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

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Karen.

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Speaker 2: Stocks may be quiet for now, but they enter this

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Speaker 2: shortened holiday trading session at record highs. The SNP five

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Speaker 2: hundred closed above fifty five hundred for the first time yesterday.

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Speaker 2: That's its thirty second record this year, and the Nasdaq

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Speaker 2: one hundred also set an all time high with its

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Speaker 2: first close above twenty thousand. Julian Emmanuel, head of Equity,

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Speaker 2: Derivatives and Quantitative Strategy at evercore I, thinks there are

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Speaker 2: a lot of reasons behind the market rally.

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Speaker 3: So if inflation stays sticky for a number more months,

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Speaker 3: they'll be patient. If the economy starts to turn down,

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Speaker 3: they will be less patient. Mistakes will not be made.

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Speaker 4: Roll that all into the enthusiasm around AI and the

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Speaker 4: potential for what we've seen high multiple regimes can stay elevated,

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Speaker 4: and you have a market that continues to rally.

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Speaker 2: Nevercorey sized Julian Emmanuel speaking about the FED there with

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Speaker 2: Bloomberg's Tom Keane, he's got an end of the year

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Speaker 2: price target for the S and P five hundred and

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Speaker 2: six thousand. That's about nine percent away from current levels.

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Speaker 1: Well, now let's turn to the presidential race, Nathan and

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Speaker 1: President Biden's efforts to ease mounting concerns about his candidacy.

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Speaker 1: The President met with Democratic donors last night and chalked

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Speaker 1: up his disastrous debate performance last week to his travel schedule.

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Speaker 1: He'd been to Europe for D Day and the G

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Speaker 1: seven summit, then in Los Angeles for a fundraiser. White

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Speaker 1: House spokeswoman Caringe On Pierre insists it was one bad night.

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Speaker 5: I would not see this as an episode.

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Speaker 1: I would see this as what it was and what

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Speaker 1: we believe it to be, which is it was a.

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Speaker 6: Bad night, and he did. On top of that, he

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Speaker 6: had a cold.

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Speaker 1: White House spokeswoman caring John Pierre says the President will

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Speaker 1: turn the page from last week. He's meeting with a

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Speaker 1: Democratic governors this evening, and he'll have his first post

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Speaker 1: debate interview with ABC News on Friday.

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Speaker 2: Well, despite those efforts, Karen, questions about President Biden's mental

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Speaker 2: fitness aren't going away. The New York Times published a

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Speaker 2: lengthy piece citing US and foreign officials who say the

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Speaker 2: president's lapses are becoming more frequent and worrisome, and at

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Speaker 2: least one Democrat in Congress, Lloyd Doggett of Texas, is

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Speaker 2: calling on Biden to step aside. Former House Speaker Nancy

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Speaker 2: Pelosi says the questions aren't going away.

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Speaker 7: I think it's a legitimate question to say, is this

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Speaker 7: an episode or is this condition?

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Speaker 2: The former Speaker Pelosi says it is a legitimate question

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Speaker 2: to ask both President Biden and former President Trump. Congressman

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Speaker 2: Jim Clyburn was asked whether he would support Vice President

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Speaker 2: Kamala Harris at the top of the ticket.

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Speaker 8: I will support her if he were to step aside,

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Speaker 8: but I'm wing to support her going forward sometime in

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Speaker 8: the future. I want this ticket to continue to be

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Speaker 8: Biden Harris.

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Speaker 2: Congressman Clyburn and former Speaker Pelosi both appeared on MSNBC,

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Speaker 2: adding more fuel to democrats concerns. Former President Donald Trump's

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Speaker 2: campaign raised three hundred and thirty one million dollars in

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Speaker 2: the latest quarter that gives Trump more cash on hand

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Speaker 2: than Biden for the first time.

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Speaker 1: Meanwhile, Nathan Donald Trump's sentencing in his hush money case

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Speaker 1: has been postponed until at least September eighteenth. Bloomberg's Amy

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Speaker 1: Morris reports from Washington.

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Speaker 9: The judge has agreed to put off the sentencing while

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Speaker 9: weighing the possible impact of a new Supreme Court ruling

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Speaker 9: on presidential immunity. Trump had been scheduled to face sentencing

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Speaker 9: July eleventh on his multiple felony convictions of falsifying business records.

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Speaker 9: He denies any wrongdoing. The delay sets the sentencing for

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Speaker 9: September eighteenth, at the earliest, well after the Republican National Convention.

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Speaker 9: Trump's attorneys asked Judge wanmer Shawn to set aside the

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Speaker 9: guilty verdict. The judge said he would rule on September sixth,

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Speaker 9: and the next date in the case is September eighteenth, if,

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Speaker 9: as the judge said, it's still necessary. In Washington, Amy

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Speaker 9: Morris Bloomberg Radio ERNIEMI thank you.

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Speaker 2: Turning to politics overseas. We're just one day away from

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Speaker 2: the UK elections and former Prime Minister Boris Johnson made

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Speaker 2: a last minute campaign push to rally conservative voters with

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Speaker 2: any one thing to.

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Speaker 5: Do vote conservative on.

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Speaker 10: Thursday, my friends, and.

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Speaker 11: I know you will.

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Speaker 2: Boris Johnson won the previous election in twenty nineteen, but

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Speaker 2: he is not standing as a candidate this year. He

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Speaker 2: was ousted by his party following a series of scandals.

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Speaker 2: Labor leader Kiir Starmer is dismissing the Conservative strategy as desperate.

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Speaker 2: The clear front runner in the polls is sticking to

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Speaker 2: a familiar message of no complacency.

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Speaker 5: We go forward into the last yards, the last days,

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Speaker 5: and you know what they say, the last yard of

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Speaker 5: the hardest. It's really really hard.

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Speaker 12: Now.

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Speaker 5: Nothing must be taken for granted. Every vote has to

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Speaker 5: be earned. The polls don't predict the future.

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Speaker 2: Despite that from Keir Starmer, Bloomberg's composite poll of polls

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Speaker 2: has Labor ahead of every other party by at least

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Speaker 2: twenty points.

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Speaker 1: Well. Turning back to the markets and the economy, Nathan,

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Speaker 1: we get a slew of economic reports ahead of the

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Speaker 1: July fourth holiday, and we get a preview with Bloomberg's

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Speaker 1: Michael McKee.

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Speaker 13: Thursday's a national holiday, but the data still come out

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Speaker 13: just a day early. It makes for a busy Wednesday

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Speaker 13: for investors. Top of the list will be the ISM

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Speaker 13: Services Index. How fast is the economy slowing and what

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Speaker 13: does it mean for prices and jobs? Speaking of jobs,

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Speaker 13: initial jobless claims will get a lot of attention after

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Speaker 13: ratcheting up the past two weeks. Is it the beginning

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Speaker 13: of a trend or just a seasonal adjustment issue? Global

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Speaker 13: Wall Street will also be watching the June ADP employment release,

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Speaker 13: often derided but still traded on as something of important,

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Speaker 13: if not a prediction for Friday's government payrolls report. Also

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Speaker 13: on the list the May Trade Balance, Factory Orders and

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Speaker 13: S and P, Global Services and Composite PM Michael McKee

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Speaker 13: Bloomberg Radio.

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Speaker 2: All Right, Mike, thanks. In company news, sky Dance Media

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Speaker 2: has reached a preliminary deal to buy National Amusements. We

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Speaker 2: get more from Bloomberg's Doug Prisoner.

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Speaker 6: National Amusements is the controlling shareholder of Paramount Global, and

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Speaker 6: we're told National is planning to refer this proposed deal

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Speaker 6: to a Paramount Special Committee for review. Last month, a

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Speaker 6: deal between sky Dance and National Amusements seemed close, but

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Speaker 6: talks broke down at the eleventh hour. In the last week,

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Speaker 6: the two re engaged, with discussions picking up steam on Tuesday.

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Speaker 6: New terms include a higher valuation for National Amusements. There's

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Speaker 6: also stronger language indemnifying National against possible litigation resulting from

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Speaker 6: the deal, National Amusements has forty five days to seek

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Speaker 6: better offers. In New York, I'm Doug Prisoner, Bloomberg Radio.

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Speaker 1: Right, Doug, thank you. Paramount shares at more than seven

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Speaker 1: percent in early training in the rally, and Tesla shares

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Speaker 1: continue there, up another two and a half percent this

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Speaker 1: morning after searching five percent. Yesterday, The Carmaker reported liveries

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Speaker 1: for the second quarter that beat analyss estimates. Time now

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Speaker 1: for a look at some of the other stories Mickey

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Speaker 1: News in New York and around the world. For that,

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Speaker 1: we're joined by Bloomberg's Michael Barr. Michael, good morning, Good morning, Caaron.

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Speaker 11: Hurricane Beryl is roaring across the Caribbean Sea as a

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Speaker 11: powerful Category four storm on a path towards Jamaica and

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Speaker 11: the Cayman Islands. At least six people have died after

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Speaker 11: Beryl slammed islands in the southeast Caribbean. Beryl was losing

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Speaker 11: some of its intensity but was still forecast to be

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Speaker 11: near major hurricane strength when it passes near or over

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Speaker 11: Jamaica today with one hundred and forty five mile per

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Speaker 11: hour winds. This American tourist in Montego Bay heading back

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Speaker 11: to New Orleans, told ABC she was supposed to fly

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Speaker 11: out Monday.

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Speaker 14: My fight with our book, so I had to scramble

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Speaker 14: and final flight today.

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Speaker 1: So hopefully this one don't cancel on me and I'm

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Speaker 1: i get out of here.

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Speaker 11: So National Hurricane Senor Director Michael Brennan says Beryl is

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Speaker 11: expected to bring life throughing winds and storm serge to Jamaica.

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Speaker 15: We've seen the central pressure rise a little bit on

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Speaker 15: the latest data from the Hurricane Hunter aircraft. We've seen

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Speaker 15: the peak wins come down just to tad. But regardless

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Speaker 15: of what happens to the peak wins, we're expecting a

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Speaker 15: powerful hurricane to be moving west northwestward across the Caribbean Sea.

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Speaker 11: National Hurricane Center Director Michael Brennan says people in flood

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Speaker 11: prone areas of Jamaica have been worn to seek safe shelter.

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Speaker 11: Authorities say massive overcrowding, insufficient exits, and other factors contributed

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Speaker 11: to a deadly stampede at a religious festival in northern

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Speaker 11: India that killed now at least one hundred and twenty

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Speaker 11: one people. The stampede happened on Tuesday afternoon in a

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Speaker 11: village as large crowds rushed to exit a makeshift tent.

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Speaker 11: It was not immediately clear what sparked the panic. The

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Speaker 11: US is alleging China is developing attack drones for Russia.

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Speaker 11: European officials familiar with the matters say Chinese and Russian

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Speaker 11: companies are developing an attack drones similar to an Iranian

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Speaker 11: model deployed in Ukraine. An estimated seventy one million Americans

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Speaker 11: will travel for the Fourth of July holiday. Airports will

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Speaker 11: be especially busy. This man and his wife flew out

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Speaker 11: of Los Angeles International.

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Speaker 9: We feel that.

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Speaker 2: We're also getting out before the actual fate itself.

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Speaker 11: Airfares are up from last year. Meanwhile, an average price

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Speaker 11: for a gallon of regular gas nationwide is three dollars

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Speaker 11: fifty cents, the lowest for this time of the year

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Speaker 11: since twenty twenty one. Global News twenty four hours a

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Speaker 11: day and whenever you want it with the Bloomberg News Now.

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Speaker 11: I'm Michael Barr, and this is Bloomberg Herren Sorray.

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Speaker 1: Michael Barr, Thank you, nice time now for the Bloomberg

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Speaker 1: Sports Update with John stash Hour.

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Speaker 10: John, Good morning, Good morning, Karen. A thurs Straight Mets

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Speaker 10: game that went extra inning Sunday in New York, Day

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Speaker 10: lost when the Astros scored five runs in the eleventh.

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Speaker 10: Monday in DC, the Mets won with a six run tenth,

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Speaker 10: and last night another big tenth inning.

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Speaker 2: Garcia lifts and delivers, swung On crushed.

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Speaker 16: Left field t back towards the bullpen, Woods to.

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Speaker 14: The wall on two run home run, Pat Alonzo seven

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Speaker 14: two Mets.

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Speaker 10: In the tenth w CBS five. In the ten, seven

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Speaker 10: to the final over the National seanman Nya kept the

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Speaker 10: Mets in. It was seven strong and Inn's allowed only

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Speaker 10: warner and run. Francisco Lindor hit a home run, and

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Speaker 10: Brandon Nimmo had a pair of runs scoring hits in

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Speaker 10: his return. Nimmo had missed Monday's game after he suffered

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Speaker 10: a gash in his head when he fainted in his

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Speaker 10: hotel room. As for the Yankees, they fell behind five

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Speaker 10: to nothing. A comeback fell short. They lost to Cincinnati

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Speaker 10: at the Stadium five to four. Eli de la Cruz

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Speaker 10: with a triple on two run homer for the Reds.

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Speaker 10: Aaron Judge another home run for the Yanks, his thirty second.

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Speaker 10: If the season ended now, Judge would win the Major

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Speaker 10: League triple cram, but when Baltimore won two to nothing

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Speaker 10: in Seattle, the Orioles moved ahead of the Anks back

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Speaker 10: into first place. Red Soft win eight to three in

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Speaker 10: Miami and Wimbledon, both the six seeds loss. That's Andre

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Speaker 10: rubelev on the men's and Marquette van Russova, who last

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Speaker 10: year won the tournament. Only the second time in Wimbledon

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Speaker 10: history the defending women's champ has gone out in the

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Speaker 10: opening round the following year. As for Novak Djokovic, he

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Speaker 10: lost only five games. At one point, the Knicks were

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Speaker 10: in hot pursuit of New York native Donovan Mitchell. He

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Speaker 10: instead went from Utah to Cleveland, and Mitchell is staying

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Speaker 10: with the Cavs three year extension for one hundred and

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Speaker 10: fifty million. There was mystery over why Aaron Rodgers was

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Speaker 10: a no show at Jets mini camp last month. SNY

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Speaker 10: reports The reason is that Rogers was visiting Egypt and

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Speaker 10: that he booked the trip before knowing when the Jets

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Speaker 10: Mini camp was taking place. John Stashtwick Bloomberg Sports Karen Nathan.

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Speaker 12: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM

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Speaker 12: and around the World on Bloomberg dot Com and the

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Speaker 12: Bloomberg Business app. This is Bloomberg.

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Speaker 2: Daybreak, Good Morning on Nathan Hager. President Biden is making

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Speaker 2: an all out effort to reassure lawmakers, donors, and voters

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Speaker 2: that his disastrous debate last week was a one off,

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Speaker 2: but questions about his age and mental fitness remain. Democratic

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Speaker 2: Congressman Seth Moulton is among those confronting them.

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Speaker 6: Look, I'm not going to sugarcoat anything.

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Speaker 16: I think the debate was a disaster, and right now

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Speaker 16: a lot of people have concerns about President Biden's age

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Speaker 16: and his ability to go toe to toe with Donald Trump.

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Speaker 6: That's the reality that we face.

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Speaker 2: That was Democrat Seth Moulton on Bloomberg's Balance of Power,

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Speaker 2: and he's not the only one confronting that reality. Joining

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Speaker 2: us for more is Bloomberg's Kevin Whitelaw, who's covered Washington,

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Speaker 2: DC for more than two decades. Kevin, Good Morning. After

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Speaker 2: the debate, we heard the President say when you get

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Speaker 2: knocked down, you get back up. But it feels at

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Speaker 2: this point like he has a long way to get

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Speaker 2: back up too, doesn't it.

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Speaker 7: Yeah, No, it's going to be a long, long road.

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Speaker 7: For him to try to sort of reshape the narrative,

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Speaker 7: and it's obviously unclear whether he's going to be able

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Speaker 7: to do so. That won't stop the White House from trying.

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Speaker 7: The White House is called an all staff meeting for

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Speaker 7: today to try to rally the troops internally, as Bloomberger's reporting,

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Speaker 7: and then he's set to do an interview with ABC

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Speaker 7: News and George Stephanopolis on Friday. That seems to be

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Speaker 7: a pretty high profile effort to create another moment where

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Speaker 7: the President can maybe be seen engaging a little more

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Speaker 7: substantively and lucidly than he was able to do during

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Speaker 7: the debate. But obviously each of these moments comes with

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Speaker 7: a high risk, and it's still not clear that how

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Speaker 7: many of these, you know, whether you build up enough

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Speaker 7: of those kind of moments, whether that's going to sort

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Speaker 7: of undo the damage done in the debate.

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Speaker 2: What to make of this latest explanation, as the President

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Speaker 2: put it to donors last night, that it was his

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Speaker 2: travel schedule that had him falling asleep on the debate

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Speaker 2: stage last week. I mean, he was at Camp David

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Speaker 2: for nearly a week preparing for this after that long

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Speaker 2: travel schedule.

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Speaker 7: Right, right, and was he was in Europe for a

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Speaker 7: few days. It wasn't a huge multi stop tour.

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Speaker 1: No.

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Speaker 7: I think we've heard it's a cold, We've heard its

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Speaker 7: jet lag. I think that that all of this is

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Speaker 7: still essentially making the same point, which is the president

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Speaker 7: is an older man. And and you know, obviously I

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Speaker 7: think the context here is that so is Donald Trump.

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Speaker 7: Their age difference really isn't that that different. I do

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Speaker 7: think what what what may start to play down the

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Speaker 7: line is obviously the way age is playing out sort

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Speaker 7: of differently for each of them, and and and what

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Speaker 7: that means maybe for the presidency. So I do think

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Speaker 7: you're you are seeing an effort by by some Democrats

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Speaker 7: to try to see if they can they can point,

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Speaker 7: you know, sort of draw attention to to some of

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Speaker 7: what they saw as moments in the debate that showed, uh,

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Speaker 7: maybe sort of how how you know, sort of Donald

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Speaker 7: Donald Trump's own own own issues with some of the

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Speaker 7: the the answers and and the ability to to to engage.

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Speaker 7: But that still seems like a bit of a losing battle.

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Speaker 7: Donald Trump supporters sort of know what they're getting with him.

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Speaker 6: Uh.

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Speaker 7: And and I think you're seeing with with the with

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Speaker 7: with with Democrats, still the slight unease about whether whether

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Speaker 7: Biden is up to the task.

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Speaker 2: So in our last minute, Kevin, I mean, how crucial

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Speaker 2: does that make this next few days of events that

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Speaker 2: we're expecting from the president later on this week He's

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Speaker 2: meeting with governors this evening, and of course that sit

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Speaker 2: down interview with ABC News on Friday.

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Speaker 7: The thing I think that is a problem for the

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Speaker 7: president now is he had this one really high profile miss,

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Speaker 7: so one or two successes can can be seen as

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Speaker 7: as well. You know, he's he's in and out. He's

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Speaker 7: going to have to show I think over time that

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Speaker 7: that the debate was the outlier as opposed to as

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Speaker 7: opposed to an increasingly common event. So I think it's

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Speaker 7: going to take him a long time in multiple events,

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Speaker 7: multiple things in public. And this is the president whose

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Speaker 7: advisors had really, you know, been trying to shield him

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Speaker 7: a little bit from from these kinds of more unscripted

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Speaker 7: moments for quite a while.

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Speaker 9: Now.

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Speaker 14: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 14: stories making news from Wall Street to Washington and beyond.

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Speaker 14: You can also listen live each morning starting at five

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Speaker 14: Listen coast to coast on the Bloomberg Business app, seriusxmb

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Speaker 14: iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager.

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Speaker 2: And I'm Karen Moscow.

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Speaker 1: Join us again tomorrow morning for all the news you

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Speaker 1: need to start your day right here on Bloomberg Daybreak