Speaker 1: From the Bloomberg Interactive Brooker Studios. This is Bloomberg Daybreak
Speaker 1: for Wednesday, August two. Coming up this hour, key primary
Speaker 1: results across the country. Jerry Nadler beats Carolyn Maloney in
Speaker 1: New York and Florida. Charlie christ will challenge incumbent Governor
Speaker 1: Rhonda Santis. A top FED official calls for higher rates
Speaker 1: on the eve of the Jackson Holts imposeum, and millions
Speaker 1: of Americans await President Biden's decision on student loans. It
Speaker 1: has been six months since Russia invaded Ukraine. Plus guilty
Speaker 1: verdicts for two men accused of trying to kidnap Michigan's governor.
Speaker 1: I'm Michael Barr more ahead, I'm John Stas showerd sports
Speaker 1: a second straight Yankee Ford to two win over the
Speaker 1: Mets of the Subway series. Kevin Durant is staying with
Speaker 1: the Brooklyn Net. That's all s traded head on Bloomberg
Speaker 1: day Break on Bloomberg. He live in Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nineteen and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: buy the Bloomberg Business app. Good morning, I'm Nathan Hager
Speaker 1: and I'm Karen Moscow. US Nock Index futures are little
Speaker 1: changed to lower this morning. We're coming up to six
Speaker 1: o one on Wall Street, and we check the market
Speaker 1: server fifteen minutes throughout the trading day on Bloomberg SPA.
Speaker 1: NOASDAG futures are little change. Down, futures down three D
Speaker 1: two and the ten year treasury little change. You'll three
Speaker 1: point oh four percent, Nathan. Okay, Karen. We'll have more
Speaker 1: on the markets in just a minute, but we want
Speaker 1: to get you caught first on some key primary results
Speaker 1: across the country. Our team coverage begins in New York
Speaker 1: with Bloomberg's Michael Bark. Good morning, Michael, Good morning Nathan.
Speaker 1: In New York's key Congressional twelve district, Representative Jerry Nadler
Speaker 1: be Democratic Committee Chair Carolyn Maloney five to four percent,
Speaker 1: the two long time allies became opponents this year due
Speaker 1: to redistricting. Maloney spoke during your concession speech, I'm really
Speaker 1: sad that we no longer have a woman representing Manhattan
Speaker 1: in Congress. Last night. Nadler, thank Maloney, and I will
Speaker 1: return to Congress with a mandate to fight for the
Speaker 1: causes so many of us know to be right. Nadler
Speaker 1: would face Republican Mike Zimbluskas In another key congressional race,
Speaker 1: Daniel Goldman one in the tenth district over a fellow Democrat.
Speaker 1: You line knew six to Goldman faces Republican Benny Hampden
Speaker 1: in November. In the seventeenth district, Sean Patrick Maloney, chair
Speaker 1: of the House Democrats campaign ARM one with sixty seven percent.
Speaker 1: He will face Republican Michael Lawler, who got seventy six percent,
Speaker 1: and a special election in the nineteenth district to replace
Speaker 1: Democrat Antonio Delgado, who became New York's Lieutenant governor. Democrat
Speaker 1: Pat Ryan with beat Republican Mark Mulinaro, who got forty
Speaker 1: eight percent. The race was seen as a Lipnus test
Speaker 1: after the Supreme Court overturned abortion rights. More on other
Speaker 1: New York races later. I'm Michael Barr now over to
Speaker 1: Bloomberg's Amy Morris with key results in Florida, Amy, thank you, Michael.
Speaker 1: Representative Charlie Chris has won the Democratic nomination for governor
Speaker 1: of Florida, beating out the state agriculture commissioner and more
Speaker 1: progressive Nikki Freed with nearly sixty of the vote. Chris,
Speaker 1: a former Republican governor himself, will challenge Republican incumbent Ron
Speaker 1: De Santis. If we work together stand up to this bully,
Speaker 1: we will defeat him in November. Meanwhile, val Demings won
Speaker 1: the Democratic primary four Senate with more than eighty four
Speaker 1: percent of the vote, and she will challenge Republican Incoments
Speaker 1: editor Marco Rubio in Florida. In Washington, I'm Mammy Morris
Speaker 1: Bloomberg Daybreak, Amy, thank you. But one other state held
Speaker 1: election yesterday in Oklahoma, trump back Congressman Mark Wayne Mullin
Speaker 1: defeated former Statehouse Speaker T. W. Shannon in a special
Speaker 1: runoff of the Senate seat now held by retiring Republican
Speaker 1: Jim Einhoff. Mullin will face former Democratic Congressman Kendra Horne
Speaker 1: in November. And we'll have much more in the primaries
Speaker 1: throughout the morning. Karen, But another story we're following today,
Speaker 1: President Biden is expected to make his long awaited announcement
Speaker 1: on student debt relief. We get the latest from Bloomberg's
Speaker 1: and Baxter. It has been something the President has been
Speaker 1: planning for quite a while now, and the White House
Speaker 1: is keeping the cars very close to the vest. The
Speaker 1: President has been grappling with targeted relief while at the
Speaker 1: same time counteracting any fallout such as contributing to inflation.
Speaker 1: Now advocates and allies expect expect a pause on loans
Speaker 1: for an additional four months through the end of the year,
Speaker 1: as well as some form of partial forgiveness. We should
Speaker 1: know today in San Francisco. I'm at Baxter Bloomberg Daybreak, right,
Speaker 1: and thank you. Now turn our attention to the Federal
Speaker 1: Reserves Annual Jackson Hole Economics Emposium. It starts tomorrow and
Speaker 1: culminates with a speech from j Powell on Friday. Drew Mattis,
Speaker 1: chief market strategistic MetLife Investment Management, tells us, but he
Speaker 1: expects from the FED chair, It's a simple message. Rates
Speaker 1: are going to continue to move higher because inflation is
Speaker 1: still above where the Fed would like to see it.
Speaker 1: Um you know, in terms of how the market's going
Speaker 1: to take that, you know, I think the market is
Speaker 1: pretty well expecting that. And the real question everyone's asked
Speaker 1: now it's kind of you know, how much negative news
Speaker 1: is the Fed need to see it before it changes
Speaker 1: that tune and MetLife Investment Management Dramatis says there's an
Speaker 1: increasing likelihood of recession, even if it's not showing up
Speaker 1: in the labor market yet. Well. Meanwhile, Karen, Minneapolis Fed
Speaker 1: President Neil cash Cary says, it's very clear the central
Speaker 1: Bank needs to tighten monetary policy with inflation this high.
Speaker 1: I'm for me, I'm in the mode of we need
Speaker 1: to air on making sure we're getting inflation down and
Speaker 1: only relax when we see compelling evidence that inflation is
Speaker 1: well on its way back down to two Minneapolis Fed
Speaker 1: President Neil cash Cary. Please stick with Bloomberg for complete
Speaker 1: live coverage of the Jackson Hoole Symposium. Bloomberg Surveillance will
Speaker 1: be there starting tomorrow with Tom Keene, Lisa A. Brahmowitz,
Speaker 1: and Jonathan Farroll. So we turned to corporate news now, Nathan,
Speaker 1: we're continuing to see major retailers struggle. Shares a north
Speaker 1: Strom down fourteen percent following its latest earnings report, and
Speaker 1: we get more live from Bloomberg's Red Need a Young.
Speaker 1: Good Morning, Ready Down, Good morning, Karen, investors initially saw
Speaker 1: Nordstrom as insulted by its affluent customer base, but its
Speaker 1: outlook tells a different story. As the retailer's rack business
Speaker 1: slows on consumer demand and inventory build up, the department
Speaker 1: store operator is lowering its full year forecast just three
Speaker 1: months after raising its outlook earlier. This week, Macy's also
Speaker 1: cut its full year forecast, and now both retailers are
Speaker 1: moving aggressively to clear out inventory. Other high end US
Speaker 1: consumer companies such as Ralph Laurenda and as They Lauder,
Speaker 1: have also trimmed forecasts. Live in New York, I'm remed
Speaker 1: a young Bloomberg Daybreak Reneda thanks on the flip side.
Speaker 1: Shares of bed, Bath and Beyond her up almost fifteen
Speaker 1: percent in early trading. The Wall Street journals reporting the
Speaker 1: home goods retailers selected a lender to provide financing as
Speaker 1: it seeks to boost liquidity and pair down debt. And finally,
Speaker 1: Nathan Tributes are still pouring in this morning for Julian Robertson,
Speaker 1: the billionaire founder of Tiger Management, who has dined at
Speaker 1: the age of nine day, Robertson became one of his
Speaker 1: generation's most successful hench fund managers and a mentor to
Speaker 1: a wave of investors known as Tai Your Cubs. Robertsons
Speaker 1: started Tiger Management in nineteen eighty with just under nine
Speaker 1: million dollars. By the late nineties, his funds had twenty
Speaker 1: two billion dollars in assets and annual returns averaging thirty again.
Speaker 1: Futures this morning are a little change straight. I had
Speaker 1: your latest local headlines plus a check of sports. This
Speaker 1: is Bloomberg. Thank you. Here in the six o seven
Speaker 1: on Wall Street where at seventy one degrees in Central Park.
Speaker 1: We've got a downtree in Yonker's North found Sawmill and
Speaker 1: McClean Avenue. Will tell you more in traffic First, Michael
Speaker 1: Barr's got more primary results. Good morning, Michael, Good morning, Nathan.
Speaker 1: As mentioned, redistricting led to Jerry Nadler beating longtime ally
Speaker 1: Carolyn Maloney in New York's most watch congressional Democratic primary race.
Speaker 1: Bloomberg National political correspondent Gregor recording, there are in every
Speaker 1: after every redistricting cycle, after the maps get redrawn every decade,
Speaker 1: there are a number of these incumbent versus incumbent matchups,
Speaker 1: but I can't remember any ever that had been as
Speaker 1: big as this one In other contests. In a Republican
Speaker 1: race in Western New York to replace GUP Representative Chris Jacobs,
Speaker 1: Nick Langworthy won the primary in New York's re drawn
Speaker 1: twenty third district. Langworthy, new York's Republican Party chair, beat
Speaker 1: Buffalo businessman Carl Palladinot eight percent. Palladino has said controversial comments,
Speaker 1: including that Adolf Hitler was the kind of leader we
Speaker 1: need today because of visibility to rally crowds. Jacobs decided
Speaker 1: not to seek another term after backlash from his own
Speaker 1: party for voicing support for an assault weapons ban following
Speaker 1: a racist mass shooting in his hometown of Buffalo and
Speaker 1: May In Western New York, Republican Joe Simpolinski beat Democrat
Speaker 1: Max Delapia to serve out the rest of the year.
Speaker 1: In New York's twenty three district fifty three to forty
Speaker 1: seven percent is to replace GOP representative Tom Reid, resigned
Speaker 1: after he was accused of sexual misconduct. It has been
Speaker 1: six months since the Russian invasion began in Ukrain. Yesterday,
Speaker 1: Russia called for an emergency meeting of the UN Security Council,
Speaker 1: voicing concerns over the situation at Ukraine's occupied nuclear power plant.
Speaker 1: There are major worries that a nuclear disaster could take
Speaker 1: place due to the fighting you went under Secretary Rosemary
Speaker 1: to Carlo. To paraphrase the Secretary General's blunt warning, any
Speaker 1: potential damage to Zapparsia is suicidal. The uns Rosemary to Carlo.
Speaker 1: A jury returned guilty verdicts for two men accused of
Speaker 1: trying to carry out a kidnapping plot against Michigan Governor
Speaker 1: Gretchen Whitmer. Jury and Grand Rapids handed down the verdicts
Speaker 1: against Adam Fox and Barry Croft Jr. U S Attorney
Speaker 1: Andrew Burch. No public officials should have to contend with
Speaker 1: what Governor Whitmer contended with here all over elected officials,
Speaker 1: every one deserves to be able to live in safety,
Speaker 1: not of fear. US Attorney Andrew Burge. Global News twenty
Speaker 1: four hours a day on here and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: in more than a hundred twenty countries. And Michael bar
Speaker 1: and this is Bloomberg. Nathan, appreciate it, Michael, And now
Speaker 1: it's almost six ten on Wall Street Time and checking
Speaker 1: with John stash Are for the Bloomberg Sports Upday. All right, Nathan,
Speaker 1: The Yankees went into Sunday's game just four and fourteen
Speaker 1: in August, no team in baseball had a worst record.
Speaker 1: They have, apparently right in the Ship beat the Blue
Speaker 1: Jay Sunday beat the Mets. Monday, Aaron Judge at the
Speaker 1: home run and last night at the stadium, that is hot.
Speaker 1: Let us far got oh what a judge and flo
Speaker 1: it went over the grab stand and way up in
Speaker 1: the bleachers. All right, there comes the judg forty eight times.
Speaker 1: And how we've heard that on w f A and
Speaker 1: Yanks led tune nothing Mets time the game. Yanks went
Speaker 1: back ahead seventh inning. They won four to two Saint scores. Monday,
Speaker 1: thanks held on in the ninth as the Mets had
Speaker 1: the bases loaded. Both teams off tonight thanks to Marrow
Speaker 1: were in the West Coast trip in Oakland. The Mets
Speaker 1: will start a ten game home stand. They'll play Colorado
Speaker 1: the Atlanta Braves one again. Last night they've won thirteen
Speaker 1: and fifteen early two games behind the met But Kevina
Speaker 1: rant saga is over? Or is it? The Nets announced
Speaker 1: KD has let go of his trade demands. So he's
Speaker 1: staying and Brooke then, but how about play out with
Speaker 1: his coach Steve Nash the rant A set. He was
Speaker 1: willing to stay only if the Nets, Spider Nat and
Speaker 1: the John manager Sean Marks, which the Nets that they
Speaker 1: would not do season over for the liberty loss of
Speaker 1: the site of Game three of the w NBA playoffs
Speaker 1: with Chicago, John sta worth Burg sports all right, John,
Speaker 1: thank you. SMP futures down down one point to future
Speaker 1: is down twenty two, nastack futures down four points. A
Speaker 1: little changed across the board. The tenure treasury is up
Speaker 1: to thirty seconds, the yield three point zero three percent
Speaker 1: yield on the two year three to nine Nimex crude
Speaker 1: still higher, up one percent, ninety three cents to ninety
Speaker 1: four dollar sixty nine cents of barrel Comx gold little change,
Speaker 1: down thirty cents to seventeen sixty nine announced. The euro
Speaker 1: just below parody against the dollar four. We'll get more
Speaker 1: on these markets next with liz An Saunders of Charles Schwab.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, sunshine and
Speaker 1: highs in the upper eighties today sunny, very warm tomorrow.
Speaker 1: The Higher nine mostly sunny Friday, but could see a
Speaker 1: late day shower a storm with a high near ninety degrees.
Speaker 1: Right now seventy one in Central Park Markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. This is
Speaker 1: a Bloomberg business flash and I'm Karen Moscow and US
Speaker 1: stock index futures have been struggling for direction this morning
Speaker 1: as investors I guess the latest hankish noises from the
Speaker 1: Federal Reserve and mounting signs of a global economic slowdown.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg and again futures little change. The decks
Speaker 1: in Germany's down about two chants of upper sent ten.
Speaker 1: Your treasury up to thirty seconds here three point oh
Speaker 1: three set the yield on a two year three point
Speaker 1: nine percent. My nex Scrude oil is up seven tenths
Speaker 1: per center, sixty six cents and ninety cents of barrel
Speaker 1: comics gold is it will change At seventeen sixty one
Speaker 1: fifty announced the euro point nine nine four six against
Speaker 1: the dollar British found one point one seven nine two
Speaker 1: and the end one six point four one. Look at
Speaker 1: a bitcoin, it's down about seven tenths percent at twenty
Speaker 1: one thousand, three hundred dollars as a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with Moore on what's going on
Speaker 1: around the world. Michael, thank you very much. Jaren. US
Speaker 1: Representative Charlie Chris has won the Democratic nomination for governor
Speaker 1: in Florida, putting him in position to challenge Republican incumbent
Speaker 1: governor around Descentis This fall, Chris defeated Nicki three, the
Speaker 1: state agriculture commissioner, to thirty five percent. In New York's
Speaker 1: congressional primaries, redistricting led to Representative Jerry Nadler beating another
Speaker 1: powerful Democratic Committee Chair, Caroline Maloney fifty five to in
Speaker 1: a litmus test of the overturning of Roe V. Wade.
Speaker 1: Mccrat Pat Ryan won a special election in the nineteenth
Speaker 1: district to replace Democrat Antonio Delgado, who became New York's
Speaker 1: Lieutenant Governor. Ryan with fifty beat Republican Mark Molinaro, who
Speaker 1: got eight percent. In baseball, the Yankees beat the Mats
Speaker 1: four two for two games, sweep with Series Red Sox Nationals,
Speaker 1: and he's lost the Orioles and Giants. One Global News
Speaker 1: twenty four hours a day on here and on Bloomberg Quicktake,
Speaker 1: powered by more than journalist and analysts more than a
Speaker 1: hundred twenty countries, by Michael bar This is Bloomberg. Nathan
Speaker 1: all right, Michael, thank you. In his six nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak, and we're very pleased to be joined
Speaker 1: now by liz Anne Saunders, chief investment strategist at Charles Schwab,
Speaker 1: on a morning where investors have a lot to mull over.
Speaker 1: Liz Anne, good morning, signs of deterioration in the economy
Speaker 1: and a lot more hawkish talk ahead of Jackson Hall.
Speaker 1: How do you advise your clients through all that? Well,
Speaker 1: the economic data has been for the most part abysmal.
Speaker 1: The regional set surveys yes and peoplocal p M I
Speaker 1: yesterday has probably a lot of people on pins and
Speaker 1: needles regarding the I s M. Your five months in
Speaker 1: a row down in the l E I. I think
Speaker 1: that that does somewhat firmly excuse me a point to recession,
Speaker 1: but at this point I think recession or no recession
Speaker 1: is more of an academic debate. But there's no question
Speaker 1: that the economy has slowed. It's possible it could be
Speaker 1: rolling recessions across different segments of the economy at different times.
Speaker 1: But with the market having UH at least some case
Speaker 1: of the S and P tried to to broach its
Speaker 1: tunter day moving average. That failed, so some technicians saw
Speaker 1: that as a sign some measures a sentiment it gotten
Speaker 1: a little bit fraughty. So we've been saying, is first
Speaker 1: of all, maintain your discipline. We were suggesting definitely fade
Speaker 1: the lower quality areas that had rallied things like the
Speaker 1: stocks down the profitability spectrum into no profitability, but lean
Speaker 1: into the higher quality areas. So that's the approach we've
Speaker 1: been taking, at least for stock pickers, is to be
Speaker 1: very quality oriented. In terms of quality, does that mean
Speaker 1: things like megacap tech. We've seen a lot more of
Speaker 1: a focus there, particularly among hedge funds according to some
Speaker 1: analysts that that they're getting a lot more of a
Speaker 1: second look well megacap tech, that that's a descriptor for
Speaker 1: a group of large cap stocks. It doesn't automatically suggest quality.
Speaker 1: So even if you look at at what I often
Speaker 1: call the Super seven, and I post a chart on
Speaker 1: this couple of times a week on on Twitter, the
Speaker 1: Big seven names wide wide divergence in terms of how
Speaker 1: they've been performing over the past year or so, in
Speaker 1: particular during this latest rally. And if you were to
Speaker 1: screen on a number of different factors around profitability or
Speaker 1: balance sheet or free cash flow, you would see a
Speaker 1: big difference. So that that's the point about being factor based,
Speaker 1: as you're actually looking for certain characteristics as opposed to
Speaker 1: monolithically choosing either at the sector level or even a
Speaker 1: segment within a sector. I think this is the time
Speaker 1: you have to be discerning company by company, not be
Speaker 1: narrative based in terms of investing monolithically. Given the deterioration
Speaker 1: we've seen in the data, does Chairman Powell continue with
Speaker 1: a hawkish tone in Jackson Hole on Friday? Well if
Speaker 1: I don't know, honestly, but that's certainly what everybody's going
Speaker 1: to be watching for it. I'd also be looking to
Speaker 1: see whether he pushes back on the recent loosening of
Speaker 1: financial conditions, and they've started to tighten a little bit
Speaker 1: very recently, but you would seem that loosening in financial conditions.
Speaker 1: I would expect him maybe to at least subtly push
Speaker 1: back on this notion of a of a pivot, that
Speaker 1: that's less in the current narrative right now than it
Speaker 1: was a few weeks ago. But I always found the
Speaker 1: pivot argument to be odd in the sense that a
Speaker 1: pivot to the extent, you know, a FED watcher or
Speaker 1: market participant was viewing pivot as going from rate hikes
Speaker 1: to rate cuts. In my mind, the only condition under
Speaker 1: which the FED would so quickly move to a rate
Speaker 1: cutting mode would not just be a retreat and inflation.
Speaker 1: I think that would damage their credibility. If they went
Speaker 1: to rate cutting simply because inflation has started to come down,
Speaker 1: that would only, I think, be preceded by a much
Speaker 1: more significant worsening in the economy than what we already
Speaker 1: have here, and or a much more significant worsening in
Speaker 1: the labor market. So a pause at some point as possible,
Speaker 1: but a pivot toor rate cuts that's a that's a
Speaker 1: pretty dower economic backdrop in our view. Only about thirty
Speaker 1: seconds left here Louisianne. But what do you think the
Speaker 1: Fed needs to see to move toward that potential pause. Well,
Speaker 1: they have said they want to see a series of
Speaker 1: lower um inflation readings, and we have another CPI between
Speaker 1: now and the f MC meeting. Mester has called it
Speaker 1: several months um. But I also think it would have
Speaker 1: to be some deterioration in the labor market so that
Speaker 1: their dual mandate we're both in the spotlight, not just
Speaker 1: the inflation mandate, which is the current set of circumstances.
Speaker 1: Thanks so much. Listen again, great having on with us
Speaker 1: this morning. Liz Anne Saunders, chief investment strategist at Charles Schwab.
Speaker 1: Stay with Bloomberg Radio. Full coverage of Jackson Hole with
Speaker 1: Bloomberg Surveillance. They're going to be there tomorrow morning when
Speaker 1: the symposium kicks off, and of course Chairman poll speech
Speaker 1: Friday ten am Wall Street Time. Keep it right here
Speaker 1: on Bloomberg Radio. We'll have it covered all for you
Speaker 1: right here. SMP future is now little change, so are
Speaker 1: down futures and naz Dak futures. Ten. Your treasury is
Speaker 1: up one thirty second. The yield three point zero four
Speaker 1: percent yield on the two year three point to nine
Speaker 1: check bitcoin, why not down a half percent? One thousand
Speaker 1: faded sixty dollars. This is Bloomberg. Bloomberg eleven three oh
Speaker 1: weather sunshine oper eighties today, sunny Tomorrow, near ninety mostly
Speaker 1: sunny Friday, but could see a late day shower of
Speaker 1: thunderstorm Friday. Shigh your ninety degrees right now, seventy one
Speaker 1: in Central Park, Broadcasting live from the Bloomberg Interactive Broker
Speaker 1: Studio in New York. Bloomberg e living freedon to Washington,
Speaker 1: d C, Bloomberg nine one to Boston, Bloomberg one oh
Speaker 1: six one to San Francisco, Bloomberg nine sixty to the country,
Speaker 1: Sirius XM Chadle one nine and around the globe the
Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak,
Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hacker
Speaker 1: and I'm Karen Mousk. Yeah, we are just about three
Speaker 1: hours away from the open of US trading. Time for
Speaker 1: the five things that you need to notice start your day.
Speaker 1: Bron to you by Interactive Brokers. Interactive Brokers charges Martin
Speaker 1: loan race from two point three percent to three point
Speaker 1: three percent. Their clients can also earn extra income by
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Speaker 1: Learn more at ibk r dot com slash compare. First,
Speaker 1: a couple of key primary results from last night in
Speaker 1: New York. Representative Jerry Nadler one New York's congressional twelth
Speaker 1: and district. Over Ally, Caroline Maloney and Charlie christ will
Speaker 1: face Rhonda Santis in November after securing Florida's Democratic nomination
Speaker 1: for governor. Now, we'll bring you more primary results than
Speaker 1: a couple of minutes, Karen. But let's turn now to
Speaker 1: the Fed's annual Jackson Whole Economic Symposium. It starts tomorrow
Speaker 1: and culminates with the speech from j Powell on Friday.
Speaker 1: Cities Mohammed Appabi tells us what he expects from the
Speaker 1: FED chair. I think we're expecting something to bekish. Clearly,
Speaker 1: what the Fed is telling us is very different to
Speaker 1: what market is expecting. And you know, the market is
Speaker 1: saying rate cuts in twenty three and the FED is
Speaker 1: saying not yet. The City's Mohammed Appabie says he's not
Speaker 1: sure if we'll learn anything new from Powell this week,
Speaker 1: well ahead of Jackson Hole Nathan. Minneapolis Fed President Neil
Speaker 1: cash Cary is continuing as hawkish pivots, saying the Central
Speaker 1: Bank should tighten monetary policy. What inflation is or nine.
Speaker 1: We run the risk of un anchoring inflation expectations and
Speaker 1: leading to very bad outcomes that would cause us to
Speaker 1: have to be very aggressive vulcar esque to then re
Speaker 1: anchor them. We definitely want to avoid allowing that situation
Speaker 1: to develop. Minneapolis Fed President Ail cash Cary said the
Speaker 1: Fed must reduced inflation at two percent. Please stick with
Speaker 1: Bloomberg this week for a live coverage of the Jackson
Speaker 1: Hole Symposium. Bloomberg Surveillance will be there beginning on Thursday,
Speaker 1: and the corporate news down Karen Shares of Nordstrom are
Speaker 1: down nearly fourteen percent following its latest earnings report. In
Speaker 1: Bloomberg's Rnita Young has more live Ranita Nathan. Investors initially
Speaker 1: saw Nordstrom mass insulated by its affluent consumer base, but
Speaker 1: its outlook took a different story. As the retailer's rack
Speaker 1: business slows on lower demand and inventory build up. The
Speaker 1: department store operator is lowering its full year forecast just
Speaker 1: three months after raising its outlook. Earlier this week, Macy's
Speaker 1: also cut its full year forecast. Now both retailers are
Speaker 1: moving aggressively to clear out inventory. Live in New York,
Speaker 1: I'm reneed a young Bloomberg day break, I ready to thanks.
Speaker 1: Send one other political note for following this morning is
Speaker 1: President Biden's long awaited announcement on student debt relief, which
Speaker 1: is expected later today. And that's the fine things that
Speaker 1: you need to notice start your day. Brought to you
Speaker 1: by Interactive Brokers. Again, futures this morning are little changed.
Speaker 1: Straight ahead your latest local headlines, plus a check of sports,
Speaker 1: and this is Bloomberg, all right, Karen. Thanks on Wall
Speaker 1: Street seventy two degrees in Central Park on an accident
Speaker 1: southbound western spur of the New Jersey Turnpike, A eggs
Speaker 1: at fifteen W. More coming up in traffic. First, Michael
Speaker 1: Barr with more primary results. Michael, thank you very much. Nathan.
Speaker 1: And as we mentioned, New York SKI Congressional twelfth district
Speaker 1: Representative Jerry Nadler beat another powerful Democratic Committee chair, Carola
Speaker 1: Maloney fifty five percent. Too. Long time allies became opponents
Speaker 1: this year due to redistricting in another key congressional race
Speaker 1: Daniel Goldman and one in the into the tenth district
Speaker 1: over a fellow Democrat, you Line Knew twenty six to
Speaker 1: twenty four percent. Goldman faces Republican Benny Hampden in November.
Speaker 1: In the seventeenth district. Sean Patrick Maloney, chair of the
Speaker 1: House Democrats campaign arm one with sixties seven percent. He
Speaker 1: will face Republican Michael Lawler, who got seventy Pat Ryan,
Speaker 1: a Democratic county executive in New York's Hudson Valley, has
Speaker 1: won a special House election in the contest that was
Speaker 1: seen as a litmus test of the impact that the
Speaker 1: reason Supreme Court decision on abortion might have on the
Speaker 1: midterm elections. In a special election to replace Democrat Antonio Delgado,
Speaker 1: who became New York's Lieutenant governor. Democrat Ryan with fifty
Speaker 1: beat Republican Mark Mulinaro, who got forty eight percent. Bloomberg
Speaker 1: National political correspondent Gregor recording New York is a good
Speaker 1: barometer of the heart of the Democratic Party is where
Speaker 1: we've seen, for example, Alexandria Casio Cortez a few years
Speaker 1: ago take on the number four Democrat in the House
Speaker 1: Representatives and beat him as a progressive and so it
Speaker 1: really is sort of looked at as a bellweather of
Speaker 1: sort of the Democratic Party. Bloomberg's Gregor recording. It has
Speaker 1: been six months since the Russian invasion began in Ukraine. Yesterday,
Speaker 1: an emergency meeting of the U N Security Council voice
Speaker 1: concerns over the situation at Ukraine's occupied nuclear power plant.
Speaker 1: There are major worries that nuclear disaster could take place
Speaker 1: due to the fighting. A jury and Grand Rapids Michigan
Speaker 1: return guilty verdicts for two men who are accused of
Speaker 1: trying to carry out a kidnapping plot against Governor Gretchen Whitmer.
Speaker 1: Defense attorneys for Adam Fox and Barry Croft Jr. Claimed
Speaker 1: that the FBI unfairly targeted their clients and that no
Speaker 1: actual kidnapping would have materialized. However, the U S. Attorney
Speaker 1: Andrew Burge disagrees before it confirms this plot was very serious,
Speaker 1: very dangerous, opposed a threat not only to govern personally
Speaker 1: in her family, but also the innocent bystandards and the
Speaker 1: basic social were U S. Attorney Burge Global News twenty
Speaker 1: four hours a day on air end on Bloomberg quit
Speaker 1: Take powered by more than twenty seven hundred journalists and
Speaker 1: analysts more than a hundred twenty countries. I'm Michael bar
Speaker 1: This is Bloomberg, Nathan. Thank you, Michael. Almost six thirty
Speaker 1: six on Wall Street time for the Bloomberg Sports Update
Speaker 1: with John Stats show. All right, Nathan, the Subway series
Speaker 1: is over. The Mets beat the Yankees twice last month
Speaker 1: and Sendy Field. The Yanks just beat the Mets twice,
Speaker 1: and the Bronx clud Day play again in the World Series,
Speaker 1: second straight for to win for the Yanks and Aaron
Speaker 1: Judge homerd in both. He's hit forty eight. He spaced
Speaker 1: Taiwan Walker eleven times in his career, and he's Homard
Speaker 1: off him four times. Judge later with an RBI single
Speaker 1: that came after one by the suddenly red hot Andrew
Speaker 1: Ben and Tendee that snapped at two two tie. In
Speaker 1: the seventh Andy Frankie Mantas had corn away his best
Speaker 1: start with the Yanks got to win. That came Clark Schmidt,
Speaker 1: just back up from the miners. Actually, Schmidt got to win.
Speaker 1: He had a sixty pitch relief out in Wandee Parulta
Speaker 1: got the last out as the Mets had the bases
Speaker 1: loaded in the night, they stranded ten runners. The Mets
Speaker 1: saw their NL East lead shrinked the two games with
Speaker 1: red hot Atlanta one again. Arnie Moreno about the l
Speaker 1: A Angels in two thousand three, said to be considering
Speaker 1: selling them. The Nets say they are moving forward with
Speaker 1: Kevin Durant, who met with the team, came off his
Speaker 1: trade demand the Liberty. We're looking for a w NBA
Speaker 1: playoff upset for Chicago with a late run to win
Speaker 1: the decisive game three. College Football News contract for seventy
Speaker 1: year old Alabama coaching legend Nick Saban eight years, near
Speaker 1: ninety four million dollars. John Statue or Bloomberg Sports, Thank
Speaker 1: you John, at six thirty seven on Wall Street Time
Speaker 1: Now to take a look at stock some of the
Speaker 1: names moving in the pre market. For that, we're drawn
Speaker 1: by Bloomberg Radio and TV markets correspondent Pretty Gupta starting
Speaker 1: off with more evidence of woes in the retail sector. Creaty. Yeah,
Speaker 1: that story continues. It. What's interesting because it comes just
Speaker 1: hours after AC has said that well, actually their higher
Speaker 1: income clients are actually perhaps offsetting some of those inflationary
Speaker 1: pressures they're feeling on. There are other kind of demographics
Speaker 1: that they serve Nords from, which of course we know
Speaker 1: certainly has that same kind of demographic shift to it.
Speaker 1: It caters to wealthier clients relative to say Target or
Speaker 1: Walmart for example. Well, it's saying that investors basically saw
Speaker 1: that it's affluent consumer base. Well, it's actually not helping
Speaker 1: them in the way that perhaps Macy said that it
Speaker 1: would help their respective consumer based nordship shares jw N
Speaker 1: is your taker down about thirteen and a half percent
Speaker 1: in the pre market. It is tumbling after cutting their
Speaker 1: outlook for profit and for sales. Of course, this comes
Speaker 1: down to that key I word, Nathan inflation. At the
Speaker 1: end of the day, they're also trimming their forecast for
Speaker 1: their earnings per share story any on a call with investors,
Speaker 1: they said they observed a clear slowdown at the end
Speaker 1: of June, particularly among their lower income customers. Now, this
Speaker 1: as crucial as we talk about dare I say it
Speaker 1: the holiday season. I know it's only August, but a
Speaker 1: lot of these kind of companies are going to be
Speaker 1: looking kind of to the past or to the last
Speaker 1: couple of courts to say, how much do we need
Speaker 1: to stock up for the holiday? Season. We had Dana
Speaker 1: tells On, for example, over on Bloomer Television yesterday and
Speaker 1: she said, well, this could actually be a concern, and
Speaker 1: you create a little bit of a sticking point when
Speaker 1: it comes to the retail sector ahead of the holiday
Speaker 1: season and break out the pumpkin spice lattes. Keeping it
Speaker 1: on the keeping it on the earnings story. We we
Speaker 1: also got some pretty positive earnings actually from a big
Speaker 1: tech name. We did into It I n T you
Speaker 1: is your Taker And for our international audience, into it
Speaker 1: is a platform that a lot of people use to
Speaker 1: kind of do their taxes. For example, those shares are
Speaker 1: at five point seven percent this morning. I NTU is
Speaker 1: your Taker. This comes at the report fourth quarter results
Speaker 1: animals at the end of the day saying they're actually
Speaker 1: pretty positive on that full year three guidance. Piper Sandler,
Speaker 1: for example, is holding an overweight rating on the stock,
Speaker 1: says it has robust small businesses and self employed segment
Speaker 1: growth and that was their main driver for or fourth
Speaker 1: quarter beat. And finally we've got keep an eye on
Speaker 1: the Meme stock. Some interesting news for one of those absolutely,
Speaker 1: I mean bed, bath and Beyond. And once again, Nathan,
Speaker 1: when I think Bed Bath and Beyond. I think of
Speaker 1: like the perfectly um folded towels of every color, which
Speaker 1: I later learned was a complete fake. You should look
Speaker 1: this up. It's as quite the image. B B B.
Speaker 1: Why is your ticker up about thirteen percent in the
Speaker 1: pre market? Is surging after a Wall Street Journal report
Speaker 1: on a potential financing deal. We know liquidity has been
Speaker 1: a real issue with this company. It's also been a
Speaker 1: company that's been traded heavily among the retail crowd. But
Speaker 1: right now as they seek to boost that liquidity, perhaps
Speaker 1: getting a little bit of financing from this slender, maybe
Speaker 1: they can take down some of their debt issues, and
Speaker 1: that idea is at least serving the shares this morning,
Speaker 1: b b B. Why up about their team percent? Nathan?
Speaker 1: Interesting to think that a big bank could be coming in,
Speaker 1: not just retail investors, to the rescue for Bed Bath
Speaker 1: and Beyond. Thanks for this creating Always good having on
Speaker 1: with us. Bloomberg Radio and TV Markets respondent Creety Goop
Speaker 1: Death looking ahead to the market, open futures, little change
Speaker 1: to the downside, SMP futures down a point down, futures
Speaker 1: down seventeen Nastack futures are lower by nine points ten.
Speaker 1: Your treasury is little change yield three point zero four
Speaker 1: per cent. More primary coverage coming up. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather. Sunshine today, upper eighties, will
Speaker 1: be sunny near ninety, Tomorrow mostly sunny Friday near ninety,
Speaker 1: but we could see a late day shower thunderstorm. Right
Speaker 1: now seventy two and sunny in Central Park. Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quicktap's
Speaker 1: a Bloomberg Business flash and I'm fair in mostcow and
Speaker 1: futures are a little change to lower this morning. Let's
Speaker 1: go to the First Word breaking news desk for today's
Speaker 1: morning call. Here's Bill Maloney. Bill, good morning, Good morning, Karen.
Speaker 1: That's right. US futures are quiet right now at death
Speaker 1: futures down nineteen points, sumees dropped one and as that
Speaker 1: futures are lower by nine The US ten year at
Speaker 1: three point oh four percent, Gold is little changed, Oil
Speaker 1: is trading higher, and bitcoin is down by point six percent.
Speaker 1: Hong Kong fell one percent overnight, while up and markets
Speaker 1: are also in the red this morning and back in
Speaker 1: the US on the Economic Frinday, thirty durable goods orders
Speaker 1: than at ten o'clock pending home sales after the Bellas
Speaker 1: night in north Stroom cut it's full your outlook. Told
Speaker 1: Brothers reported a significant miss in orders, but into it
Speaker 1: beat estimates. In another news, bed Bath and Beyond is
Speaker 1: up thirteen percent pre market on a report they have
Speaker 1: reached a financing deal and wrapping things up. Metronic was
Speaker 1: cut to market perform over Red. Raymond James live from
Speaker 1: the First Breaking News desk on Bill Maloney. Karen, all right, Bill,
Speaker 1: thank you to here live breaking news of your Bloomberg
Speaker 1: tipe squawk on your terminal SCU. You a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Mico Barr
Speaker 1: with more on what's going on around the RAN. Thank
Speaker 1: you very much. US Representative Charlie Christ has won the
Speaker 1: Democratic nomination for governor in Florida, putting him in position
Speaker 1: the challenge Republican incumbent governor round descent as this fall.
Speaker 1: Chris defeated Nicky Freed, the state agriculture commissioner, to thirty
Speaker 1: five in New York's congressional primaries Representative Jerry Nadler, beat
Speaker 1: another powerful Democratic Committee Chair, Carolyn Maloney, fifty five to
Speaker 1: twenty four percent. While the two worked as allies for
Speaker 1: the last thirty years, they became opponents this year due
Speaker 1: to redistricting. In a litmus test of the overturning of R. V. Wade,
Speaker 1: Democrat Pat Ryan won a special election in the nineteenth
Speaker 1: district to replace Democrat Antonio Delgado, who became New York's
Speaker 1: Lieutenant Governor. Bryan with fifty two percent, beat Republican Mark Mulinaro,
Speaker 1: who got forty eight percent. In baseball, the Yankees beat
Speaker 1: the Mats Ford Too for a two game sweep with
Speaker 1: series the Red Sox Nationals, and Aid's lost the Orioles
Speaker 1: and Giants. One Global Needs twenty four hours a day
Speaker 1: on air and on Blue Birke Quick Take, powered by
Speaker 1: more than seven hundred journalists analysts in more than twenty countries.
Speaker 1: I'm Michael barn This is Bloomberg. Navid Okay, Michael, thank you.
Speaker 1: We are live from the Bloomberg Interactive Brokers studios where
Speaker 1: it's sixty nine on Wall Street Time now to check
Speaker 1: what's going on in d C, where some of the
Speaker 1: top stories include those primary results last night in New
Speaker 1: York and Florida, President Biden to unveil a student loan
Speaker 1: plan that allies where he won't be enough, and former
Speaker 1: President Donald Trump ordered to explain his demand for a
Speaker 1: third party document review of records seized from his home
Speaker 1: in wur A Lago, Florida. Let's see more in all
Speaker 1: these stories now. Bloomberg Government reporter Emily Wilkins part of
Speaker 1: our team of Morning after primary election coverage. Emily, good morning.
Speaker 1: You look at some of the coverage from the Morning
Speaker 1: After political newsletters. It sounds like Democrats are feeling pretty
Speaker 1: good after what happened last night in New York. Oh. Yes,
Speaker 1: Democrats are feeling very good. And I'll point I'll tell
Speaker 1: you exactly why. It's because of New York's nineteenth district
Speaker 1: special election. Remember that's the one to replace Antonio Delgado,
Speaker 1: who is now chosen to be the lieutenant governor. The
Speaker 1: race was really seen as a toss up, but it
Speaker 1: was seen as a bell weather as to how Democrats
Speaker 1: are going to be doing this year. In the district
Speaker 1: has voted for Obama and Trump and Biden all in
Speaker 1: different elections, and Democrats one it wasn't crazy close. I mean,
Speaker 1: it wasn't super far apart, but they got a good
Speaker 1: few percentage points. Then that's really given a lot of
Speaker 1: them a boost for the November elections. You have a
Speaker 1: lot of folks who think that now things have been reset,
Speaker 1: that Democrats perhaps don't need to worry quite as much
Speaker 1: about losing the House, or if they do lose the House,
Speaker 1: it'll be by a pretty narrow margin and they'll still
Speaker 1: be able to have some impact in what laws Republicans
Speaker 1: do try and pass. And another key thing about this, Nathan,
Speaker 1: is that the abortion debate really was used um by
Speaker 1: the Democrat up in New York snite teeth Brian. He
Speaker 1: he really focused in on that and used it as
Speaker 1: an issue. And I think now Democrats are going to
Speaker 1: see that it's an issue that has power. It has
Speaker 1: power to turn folks out for them, it has power
Speaker 1: to tip the fields. So yeah, Pat Ryan's defeat of
Speaker 1: Mark mulnaro is a huge thing for Democrats. There's other
Speaker 1: big races. You had Congresswoman Caroline um uh sorry, Congressman
Speaker 1: Jerry Nadler beating Congresswoman Caroline Maloney. Both of them have
Speaker 1: served in Congress for more than thirty years, both powerful chairman.
Speaker 1: It was really a sort of a huge clash between
Speaker 1: the two of them. And you also saw Dan Goldman
Speaker 1: winning in New York's crowded tenth race. He beat out
Speaker 1: current incumbent Manda Jones, who moved down to the district
Speaker 1: because every district team. Uh. And you also saw Congressman
Speaker 1: Sean Patrick Maloney hold on to his seat. He won
Speaker 1: against a a progressive challenger. Are there any themes to
Speaker 1: be gleaned from the results in Florida? You look at
Speaker 1: just the names, it looks like we're going to see
Speaker 1: a couple of big name matchups in the governor's race
Speaker 1: and in Marco Rubio's fight to hold onto his Senate seat. Yeah. Absolutely,
Speaker 1: You've got really two huge race in Florida, Nathan, you
Speaker 1: hit the nail on the head with Charlie Criss going
Speaker 1: up against Rohn de Santis as well as Veil de Means,
Speaker 1: current congressman congresswoman from Florida who is now going to
Speaker 1: be challenging Marco Rubio. And you certainly have a number
Speaker 1: of just interesting house races there as well. Um as
Speaker 1: as far as just various matchups, Florida has been a
Speaker 1: really interesting state to watch politically. I mean, it's gone
Speaker 1: from a bit of a toss up to one that
Speaker 1: certainly leans more red, but it does still have those
Speaker 1: uh patches of really strong Democratic support. Um and so
Speaker 1: I think it's going to be one that you're just
Speaker 1: gonna have to continue to watch from now all the
Speaker 1: way until November. And in terms of the broader theme
Speaker 1: though the abortion issue, is that going to be something
Speaker 1: that supplants the economy because that is seems to be
Speaker 1: what Republicans are really pinning their hopes on the idea
Speaker 1: that they're going to do better about uh stewardship of
Speaker 1: the economy than Democrats have. It's hartally gonna depend about
Speaker 1: where you are and what and who you know, what,
Speaker 1: what sort of folks do you need to win, right?
Speaker 1: I mean in a district that is a little bit
Speaker 1: more of a swing, Democrats are going to have to
Speaker 1: wind up figuring out ways to address the economy, particularly
Speaker 1: Democrats who are running in areas where they're more Republicans
Speaker 1: and Democrats. The thing about abortion as an issue for
Speaker 1: Democrats is that it's something that really helps turn out
Speaker 1: their base. So if you're in an area where you
Speaker 1: really need to say, hey, Democrats, you need to come
Speaker 1: to the polls if you, if enough of you, Calum
Speaker 1: will be able to win. Then yes, that's a good
Speaker 1: place for a candidate to really dig in on the
Speaker 1: issue of Rowe versus Wade. But certainly imply inflation is
Speaker 1: still a problem. Gas prices have come back down, but
Speaker 1: grocery prices are still up there at rend prices, housing prices,
Speaker 1: and Democrats are going to have to address that. I
Speaker 1: think it's going to be down to individual candidates, though,
Speaker 1: to be the ones to try and figure out, Okay,
Speaker 1: how much do I need to talk about the economy,
Speaker 1: how much do I need to talk about abortion? Than
Speaker 1: Certainly both of those will continue to be major issues
Speaker 1: from now until November. And another issue we're expecting to
Speaker 1: come up later today, of course, Emily, is student loans
Speaker 1: and the expected announcement from President Biden on where he's
Speaker 1: coming down on that. Yeah, this is something that a
Speaker 1: lot of Democrats have been urging Biden to do for
Speaker 1: quite some time. It sounds like President Biden is going
Speaker 1: to be announcing for giving up to ten thousand dollars
Speaker 1: per borrower in student debt. Now that will be for
Speaker 1: absolutely everyone. He's going to cap the relief for those
Speaker 1: who make between a hundred thousand, two hundred fifty thousand
Speaker 1: dollars per year. And now a lot of progressives has
Speaker 1: said that this needs there needs to be more forgiveness.
Speaker 1: They point to the fact that a lot of folks
Speaker 1: who carry really high student debtloads are minorities, black students,
Speaker 1: lower income students, and that Biden needs to consider them.
Speaker 1: At the same point, Biden is going to come under
Speaker 1: a lot of grief for for making a decision from
Speaker 1: the right, uh, saying that you know they've already accused
Speaker 1: any sort of student loan forgiveness is giving a bit
Speaker 1: of an unfair a damage to those who go on
Speaker 1: to college um, and to potentially having some impacts on
Speaker 1: the economy. UM. So there's sorts of lots of debate
Speaker 1: around exactly how much should be forgiven, what should be forgiven,
Speaker 1: But one thing is for sure that this definitely would
Speaker 1: certainly help Biden with certain parts of the Democratic base.
Speaker 1: They've been asking for this for a while. UM. And
Speaker 1: even though some of them will say it's not enough,
Speaker 1: it is going to be imported to a lot of
Speaker 1: them out there, and we'll be watching for that announcement
Speaker 1: later today. Thanks for this Bloomberg Government reporter Emily Wilkins,
Speaker 1: and you can read more about all these stories on
Speaker 1: Bloomberg dot com or on the Bloomberg terminal. Listen to
Speaker 1: Bloomberg Radio in Washington Bloomberg and one oh five point
Speaker 1: seven FM h D two Karen, Sorry, Nathan, thank you.
Speaker 1: At at six fifties six on Well Street, we turned
Speaker 1: to news and science and technology now with a Bloomberg
Speaker 1: and j I T Stam report. It is round to
Speaker 1: you buy New Jersey in dude off Technology. N j
Speaker 1: I T makes industry ready engineers in more than twenty fields.
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Speaker 1: And here's just making news and science, technology, engineering and
Speaker 1: math about what in six American homes, twenty million households
Speaker 1: have fallen behind on their utility bills and face the
Speaker 1: possibility of a shut off. According to the National Energy
Speaker 1: Assistance Directors Association, it's the worst crisis the group has
Speaker 1: ever documented. There's been a big surge in electricity prices,
Speaker 1: propelled by the Serrain cost of natural gas. Japan is
Speaker 1: planning a dramatic shift back to nuclear power more than
Speaker 1: a decade after the Fukushima disaster. That includes restarting a
Speaker 1: number of shutdown reactors and developing new plants using next
Speaker 1: generation technologies. Japan is trying to avoid more strains on
Speaker 1: power grids that have buckled under heavy demand this summer,
Speaker 1: and it Shares of Zoom of Video Communications tumbled to
Speaker 1: levels not seen since the beginning of the pandemic. Investor
Speaker 1: Cathy wood a School ooped up shares two of her
Speaker 1: ARC investment management funds spot more than eight hundred thousand
Speaker 1: shares yesterday. Once a key pandemic beneficiary, the firm has
Speaker 1: been struggling as workplaces reopened and said it's losing sales
Speaker 1: from consumers and small business faster than anticipated. And as
Speaker 1: a Bloomberg and j I t STEM report and futures
Speaker 1: this morning, they are extending their losses just a little
Speaker 1: lesson p futures are now down four points down, features
Speaker 1: down forty one and NASDAG futures down about twenty and
Speaker 1: the tenure treasury is little change. The yield three point
Speaker 1: oh four percent and a yield on the two year
Speaker 1: three point three one percent, and Bloomberg surveillance is straight
Speaker 1: ahead with Tom Keene, Jonathan Farrell and Lisa A. Brahmawat's
Speaker 1: for Nathan Hagar on Karen Moscow, And this is Bloomberg