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Speaker 1: News when you wanted with Bloomberg News Now, I'm any Morris.

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Speaker 1: A pair of decisions from the Supreme Court today. First,

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Speaker 1: the Supreme Court is clearing the way for the Biden

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Speaker 1: administration to contact social media companies when wants to take

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Speaker 1: down posts it sees as misinformation. The six to three

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Speaker 1: decision is tied to government efforts to take down posts

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Speaker 1: about COVID nineteen and the twenty twenty election. Bloomberg Law

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Speaker 1: hosts June Grosso reports the justices decided the two states

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Speaker 1: and five residents who challenged the government lacked legal standing.

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Speaker 2: Justice Amy Coney Barrett, who wrote the majority, said that

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Speaker 2: the Fifth Circuit here was wrong in some of the

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Speaker 2: analysis that it made, and that they couldn't really show

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Speaker 2: that it was the government that injured the plaintiffs at

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Speaker 2: all these different points.

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Speaker 1: Bloomberg's June Grosso. In another six to three decision today,

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Speaker 1: the High Court paired back of federal corruption law, saying

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Speaker 1: state and local officials who accepted gratuities are not covered

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Speaker 1: under the federal statute. The justices concern over prosecutorial overreach

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Speaker 1: could have implications for a number of criminal cases. Over

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Speaker 1: the January sixth, Capitol riot. Now, That case, along with

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Speaker 1: the case to decide whether Donald Trump has presidential immunity

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Speaker 1: over crimes he's accused of committing while in office, is

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Speaker 1: still pending. Turning to the markets, the end fell to

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Speaker 1: the weakest level since nineteen eighty six, fanning speculation that

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Speaker 1: authorities may soon be forced to support the currency once

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Speaker 1: again in a bit to stem the worst sell off

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Speaker 1: in the developed world. And we check markets for you

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Speaker 1: all day long here at Bloomberg, and yeah, the en

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Speaker 1: is now down six tenths of one percent, and the

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Speaker 1: S and P five hundred is down one tenth of

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Speaker 1: a percent. Nasdaq is up a tenth of a percent,

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Speaker 1: and the Dow is down one tenth of a percent.

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Speaker 1: The tenure treasury yield at four point three one percent

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Speaker 1: and the two year yield at four point seventy five percent.

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Speaker 1: Bloomberg opinion columnist and former New York Fed President William

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Speaker 1: Dudley is warning that US deficit issues will likely become

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Speaker 1: worse over time.

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Speaker 3: The situation is bad, and it's probably going to get worse.

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Speaker 3: The Congressional Budget Office assumptions are actually pretty optimistic.

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Speaker 1: They don't have a recession in their forecast over the

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Speaker 1: next ten years.

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Speaker 2: They assume that the tax tests that were enacted in

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Speaker 2: twenty seventeen expire, so that's flatters the deficits, so things

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Speaker 2: are probably going to be even worse.

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Speaker 1: He also sees more economic volatility and uncertainty if Donald

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Speaker 1: Trump wins the election. In November, Dudley spoke on Bloomberg Surveillance.

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Speaker 1: Volkswagen is taking another swing in its long struggle to

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Speaker 1: catch up with Tesla, plowing five billion dollars into a

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Speaker 1: tie up with the US company. Closest would be rival,

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Speaker 1: Rivian Automotive. VW and Rivian are set to jointly develop

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Speaker 1: battery powered vehicles and software, a partnership that will give

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Speaker 1: the German carmaker access to the US company's technology. Bloomberg's

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Speaker 1: Ed Ludlow takes a closer look for Volkswagen.

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Speaker 4: Their efforts in software have been going very badly. The

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Speaker 4: first phone call that I took last night from somebody

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Speaker 4: close to Rivian and Rivian's board was like, look, this

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Speaker 4: is a great deal for Rivian, but it speaks to

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Speaker 4: Rivian's competence in software. What I'm hearing is that Volkswagen

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Speaker 4: just had major issues with carryad to compete with Tessa,

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Speaker 4: they just couldn't do it.

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Speaker 1: Bloomberg's Ed, Ludlow and Rivian shares are now up twenty

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Speaker 1: seven percent. FedEx shares are also on the rise of

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Speaker 1: fifteen percent after it forecast profit above Wall Street's expectations

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Speaker 1: and said it would buy back two and a half

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Speaker 1: billion dollars of stock over the next year. We get

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Speaker 1: more on this with Bloomberg's Abigail do Little.

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Speaker 5: This comes on a number of factors, including that raise

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Speaker 5: of the profit outlook that you were mentioning. They've been

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Speaker 5: cutting costs. They're saying that they will achieve two point

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Speaker 5: two billion dollars worth of cost cuts by the end

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Speaker 5: of this year. They also did beat Essenates for the quarter.

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Speaker 5: That was a modest beat, but nonetheless it does signal

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Speaker 5: a slowdown in the decline for their parcel business, so

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Speaker 5: that is really pretty important.

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Speaker 1: Bloomberg's Abigail do Little. FedEx also hinted at a possible

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Speaker 1: divestiture of its freight business, saying it's assessing the unit's

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Speaker 1: place in the company's portfolio, and new home sales slumped

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Speaker 1: in May. Bloomberg's Bennydale judice with that story.

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Speaker 3: Wall Street had anticipated a game thanks in part the

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Speaker 3: buyer incentives. Nope, what we got was an eleven percent

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Speaker 3: drop and made new home sales the slowest pace in November.

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Speaker 3: That trouble is chronic, the highest mortgage rates in two

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Speaker 3: decades and the median sales price topping four hundred thousand dollars.

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Speaker 3: American families, in many cases are priced out. Last week,

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Speaker 3: the government set housing starts and building permits. Hit for

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Speaker 3: you lows, Anny Girl, Juda's Bloomberg Radio.

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Speaker 1: And that's news when you want it with Bloomberg News Now.

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Speaker 1: I'm Amy Morris.

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Speaker 3: This is Bloomberg