WEBVTT - Bloomberg Daybreak: August 31, 2022 - Hour 2 (Radio) 0:00:01.960 --> 0:00:05.360 Markets, headlines and breaking news twenty four hours a day 0:00:05.480 --> 0:00:09.040 at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg 0:00:09.119 --> 0:00:18.239 Quick Take. This is a Bloomberg Business blash and I'm 0:00:18.320 --> 0:00:21.320 Karen Moscow and stocks are headed for a monthly drop 0:00:21.360 --> 0:00:25.320 and concerns that restrictive monetary policy to tackle inflation will 0:00:25.360 --> 0:00:29.080 harm the global economy. US DOCK Index futures they've been 0:00:29.120 --> 0:00:31.920 fluctuating this morning. We checked the markets every fifteen minutes 0:00:31.920 --> 0:00:34.320 throughout the trading day on Bloomberg and right now usn't 0:00:34.320 --> 0:00:37.680 P futures they're up about four points down. Futures are 0:00:37.720 --> 0:00:41.159 little change. NASDAG futures are higher by fifty seven. The 0:00:41.240 --> 0:00:43.720 decks in Germany is down six tenths of upper cent 0:00:43.760 --> 0:00:46.040 ten year treasury down twelve thirty seconds. You know, three 0:00:46.040 --> 0:00:48.600 point one four percent yield on the two year three 0:00:48.600 --> 0:00:51.480 point four eight percent. Nine x Scrude oil is down 0:00:51.479 --> 0:00:54.120 three point four percent on three dollars thirteen cents at 0:00:54.160 --> 0:00:57.000 eighty eight dollars fifty one cents of barrel. Comic schoold 0:00:57.080 --> 0:00:58.960 is down about eight tens of upper cent or thirteen 0:00:58.960 --> 0:01:02.480 dollars thirty cents is seventy three announced the euro is 0:01:02.520 --> 0:01:06.000 at against the dollar. British found one point one six 0:01:06.080 --> 0:01:08.520 to five and the one thirty eight point eight three 0:01:08.920 --> 0:01:11.200 bitcoin this morning of one and a half percent a 0:01:11.280 --> 0:01:14.560 twenty thousand, two hundred eighty dollars and as a Bloomberg 0:01:14.560 --> 0:01:17.080 Business flash. Now here's Michael Barr with more on what's 0:01:17.080 --> 0:01:19.880 going on around the world. Michael Karen, thank you very much. 0:01:19.920 --> 0:01:23.000 The Department of Justice says White House records held in 0:01:23.040 --> 0:01:26.160 a storage room at Donald Trump's Florida home may have 0:01:26.319 --> 0:01:29.600 been concealed or removed before an FBI June search for 0:01:29.680 --> 0:01:33.240 plassified documents. The d O jays the JAS possible attempts 0:01:33.280 --> 0:01:38.039 to obstruct the investigation. Former Soviet president Michaal Goberchoff died 0:01:38.080 --> 0:01:41.800 at a Moscow hospital under gorbach Off, the Berlin Wall crumbled. 0:01:42.120 --> 0:01:46.039 Michael Garbachoff was ninety one. In tennis, Serena Williams hits 0:01:46.080 --> 0:01:48.840 the court tonight for her second round in the US Open. 0:01:49.240 --> 0:01:52.240 In baseball, the Yankees beat the Angels seven four. Errand 0:01:52.320 --> 0:01:54.960 Judge hit his fifty first homer. The MAT's lost to 0:01:55.000 --> 0:01:58.520 the Dodgers for three. The A's beat the Nationals ten six. 0:01:58.760 --> 0:02:03.080 The rat Sox Orioles and giants lost Global news twenty 0:02:03.160 --> 0:02:06.080 four hours a day on air and on Bloomberg Quick Take, 0:02:06.360 --> 0:02:09.200 powered by more than twenty seven hundred journalist and analysts 0:02:09.280 --> 0:02:12.560 more than twenty countries. I'm Michael barn This is Bloomberg. 0:02:12.639 --> 0:02:14.880 Nathan alright, Michael, thank you at his sixth nineteen on 0:02:14.919 --> 0:02:18.160 Wall Street Live from the Bloomberg Interactive Broker Studios. This 0:02:18.360 --> 0:02:22.320 is Bloomberg Daybreak, and Tom Porcelli joins us now chief 0:02:22.400 --> 0:02:26.440 US Economist at RBC Capital Markets. As we march closer 0:02:26.480 --> 0:02:30.280 to an August payrolls report and the December September decision 0:02:30.639 --> 0:02:33.840 from the Federal Open Markets Committee, Tom, good morning. We 0:02:33.919 --> 0:02:37.440 have all these signs, some signs at least that inflation 0:02:37.600 --> 0:02:40.360 is easing a bit. At the same time, we have 0:02:40.560 --> 0:02:44.960 further signs of a continued tight labor market. What's the 0:02:45.040 --> 0:02:48.240 challenge for the Fed? Well, good morning, Good to be 0:02:48.280 --> 0:02:51.000 with you as always. Look, I think that for for 0:02:51.040 --> 0:02:53.960 the Fed, I I think it's not um, it's not 0:02:54.040 --> 0:02:57.240 having the blinders on, right. I mean, you know, let's 0:02:57.280 --> 0:03:01.520 be honest, they had them on last year. Um they um, 0:03:01.639 --> 0:03:06.120 they really only focused on labor at the expense of inflation. Um, 0:03:07.080 --> 0:03:09.400 I hope that you know it's not This is not 0:03:09.800 --> 0:03:12.560 a replay of of last year, where this year there 0:03:12.560 --> 0:03:15.680 would be more focused on um inflation at the expense 0:03:15.720 --> 0:03:17.520 of of labor. I mean, one of the great things 0:03:17.560 --> 0:03:19.560 about the FED is that they actually do have a 0:03:19.600 --> 0:03:21.760 dual mandate, right. I mean, it's sort of a unique 0:03:21.800 --> 0:03:25.000 thing in in among central banks. And I think that 0:03:25.080 --> 0:03:28.920 really gives them so much latitude. And make no mistake, 0:03:29.200 --> 0:03:31.520 I mean, right now, it is supposed to be about inflation. 0:03:31.560 --> 0:03:35.040 I think Pale actually did a great job, um during 0:03:35.840 --> 0:03:40.200 his his Jackson Hole uh speech, where you know, he 0:03:40.280 --> 0:03:42.720 said all the right things. Right, he's supposed to say, 0:03:43.280 --> 0:03:45.880 it's all about inflation right now that you know, we're 0:03:45.880 --> 0:03:49.120 going to keep at it until inflation starts to improve, 0:03:49.160 --> 0:03:51.240 and etcetera, etcetera. He was he was supposed to say 0:03:51.240 --> 0:03:54.080 all those things. In fact, I think for people waiting 0:03:54.080 --> 0:03:57.120 for him to say something different than that, Um, you know, 0:03:57.360 --> 0:03:58.880 he's gonna be the last one to say it, right, 0:03:58.880 --> 0:04:00.680 He's gonna say it when it's app is to everyone. 0:04:01.080 --> 0:04:04.040 Um and and and I'm sympathetic to that. Um. But 0:04:04.480 --> 0:04:07.280 having said all of that, you know, we have the 0:04:07.320 --> 0:04:10.640 luxury right as economist and analyst and strategists, of of 0:04:10.720 --> 0:04:12.440 being able to sort of look a little further out 0:04:12.560 --> 0:04:15.400 and say, hey, look, we think that inflation is probably 0:04:15.400 --> 0:04:17.800 going to slow down. UM. We think labor backdrop is 0:04:17.839 --> 0:04:20.320 going to slow down. Um. And as a result, you know, 0:04:20.360 --> 0:04:23.159 we don't see this hiking cycle going on from meaningfully, 0:04:23.200 --> 0:04:25.920 meaningfully longer. He can't say that, So I think everyone 0:04:25.960 --> 0:04:29.120 should just sort of set up their expectations correctly around 0:04:29.520 --> 0:04:31.240 what he, you know, sort of will and will not 0:04:31.360 --> 0:04:35.159 say um. And what he will continue to say is that, um, 0:04:35.200 --> 0:04:36.560 there's a lot of a lot of work to do. 0:04:37.080 --> 0:04:39.039 Given what he has said, what does that mean that 0:04:39.080 --> 0:04:41.320 the Fed is going to do when they come down 0:04:41.320 --> 0:04:43.520 to that decision in September? Is it too soon to 0:04:43.560 --> 0:04:45.120 call it? Given all the rest of the data the 0:04:45.160 --> 0:04:48.760 needs to come down between that and now, nothing is 0:04:48.800 --> 0:04:52.200 ever too soon to call. So I would say his, Look, Look, 0:04:52.200 --> 0:04:53.880 what I would say is right now, our expectations that 0:04:53.880 --> 0:04:56.000 they're going to do fifty Um, if you get a 0:04:56.000 --> 0:04:59.000 blowout payroll report, if you get a blowout c P I, 0:04:59.080 --> 0:05:01.760 then yes, I think that you know, the the the 0:05:01.800 --> 0:05:04.880 odds or the risk that they do seventy five will certainly, um, 0:05:05.120 --> 0:05:08.000 um grow. But it's it's funny. You know, the FED 0:05:08.440 --> 0:05:11.760 is fond of saying that their data dependent. UM, I 0:05:11.800 --> 0:05:14.640 think that, you know, this might be a very hyper 0:05:16.160 --> 0:05:19.760 attentive data dependency period right right here, right now. I 0:05:19.760 --> 0:05:21.840 think I think two reports are really going to dictate. 0:05:22.880 --> 0:05:24.799 Do you think we're going to get a blowout payrolls 0:05:25.040 --> 0:05:27.080 on Friday? You know, I do. I do think it 0:05:27.080 --> 0:05:28.960 could be a pretty decent one. Actually, Um, I think 0:05:29.000 --> 0:05:31.040 consensus is three hundred on left. I look at my 0:05:31.040 --> 0:05:33.599 Bloomberg screen. Um, you know, we we think you could 0:05:33.600 --> 0:05:36.320 easily have a four handle um on on payrolls. So 0:05:36.640 --> 0:05:38.520 you know, all things are relative to expectations. It would 0:05:38.520 --> 0:05:40.599 obviously be quite a bit slower versus the you know 0:05:40.640 --> 0:05:43.240 four hundred in near thirty thousand jobs that we printed 0:05:43.800 --> 0:05:46.560 last month. Um, but you know, all things are almost 0:05:46.560 --> 0:05:48.960 always relative to expectations. So I think the I think 0:05:49.000 --> 0:05:51.800 the consensus a little light right here. And one about wages. 0:05:51.839 --> 0:05:53.720 I mean that's a big concern for the FED as well, 0:05:53.720 --> 0:05:56.039 whether we could be heading into a wage price spiral 0:05:56.080 --> 0:05:59.279 that feeds into inflation expectations. Yeah, it's a it's a 0:05:59.279 --> 0:06:01.280 totally great question and a fair one. And and so 0:06:01.400 --> 0:06:03.599 what I would say is, look, um, I think that 0:06:03.600 --> 0:06:06.799 there's countless ways of looking at inflation. UM, there's countless 0:06:06.800 --> 0:06:10.680 ways of calculating it, and there's countless literally measures of inflation. 0:06:10.720 --> 0:06:12.839 I think the best measure of inflation right now is 0:06:12.880 --> 0:06:16.320 average weekly earnings is better than average hourly earnings. Right 0:06:16.360 --> 0:06:19.000 average only earnings are an incomplete measure. Average weekly earnings 0:06:19.000 --> 0:06:21.800 include hours UM. And the thing that I think some 0:06:21.800 --> 0:06:25.320 people are missing is that hours are actually slowing um. 0:06:25.480 --> 0:06:28.479 And so average weekly earnings as a result, have have 0:06:28.600 --> 0:06:31.200 also slowed. Uh. And if you look at it on 0:06:31.240 --> 0:06:33.800 a six months annualized basis, which which you know, we 0:06:33.839 --> 0:06:36.240 think is probably the fairest way of of looking at it, 0:06:36.520 --> 0:06:39.680 it's slowed down. UM. So it is slowing, it's moving 0:06:39.720 --> 0:06:42.600 in the right direction. UM. You know, has it slowed enough? 0:06:42.880 --> 0:06:45.839 That's that's for the FED to UM. I guess debate thoroughly, 0:06:45.920 --> 0:06:50.040 but there's no question that that wage wage pressures are slowing. 0:06:50.520 --> 0:06:53.200 Now going to be a really interesting look at where 0:06:53.200 --> 0:06:56.080 the labor market stands now when we get those August 0:06:56.160 --> 0:07:00.080 numbers this Friday. Tom Porcelli, as always great to see 0:07:00.160 --> 0:07:03.760 with you, Tom Porcelli, is chief US economist at RBC 0:07:03.920 --> 0:07:08.000 Capital Markets. Looking ahead to the final market open of August, 0:07:08.360 --> 0:07:13.000 futures are fluctuating still. SMP futures back up a bit, 0:07:13.080 --> 0:07:16.720 now up five points. Dow futures are lower down nine. 0:07:17.160 --> 0:07:20.760 That's little changed actually. Nasdaq futures uh adding on to 0:07:20.880 --> 0:07:23.600 some of their games now they're up sixty nine points. 0:07:23.640 --> 0:07:26.040 That's a gain of more than a half percent of 0:07:26.120 --> 0:07:28.640 the tech heavy NASDAC futures. A ten year treasury right 0:07:28.640 --> 0:07:31.720 now is down eleven thirty seconds. The yield three point 0:07:31.800 --> 0:07:36.680 one four Nimex crude continues to slump down three point 0:07:36.760 --> 0:07:40.120 four percent at eighty eight dollars forty eight cents for 0:07:40.120 --> 0:07:43.840 a barrel of West Texas Intermediate crewde This is Bloomberg 0:07:47.160 --> 0:07:49.800 Bloomberg eleven three oh weather sunshine less hume at mid 0:07:49.840 --> 0:07:53.760 eighties today low eighties to start off September Friday's high 0:07:53.800 --> 0:07:57.040 near eighty degrees with lots of sunshine Right now seventy 0:07:57.080 --> 0:08:03.240 degrees and clear in Central Park. Broadcasting live from the 0:08:03.360 --> 0:08:07.320 Bloomberg Interactive Broker Studio in New York. Bloomberg e Living 0:08:07.400 --> 0:08:12.000 Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one 0:08:12.000 --> 0:08:15.160 O six one to San Francisco, Bloomberg nine sixt to 0:08:15.240 --> 0:08:17.920 the Country, Serious xm jent A one nine Tea and 0:08:18.000 --> 0:08:22.240 around the globe, the Bloomberg Business and Bloomberg Radio dot com. 0:08:22.320 --> 0:08:31.560 This is Bloomberg Daybreak six thirty on Wall Street. Good morning, 0:08:31.560 --> 0:08:35.280 I'm Nathan Hager and I'm Karen Moscow. We are just 0:08:35.320 --> 0:08:37.760 about three hours away from the open of US trading. 0:08:37.760 --> 0:08:39.559 It's time to five things that you need to notice. 0:08:39.559 --> 0:08:43.800 Start your day, Bronti you by Interactive Brokers. Interactive Brokers 0:08:43.880 --> 0:08:46.439 charges margin loan rates from two point three percent to 0:08:46.520 --> 0:08:49.199 three point three percent. Their clients can also earn extra 0:08:49.240 --> 0:08:52.000 income by learning their fully paid shares of stock rates. 0:08:52.040 --> 0:08:55.440 Something to change. Learn more at ibker dot com. Slash compare. 0:08:55.920 --> 0:08:58.320 The first US stocks to begin to session trading at 0:08:58.320 --> 0:09:00.840 a one month low has fed fears for sist Amanda 0:09:00.880 --> 0:09:03.120 and Gotti is chief investment officer at p n C. 0:09:03.320 --> 0:09:06.000 I said management group. To the extent that the Fed 0:09:06.120 --> 0:09:09.079 stays the course here, I think that the market can 0:09:09.320 --> 0:09:12.640 live with it. In air quotes, relative to some of 0:09:12.679 --> 0:09:14.840 the fears that are looming larger out there, I think 0:09:14.960 --> 0:09:17.480 the market is already priced for the path that's the head. 0:09:17.559 --> 0:09:20.520 To the extent that the dot plot changes meaningfully in 0:09:20.559 --> 0:09:23.640 the terminal rate moves higher from where we are, that's 0:09:23.679 --> 0:09:27.360 going to be a challenge for markets. P NCSA Management 0:09:27.400 --> 0:09:30.400 Chief Investment Officer Amanda Gotti says she's not making any 0:09:30.440 --> 0:09:34.360 meaningful changes to her portfolio yet. Yesterday, Karen three regional 0:09:34.400 --> 0:09:37.640 FED chiefs reiterated Chair J. Powell's intention to bring down inflation, 0:09:37.720 --> 0:09:41.440 including Richmond FED President Thomas Barkin. He cautioned that the 0:09:41.480 --> 0:09:44.360 path to cool prices make it bumpy. The pace of 0:09:44.400 --> 0:09:46.559 when we get back to our target, which is two percent, 0:09:46.679 --> 0:09:49.600 is uncertain, but as a result our commitment to bring 0:09:49.640 --> 0:09:53.120 inflation down, which hopefully you welcome, leads to worries about 0:09:53.120 --> 0:09:56.600 a recession. Richmond FED President Thomas Barkin spoke yesterday in 0:09:56.640 --> 0:10:00.680 West Virginia. Well overseas, Nathan, You're area inflation accelerated to 0:10:00.679 --> 0:10:03.240 another all time high nine point one percent from a 0:10:03.320 --> 0:10:06.439 year ago, as a European Central Bank considers a jumbo 0:10:06.559 --> 0:10:09.040 interest rate hike when it meets next week, and in 0:10:09.080 --> 0:10:11.800 the UK, shot price inflation increased a five point one 0:10:11.800 --> 0:10:14.440 percent in August. On Wall Street, Karen Goldman, Sachs and 0:10:14.440 --> 0:10:17.720 Morgan Stanley are removing pandemic hurdles to fully return staff 0:10:17.760 --> 0:10:21.319 to offices. Bloomberg's Charlie Pellett has more on Goldman's aggressive push. 0:10:21.559 --> 0:10:24.800 Beginning next week, employees outside of New York can be 0:10:24.880 --> 0:10:28.600 back in the office regardless of vaccination status, with no 0:10:28.760 --> 0:10:33.319 requirement to participate in regular testing or war face coverings. 0:10:33.360 --> 0:10:36.000 According to a memo sent to staff, the bank diseased 0:10:36.120 --> 0:10:40.400 covid era measures, citing new US Centers for disease control 0:10:40.480 --> 0:10:44.840 guidelines as well as improved treatments and wide availability of testing. 0:10:45.160 --> 0:10:48.199 Goldman says that in New York City, employees with an 0:10:48.200 --> 0:10:52.360 approved medical or religious exemption to the city's vaccine mandate 0:10:52.440 --> 0:10:56.120 ken enter offices with no testing or face coverings in 0:10:56.240 --> 0:10:59.360 New York. Charlie Pellet Bloomberg Day Break, All right, Charlie, thanks, 0:10:59.360 --> 0:11:01.360 and in a political note that justice to Burman said 0:11:01.400 --> 0:11:04.520 the records hounded former President Donald Trump Smorrow Lago home 0:11:04.559 --> 0:11:07.000 appeared to have been moved before the FBI tried to 0:11:07.040 --> 0:11:10.000 get them in June, raising allegations of obstruction of justice. 0:11:10.320 --> 0:11:11.800 That's the five things that you need to know to 0:11:11.840 --> 0:11:18.680 start your day. Brought to you by Interacted brokers. Thank you, 0:11:18.800 --> 0:11:21.480 Karen six thirty three on Wall Street, seventy degrees in 0:11:21.520 --> 0:11:24.120 Central Park. Now seeing forty five minute delays getting through 0:11:24.120 --> 0:11:27.800 the Lincoln Tunnel because the car's broken down inside. More 0:11:27.840 --> 0:11:30.560 coming up in traffic first, Michael bars here. Did you 0:11:30.640 --> 0:11:33.640 feel it? Michael, Oh, Yes, I felt it. I felt 0:11:33.640 --> 0:11:36.720 that traffic jam, and I've felt the two earthquakes as well. 0:11:37.080 --> 0:11:40.360 According to the U S Geological Survey, to hit northern 0:11:40.360 --> 0:11:43.600 New Jersey yesterday, the first to two point three magnitude 0:11:43.600 --> 0:11:48.880 earthquake was just about four pm, six miles northwest of 0:11:49.040 --> 0:11:52.240 Morris Plains at one point seven magnitude. After shock was 0:11:52.280 --> 0:11:56.680 then reported shortly after six thirty pm, also in Morris County. 0:11:57.080 --> 0:12:00.440 Migrants crossing into El Paso have been arriving at welcome 0:12:00.520 --> 0:12:03.880 centers set up by outreach organizations looking to assist the 0:12:03.920 --> 0:12:07.439 homeless population there. Recently, in the state of Texas started 0:12:07.480 --> 0:12:10.840 bussing migrants to places like Chicago and New York City. 0:12:11.200 --> 0:12:14.280 The buses provided an opportunity for the migrants to get 0:12:14.320 --> 0:12:17.480 to where they wanted to go. Now it appears they 0:12:17.520 --> 0:12:21.480 have stopped. John Martin, the deputy director of the Opportunity Center, 0:12:21.520 --> 0:12:24.120 said until now it had been working out well, So 0:12:24.200 --> 0:12:27.040 with a hundred percent confidence, I can tell you this 0:12:27.120 --> 0:12:30.000 is their choice, this is their desire, and this is 0:12:30.040 --> 0:12:33.240 the direction they want to go. Senate Director John Martin 0:12:33.320 --> 0:12:37.360 spoke to ABC affiliate k v I An Calgora Chaw, 0:12:37.480 --> 0:12:40.000 the leader of the Soviet Union, whose attempts to shake 0:12:40.080 --> 0:12:43.400 up as country's political and economic system led to the 0:12:43.440 --> 0:12:46.400 collapse of the communist superpower and the end of the 0:12:46.400 --> 0:12:51.120 Cold War, has died Fordham journalism Professor Beth Noble. I 0:12:51.160 --> 0:12:53.840 think he will be looked back upon as someone who 0:12:53.960 --> 0:12:56.880 ended up doing great things for the world by bringing 0:12:56.880 --> 0:12:59.760 down the USSR, by ending the Cold War, and by 0:12:59.760 --> 0:13:04.040 bring democracy to millions of people in the former Soviet block. 0:13:04.360 --> 0:13:08.400 Professor Beth Noble was also the CBS News Moscow bureau chief. 0:13:08.600 --> 0:13:12.520 Gorbachoff's death followed a severe and prolonged illness. Mihail Gorbachoff 0:13:12.679 --> 0:13:16.040 was ninety one. A team of international nuclear inspectors is 0:13:16.080 --> 0:13:19.320 heading to the Nuclear Power Plan amid fighting in southern 0:13:19.440 --> 0:13:24.560 Ukraine and international concern of a potential accident or radiation leak. 0:13:25.120 --> 0:13:28.920 President Biden outlined is new Safer America program at Wilkes 0:13:28.960 --> 0:13:32.160 University in Pennsylvania, but gun violence on the rise in 0:13:32.200 --> 0:13:35.120 the US. President Biden said, this is the time to 0:13:35.160 --> 0:13:38.040 spend money on local law enforcement. It's based on a 0:13:38.120 --> 0:13:41.760 simple notion when it comes to public safety. To this station, 0:13:41.800 --> 0:13:46.800 the answer is not defund the police. It's fund the police, 0:13:47.760 --> 0:13:50.600 Fund the police. Among the people in attendance or Biden's 0:13:50.600 --> 0:13:53.840 speech were gun safety advocates. Global News twenty four hours 0:13:53.880 --> 0:13:56.360 a day on air and on Bloomberg Quicktake, powered by 0:13:56.400 --> 0:13:58.760 more than twenty seven hundred journalists and analysts more than 0:13:59.200 --> 0:14:02.600 twenty countries. Michael bar this is Bloomberg native. Thank you, 0:14:02.679 --> 0:14:10.040 Michael Allow sixty six on Wall Street, John stash Awris 0:14:10.040 --> 0:14:12.440 got the Bloomberg Sports Update, all right, Nathan. It was 0:14:12.480 --> 0:14:15.760 sixty one years ago that Roger Barris at sixty one 0:14:15.800 --> 0:14:18.280 home runs a hundred thirty games into that season. Marris 0:14:18.320 --> 0:14:21.560 was at fifty one hundred and thirty games into this season. 0:14:21.600 --> 0:14:24.440 Aaron Judge has hit fifty one another one in add 0:14:24.480 --> 0:14:26.600 on three run shot to right field fourth inning. Judges 0:14:26.680 --> 0:14:28.840 come off his longest home run draft of the season 0:14:29.160 --> 0:14:31.480 to hit five in the last eight games. Yankees beat 0:14:31.520 --> 0:14:33.880 the Angels seven to four, as Andrew been attending and 0:14:33.880 --> 0:14:36.600 Anthony Rizzo also homeward over the first two Winn's Jamison 0:14:36.680 --> 0:14:39.440 Dionne took a line drive off his arm, had to 0:14:39.520 --> 0:14:41.720 leave in the third inning X rays where negative the 0:14:41.720 --> 0:14:44.280 bullpen went the rest of the way. Garrett Cole starts 0:14:44.320 --> 0:14:47.400 tonight at City Field. Dodgers scored seventh inning to win 0:14:47.440 --> 0:14:49.800 four to three. That's their ninetieth win of the season. 0:14:50.280 --> 0:14:52.840 So you'll have Jacob de Graham at city Field tonight, 0:14:52.840 --> 0:14:55.880 and then across the boardwalk will be Serena Williams US 0:14:55.960 --> 0:14:59.120 Open record crowd of twenty nine thousand on hand Monday 0:14:59.280 --> 0:15:01.400 to see Surrey then and they may top it. Tonight 0:15:01.440 --> 0:15:03.840 it's her second round match. Let's try to upset the 0:15:03.880 --> 0:15:07.040 second seed in that count divide. Retirement is coming either 0:15:07.080 --> 0:15:09.720 tonight or later the tournament. So Serena was asked about 0:15:09.960 --> 0:15:13.520 future plans. I don't see myself not a part of tennis. 0:15:13.640 --> 0:15:15.280 I don't know how I'm going to be a part 0:15:15.320 --> 0:15:18.040 of tennis um as of right now. I just don't 0:15:18.080 --> 0:15:22.880 know how. But I just feel like we've come too 0:15:22.880 --> 0:15:26.320 far together to just not have anything to do with it. 0:15:26.720 --> 0:15:29.680 Venus Williams hardly plays anymore. She did play yesterday lost. 0:15:29.680 --> 0:15:32.360 The sisters are playing doubles together. They'll play a first 0:15:32.440 --> 0:15:35.480 round match tomorrow. Also losing in the singles, Women's defending 0:15:35.560 --> 0:15:38.840 champ mL Right Akando and two time Open champion Soccer 0:15:38.920 --> 0:15:42.360 was beaten by Daniel Collins. Men's winners included the Spaniards 0:15:42.400 --> 0:15:44.760 seated second and third, Raphael the daw and the nineteen 0:15:44.800 --> 0:15:47.680 year old Carlos outcarage and statue that with Bloembord Sports 0:15:47.720 --> 0:15:50.240 Stephen Okay, John, thank you the six thirty seven on 0:15:50.280 --> 0:15:52.040 Wall Street. Time to take a look at stock some 0:15:52.040 --> 0:15:54.200 of the names moving in the pre market as we 0:15:54.240 --> 0:15:56.840 get ready for the final day of trading in this 0:15:57.480 --> 0:16:00.400 down month of August. We check in live with Bloomberg 0:16:00.520 --> 0:16:04.120 Radio and TV Markets correspondent Create Create been watching the 0:16:04.200 --> 0:16:07.080 future is kind of waiver all morning long, but underneath 0:16:07.120 --> 0:16:11.120 there's some big individual movers this morning. Absolutely let's start 0:16:11.160 --> 0:16:12.880 off with I think the major story that we are 0:16:12.880 --> 0:16:15.240 going to this week, which is the job story pay 0:16:15.360 --> 0:16:17.800 rolls of course coming on Friday of the ADP number 0:16:17.840 --> 0:16:20.960 with a new methodology change talking about jobs and pay 0:16:21.000 --> 0:16:23.160 coming out today and in that you're seeing it on 0:16:23.160 --> 0:16:25.280 the corporate level as well. Snapchat is where I'm going 0:16:25.280 --> 0:16:27.680 with this. S n a P is your taker. They're 0:16:27.680 --> 0:16:32.280 cutting their workforce by twenty percent starting today. This is significant. 0:16:32.280 --> 0:16:35.240 It comes after they have about six hundred and six thousand, 0:16:35.320 --> 0:16:39.920 five hundred employees excuse me, makes about hundred people. S 0:16:40.040 --> 0:16:42.560 n a P Shares down about six percent on that news. 0:16:42.600 --> 0:16:44.640 The idea here being that if big tech companies and 0:16:44.720 --> 0:16:48.360 social media companies like Snap that are extremely exposed to 0:16:48.400 --> 0:16:50.960 the business cycle and the economic cycle, if they are 0:16:51.040 --> 0:16:54.560 bracing for a pretty deep downturn to the point that 0:16:54.600 --> 0:16:57.520 they do have to cut their workforce by then what 0:16:57.600 --> 0:16:59.320 does that say about the rest of the economy and 0:16:59.400 --> 0:17:02.040 that company specifically. Remember, a lot of these social media 0:17:02.080 --> 0:17:05.879 companies UM are very reliant on business investment, and a 0:17:05.880 --> 0:17:09.240 lot of these job losses or job cuts are actually 0:17:09.240 --> 0:17:11.879 happening in the part of the business that works on 0:17:12.000 --> 0:17:15.560 kind of small niche application software of their company. So 0:17:15.600 --> 0:17:17.480 that's something you really want to keep an eye on, Nathan. 0:17:17.480 --> 0:17:20.240 And in line with that same thought thinking process is 0:17:20.359 --> 0:17:22.880 HP as well. UM we talk. I like to talk 0:17:22.920 --> 0:17:25.359 a lot about recession stories and talk about consumer spending 0:17:25.400 --> 0:17:27.399 there I like to look at it from a business 0:17:27.440 --> 0:17:29.840 investment point of view. Once again, when the big corporate 0:17:29.840 --> 0:17:33.600 players start to cut back, that's when you should be concerned. HP, 0:17:33.720 --> 0:17:36.200 for example, really falls under that category. Uh, And I 0:17:36.200 --> 0:17:38.280 should say HP as well as a better way to 0:17:38.280 --> 0:17:40.960 look at that HP enterprises. It's kind of a two Uh. 0:17:41.119 --> 0:17:44.560 The two takers are are listed separately. HP is is 0:17:44.560 --> 0:17:46.680 the taker you want to look at this morning, because 0:17:46.720 --> 0:17:48.879 those shares are down one point one per cent. This 0:17:48.880 --> 0:17:52.679 comes after they're cutting their sales forecast siting lower PC demand. 0:17:52.680 --> 0:17:54.639 Think about it, if you are a major business and 0:17:54.680 --> 0:17:58.960 you are concerned about a recession or concerned about hiring, 0:17:58.960 --> 0:18:01.800 do you really need to start buying more and more PCs, 0:18:01.800 --> 0:18:04.000 buying more and more and more equipment right now? The 0:18:04.040 --> 0:18:06.320 answer is not as much as before. And that of 0:18:06.320 --> 0:18:08.920 course is weighing on the shares. Nathan and finally creating. 0:18:08.960 --> 0:18:11.679 We've been waiting for this regulatory filing from Bedbeth and Beyond. 0:18:11.720 --> 0:18:14.240 It looks like the stock is plummeting now on the 0:18:14.280 --> 0:18:16.480 back of that. It really is. We are, of course 0:18:16.520 --> 0:18:19.240 waiting us still on the details of that strategic update. 0:18:19.240 --> 0:18:21.520 Re Member liquidity is a major story when it comes 0:18:21.520 --> 0:18:23.480 to Bed Bath and Beyond. They did shut a file 0:18:24.080 --> 0:18:27.800 the filings as well, But once again it doesn't look 0:18:27.840 --> 0:18:30.840 like there isn't much changes to that story. We're gonna 0:18:30.880 --> 0:18:33.000 keep you a price of all those developments throughout the day. 0:18:33.080 --> 0:18:36.440 Nathan Alright, Bloomberg Radio and TV Markets correspondent, Creaty Group. 0:18:36.440 --> 0:18:38.960 They will be checking back with her, Yeah, throughout the 0:18:39.040 --> 0:18:42.159 day as we do get set for the final trading 0:18:42.240 --> 0:18:45.399 day of this month. Looking ahead to the market open 0:18:46.200 --> 0:18:49.520 right now, futures are in the green. SMP futures up 0:18:49.600 --> 0:18:53.080 nine points. So are Dow futures NASDAC futures leading the 0:18:53.080 --> 0:18:56.360 gains right now, up eighty seven points. That's a gain 0:18:56.400 --> 0:18:59.359 of seven tenths of one per cent. This is Bloomberg, 0:19:02.160 --> 0:19:04.440 Bloomberg eleven three oh weather. Finally, we're not going to 0:19:04.560 --> 0:19:07.480 see many gains as far as the temperatures go. Get 0:19:07.480 --> 0:19:10.120 ready for very pleasant highs in the load of mid 0:19:10.160 --> 0:19:12.200 eighties as we round out the rest of this week. 0:19:12.320 --> 0:19:20.400 Right now, seventy in Central Park, live from the Bloomberg 0:19:20.440 --> 0:19:23.640 Interactive Berger Studios. This is Bloomberg day Break for Wednesday, 0:19:23.640 --> 0:19:27.920 August one, Coming up this hour. Stocks entered the day 0:19:27.960 --> 0:19:31.200 trading at a one month low. More BEEDE officials hammer 0:19:31.240 --> 0:19:34.840 home the message of bringing down inflation, Goldman and Morgan 0:19:34.960 --> 0:19:38.200 Stanley E's COVID rules so workers can return to the office, 0:19:38.600 --> 0:19:41.800 and new developments involving the search of Donald Trump's Florida home, 0:19:42.240 --> 0:19:45.640 former Soviet leader Michael Grober, Jonathans died, plus the ground 0:19:45.760 --> 0:19:48.520 moved in New Jersey. I'm Michael barn More on the 0:19:48.560 --> 0:19:52.120 earthquake Ahead. I'm John stand In Sports Another errand Judge 0:19:52.200 --> 0:19:55.080 all Ron. The Yankees won the Mets loss Arena. Williams 0:19:55.119 --> 0:20:00.879 plays tonight at the US Open. That's Ols Train ahead 0:20:00.920 --> 0:20:04.520 on Bloomberg Daybreak on Bloomberg eleven three on New York, 0:20:04.680 --> 0:20:09.360 Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, 0:20:09.640 --> 0:20:14.280 Bloomberg nine sixties and Francisco Sirius XAM one nine team 0:20:14.320 --> 0:20:17.240 and around the world on Bloomberg Radio, dot Com and 0:20:17.359 --> 0:20:23.760 via the Bloomberg Business App. Good morning, I'm Nathan Hagar 0:20:24.160 --> 0:20:27.440 and I'm Karen Moscow and US Dock Indise futures are 0:20:27.560 --> 0:20:29.560 lower this morning. We're coming up to six o one 0:20:29.600 --> 0:20:31.520 on Wall Street. I'm gonna check the markets every fifteen 0:20:31.520 --> 0:20:33.920 minutes throughout the trading day on Bloomberg s and P 0:20:34.160 --> 0:20:37.920 Futures down about four points down, futures down sixty two. Nastay, 0:20:38.000 --> 0:20:40.399 futures are higher, they're up about twenty four and the 0:20:40.480 --> 0:20:43.240 tenure treasury down fourteen thirty seconds. You have three point 0:20:43.280 --> 0:20:46.080 one five percent. Nathan, all right, Karen, thank you. But 0:20:46.240 --> 0:20:48.920 the market is beginning this session trading at a one 0:20:49.000 --> 0:20:53.360 month flow as FED fears continue to persist. Three regional 0:20:53.359 --> 0:20:57.000 FED presidents yesterday reiterated Chair J. Powell's intention to bring 0:20:57.000 --> 0:21:00.119 down inflation. Amanda A. Gotti is chief investment office her 0:21:00.160 --> 0:21:03.080 at p n C Asset Management Group. I actually think 0:21:03.119 --> 0:21:07.040 that we're going to start to see more confirmation and 0:21:07.119 --> 0:21:11.119 evidence of inflation rolling over. And while the Fed, you know, 0:21:11.200 --> 0:21:13.440 only has a few data points to go on here 0:21:13.560 --> 0:21:17.199 so far, I think the market has already adjusted on 0:21:17.240 --> 0:21:20.160 the equity side in terms of evaluations, but also on 0:21:20.200 --> 0:21:23.520 the bond market side in terms of you know, futures, 0:21:23.520 --> 0:21:26.720