 1: In the load of mid nine days right now seventy
Speaker 1: nine in Central Park markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg
Speaker 1: Business at and at Bloomberg Quicktake, He's a Bloomberg Business
Speaker 1: blash and I'm Karen Moscow and you Bush Stock Index futures.
Speaker 1: They are now moving lower, with SMP futures down about
Speaker 1: twelve points beginning the First Word breaking news desk for
Speaker 1: today's morning call. And here's Bill Maloney. Bill, good morning, Hey,
Speaker 1: good morning, Karen. That's right. US futures trading in the
Speaker 1: red right now at futures down a hundred point, says
Speaker 1: if he's dropped twelve one NASDACK futures are down by
Speaker 1: thirty the US a ten year the two point nine
Speaker 1: six percent gold is little changed, Oil is trading lower
Speaker 1: and Bitcoin higher by one point six percent. Japan rose
Speaker 1: two point seven percent overnight, while europ and markets are
Speaker 1: in the red this morning, and back in the US
Speaker 1: on the economic front at ten o'clock, existing home sales
Speaker 1: after the BELUS Knight and Netflix supported a smaller than
Speaker 1: expected loss in subscribers, and another news Cathy Wood shuttered
Speaker 1: and e t F for the first time. Wrapping things up,
Speaker 1: Chevron was raised to buy at HSBC and Eagle Materials
Speaker 1: was put to neutral at JP. Morgan Live from the
Speaker 1: First Breaking News deskcom Bill Maloney, Karen, all right, Bill,
Speaker 1: thank you to here live breaking news. Over your Bloomberg
Speaker 1: tip squawk on your termin I'll ask you a w
Speaker 1: u K and that's a Bloomberg business flash. Now here's
Speaker 1: John Tucker with more on what's going on around the world.
Speaker 1: John Karen Currance. Today is an in Biden has send
Speaker 1: to announce executive action to confront climate change. Russ and
Speaker 1: President Vladimir Blutin signaling Europe will start getting gas again
Speaker 1: through a key pipeline. Europe's waiting to see whether dance
Speaker 1: flows resumed tomorrow. And Dan Cox wins the Republican primary
Speaker 1: in the race to replace Governor Larry Hogan of Maryland.
Speaker 1: That's a race that became a proxy clash between former
Speaker 1: President Trumpenhogen Westmore led the Democratic field, and the American
Speaker 1: League beats the National League in the All Star Game.
Speaker 1: The Yankees gen Carlos Stanton is named the Game's MVP
Speaker 1: Global News twenty a day on air, and a Bloomberg
Speaker 1: quick Take power by more than twenty seven hundred journalists
Speaker 1: and analysts in more than one hundred twenty countries. On
Speaker 1: John Temper, this is Bloomberg. Karen all right, John, thank you.
Speaker 1: It is gonna up to sixty nine. On Wall Street,
Speaker 1: we turned to news and science and technology now with
Speaker 1: the Bloomberg n j I T stammerport. It brought to
Speaker 1: you by New Jersey Institute of Technology RANKY, Top fifty
Speaker 1: national public university by US News and World Report. It
Speaker 1: at number fourteen in the nation on Money's Best Colleges List.
Speaker 1: Learn more at n j I T dot E d U.
Speaker 1: Here's let's making news in science, Technology, engineering, and math.
Speaker 1: Twitter has scored an early win against Elon Musk and
Speaker 1: its fight to make him complete as forty four billion
Speaker 1: dollar buyout. A Delaware judge is agreed to fast track
Speaker 1: the case with an October trial date, despite Musk's legal
Speaker 1: team arguing that Twitter was unfairly pushing for an early trial,
Speaker 1: and Elon Musk's main company, Tesla, will have increased competition
Speaker 1: from General Motors. GM will start selling a battery power
Speaker 1: to Chevrolet Blazer next year, giving it a direct competitor
Speaker 1: to Tesla Model Y, the US is best selling electric suv.
Speaker 1: The electric Blazer model will go on sale in the
Speaker 1: summer at three. And the Senate has voted to begin
Speaker 1: debate on legislation to provide more than fifty two billion
Speaker 1: dollars to the American semiconductor industry. It's a major milestone
Speaker 1: for the longstalled bill that supporters say is vital to
Speaker 1: national security. Details of the bill are still being worked out.
Speaker 1: That's a Bloomberg n j I TI STEM report. Nathan
Speaker 1: all right, Karen, thank you. We're live from the Bloomberg
Speaker 1: Interactive Workers studios where it's six fifty on Wall Street.
Speaker 1: Time now to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: President Biden heading to Massachusetts later today to announce executive
Speaker 1: actions to tackle climate change. Bloomberg's and Mostoo will be
Speaker 1: covering the event for us. She joins US Live this
Speaker 1: morning from Somerset, Massachusetts, and good morning. What are we
Speaker 1: expecting to hear from the President later tonight? Well, Nathan,
Speaker 1: we could be hearing an announcement of an executive order
Speaker 1: National Emergency about climate change, one of the actually the
Speaker 1: first executive order on this topic ever issued by a president. Now,
Speaker 1: he's also going to be talking about funding for low
Speaker 1: income home energy assistance during this heatwave and the rising
Speaker 1: energy costs, and Biden is also going to be boosting
Speaker 1: offshore winds. Now, I'm surrounded here in southern Massachusetts by
Speaker 1: some of the most beautiful beaches in New England, but
Speaker 1: not this place. Right here at Brighton Point in Somerset,
Speaker 1: which is the former site of New England's largest coal
Speaker 1: fired power plant, it is now rubble and an Italian
Speaker 1: company has purchased part of the land to build subsea
Speaker 1: cable manufacturing facility that would serve the emerging offshore wind industry. So, uh,
Speaker 1: President Biden is going to be coming to this very
Speaker 1: visual site um to sort of bolster the idea of
Speaker 1: clean energy, but also show the past and what once
Speaker 1: was here in Massachusetts, the transition from dirty to clean energy.
Speaker 1: Are we expecting any protest at this event? And yes,
Speaker 1: we are, actually, Nathan, There's been a lot of debate
Speaker 1: over whether this National Emergency Order should be addressed by
Speaker 1: the President, and there is a very large organized group
Speaker 1: around this Brighton Point, Somerset community. A number of New
Speaker 1: Englander is about four thousand people are active in this
Speaker 1: group and they have been out in full force at
Speaker 1: every event over really the last decade, and are expected
Speaker 1: to be both at Brighton Point in Somerset when the
Speaker 1: President arrives for a tour, and perhaps also at the
Speaker 1: airport in Rhode Island where he's flying in. All right,
Speaker 1: Bloomberg's and mos too joining us live this morning from
Speaker 1: near the once Brighton Point power plant in Somerset, Massachusetts.
Speaker 1: Listeners in Boston can catch live coverage from Anne of
Speaker 1: the President's announcement this afternoon on Bloomberg Bay State Business
Speaker 1: That there's two to five pm on Bloomberg one oh
Speaker 1: six one Boston, Newburyport and HD two coming up to
Speaker 1: six fifty three Now on Wall Street. Let's get to
Speaker 1: some of the other DC stories we're watching, including the
Speaker 1: Senate moving forward with fifty two billion dollars in semiconductor funding,
Speaker 1: a Trump backed candidate winning a Maryland primary that could
Speaker 1: be a proxy for four and the head of the
Speaker 1: House Democratic Caucus telling former President Trump quote run Donald run.
Speaker 1: Let's bring in Bloomberg. Government reporter Emily Wilkins from are
Speaker 1: on all these stories. Emily, Good morning. So the slim
Speaker 1: down Ships bill is moving forward in the Senate, isn't. Yes,
Speaker 1: there was a procedural vote last night in the Senate
Speaker 1: that wound up clearing. You saw fourteen Republicans joining with
Speaker 1: Democrats on it, really showing the strong support that is
Speaker 1: there for this package, even in its slimmed down form.
Speaker 1: So what you've got basically is that fifty two billion
Speaker 1: dollars for those semiconductors, as well as the investment credit
Speaker 1: for the manufacturer of semi conductors UH tools of Great
Speaker 1: semi conductors, as well as uhifty billion for a secure
Speaker 1: communications program and two million for worker training. So lots
Speaker 1: of different components in this bill. Uh. You saw Senator
Speaker 1: Chuck Schumer basically say that if he saw a lot
Speaker 1: of Republican support, he was going to try and add
Speaker 1: a little bit more to the bill. And so we
Speaker 1: are sort of seeing a slightly healtier package than we
Speaker 1: might have otherwise gone through. And this is just gonna
Speaker 1: allow more Democrats and Republicans to get their priorities out there.
Speaker 1: So are we thinking that this bill has a better
Speaker 1: chance of passing given the Seneminarity leader Mitch McConnell had
Speaker 1: said he was going to block the bill because of
Speaker 1: Democrats moving forward on a slim down economic package. Yeah,
Speaker 1: that was a McConnell's sort of initial bid on it,
Speaker 1: if you remember. Though, after he said that, Mansion Senator
Speaker 1: Joe Mansion said that he could not support that larger
Speaker 1: reconciliation package even though it had already been slimmed down,
Speaker 1: that he wanted an even slimmer package. And I think
Speaker 1: it got to the point where Republicans were like, Okay,
Speaker 1: they've knocked out enough of the funding that we were
Speaker 1: hoping to see not pass. We're good moving ahead with chips.
Speaker 1: At the same point, Nathan, there is a lot of
Speaker 1: pressure on lawmakers to move on this. UH Commerce Secretary
Speaker 1: Gino Romundo has been talking to them, but there have
Speaker 1: also been a number of outside companies. It's basically going
Speaker 1: to lawmakers and saying, hey, this is a national security measure,
Speaker 1: this is a job's measure, this is an economy measure,
Speaker 1: and this is something that if you don't pass before
Speaker 1: the August recess, we will be taking our business, um
Speaker 1: hundreds of billions of dollars of business to other countries.
Speaker 1: And just outside Washington, we had a very interesting primary
Speaker 1: for governor on the Republican side, putting a Trump backed
Speaker 1: candidate against the candidate who's backed by someone who's thinking
Speaker 1: about running against the President Trump if he decides to. Yeah.
Speaker 1: Trump and Maryland Governor Larry Hogan are not exactly the
Speaker 1: best friends. Uh. They do have a bit of a
Speaker 1: contentious relationship and and really represent kind of two different
Speaker 1: philosophies within the Republican Party. And Trump's backed candidate for
Speaker 1: Maryland Governor, Dan Cox, he won that Republican primary over
Speaker 1: the candidate which Hogan had had supported. Uh, we don't
Speaker 1: know yet who which Democrats they'll be going up against
Speaker 1: the November. That primary is is a little bit too
Speaker 1: close to call still at this point, but yeah, this
Speaker 1: could is. It basically gives Trump another kind of big
Speaker 1: win in his two endorsement game, the fact that he
Speaker 1: was able to boost this candidate, particularly in a state
Speaker 1: that is as blue as Maryland. Another interesting wrinkle here, though, Nathan,
Speaker 1: is that the Democratic Governor's Association actually spent a lot
Speaker 1: of money backing Cox because they think that he will
Speaker 1: be the easier candidate for them to beat come November. Now,
Speaker 1: about thirty seconds left here, emlieve we've got some really
Speaker 1: interesting comments from the head of the House Democratic Caucus
Speaker 1: about whether President Trump should run again in run Donald run.
Speaker 1: That's what Coking Jeffries told the Bloomberry editorial board yesterday.
Speaker 1: He said that Trump running would be a disaster, that
Speaker 1: Republicans are trying to prevent Trump from declaring his candidacy
Speaker 1: so prior to the mid terms. I mean, what Jeffries
Speaker 1: told us is that the big thing for Democrats is
Speaker 1: going to sort of be saying, look, you know things
Speaker 1: might not be perfect right now, but you most certainly
Speaker 1: do not want the Republicans in charge, and really hitting
Speaker 1: home that message over the next couple of months. Interesting
Speaker 1: as the president, the former president gets ready to make
Speaker 1: his first trip back to Washington next week. Thanks for this, Emily,
Speaker 1: great having on as always, Bloomberg Government reporter Emily Wilkins
Speaker 1: with us from the nation's capital. Read more about all
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal,
Speaker 1: and you can follow all the latest on Bloomberg Radio
Speaker 1: in Washington at Bloomberg and one oh five point seven
Speaker 1: FM HD two. Futures have turned lower now with SMP
Speaker 1: futures now down six points down, futures down fifty five
Speaker 1: NASTACK futures lower by eleven, so little change to the downside,
Speaker 1: but futures had been higher for much of this pre
Speaker 1: market session. Ten Your Treasury is up fourteen thirty seconds,
Speaker 1: the yield two point nine six percent. Yield on the
Speaker 1: two year right now three point one seven percent up.
Speaker 1: Next Bloomberg Surveillance with Tom Keene, Jonathan Farroll and Kaylee
Speaker 1: Lines and for Lisa Brahmowitz, for Karen Moscow. I'm Nathan Hagar.
Speaker 1: This is Bloomberg