Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday two. Coming up this hour, President Biden
Speaker 1: reacts to another deadly school shooting. We will murd for again.
Speaker 1: We can do so much more. We have to do more.
Speaker 1: Plus candidates backed by Donald Trump loose and win primaries
Speaker 1: in Georgia, and the FED releases minutes from its May
Speaker 1: policy meeting. The n y p D says there has
Speaker 1: been an arrest in a deadly subway shooting. Plus the
Speaker 1: second ship in the baby formula from overseas arrives in
Speaker 1: the US today. I'm Michael Blar More ahead, I'm Scott Sevomberg.
Speaker 1: The Rangers even up their playoff series. The Yankee staff
Speaker 1: they're losing shriek and the Mets lose a wild one
Speaker 1: out West. I'll have that more coming up in sports.
Speaker 1: That's all's training ahead on Bloomberg Daybreak on Bloomberg eleven,
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Sirius XAM one nineteen and around the world Old on
Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: And good morning. I'm Karen Moscow and I'm John Tucker.
Speaker 1: Bloomberg Daybreak being brought to you by Informatica. In the cloud,
Speaker 1: your data has the power to do the extraordinary. Managed
Speaker 1: data across any location of the clown for accurate and
Speaker 1: actionable insights. More at Informatica dot com and US futures
Speaker 1: are little change this morning, five oh one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg Guess and P futures are again
Speaker 1: little change. Down futures down thirty four and nasday futures
Speaker 1: are up eleven. The decks in Germany is up almost
Speaker 1: two tents of a percent. Pen your treasury up to
Speaker 1: thirty seconds your two point seven four percent, John, Karen.
Speaker 1: We're gonna have more on the markets in a minute,
Speaker 1: but first, the latest on the deadliest shooting at a
Speaker 1: US grade school since Sandy Hook Elementary in Connecticut. At
Speaker 1: least nineteen children and two adults were killed by an
Speaker 1: eighteen year old gunman at its Texas elementary school. The
Speaker 1: shooting is drawn emotional and angry reaction from President Biden
Speaker 1: Bloomberg's at Baxter has more Biden tapping into the anguish
Speaker 1: to lose a child. It's like having a piece of
Speaker 1: you soul and pivoting quickly to gun control. As a nation,
Speaker 1: we have to ask when in God's name are we're
Speaker 1: going to stand up to the gun mommy and answers.
Speaker 1: When we passed his sault weapons ban, mass shootings went down.
Speaker 1: When the law expired, mass shootings triple, the President saying
Speaker 1: it's time for Congress to move back. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Day Break, thanks said, in the
Speaker 1: interests of transparency, we should known. Michael Bloomberg, the founder
Speaker 1: majority owner Bloomberguilt, the parents of Bloomberg Radio, is a
Speaker 1: donor to groups that support gun control. John The Texas
Speaker 1: shooting took place just ten days after a gun end
Speaker 1: up in fire at a Buffalo supermarket in a racist attack.
Speaker 1: Anger overflowed among Americans who have long demanded legislation to
Speaker 1: prevent gun violence, and Bloomberg Politics A contributor, Genie she
Speaker 1: and Zano discussed the issue with Bloomberg's Joe Matthew. It's
Speaker 1: never too early to start talking solutions, because this is
Speaker 1: not again an isolated incident. This change of politics good backfire,
Speaker 1: It can backfire, but you know what that should be
Speaker 1: nobody's concern, and particularly this president's. This is going on
Speaker 1: and on. It has to be addressed. The problem is
Speaker 1: can you move anything like this through the US Congress today?
Speaker 1: And sadly, the answer is no. Bloomberg Politics contributor Jeanie
Speaker 1: she han Zano speaking with Joe Matthew on Bloomberg Sound On.
Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio.
Speaker 1: And another major story we're following this morning to keep
Speaker 1: primary races across the country well, starting to Georgia, where
Speaker 1: Candida is backed by President Donald Trump, had both won
Speaker 1: and lost. Amy Morris has details from our Bloomberg News
Speaker 1: room in Washington. Georgia Governor Brian Camp and Secretary of
Speaker 1: State Brad Ravensburger, both targets of former President Donald Trump,
Speaker 1: both won their primaries. Camp beat David Purdue with seventy
Speaker 1: three point seven percent of the vote, and we'll face
Speaker 1: off against Democrats Stacy Abrams, who ran unopposed. Ravensburger beat
Speaker 1: Jodie Hives with fifty two point two percent of the vote.
Speaker 1: Former football great Herschel Walker, who was also backed by Trump,
Speaker 1: won the GOP Senate primary with sixty eight point three
Speaker 1: percent of the vote, and he'll face Democrat incumbent Raphael Warnock,
Speaker 1: who won with nearly nineties six percent of the vote.
Speaker 1: Marjorie Taylor Green one her GOP House primary with sixty
Speaker 1: nine point five percent of the vote in Washington. I'm
Speaker 1: Amy Morris, Bloomberg Daybreak, Right, Amy, thank you. Let's continue
Speaker 1: our team coverage of those primary races now with a
Speaker 1: look at some other results, and Bloomberg's Rnedy Young joins
Speaker 1: US Live with more. Good morning, Rinda, Good morning Karen.
Speaker 1: The Republican Senate primary heads into a runoff in Alabama
Speaker 1: with Katie Britt and U S Representative Moe Brooks. Britt
Speaker 1: garnered forty percent of the vote to nine percent for Brooks.
Speaker 1: Former White House Press Secretary Sarah Saunders wins the GOP
Speaker 1: nomination for governor in Arkansas with eighty three percent of
Speaker 1: the vote, and Texas Attorney General Kin pas Exton wins
Speaker 1: the GOP nomination for re election with nearly sixty eight
Speaker 1: percent of the vote. He was up against a member
Speaker 1: of the Bush political Dynasty, beating George P. Bush in
Speaker 1: the contest. Paxton is still under indictment for securities fraud
Speaker 1: and an FBI investigation. Live in New York, I'm gonna
Speaker 1: need a young Bloomberg day break, thanks for the attorney
Speaker 1: to markets US futures Right now, they are mixed following
Speaker 1: the late day rally on Wall Street, which saw the
Speaker 1: Dow close higher as well as the SMP five Paris losses.
Speaker 1: FED policy continues to dominate market moves. Today. We're gonna
Speaker 1: get more clues on how high interest rates may go
Speaker 1: and how fast the FED releases minutes from his policy
Speaker 1: meeting two pm Wall Street time. Let's get a preview
Speaker 1: from Bloombergs Mike McKee and unusually open. FED has all
Speaker 1: but promised two consecutive half percentage point rate increases in
Speaker 1: June and July. What they haven't publicly agreed on is
Speaker 1: what happens after that. That's why investors in analysts will
Speaker 1: be parsing the minutes of their main meeting for clues
Speaker 1: to how far i FED officials think they need to
Speaker 1: go and how quickly something else to look for a
Speaker 1: move away from discussing the concept of a neutral rate
Speaker 1: target in favor of following financial conditions, which have tightened
Speaker 1: significantly the past two months. If that continues, they may
Speaker 1: not have to raise rates as much. Michael McKee, Bloomberg Daybreak,
Speaker 1: All right, Mike, thank you well. The highly anticipated Twitter
Speaker 1: shareholder meeting also takes place today, and we get a
Speaker 1: preview from Bloomberg's Tom Busby. Well, you can expect a
Speaker 1: tumultuous meeting today, and it's all about money. Forty four
Speaker 1: billion dollars. Twitter's board says Elon Musk's forty four billion
Speaker 1: dollar agreement to buy the site is a done deal.
Speaker 1: There's no negotiating on the sale price, and it's urging
Speaker 1: its shareholders to approve the deal. But Musk is balking,
Speaker 1: saying he'll only move forward if the company is transparent
Speaker 1: about all the fake bots and spam accounts on the platform.
Speaker 1: Many think that Musk either has cold feet about the
Speaker 1: agreement or is merely angling for a sharply lower price.
Speaker 1: Tom Busby, Bloomberg Daybreak, Thanks Tom. We maybe just a
Speaker 1: day away from a major deal in Attack, where all
Speaker 1: Bloomberg News has learned that Broadcom is working towards announcement
Speaker 1: of an acquisition of VM where tomorrow the stock and
Speaker 1: cash deal would value the cloud computing company at one
Speaker 1: dollars this year caused much lower than that yesterday, nearly
Speaker 1: one hundred sixteen dollars this year. This is Bloomberg Andy.
Speaker 1: It is now five seven the Odd Wall Street and
Speaker 1: that's time to bringing Michael Barr with more on what
Speaker 1: else is going on to New York and around the world. Joanna,
Speaker 1: thank you very much. Sarah Man, suspected of abruptly pulling
Speaker 1: a gun and killing a stranger on a New York
Speaker 1: City subway train, has been arrested. Police say they don't
Speaker 1: yet know what motivated the apparently unprovoked attack. Andrew Abdulla
Speaker 1: was taken into custody hours after authorities posted his name
Speaker 1: and photo on social media and implored the public to
Speaker 1: help find him. New York Mayor Eric Adams the fact
Speaker 1: is he is the posted child of many people who
Speaker 1: believe they can create violence without any repercussion at all.
Speaker 1: Mayor Adams says the twenty five year old is expected
Speaker 1: to face a murder charge in the death of forty
Speaker 1: eight year old Daniel Enriquez. Enriquez was shot to death
Speaker 1: while heading to brunch Sunday morning. Earlier, Mayor Adams commented
Speaker 1: on a report from the National Oceanic and Atmospheric Administration
Speaker 1: NOAH released their predictions for the Atlantic Hurricane Season Outlook,
Speaker 1: predicting an above normal storm season for a seventh year
Speaker 1: in a row and up to six major hurricanes impacting
Speaker 1: the country. Adam says it's essential for New Yorkers to
Speaker 1: understand their risks and evacuation plans before these kinds of
Speaker 1: weather events drunk coastal storms, hurricanes and floods. UH preparation
Speaker 1: is everything, and today this announcement is allowing all of
Speaker 1: our agencies and New Yorkers to be prepared. Mayor Adams
Speaker 1: reflected on Hurricane Ida, which killed more than a dozen
Speaker 1: New Yorkers last fall. With flash floods, l I, Double
Speaker 1: R and Metro North train ridership is down from pre
Speaker 1: pandemic levels. In the estimated number of passengers average three
Speaker 1: D twenty seven thousand per day for the work week
Speaker 1: ending May. The good news is that ridership is up
Speaker 1: two point from the previous week. First Lady Jill Biden
Speaker 1: and Surgeon General Dr vi Vic Murphy will greet the
Speaker 1: arrival of the second shipment of baby formula through Operation
Speaker 1: Fly Formula FedEx plane traveling from Germany packed with formula
Speaker 1: lands today at Dulles Airport outside Washington. The first shipment
Speaker 1: of specialized formula from Europe arrived Sunday. South Korea says
Speaker 1: it appears North Korea has test launched and intercontinental ballistic missile.
Speaker 1: The South says the North also tested two other missiles.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael bar this Bloomberg. John, Michael, thank you. It's
Speaker 1: now fine s down on Wall Street. That's time for
Speaker 1: the Blueberg Sports Update. You're Scott Sidenberg. Good morning, John.
Speaker 1: The Rangers beat the Hurricanes for once even up their
Speaker 1: playoff series at two games apiece Frank for trying to
Speaker 1: open up the scoring on the power play, Adam Fox
Speaker 1: because a bettage ad and Andrew Copp also scored, while
Speaker 1: Igor Shisterkin made thirty saves. Here was Gerard Glant competed
Speaker 1: heard the first payer was about it the best payod
Speaker 1: of hockey ice statum this year from Bote, not just us.
Speaker 1: It was death back and forth. It was I thought
Speaker 1: it could have been forward to that thought last after
Speaker 1: the first payod goal Davy elsewhere. The Oilers took a
Speaker 1: three one series lead over the Flames with a five
Speaker 1: three win. NBA Playoffs last night, the Mavericks avoid elimination,
Speaker 1: beating the Warriors one nineteen one On nine. Tonight, Eastern
Speaker 1: Conference Finals Game five, the Heat and Celtics tied at
Speaker 1: two games apiece. Pose Trevino with a big knight for
Speaker 1: the Yankees, the solo homer in the third, a game
Speaker 1: time single in the seven, in the walk off winner
Speaker 1: in the bottom of the eleven, as the Yankee snapped
Speaker 1: their season high three game losing streak beating the Orioles
Speaker 1: seven six. The Mets and Giants playing a back and
Speaker 1: forth game last night in San Francisco, the Mets scoring
Speaker 1: ten runs in the seventh, eighth, and ninth innings combined,
Speaker 1: they erase a six run deficit, but would lose in
Speaker 1: the bottom of the ninth and when Daz allowing four hits,
Speaker 1: including the walkoff single to Brandon crawwelve. The final tennis
Speaker 1: at the French Open, Joe Wilfred Sanga's career comes to
Speaker 1: an end. He loses in the first round and retires
Speaker 1: at the age of thirty seven with eighteen career titles. Elsewhere,
Speaker 1: Americans Madison Keys and Jessica Pegoula advanced on the women's side.
Speaker 1: I'm Scott Sedinberg with Bloomberg Sports. John alright, thanks Scott,
Speaker 1: and right now, futures unchanged. The dansdeck features anyway, the
Speaker 1: SMB futures just four points lower right now, and the
Speaker 1: DOWN futures down fifty two points. So the benchmark ten
Speaker 1: year yield in the US two seventy three that is
Speaker 1: found one basis point. You're listening to Bloomberg day Break
Speaker 1: and just ahead on Bloomberg Daybreak, another match shooting, also
Speaker 1: the midterm elections that will be the focus this morning.
Speaker 1: When we speak to Terry Haines of Pangea Policy. That's
Speaker 1: straight ahead markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business and
Speaker 1: at Bloomberg Quick Take. He's a Bloomberg Business lash and
Speaker 1: I'm Karon Moscow. All stocks in Europe are higher. US
Speaker 1: Dock Index futures have turned lower as markets assess the
Speaker 1: outlook for Federal Reserve monetary tightening. The dollar is pushing higher,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On bloomberg S and P futures are down
Speaker 1: eight points now futures down seventy four, nastday futures down
Speaker 1: twenty eight. The decks in Germany is down a tenth
Speaker 1: of our percent. Year treasury at four thirty seconds, he'll
Speaker 1: two point seven three percent. The yield on the two
Speaker 1: year two point four nine percent. Nimex screwed oil is
Speaker 1: up one percent or at a dollar eight a hundred
Speaker 1: ten dollars eighty six cents, and barrel comex gold is
Speaker 1: down half percent or eight dollars seventy cents at eighteen
Speaker 1: sixty two seventy announced. The euro one point six six
Speaker 1: five against the dollar, British found one point to five
Speaker 1: oh seven, the en at one seven point oh six,
Speaker 1: and Bitcoin this morning it's up nine ten percent at
Speaker 1: twenty nine thousand, seven hundred dollars. Today we are watching
Speaker 1: for a report on durable goods orders out a day
Speaker 1: thirty Wall Street time and at two week at the
Speaker 1: minutes from the Federal Reserve's most recent meeting. That's a
Speaker 1: Bloomberg business Flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, good morning, Good morning, Karen.
Speaker 1: An eighteen year old gunman opened fire at a Uvalde,
Speaker 1: Texas elementary school, killing at least nineteen children and two
Speaker 1: adults before he was killed by law enforcement. Later of
Speaker 1: visibly a great President Biden addressed the nation renewing his
Speaker 1: call for the reform of gun laws. We passed his
Speaker 1: swallow upon span mass shootings went down when the law expired.
Speaker 1: Mass shooting Triple president by Georgia Governor Brian Kemp has
Speaker 1: easily beat Donald Trump's handpick challenger and a Republican primary,
Speaker 1: former Senator David Purdue. Kemp got seventy eight percent perdue received.
Speaker 1: Kemp will face Democrats Stacy Abrams in the fall. Georgia
Speaker 1: Secretary of State Brad Rapinsberger has won the Republican primary
Speaker 1: and a bid to keep his job. He defeated three challengers,
Speaker 1: including US Representative Jody Heist, who was endorsed by Trump.
Speaker 1: NHL playoff the Rangers beat the Hurricanes. Baseball, the Yankees
Speaker 1: beat the Orioles. The Mets lost to the Giants Red
Speaker 1: Sox and has won the Nationals lost NBA playoffs. The
Speaker 1: Mavericks stay alive as they beat the Warriors. After the game,
Speaker 1: an emotional Warriors head coach Steve Kerr talked about the
Speaker 1: elementary school shooting in Texas. When are we gonna do something?
Speaker 1: Kerr his father was fatally shot nearly four decades ago.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take power by more than journalists analysts
Speaker 1: in more than twenty countries. On Michael bar This is Bloomberg,
Speaker 1: John Michael five twenty On Well Story. We're live from
Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Another
Speaker 1: mass shooting in the midterm elections the focus for us
Speaker 1: this morning. We're joined now by Terry Hayes, founder of
Speaker 1: Pangia Policy. Terry, always a pleasure, Thanks for being here.
Speaker 1: Republicans as I, as far as I can tell, Terry
Speaker 1: have suffered no electoral consequences for their opposition to even
Speaker 1: modest restrictions on civilian weaponry. Um, what if anything is next?
Speaker 1: Good morning, John, and thanks? Uh what's next? I think, unfortunately,
Speaker 1: is the same kind of mishmash. We've been a political
Speaker 1: mishmash we've been seeing since Dandy Hook. Uh. You know,
Speaker 1: there are this is a classic example of of parties
Speaker 1: where the purest position tends to take over or and
Speaker 1: there's very little room for for common sense, uh, incremental
Speaker 1: improvements in the middle. And there's not a lot of
Speaker 1: leadership in either party. You know, as far back as
Speaker 1: in the aftermath as Andy Hook. Uh, there there was
Speaker 1: an attempt bipartisan attempt by senators to me Republican mansion
Speaker 1: democrat uh on on background checks, to really really tighten
Speaker 1: all that up. And what you ended up with was
Speaker 1: with a sixty vote threshold needed, you ended up with
Speaker 1: a vote where four Republicans crossed the line for a yes,
Speaker 1: five or five Democrats crossed the line on no. And uh,
Speaker 1: you know what's going to have to happen is there's
Speaker 1: going to have to be some leadership. Uh. Frankly, I
Speaker 1: think that that ought to start at the top. What
Speaker 1: you you know, for all of the president's uh grief
Speaker 1: and obviously sincere emotion about this, what you didn't hear
Speaker 1: yesterday was a al must to lead on this. And
Speaker 1: you know, I think that uh uh that the leadership
Speaker 1: is certainly necessary on a bipartisan basis number one. And secondly,
Speaker 1: from a cold political calculation, Uh, I frankly think that
Speaker 1: would be a winner. On the President's part. President has favorability. Uh,
Speaker 1: there's you know, he's not going to get a single
Speaker 1: vote from somebody who's a Second Amendment absolutist anyway, but
Speaker 1: you know, the broad middle of the country or is
Speaker 1: crying out for action and uh, and how to step up. Frankly,
Speaker 1: the Obama people did not step up before and uh,
Speaker 1: the president has the opportunity to do so. Now does
Speaker 1: it make a difference come midterm elections? I think really,
Speaker 1: you know, I think really not. Um people have this.
Speaker 1: I think you your observation is correct. People have this
Speaker 1: largely baked into their their concerns about it. And and
Speaker 1: you know, frankly, there's a lot of there's there's a
Speaker 1: lot of pointing in every other direction. Democrats blaming Republicans,
Speaker 1: Republicans blaming democrats, Uh, politicians blaming lobbyists. You know, And
Speaker 1: to me, that's always a tell. When you're blaming lobbyists,
Speaker 1: uh for for failure to act, you're deflecting. No matter
Speaker 1: who you are and or what the issue is and uh,
Speaker 1: you know, and clearly somebody needs to to to break
Speaker 1: out of this, uh, this cycle in order to make
Speaker 1: some progress. Here's another response, um option volume for shares
Speaker 1: of Smith and Wesson. Yesterday after this they surged the
Speaker 1: shares were up over one percent. I mean, I'll spare
Speaker 1: you the adjectives, but that's where we're at. Yeah, it's uh,
Speaker 1: you know, I heard of a statistic recently and I'm
Speaker 1: not going to claim this is this is accurate, but
Speaker 1: but you know, over the last year, gun purchases have
Speaker 1: been up a great deal and uh, you know, there
Speaker 1: has been a sense certainly since uh certainly since and
Speaker 1: the summer of two years ago where uh, you know,
Speaker 1: people who get much more active about gun purchases because
Speaker 1: they fear for their personal security for all kinds of reasons.
Speaker 1: And uh, you know, regardless of what happened yesterday and
Speaker 1: not minimizing it, quite the opposite. But you know that
Speaker 1: that's that's a much bigger problem. UM complicating things, I
Speaker 1: would imagine with the Supreme Court's current term, they're taking
Speaker 1: up at this point local gun laws, for example, those
Speaker 1: that are in New York. There's a real possibility those
Speaker 1: will be scaled back tremendously. That is a possibility. Yeah,
Speaker 1: uh it uh, you know, it runs up the you know,
Speaker 1: the local attempts, local and state attempts UH to push
Speaker 1: the envelope on issues UH these days is a feature
Speaker 1: of h is a feature of the federal state relationship
Speaker 1: and the desire of folks to uh to want to
Speaker 1: establish positions and uh, you know, guns are no different
Speaker 1: than uh, you know, than the road debate or you know,
Speaker 1: a bunch of other things in that regard. I mean
Speaker 1: you see legislatures and UH and local authorities trying to
Speaker 1: Karen all right, John, thank you, and good morning. It
Speaker 1: is five thirty on Wall Street. I'm Karen Moscow along
Speaker 1: with the John Tucker, and we're just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. Beginning in Texas, have we've been discussing
Speaker 1: at least nineteen children and two adults were killed by
Speaker 1: an eighteen year old gunmen at rang the elementary school.
Speaker 1: President Biden addressed the nation last night, expressing condolences and
Speaker 1: quickly pivoting to gun legislation where in God's name is
Speaker 1: our backbone to the courage to do with the stand
Speaker 1: up to the lobbies. It's time to turn this pain
Speaker 1: into action. President Biden, addressing the nation after the elementary
Speaker 1: school shooting and Texas. We should note Michael Bloomberg, the
Speaker 1: founder and majority owner of Bloomberg LP, the parent of
Speaker 1: Bloomberg Radio, is a donor to groups that support gun control,
Speaker 1: including Every Town for Gun Safety. And on the other
Speaker 1: major story we're following this morning, keep primary races across
Speaker 1: the country. As we spoke to Terry Haynes about this
Speaker 1: just a moment ago in Georgia to Canadada, is backed
Speaker 1: by Donald Trump have lost another one. Bloomberg's Rnita Young
Speaker 1: joins US Live with more details. Rath in a Good morning, Ton,
Speaker 1: Good morning Georgia. Governor Brian Kemp and Secretary of State
Speaker 1: Brad Raefensburger, both targets of former President Trump, both won
Speaker 1: their primaries. Count beat David Purdue with seventy three point
Speaker 1: seven percent of the vote. He'll face Democrats Stacy Abrams,
Speaker 1: who ran unopposed. Raffensburger beat Jodie Heist with fifty two
Speaker 1: point two percent of the vote. In former football great
Speaker 1: Herschel Walker, also backed by Trump, won the GOP Senate
Speaker 1: primary with sixty eight point three percent of the vote.
Speaker 1: He'll face Democrat and come to a. Raphael Warnock, who
Speaker 1: secured nearly nineties six percent of the vote, and Marjorie
Speaker 1: Taylor Green one her GOP House primary with sixty nine
Speaker 1: point five percent of the vote. Live from New York,
Speaker 1: I'm gonna need a young Bloomberg day break, all right,
Speaker 1: we need to thank you well. Elsewhere, the Alabama Republican
Speaker 1: Senate primary heads into a run off with Katie Britt
Speaker 1: and US Representative Moe Brooks. Britt garner percent of the
Speaker 1: vote to Brooks twenty nine percent. Former White House Press
Speaker 1: Secretary Sarah Sanders won the GOP nomination for governor in
Speaker 1: Arkansas with eighty three percent of the vote, and Texas
Speaker 1: Attorney General Ken Paxton took the GOP nomination for re
Speaker 1: election with nearly sixty eight percent of the vote against
Speaker 1: George P. Bush And Journey to the market's futures lower
Speaker 1: this morning following me a late day rally on Wall
Speaker 1: Street yesterday. Just ahead, we'll get minutes from the FEDS
Speaker 1: latest meeting that is due to PM Wall Street time
Speaker 1: and the potential big deal in tech. John Bloomberg News
Speaker 1: has learned that Broadcom is working towards announcing its acquisition
Speaker 1: of vm Ware tomorrow. The deal would value of the
Speaker 1: cloud computing company at onety a share. SMP futures are
Speaker 1: down four points this morning. Down futures down forty one
Speaker 1: NASTAGG futures down to twelve ten year treasury up four
Speaker 1: thirty seconds the two point seven three per cent, and
Speaker 1: they yield on the two year two point four and
Speaker 1: nine percent. Nine X Screwed oil is up one and
Speaker 1: a half percent of a dollar sixty six at a
Speaker 1: hundred eleven dollars forty one cents of barrel and comex
Speaker 1: school there is down four ten percent or seven dollars
Speaker 1: eighty cents at eighteen sixty three sixty announced straight to hand,
Speaker 1: your latest local headlines plus a check of sports, and
Speaker 1: this is Bloomberg all right, Thanks Karen thirty three on
Speaker 1: Wall Street and time to bring in Michael Barr with
Speaker 1: more on what else is going on to New York
Speaker 1: and around the world. John, thank you very much, sir.
Speaker 1: The n y p D says there is an arrest
Speaker 1: from Sunday's fatal, unprovoked subway shooting that left one man dead.
Speaker 1: Thirty year old Andrew of Della of Brooklyn turned himself
Speaker 1: into belize A. Della has more than one he prior
Speaker 1: arrests on his record, including an outstanding weapons charge from
Speaker 1: last year and previous charges of assault, robbery, menacing, and
Speaker 1: grand larsening. New York Mayor Eric Adams says of Dullah
Speaker 1: is the posted child to show just how easy it
Speaker 1: is for someone dangerous to get ahold of a weapon
Speaker 1: in New York City. History of this person, any reasonable
Speaker 1: thinking New Yorker is going to ask themselves, why is
Speaker 1: this person still on our streets? Mayor Adam says the
Speaker 1: city will work to improve the subway safety. More infant
Speaker 1: formula is arriving from overseas today to ease the US shortage.
Speaker 1: Nearly a million, eight ounce bottles worth of Nestley's Gerber
Speaker 1: Baby formula arrives at Dula's airport. First Lady Jill Biden
Speaker 1: will greet the plane's arrival. The federal government it's being
Speaker 1: criticized by how it has handled the shortage of formula.
Speaker 1: Health and Human Services Secretary how do your serra? Says
Speaker 1: the FDA's authority is limited if they're not policing themselves,
Speaker 1: and then we have to do more to make sure
Speaker 1: we are doing the right painful apparance. We need that
Speaker 1: supply Secretary Basra as the formula shipment then heads to
Speaker 1: a Pennsylvania distribution center. South Korea says North Korea test
Speaker 1: launched a series of ballistic missiles this morning, including a
Speaker 1: presumed intercontinental ballistic missile and at least one short range missile.
Speaker 1: South Korea says that it is in violation of you
Speaker 1: and Security Council resolutions and as serious provocation that threatens
Speaker 1: peace on the Korean Peninsula and the international community. The
Speaker 1: World Health Organization has identified about eighty cases of monkeypos globally.
Speaker 1: In the US, there are eight cases under investigation across
Speaker 1: six states. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quickdake, powered by more than twenty
Speaker 1: seven hundred journalist and analyst and more than a hundred
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg, John Michael,
Speaker 1: thank you, and it's now five thirty five of Wall Street.
Speaker 1: That's time for the Bloomberg Sports Upday. It here's Scott Sudeberg.
Speaker 1: Thanks John. The Rangers defending home ice, beating the Hurricanes
Speaker 1: for one to even up their series at two games apiece.
Speaker 1: Rank Patrono, Mikas Devenna, jad Adam Fox, and Andrew copp
Speaker 1: All scored. Igor Shasturkin made thirty saves as the home
Speaker 1: team has won each of the first four games of
Speaker 1: this series. Here's Gerard Gallant. I mean, really, you look
Speaker 1: at the four games. It's not just a two at home,
Speaker 1: but the four games have been pretty much one goal
Speaker 1: game most of the way through it. And you know,
Speaker 1: we'll two teams that are close in battle, and you know,
Speaker 1: I just think it's been outstanding hockey by Bowl teams elsewhere.
Speaker 1: The Oilers take a three one series lead over the
Speaker 1: Flames thanks to a five three win. Baseball Jose Trevino
Speaker 1: with a big night for the Yankees, solo homer in
Speaker 1: the third, a game time single in the seventh, and
Speaker 1: the walk off winner in the bottom of the eleventh
Speaker 1: as the Yankees beat the Orioles seven six, snapping their
Speaker 1: season high three game losing streak. The Mets, meanwhile, played
Speaker 1: a wild game in San Francisco, rallying from eight to
Speaker 1: down the Mets, scoring ten runs in the seventh, eighth,
Speaker 1: and ninth combined, but they would fall in the bottom
Speaker 1: of the ninth as Edwin Diaz allowed four hits, including
Speaker 1: the walkoff single to Brandon Crawford. Twelve your final NBA Playoffs,
Speaker 1: the Mavericks avoid the sweet beating the Warriors one nineteen
Speaker 1: one oh nine. And tonight Eastern Conference Finals Game five
Speaker 1: from Miami, the Heat and Celtics tied at two games apiece.
Speaker 1: I'm Scott s Edinburg with Bloomberg Sports. John all Right,
Speaker 1: Thanks Scott seven on Wall Street Time down for the
Speaker 1: trying to say business report. For that, We're joined by
Speaker 1: Bloomberg's ed Quarry. The US East Coast's busiest sport complex
Speaker 1: is getting ready for a summer of delays in congestion
Speaker 1: as container ships avoid the clogged West Coast gateways the
Speaker 1: traffic picks up from Asia. The Board of New York
Speaker 1: and New Jersey moved nearly eight hundred three thousand, twenty
Speaker 1: ft equivalent units in April, the second busiest month in
Speaker 1: the port's history. New York State's biggest mall has reached
Speaker 1: a new low, and lends could get hurt. Destiny, USA
Speaker 1: and Syracuse was valued at one hundred forty seven million
Speaker 1: dollars last year according to an appraisal. That's about a
Speaker 1: percent drop from its valuation and a nearly decline from
Speaker 1: Gas prices hit record highs in New Jersey this month,
Speaker 1: but not for New Jersey Transit, statewide mass transit agency
Speaker 1: and a major fuel consumer, and J Transit executive director
Speaker 1: Kevin Corbett says the service hedged diesel prices for the
Speaker 1: fleet and so far, he says, they're in good shape.
Speaker 1: That your Bloomberg Trying State Business Report, my med Cory.
Speaker 1: All right, thanks that it's five thirty eight on Wall Street,
Speaker 1: timed out for the tri State Business Report, and uh
Speaker 1: time for a look at some of the stories were
Speaker 1: following around the world right now, and let's check in
Speaker 1: with our global news team for some of the top
Speaker 1: stories heard on our three hundred affiliate radio stations around
Speaker 1: the world. I'm Steve photos Kan ten ten Wins in
Speaker 1: New York. We're talking about Fiser slashing the prices of
Speaker 1: charges for its medications and some of the poorest countries.
Speaker 1: I'm Lisa Matteo and I'm w BZ in Boston. I'll
Speaker 1: be reporting on tech stocks taking up beating and early trading.
Speaker 1: I'm Stephen carl on Bloomberg DAB Digital Radio in London.
Speaker 1: We've been hearing from the EASE Economy Commissioner Paalo Gentiloni,
Speaker 1: who's been telling us he's helpful of a deal in
Speaker 1: the coming days on an EU embargo on Russian oil.
Speaker 1: I'm Gina Servetti and for w c c O in Minneapolis,
Speaker 1: I'm reporting that Minneapolis area residents saw their power bills
Speaker 1: surge almost twenty seven percent last month from last year.
Speaker 1: I'm ed Gory on w w J in Detroit. I'm
Speaker 1: reporting Abvit Labs is reopening a Michigan baby formula plant
Speaker 1: in June. And those are some of the stories are
Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. It's five thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. From
Speaker 1: inflation to the war in Ukraine, the US faces an
Speaker 1: array of crises that demand the government's full attention. Yet,
Speaker 1: on any given day, large numbers of the two point
Speaker 1: one million person federal workforce don't come into the office.
Speaker 1: That's a problem. Remote work hobbles the ability of government
Speaker 1: officials to collaborate, respond nimbly to crises, and forge consensus
Speaker 1: on policy goals because taxpayer funds will be spent maintaining
Speaker 1: federal buildings. Regardless, it also wastes money. Many cities and
Speaker 1: states are far ahead of the federal government in bringing
Speaker 1: back workers to offices. The reason is simple. Addressing today's
Speaker 1: challenges requires all hands on deck. If local governments can
Speaker 1: manage that, so can the federal government, and it should
Speaker 1: without further delay. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. For more bloom Our opinion, please go to
Speaker 1: Bloomberg dot com, slash Opinion or ope I n go
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion and
Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this time.
Speaker 1: Terminal customers can read more at opie I am go.
Speaker 1: This is day break. The Bloomberg weather from meteorologist Rod
Speaker 1: Caroline makes the son of clouds today. The high temperature
Speaker 1: in the mid seventies that I partly a mostly qloudy
Speaker 1: low temperature dipping down to the mid fifties, Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot com, the Bloomberg Business Outland at Bloomberg Quicktap. This
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow and
Speaker 1: this updates brought to you by Informatica. In the Cloud.
Speaker 1: Your data has the power to do the extraordinary. Managed
Speaker 1: data across any location in the cloud for accurate and
Speaker 1: actionable insights. More at informatica dot com. US Dock Index
Speaker 1: Futures are little change this morning. Investors awaiting minutes from
Speaker 1: the Federal Reserve's latest policy meeting to gauge the pace
Speaker 1: of monetary tightening, and we checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Again, futures are
Speaker 1: little change. The ten year Treasury is up three thirty seconds.
Speaker 1: He'll two point seven three percent. That yield on the
Speaker 1: two year two point five percent. Nimex screwed oil is
Speaker 1: up one point six percent of a dollar seventy six
Speaker 1: and a hundred eleven dollars fifty three cents of barrel.
Speaker 1: Comex gold is down half percent on eight dollars fifty
Speaker 1: cents at eighteen sixty two ninety announce the era one
Speaker 1: point six seven zero against the dollar, British found one
Speaker 1: point to five oh nine the seven point oh four
Speaker 1: and bitcoin this morning up more than one percent at
Speaker 1: twenty nine thousand and seven dty dollars. That's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more unless going
Speaker 1: on around the world. Michael Karen, thank you very much.
Speaker 1: A visibly angry president bit and addressed the nation, renewing
Speaker 1: his call for the reform of gun laws. It's in
Speaker 1: response to the deadly mass shooting at a school in Yuvaldi, Texas,
Speaker 1: killing nineteen children and two adults. It's time for those
Speaker 1: who obstruct or delay or blocked the common sense gun laws.
Speaker 1: We need to let you know that we will not forget.
Speaker 1: We can do so much more. We have to do more.
Speaker 1: The eighteen year old gunman in the school shooting was
Speaker 1: killed by authorities. Georgia Governor Brian Kemp has easily beat
Speaker 1: Donald Trump's handpick challenger and a Republican primary, former Senator
Speaker 1: David Perdue. Kemp had seventy eight percent Perdue received. Kemp
Speaker 1: will face Democrats Stacy Abrams this fall. Republican Herschel. Walker
Speaker 1: will face Democratic incumbent Senator Raphael Warnock to represent George
Speaker 1: A in the November general election. Walker received sixty eight
Speaker 1: percent of the vote. In the NHL playoffs, the Rangers
Speaker 1: beat the Hurricanes, the series now tied at two games apiece.
Speaker 1: In baseball, the Yankees beat the Orioles. The Mets lost
Speaker 1: to the Giants, The Red Sox and A's one. The
Speaker 1: Nationals lost NBA playoffs. The Mavericks stay alive as they
Speaker 1: beat the Warriors. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than journalists, analysts more than a d twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, Karen Ry, Michael, thank you well. It's
Speaker 1: nine Hot Wall Street. This is Bloomberg Daybreak. And now
Speaker 1: we want to bring you part of our interview with
Speaker 1: Bank of America's CEO Brian moynihan at the World Economic
Speaker 1: Forum and Delvos. Moynahan told Bloomberg's Tom Keene and Lisa
Speaker 1: Abramowitz that US consumers are holding up well against inflation.
Speaker 1: That says he doesn't expect consumers spending to slow anytime soon.
Speaker 1: Let's listen into that conversation. Now the account balance of
Speaker 1: the consumer pre pandemic to now our multiples bigger. So
Speaker 1: a person had uh two to three thousand average collective
Speaker 1: balance on accounts now has and that would have been
Speaker 1: about fourteen hundred. Actually if h one to two thousand,
Speaker 1: what about is now almost four thousand bucks. A person
Speaker 1: had two to five thousand but about average. It now
Speaker 1: has thirty and thousand dollars. So just step back and
Speaker 1: think about it grew five percent in the month of
Speaker 1: April from March. So what you're seeing is consumers have
Speaker 1: more money in the accounts. The idea that they spent
Speaker 1: the pandemic money that came in January March last year
Speaker 1: just not true. Now the second question is they paid
Speaker 1: down the credit card bounces from a hundred billion, we
Speaker 1: were down the seventy backup dighty lots of our capacity.
Speaker 1: The third point is are they spending? And that's what's interesting.
Speaker 1: In the first two weeks of May, the consumers spent
Speaker 1: ten percent more than they did last May. That's over
Speaker 1: top of the payments that went out to pay taxes.
Speaker 1: So the consumers spending and people say, well, it's inflation
Speaker 1: eight percent more transactions. Somebody doesn't just I just I
Speaker 1: don't want to interrupt, because we're gonna extend this to
Speaker 1: forty five minutes. This is the real morning, guys. This
Speaker 1: is the bank nerd giving us the operational stuff here.
Speaker 1: This actually goes the heart of a lot of the
Speaker 1: economic questions of the moment, right because everyone's talking recession
Speaker 1: here and stagflation. We were speaking with Bob Prince of Bridgewater.
Speaker 1: What you're saying does not scream of stagflation or recession.
Speaker 1: So that's this is that's why I said this we
Speaker 1: were talking earlier. This will make the job, you know,
Speaker 1: the Fed's job hard and easy, hard, hard, easy, and
Speaker 1: that you have consumers in good shade, you know, not
Speaker 1: over leverage. The home values went up, but frankly that
Speaker 1: our LTV and our portfolios in the fifties, so to
Speaker 1: give you sense, so you know that the prices went
Speaker 1: up and people didn't borrow it out and stuff. So
Speaker 1: that's the good news. The bad news is what's going
Speaker 1: to slow him down. So if you look at t
Speaker 1: S a travel Sunday, it was over top of nineteen
Speaker 1: by that's a number of people went through the airport. Yeah,
Speaker 1: so what's gonna slow him down? Nothing right now? And
Speaker 1: so the question is, you know, so the FED has
Speaker 1: this typically this very difficult thing of getting to slow
Speaker 1: down without slowing him down too much. And the second
Speaker 1: thing is the unemployment rate is really low. And so
Speaker 1: if you look at our Michael Harton, it's a great economist.
Speaker 1: He know he's got he's got you know, he's got
Speaker 1: this year. You know the mid to high too. You
Speaker 1: know he's got next year mid ones. Uh but it's
Speaker 1: slowing down. The next year. You look at his quarters
Speaker 1: is slowing down. So the idea is the Feds, the
Speaker 1: FEDS work slows you. Uh no. The problem is he
Speaker 1: still has an appoyment three and a fourth percent. You're saying, wait,
Speaker 1: that can't you can't slow consumer down is working because
Speaker 1: they have money spent. So that's a difficulty. I believe, Yeah,
Speaker 1: I believe it's I believe that they're gonna be able
Speaker 1: to manage this flow. But it's gonna be a tricky execution.
Speaker 1: And there's things outside to control the pandemic resurgences. Something
Speaker 1: going different, no more. But America is much different than
Speaker 1: Europe and other places because this dynamic of the envirobrancy
Speaker 1: of the US Consumer and as Bank of America CEO
Speaker 1: Brian moynahan speaking at the Bloomberg's Tom Keane and Lisa
Speaker 1: Abramowitz and Davos. Continue to tune into Bloomberg Radio and
Speaker 1: Television today for full coverage of the World Economic Forum.
Speaker 1: John all right, thanks, Karen is now five three Wall
Speaker 1: Street Market's assessing the outlook for Felder Reserve monetary tightening,
Speaker 1: among other things. Futures right now in the green, Let's
Speaker 1: get you set up for the trading day ahead. Tracy
Speaker 1: mc melanie has had a global asset allocations strategy at
Speaker 1: Wells Fargo Investment Institute, joining us this morning. What is
Speaker 1: your base case on an outlook for the United States?
Speaker 1: Good morning, done, and thank you for having me so
Speaker 1: our These cases not quite as as UM positive as
Speaker 1: Brian moyna Hans is. In fact, um, you know, we
Speaker 1: think that we are starting to see high frequency economic
Speaker 1: data starting to roll over. We think that a lot
Speaker 1: of the positive data that we've seen has been more
Speaker 1: backward looking, that the forward looking data is more negative
Speaker 1: UM in terms of looking at things like consumer purchasing
Speaker 1: power UM deteriorating the inflation adjusted wages are starting to
Speaker 1: decline UM and layoff really are just beginning. Manufacturing resilience,
Speaker 1: we think is also going to be tested in the
Speaker 1: coming months as consumers start to rotate. So it's our
Speaker 1: space case at this point that we are probably going
Speaker 1: to see a mild recession towards the end of this
Speaker 1: year and into early Margin compression has been a theme
Speaker 1: as we've got results from the retailers. Have we seen
Speaker 1: peak inflation? Well, it's very possible that we have seen
Speaker 1: peak inflation, but we do think that more important than
Speaker 1: whether or not it was a peak is how persistent
Speaker 1: that inflation is going to be. And we think that
Speaker 1: inflation could persist at really uncomfortably high levels UM even
Speaker 1: as the economy starts to weaken here, and you know
Speaker 1: that's going to be because the labor market will probably
Speaker 1: remain tight. UM. We still have some supply chain disruptions
Speaker 1: and they're sticky components of cp I like rents that
Speaker 1: will likely remain high UM. So you know, what we're
Speaker 1: starting to see is UM some inventory building, some supply
Speaker 1: chain relief, and that could start to bring inflation down
Speaker 1: later in the year. But you know, at the same time,
Speaker 1: we think wage pressures remain, and that's not a good
Speaker 1: combination for earning. As far as FED policy, is it
Speaker 1: written in stone for the June and July meetings that
Speaker 1: receive fifty basis points, probably not written in stone, But
Speaker 1: the markets are pricing for that, and the FED has
Speaker 1: indicated that that is the past that they're going to take. Um.
Speaker 1: So their primary focus at the moment is to slow inflation.
Speaker 1: But you know, we think they're seeing some of the
Speaker 1: same deteriorating data that we're seeing, and you know, one
Speaker 1: has to think that it's starting to concern them. But
Speaker 1: we don't think they'll pull back on their aggressive policy
Speaker 1: really unless there's some kind of market disruptions, you know,
Speaker 1: maybe a liquidity event. Um. We don't think they'll step
Speaker 1: in as long as markets are orderly um. But we
Speaker 1: will be reading the minutes today to see if they
Speaker 1: mentioned an each triggers that might cause them to take
Speaker 1: a pause. Given all what you've said there, Tracy, what
Speaker 1: do you pay for future growth at this point? Yeah,
Speaker 1: So we do see the likelihood of a pe compression,
Speaker 1: and we do think that it is um likely that
Speaker 1: earnings are going to grow, possibly at a lower rate
Speaker 1: this year than most of Wall Street is pricing in
Speaker 1: we have a two twenty earnings by year ends, and
Speaker 1: you know that to us, UH says that there's probably
Speaker 1: some upside potential in equity markets from where we are today,
Speaker 1: but it's not a straight line to that upside, and
Speaker 1: we do think will end the year um probably in
Speaker 1: negative territory. We see about a ten percent decline in
Speaker 1: the S and P five by the end of the year.
Speaker 1: That's the overall ten percent decline from the start of
Speaker 1: the year a year today. Door from where we levels,
Speaker 1: where we are now, Okay, from this right now, that's
Speaker 1: exactly right, all right, Tracy, A pleasure to appreciated. Tracy McMillan,
Speaker 1: head of Global Asset Allocations Strategy at Wells Fargo Investment Institute.
Speaker 1: Ahead of the cash open on Wall story. Right now,
Speaker 1: the futures are in the green too little change now,
Speaker 1: futures of eight points smp emni, theatures just four points
Speaker 1: higher in the NASDACK futures are up seventeen points. As
Speaker 1: far as treasuries, the benchmark ten year yield right now
Speaker 1: at two seventy four, that is pretty much un changed.
Speaker 1: The euro one O six seventy six down about half
Speaker 1: a percent against the US dollar, and you're listening to
Speaker 1: Bloomberg Daybreak