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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.

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Speaker 2: We begin with news out of the nation's capital. The

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Speaker 2: Senate has passed the long awaited foreign aid bill. Bloomberg

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Speaker 2: Steve Potis has the details from Washington.

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Speaker 3: Ninety five billion dollars in foreign aid to Ukraine, Israel,

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Speaker 3: in Taiwan. The package includes four bills that passed the

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Speaker 3: House over the weekend with bipartisan votes. The Senate vote

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Speaker 3: was seventy nine to eighteen. It does include the divest

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Speaker 3: bill for TikTok, now not included as the border package

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Speaker 3: that Republicans have demanded for months. Senator Lindsey Graham says

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Speaker 3: this one had to go.

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Speaker 2: In fact, we did not get provisions for our border,

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Speaker 2: in my view, doesn't mean we can't deal with the

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Speaker 2: other problems the world faces we actually have.

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Speaker 3: To President Biden, in a statement shortly after the vote,

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Speaker 3: said he planned to sign the legislation on Wednesday. Quote

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Speaker 3: as soon as it reaches my desk in Washington. Steve Podisk,

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Speaker 3: Bloomberg Radio.

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Speaker 1: All right, Steve, thank you now to the latest on

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Speaker 1: the race for president fresh polling just crossing the Bloomberg terminal,

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Speaker 1: Swing state voters are simply not convinced that the economy

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Speaker 1: is improving under President Biden. Bloomberg's Amy Morris brings us

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Speaker 1: the results of the latest Bloomberg News Morning Console poll.

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Speaker 4: The Real Clear Politics average of national polls shows Trump

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Speaker 4: and Biden and a virtual tie in the popular vote,

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Speaker 4: but across seven battleground states. In the Bloomberg News Morning

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Speaker 4: Console poll, Trump holds a six point lead. A majority

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Speaker 4: of poll respondents see the economy worsening by the end

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Speaker 4: of the year, and despite a resilient job market, only

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Speaker 4: twenty three percent said the employment rate would improve by

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Speaker 4: year's end. More than three quarters of poll respondents say

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Speaker 4: the president is responsible for the current performance of the economy.

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Speaker 4: The Biden campaign is counting on social issues, especially abortion,

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Speaker 4: to help energize Democrats, and for the first time in

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Speaker 4: the tracking poll, more than half of swing state voters

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Speaker 4: say abortion is very important to their vote in Washington.

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Speaker 4: Amy Moore as Bloomberg Radio.

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Speaker 2: All right, Amy, thank you now to the latest on

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Speaker 2: the criminal Hushmuney trial of Donald Trump. There will be

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Speaker 2: no testimony today. Yesterday a tabloid publisher testified that he

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Speaker 2: pledged to be the former president's eyes and ears during

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Speaker 2: his twenty sixteen campaign. Details on that from Bloomberg Lah

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Speaker 2: host June Grosso in New York.

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Speaker 5: The trial started with some heated arguments on Tuesday over

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Speaker 5: whether Trump had violated the gag order preventing him from

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Speaker 5: disparaging witnesses in the case. The judge called the defense

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Speaker 5: attorney's arguments that it was political speech silly. Then David Pecker,

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Speaker 5: the former publisher of The National Inquirer, retook the witness

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Speaker 5: stand to testify about how he killed stories about Trump's

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Speaker 5: extramarital affairs to boost his twenty sixteen presidential campaign. Pecker

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Speaker 5: will be back on the witness stand tomorrow in New York.

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Speaker 5: June Grosso, Bloomberg Radio, all.

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Speaker 1: Right, thank you well. Turning to the markets now, we

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Speaker 1: are in the middle of a barrage of high tech

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Speaker 1: earnings and shares of Tesla surging ten percent this morning.

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Speaker 1: The ev maker is accelerating the launch of less expensive

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Speaker 1: cars and a bid to revive sagging to med The

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Speaker 1: news overshadowed a big shortfall in Tesla's first quarter earning

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Speaker 1: sales and margins CEO Elon Musk said, Tesla wants to

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Speaker 1: start production of new cheaper models this year.

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Speaker 6: We've updated our future vehicle lineup to accelerate the launch

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Speaker 6: of new models. Head of previously mentioned start production in

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Speaker 6: the second half of twenty twenty five, so we expect

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Speaker 6: it to be more like the early twenty twenty five, if.

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Speaker 7: Not late this year.

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Speaker 6: These new vehicles, including more affordable models, will use aspects

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Speaker 6: of the next generation platform as well as aspects of

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Speaker 6: our current platforms, and we'll be able to produce on

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Speaker 6: the same manufacturing lenes as our current vehicle lineup.

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Speaker 1: And Tesla CEO Elon Musk on the company's conference called

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Speaker 1: Tesla's automotive gross margin, a key measure of profitability, was

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Speaker 1: sixteen point four percent in the first quarter. That's smaller

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Speaker 1: and then expected, and far from the thirty percent peak

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Speaker 1: margin abraorted at the start of twenty twenty two.

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Speaker 2: We're also watching shares of Texas Instruments this morning, Karen.

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Speaker 2: They are on the rise by more than seven percent.

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Speaker 2: The chip maker delivered a bullish revenue forecast for the

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Speaker 2: current quarter. More on that from Bloomberg's John Tucker.

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Speaker 8: There are signs of a comeback Texas Instruments indicates that

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Speaker 8: a slump in demand for industrial and automotive components may

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Speaker 8: be easing. The company says sales will be as much

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Speaker 8: as three point nine five billion dollars. Customers have begun

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Speaker 8: to resume ordering chips after working through stockpiles of components,

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Speaker 8: and that's a good sign for the broader industry. Texas

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Speaker 8: Instruments has the broadest customer base among chip makers. It

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Speaker 8: serves as a bell weather for confidence in the economy.

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Speaker 8: John Tucker, Bloomberg.

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Speaker 1: Radio, All right, John, thank you. Another company trending higher

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Speaker 1: this morning, Visa Shares a Visa more than two and

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Speaker 1: a half percent. The company reported a quarterly profit that

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Speaker 1: beat Wall Street predictions as US credit card spending climbed.

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Speaker 2: And Karen the earnings continue Today. Forty companies in the

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Speaker 2: S and P five hundred war report, and heading today's

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Speaker 2: list is meta platforms. We get a preview from Bloomberg's

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Speaker 2: Tom Busby For investors.

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Speaker 9: The big focus for the owner of Facebook, Instagram, WhatsApp,

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Speaker 9: the Metaverse, and more is whether digital advertising revenue was

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Speaker 9: strong enough to offset spending on its generative AI technology. Also,

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Speaker 9: growth in Facebook's active daily users forecast to be two

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Speaker 9: point eleven billion. Consensus calls for revenue of thirty six

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Speaker 9: point twelve billion dollars, almost all of that on advertising,

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Speaker 9: and adjustin earnings per share of four dollars thirty cents.

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Speaker 9: Tom buzzby Bloomberg Radio.

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Speaker 1: All right, Tom, Thanks. Turning to the economy now, JP Morgan,

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Speaker 1: Chase share and CEO Jamie Diamond is speaking out about

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Speaker 1: the economy, and Diamond says he's on the conscious side

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Speaker 1: when it comes to whether there will be a soft landing.

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Speaker 10: Even we've go over session and consumers in good shape,

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Speaker 10: but that doesn't mean you can fight off the effects

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Speaker 10: of stagflaci or something like that if it gets much worse.

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Speaker 10: And so I worry that it looks more like to

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Speaker 10: set these than we've seen before. If you go back

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Speaker 10: to the seve these deficits were half with the art

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Speaker 10: today the debt to GDP was thirty five percent, not

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Speaker 10: one hundred percent. And so part of the reason I

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Speaker 10: think we've had the strong growth is the fiscal spending.

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Speaker 1: And JP Morgan and Jamie Diamond at the Economic Club

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Speaker 1: in New York. He addited that the US economy was

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Speaker 1: unbelievable and had been booming for.

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Speaker 2: A while, and we're hearing from another banking boss this morning,

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Speaker 2: Karen Overseas UBS chairman Colem Kelleher says the Swiss government's

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Speaker 2: proposal to require the bank to hold substantially more capital

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Speaker 2: is the quote wrong remedy to the failings that brought

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Speaker 2: down Credit Sweee more than a year ago. Kelleker spoke

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Speaker 2: at the bank's annual general meeting in Basel, Switzerland.

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

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

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Speaker 1: the world. We're joined by Bloomberg's Michael Barr. Michael, good Morning, Good.

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Speaker 11: Morning, Karen. College demonstrations continue over the Israel Amas war.

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Speaker 11: The president of Columbia University extended a midnight deadline for

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Speaker 11: student protesters at an encampment. Earlier, university President Minot Shafique,

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Speaker 11: citing a hostile environment, called for clearing the encampment occupying

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Speaker 11: the west lawn of the school's Morning Side Heights campus. However,

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Speaker 11: progress has been reported between the university and demonstrators. Columbia

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Speaker 11: offers its students hybrid learning, either in person classes or

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Speaker 11: in remote learning. It also calls for protesters who are

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Speaker 11: not students to be denied entry on the campus. New

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Speaker 11: York Mayor Eric Adams addressed that during his weekly media

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Speaker 11: briefing involving earlier protests when objects were thrown at officers.

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Speaker 12: They are people who come, have nothing to do with

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Speaker 12: the issue and they want to aggravate. Now, if those

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Speaker 12: police officers didn't show a high level of discipline, this

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Speaker 12: could have been an ugly situation.

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Speaker 11: At NYU Plywood. Barricades were put up by officials as

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Speaker 11: demonstrators staged walkout. It comes a day after around one

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Speaker 11: hundred and twenty people were arrested at a pro Palestindian rally. Yesterday.

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Speaker 11: Administrators showed up at Washington Square Park in a peaceful

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Speaker 11: protest against the arrests and NYU's president.

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Speaker 13: The act of.

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Speaker 8: Extreme police brutality and aggression that Linda Mills green lighted

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Speaker 8: last night is furthers our movement strengthens.

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Speaker 11: US audio courtesy of ABC seven. Pennsylvania's Tuesday primary is

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Speaker 11: in the books. Democratic Senator Bob Casey and Republican challenger

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Speaker 11: David McCormick will face each other in the state's high

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Speaker 11: stakes US Senate contest this fall. Casey and McCormick a

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Speaker 11: former Hedge Fund ceo, won their respective party primary contests

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Speaker 11: after they were uncontested. Meanwhile, Congresswoman Summer Lee will be

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Speaker 11: on the ballot in November. The Pennsylvania Democrat be Backer

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Speaker 11: primary opponent Bavini Patel sixty one percent thirty nine percent.

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Speaker 11: Patel campaign by linking Lee to the congressional squad that

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Speaker 11: includes progressive Congresswoman Alexandria Ocassio Cortes, which Lee did not deny,

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Speaker 11: we are paving victory victory over dark money in politics

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Speaker 11: for Kane, our victory over the vice of politics. Lee,

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Speaker 11: who gave her victory speech in downtown Pittsburgh, were run

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Speaker 11: against Republican James Hayes, who ran uncontested. Global News twenty

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Speaker 11: four hours a day and whenever you want it with

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Speaker 11: the Bloomberg News Now, Michael Barr, This is Bloomberg Karen.

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Speaker 1: Time now for the Bloomberg Scores update with John stash Hour.

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Speaker 14: John, Good morning, Good morning, Karen. Madison Square Garden just

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Speaker 14: hosted four straight nights of playoff games, shades of thirty

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Speaker 14: years ago when both MSG teams reached the finals. The

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Speaker 14: next one, then the Rangers, then the next. Last night,

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Speaker 14: it was the Rangers Durn. They trailed to Washington early,

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Speaker 14: but in the second period, led by a goal, the

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Speaker 14: Capitals were on the power play.

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Speaker 11: Savata chat Now takes the puck away.

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Speaker 14: Paul Vetchki Pactor Crider Savata chat for the trailer.

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Speaker 1: Miller shoots the Stars a short headed goal.

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Speaker 3: After Chavata Chat strip Povetchka of the puck.

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Speaker 4: Chantrey Beller capitalized.

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Speaker 14: Wait Chers lead four to two a ninety eight point seven.

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Speaker 14: Rangers held on, beat the Caps four to three, and

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Speaker 14: like the Knicks, they're up to nothing in the series.

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Speaker 14: Also wins in the NHL for Florida, Colorado and Nashville.

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Speaker 14: That last Nick win was helped by that steal in

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Speaker 14: the final minute. NBA looked at the tape admitted Philadelphia's

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Speaker 14: Tyres Maxi was actually fouled twice. No call was made.

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Speaker 14: Nixon Sixers play Game three in Philly tomorrow, first time

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Speaker 14: in these NBA playoffs. Couple of wins by road teams.

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Speaker 14: Indiana got thirty seven points in Pascal Siakam won one

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Speaker 14: twenty five to one to eight at Milwaukee. Dallas got

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Speaker 14: thirty two from Luka. Doncicic beat the Clippers in LA

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Speaker 14: ninety six to ninety three. Minnesota's now up to nothing

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Speaker 14: another home win over Phoenix. The Mets since that sixty

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Speaker 14: and winnings streak had lost three straight outscored twenty to three.

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Speaker 14: Giants won five to one behind Logan Webb. Hear Old

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Speaker 14: eight scoreless innings. He's unscored upon in his last nineteen

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Speaker 14: innings at the stadium. Yankee scored four times in the

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Speaker 14: first inning Anthony Rizzo at two on Homer. That was enough.

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Speaker 14: They beat Oakland four to three. Red Sox lost in

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Speaker 14: Cleveland four to one. The Guardians are major League best

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Speaker 14: seventeen and six. The Astros, who've reached the LCS the

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Speaker 14: last seven years are seven and seventeen. Lost of the

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Speaker 14: Cubs seven to two. Mike talkmin to Homers for Chicago show.

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Speaker 14: Heyo Tanni Homer. In Washington, it went four hundred and

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Speaker 14: fifty feet Dodgers one, four to one. John Stash Atw're

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Speaker 14: Bloomberg Sports.

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Speaker 1: Nathan tim all Right, John, thank you.

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Speaker 15: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 15: and around the world on Bloomberg dot Com and the

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Speaker 15: Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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Speaker 2: I'm Nathan Hager, and we are out now with the

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Speaker 2: latest swing state poll results from Bloomberg News and Morning

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Speaker 2: Consult on the seven battlegrounds they could decide the November

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Speaker 2: election between President Biden and former President Donald Trump. It

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Speaker 2: should suggests that any post State of the Union bounce

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Speaker 2: that the president may have enjoyed last month is all

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Speaker 2: but gone. Now for more, we are joined by the

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Speaker 2: national politics reporter who wrote the story on this month survey,

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Speaker 2: Bloomberg's Gregory Cordy. Greg Greek, Good morning, So we're back

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Speaker 2: to where we started for President Biden. Is that what

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Speaker 2: we're finding in this poll?

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Speaker 7: Good morning, And yeah, I think that's pretty much where

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Speaker 7: we are. President Biden is certainly no worse off than

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Speaker 7: he was back in January February when he trailed foreign

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Speaker 7: President Trump by about you know, six percent. Presigning points

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Speaker 7: are so across these seven swing states that we're monitoring.

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Speaker 7: But and as you say, he got a little bit

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Speaker 7: of a bounce after saying that the Union address. People were

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Speaker 7: feeling a little bit better about the economy last month.

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Speaker 7: But we've had a couple of pieces of bad economic news,

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Speaker 7: particularly around inflation, and we've seen that the president's numbers

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Speaker 7: tend to move and lockstep with how people are feeling

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Speaker 7: about the economy, and this is a pretty pessimistic electorate

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Speaker 7: when it comes to the economy, and so we're seeing

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Speaker 7: Biden falling back to that same place that he was

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Speaker 7: a couple of months ago in trailing President Trump. In

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Speaker 7: most of these states.

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Speaker 2: As we found in polls in the past, the economy

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Speaker 2: has been the overriding issue, though we have seen immigration

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Speaker 2: bump up as well. What other issues are voters thinking

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Speaker 2: about as far as we've found.

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Speaker 7: Yeah, one thing that we saw in this lease this

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Speaker 7: month's pole is abortion getting a little bit more attention.

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Speaker 7: Of course, when we were in the field with this

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Speaker 7: pole this month, we had that Arizona Supreme Court decision

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Speaker 7: that reverted back to the pre Row versus Wade law

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Speaker 7: that was in effect beginning in eighteen sixty four that

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Speaker 7: prohibited pretty much all abortions in the state, regardless of circumstances.

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Speaker 7: And that resonated particularly in Arizona, of course, which is

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Speaker 7: a swing state in and of itself, but really across

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Speaker 7: the country, it's a mobilizing issue for Democrats, but it

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Speaker 7: remains to be seen whether it's something that can really

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Speaker 7: move the needle in persuading independence, where the economy is

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Speaker 7: still the number one issue.

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Speaker 2: Now, I suppose it's probably a little too soon to

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Speaker 2: tell whether abortion has a trajectory to over take some

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Speaker 2: of those other issues, since it's about the first time

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Speaker 2: we've asked about this. But when it comes to third

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Speaker 2: parties like Robert F. Kennedy Junior, what are we seeing

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Speaker 2: when it comes to where he could potentially draw support from.

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Speaker 7: Yeah, that's been a quite persistent question throughout this cycle,

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Speaker 7: is can third party candidates really make a difference here?

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Speaker 7: And we continue to really kind of scrutinize the evidence,

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Speaker 7: to go deep into the cross tabs to figure out

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Speaker 7: whether he hurts Biden more or Trump more, and it's

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Speaker 7: still kind of hard to say, although the feeling generally

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Speaker 7: is that Democrats are more worried, and that's partly because

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Speaker 7: even though RSK has some appeal on the Republican side,

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Speaker 7: Trump's supporters are pretty loyal to Trump, and even though

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Speaker 7: they like R. Fk Junior, they will stick with him. Kennedy,

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Speaker 7: of course, comes from a very powerful Democratic family, has

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Speaker 7: that name going for him, and has a lot of

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Speaker 7: appeal to Democrats and of course, Biden supporters aren't quite

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Speaker 7: as loyal, are looking for alternatives, and Kennedy could be won.

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Speaker 1: Now.

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Speaker 2: Of course, we've seen the president throughout this campaign of

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Speaker 2: campaigning on the legislative initiatives that he's managed to get through.

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Speaker 2: It hasn't really seemed to help him much in terms

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Speaker 2: of getting voters out. But we did see a major

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Speaker 2: initiative finally pass after a six month impass on Capitol Hill,

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Speaker 2: in the form of billions of dollars in foreign aid

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Speaker 2: and a potential forced sale of TikTok. Is there any

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Speaker 2: indication from the polling that we're seeing, Gregory, on whether

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Speaker 2: these sort of legislative victories are have a chance of

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Speaker 2: cutting through for the president.

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Speaker 7: We'll have to see whether this foreign aid package will

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Speaker 7: break through the noise of this election cycle. But as

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Speaker 7: you suggest, when we have pulled on specific items of legislation,

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Speaker 7: the President's got accomplished things like infrastructure, the Inflation Reduction Act,

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Speaker 7: the Chips Act to build more semiconductors and increase manufacturing

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Speaker 7: in the US. None of us particularly resonate with voters,

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Speaker 7: don't not a whole lot of awareness. Now, of course,

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Speaker 7: this is what the President's campaign is going to be

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Speaker 7: doing over the next six months, is to remind people

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Speaker 7: of these accomplishments, to tell him what he's done on

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Speaker 7: the economy, to give it time for those to take effect.

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Speaker 7: You know, the foreign aid vote, there are some splits

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Speaker 7: in the electorate of whether even people want to pay

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Speaker 7: for it. One of the things we saw in this

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Speaker 7: poll was that support for Ukraine remains pretty strong, but

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Speaker 7: we saw a ten point decrease in support for aid

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Speaker 7: to Israel. This time. People are tiring of the Israel

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Speaker 7: Gaza war. They wanted to end, they want to cease fire,

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Speaker 7: and so President Biden still has some difficulties naying aapigate

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Speaker 7: on the Foreign afairs mount this.

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Speaker 2: Gregory, thanks so much for being with us. S Bloomberg

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Speaker 2: National Politics reporter Gregory Cordy. We want to get more

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Speaker 2: now on the earning story of the morning from Tesla.

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Speaker 2: The electric vehicle maker did come in well short of

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Speaker 2: Wall Street estimates on earnings, sales and margins, but CEO

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Speaker 2: Elon Musk's promise of a faster shift to lower priced

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Speaker 2: cars seems to be giving investors quite a bit of assurance.

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Speaker 2: And for more we are joined by Bloomberg News Global

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Speaker 2: Cars are Craig Trudell. Craig, good morning. So this promise

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Speaker 2: to speed up the timeline for newer models as soon

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Speaker 2: as this year. This is something that a lot of

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Speaker 2: investors had been concerned about when it comes to the

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Speaker 2: staleness of the current Tesla lineup.

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Speaker 13: Yeah, that's exactly right. I think, you know, the market

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Speaker 13: got really excited about this prospect of a twenty five

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Speaker 13: thousand dollars Tesla that you know, the company talked about

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Speaker 13: maybe being ready in the second half of next year,

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Speaker 13: late twenty twenty five. Somewhere around there. There was all

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Speaker 13: sorts of doubts about whether or not that plan was

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Speaker 13: something that Tesla was going to stick to, you know,

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Speaker 13: even last night with with all of this sort of

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Speaker 13: reassurance that came out of that call, I think, you know,

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Speaker 13: it very much appears to be the case that that

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Speaker 13: plan is no longer you know what Tesla is going

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Speaker 13: to do. And if you'll allow me to just brag

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Speaker 13: about our coverage a little bit, I mean, the big

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Speaker 13: take early this week, I mean, we reported precisely what

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Speaker 13: Musk said last night, this idea that you know, what

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Speaker 13: they're going to do is take some of the work

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Speaker 13: that they were doing on this next generation vehicle and

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Speaker 13: apply it to their existing lineup. I don't think that he,

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Speaker 13: you know, went so far as to say that we're

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Speaker 13: going to make the model why cheaper, because if he

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Speaker 13: does that, you know it you know, gives people reason

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Speaker 13: to wait instead of buying now. But he gave every

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Speaker 13: indication that that's precisely what they're going to do. As

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Speaker 13: we reported earlier this.

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Speaker 2: Week, that's kind of the trajectory they're on in some respect, right,

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Speaker 2: I mean, Elon Musk has been slashing prices left and

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Speaker 2: right on the existing models. Does it matter that he

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Speaker 2: wasn't necessarily specific on whether this low cost idea is

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Speaker 2: going to be the model to or lower priced versions

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Speaker 2: of the existing lineup.

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Speaker 13: It doesn't look like it'll matter for the day. I

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Speaker 13: do wonder whether or not, you know, it will matter

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Speaker 13: eventually because as you mentioned off the top, I mean,

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Speaker 13: the earnings performance of this company really has deteriorated, and

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Speaker 13: you know, revenue and earnings coming short of estimates. Also,

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Speaker 13: I would just mention, I mean more than two point

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Speaker 13: five billion dollars in negative free cash flow. That's the

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Speaker 13: worst free cash flow reading that this company has had

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Speaker 13: in its history. This is absolutely a company caught in

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Speaker 13: a bind of you know, lower growth and actually in

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Speaker 13: the first quarter you know, a decline in vehicle sales,

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Speaker 13: and so they need to find a solution to this,

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Speaker 13: you know, this spiral that they've been on of laid

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Speaker 13: of cutting cutting, cutting price, and you know, not getting

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Speaker 13: vehicle sales growth out of it. And there is a

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Speaker 13: sort of open question as whether or not, you know,

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Speaker 13: this approach of you know, getting cheaper vehicles to market faster,

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Speaker 13: but seemingly doing so with the same lineup is going

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Speaker 13: to be you know, the way, the right way forward,

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Speaker 13: and whether or not this will work out as planned.

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