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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Karen.

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Speaker 2: We began the first trading day of the month of

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Speaker 2: June with Memestocks on the move. Let's get the latest

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Speaker 2: with Bloomberg's John Tucker, John.

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Speaker 3: Yeah, Nathan. GameStop shares rocketing higher this morning. This comes

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Speaker 3: after the Reddit account that drove the meanstock Manium twenty

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Speaker 3: twenty one posted what appeared to be a one hundred

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Speaker 3: and sixteen million dollar position in the game retailer. A

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Speaker 3: screen shot by Keith Gill shows five million cheers bought

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Speaker 3: a twenty one twenty seven per share. The screen shot,

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Speaker 3: which also included one hundred twenty thousand call options, couldn't

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Speaker 3: be verified on social media, Gil, using his account handle

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Speaker 3: Roaring Kitty, also posted an image of an Uno reverse cord,

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Speaker 3: the post that attracted more than four and a half

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Speaker 3: million views in about five hours. You'll recall that back

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Speaker 3: in mid May, Gil returned to x with an image

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Speaker 3: of a video game person leaning in, fueling anticipation is

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Speaker 3: going to actively return to the market. Well other medium

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Speaker 3: stocks they're also getting a boost and shares of Game Stop.

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Speaker 3: We'll I'll start there. They are upright now sixty nine percent.

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Speaker 3: Shares of AMC Entertainment they're up twenty six percent. I'm

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Speaker 3: John Tucker, Bloomberg Radio.

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Speaker 1: Right, John, thank you. But we're also seeing in Nvidia

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Speaker 1: shares on the move. They're up almost three percent. The

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Speaker 1: company has plenty to upgrade its AI accelerator chips every

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Speaker 1: year as it seeks to broaden its customer base beyond

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Speaker 1: cloud computing giants. CEO Jensen Wong announced a new Blackwell

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Speaker 1: Ulter chip for next year and the development of an

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Speaker 1: AI platform called Rubin for twenty twenty six for future laptop.

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Speaker 2: Your future PC will become an AI. You'll be constantly

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Speaker 2: helping you, assisting.

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Speaker 4: You in the background. The PC will also run applications

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Speaker 4: that are enhanced by an.

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Speaker 5: Your PC will.

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Speaker 2: Also post applications with digital humans that are as.

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Speaker 1: In Vidia CEO Jensen Wong was speaking at the Computex

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Speaker 1: conference in Taiwan. He compared the rise of AI to

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Speaker 1: the Industrial Revolution.

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Speaker 2: And not to be outdone, Karen Advanced micro Devices is

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Speaker 2: speeding up introductions of new artificial intelligence processors as it

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Speaker 2: seeks to dent in Vidia's domination of that lucrative market.

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Speaker 2: AMD's CEO Lisa Sue was also at the Computex conference

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Speaker 2: in Taiwan. She says the MII three twenty five X

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Speaker 2: will go on sale in the fourth quarter.

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Speaker 4: Well.

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Speaker 1: Nathan Stocks in India search to our record after exit

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Speaker 1: polls signaled an emphatic victory for Prime Minister Narendra Modi's

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Speaker 1: ruling party. Winning by a landslide would enable Modi's party

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Speaker 1: to push through policies that are seen as crucial by

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Speaker 1: some investors for boosting India's economic growth, already among the

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Speaker 1: world's fastest.

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Speaker 2: And another important election we're looking at this morning. Karen

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Speaker 2: is in South Africa. The ruling African National Congress has

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Speaker 2: now begun talks with its rivals to form a government.

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Speaker 2: The move comes after the party lost its parliamentary majority

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Speaker 2: for the first time since Nelson Mandela led it to

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Speaker 2: power at the end of apartheid in nineteen ninety four.

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Speaker 2: And See leader Serril Ramaposa says the result is assigned.

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Speaker 2: The South African people wanted more cooperation among major parties.

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Speaker 6: What this election has made plain is that the people

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Speaker 6: of South Africa expect their leaders to work together to

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Speaker 6: meet their needs. They expect the parties for which they

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Speaker 6: have voted to act and work together for the good

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Speaker 6: of everyone.

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Speaker 2: Ramaposa's ANC got a vote share of just over forty percent.

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Speaker 2: That's down from more than fifty seven percent five years ago.

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Speaker 1: Well, Nathan to the latest from the Middle East. Now,

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Speaker 1: the White House is continuing to push what it says

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Speaker 1: is an Israeli proposal to end the war with Hamas.

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Speaker 1: National Security spokesman John Kirby discussed it on ABC's This Week.

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Speaker 7: Where we are right now? Is that propose? An Israeli

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Speaker 7: proposal has been given to Hamas. It was done on

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Speaker 7: Thursday night our time. We're waiting for an official response

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Speaker 7: from Hamas. We would note that publicly Hamas officials came

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Speaker 7: out and welcomed this proposal. So what would we hope

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Speaker 7: happen is they would agree to start Phase one as

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Speaker 7: soon as possible.

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Speaker 1: Why how Spokesman John Kirby says that Phase one would

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Speaker 1: be a six week truce where hostages and prisoners would

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Speaker 1: be exchanged, followed by a second phase focused on a

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Speaker 1: permanent ceasefire, then major reconstruction in Gaza. But is really

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Speaker 1: prime Minister Benjamin et Yaho says the plan he's agreed

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Speaker 1: to does not include a permanent ceasefire. In a statement,

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Speaker 1: he says that would be a non starters. Samasa's capabilities

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Speaker 1: are destroyed in all hostages are freed first.

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Speaker 2: In other political news, Karen Donald Trump's legal team is

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Speaker 2: now confirming it is readying an appeal to his recent

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Speaker 2: convictions in the hush money trial. We get that story

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Speaker 2: from Bloomberg's Ed Baxter.

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Speaker 8: Trump attorney Will Sharp says it deals with judicial fairness.

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Speaker 9: We're going to speedily appeal this unjust verdict. I think

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Speaker 9: this case is replete with reversible error. We plan to

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Speaker 9: vigorously defend President Trump's rights in the appellate courts all

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Speaker 9: the way up to the US Supreme Court if necessary.

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Speaker 8: On ABC has heard on Bloomberg saying problems with jury

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Speaker 8: instruction and denial of change of venue. Congressman Adam Schiff,

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Speaker 8: co chair of the January sixth Committee, says the reaction

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Speaker 8: to venue is simple.

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Speaker 2: If you don't want to be tried in front of

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Speaker 2: a New York jera, then maybe don't commit so many

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Speaker 2: crimes in New York City.

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Speaker 8: Shiff says he sees no grounds for appeal, does say

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Speaker 8: the whole process will definitely take beyond election day. Head

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Speaker 8: Baxter Bloomberg Radio, All.

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Speaker 2: Right, ed, thank you well.

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Speaker 1: As survey by Bloomberg shows that investors are worried about

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Speaker 1: the Federal reserves independence if Donald Trump is re elected

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Speaker 1: as president in November. Forty four percent of those responding

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Speaker 1: to Our Market's Live Paul survey said they expect the

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Speaker 1: former president to politicize the Central Bank or limit its

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Speaker 1: power if he returns to the White House. They also

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Speaker 1: expect volatility in the bond market in the event of

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Speaker 1: a Trump victory, with around a quarter seeing the ten

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Speaker 1: year treasure Yell jumping by more than twenty five basis points.

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Speaker 2: And speaking of the Fed, Karen, we're getting more signals

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Speaker 2: that the Central Bank is going to stand pat for

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Speaker 2: a while. Minneapolis Fed President Neil Cashcari tells The Financial

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Speaker 2: Times the Fed will likely keep interest rates on hold

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Speaker 2: for an extended period of time. He says new economic

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Speaker 2: data will need to convince policymakers that inflation is on

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Speaker 2: the way down.

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Speaker 1: Well, Nathan, we have some deal news to get you

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Speaker 1: caught up on this morning. Bloomberg News has learned film

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Speaker 1: producer David Ellison's latest offer for Paramount Global includes an

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Speaker 1: option for non voting shareholders to cash out a portion

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Speaker 1: of their stock for about fifteen dollars a share. The offer,

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Speaker 1: roughly twenty six percent premium to Friday's closing price, is

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Speaker 1: for only some of the shares. The cash payout is

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Speaker 1: the latest attempt by Ellison to sweeten the terms of

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Speaker 1: a deal that has faced opposition from some investors. Shares

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Speaker 1: a Paramount up around four percent.

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Speaker 2: This morning, and another stock on the move this morning

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Speaker 2: is Stereocycle Karen. Those shares are up about four and

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Speaker 2: a half percent. The Wall Street journals reporting the Waste

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Speaker 2: Management is close to a deal to buy that medical

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Speaker 2: waste disposal company.

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

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

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Speaker 1: the world.

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 2: Good Morning, Good morning, Karen.

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Speaker 5: Mexico's projected election winner, Claudia Shanebaum, will become the first

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Speaker 5: woman president in the country's two hundred year history, making

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Speaker 5: The climate scientist and former Mexico City mayor said last

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Speaker 5: night that her two competitors had called her and conceded

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Speaker 5: her victory. Shane Baum had between fifty eight and almost

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Speaker 5: sixty one percent of the vote. For the first time ever,

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Speaker 5: Mexican nationals living in the Chicago area were allowed to

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Speaker 5: cast their vote at the Consulate General in the city.

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Speaker 5: Hundreds lined up all day waiting for hours to cast

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Speaker 5: their ballot, including this woman.

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Speaker 1: For me, It's the most important election of my lifetime.

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Speaker 5: Shane Baum said that the voting had been peaceful, but

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Speaker 5: Mexico's largest ever elections were also the deadliest in its

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Speaker 5: modern history for the tax carried out against candidates and

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Speaker 5: people close to them. Jerry's election is set to begin today,

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Speaker 5: and the federal gun case against President Joe Biden's son,

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Speaker 5: after a deal with prosecutors fell apart. They would have

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Speaker 5: avoided the spectacle of a trial so close to the

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Speaker 5: twenty twenty four election. Hunter Biden has been charged with

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Speaker 5: lying on federal gun purchase forms when he said he

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Speaker 5: wasn't a drug addict. He has pleaded not guilty. Hunter

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Speaker 5: Biden is also facing a separate trial in California in

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Speaker 5: September on charges of failing to pay one point four

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Speaker 5: million dollars in taxes more than sixty US World War

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Speaker 5: II veterans arrived in Paris over the weekend to participate

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Speaker 5: in ceremonies marking the eightieth anniversary of D Day. The

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Speaker 5: youngest World War Two veteran on the American Airlines flight

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Speaker 5: from Dallas to Paris was ninety six, the oldest one

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Speaker 5: hundred and seven. The group was welcomed by Philippe and Tienne,

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Speaker 5: president of Mission Liberation, a former French ambassador to the US.

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Speaker 4: Your presence here in France symbolizes not only the spirit

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Speaker 4: of fraternity and solidarity that prevailed during those dark years,

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Speaker 4: but also the unbreakable alliance between our two nations.

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Speaker 5: The former French ambassador also says there were also two

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Speaker 5: Rosy the Riveters among the veterans, representing women who worked

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Speaker 5: in factories and shipyards during the war. Global News twenty

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Speaker 5: four hours a day and whenever you want it with

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Speaker 5: Bloomberg News Now. I'm Michael Barr. This is Bloomberg hererott.

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Speaker 1: Ory, Michael Barr.

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Speaker 10: Thank you.

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Speaker 1: Time now for the Bloomberg Sports Update with John Stanshauer

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Speaker 1: Junk of Morning.

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Speaker 11: Good Morning Karen. The Yankees just spent ten days in California.

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Speaker 11: They won two of three in San Diego. Took two

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Speaker 11: of three at Anaheim, and it looked like that was

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Speaker 11: how the series was going to go. In San Francisco,

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Speaker 11: the Yanks trailed in the nineteen eight Here what oh.

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Speaker 1: Swinging a fly ball deep white field Stretchky.

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Speaker 10: Turns and what is it?

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Speaker 1: It is?

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Speaker 11: God?

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Speaker 10: Go ahead?

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Speaker 1: Two roun bless by one Sodo.

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Speaker 3: He gives the Yankees the lead in the top of

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Speaker 3: the nine, going over the twenty four foot high wall

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Speaker 3: and right.

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Speaker 11: On Wfan So it was the last part of a

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Speaker 11: four run rally. Yanks beat the Giants seven to five

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Speaker 11: for a series sweep and a seven and two road trip.

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Speaker 11: Soto had earlier homeward in the first inning a city field.

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Speaker 11: Arizona's Kettle Marte also homeward in the first and the ninth,

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Speaker 11: two runs shown off Jake Diekman a rally. The Diamondbacks

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Speaker 11: passed the Mets five to four. To the Mets when

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Speaker 11: nine and nineteen in May, they're zero and two. In June,

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Speaker 11: Red Sox blew with three nothing. Lee lost in Detroit

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Speaker 11: eight to four ten innings. Nationals won five two in Cleveland.

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Speaker 11: The Ools is just their second loss in the last ten.

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Speaker 11: Beaten by Tampa Bay four to three. It'll be the

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Speaker 11: Panthers and Oilers playing for the Stanley Cup. It'll be

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Speaker 11: the longest distance between the two cities in Cup final

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Speaker 11: history and Edmonton Oilers scored twice in the first period

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Speaker 11: that was enough to finish off Dallas two to one,

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Speaker 11: taking in the West Final four games to two. At

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Speaker 11: the front j Open fourth round wins breonnic Cinner and

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Speaker 11: Carlos alcaaz Novak. Djokovic placed today, back from his third

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Speaker 11: round win that took four and a half hours and

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Speaker 11: ended at three am Paris time. The lefty from Scotland,

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Speaker 11: Robert McIntyre's first PGA win in Canada. He won with

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Speaker 11: his father as his caddie. Yukusasso won the US Women's

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Speaker 11: Open for the second time. She's only twenty two. Some

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Speaker 11: own biles now twenty seven. She won the US Gymnastics

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Speaker 11: title for the ninth time. Next up the Olympic Trials

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Speaker 11: next month. John Stasheward Bloomberg Sports Cannon Nathan.

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Speaker 8: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot Com and the

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Speaker 8: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning on Nathan Hager. As

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Speaker 2: we head into a new trading month, the market is

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Speaker 2: feeling a bit like twenty twenty one. This morning, meme

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Speaker 2: names are seeing the biggest moves after the investing influencer

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Speaker 2: known as Roaring Kitty posted but it looks like a

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Speaker 2: big position in game Stop and other stocks that retail

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Speaker 2: investors piled into three years ago are soaring off the

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Speaker 2: back of it. For more on this, what else do

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Speaker 2: you watch for? As we kick off the month of June,

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Speaker 2: we were pleased to be joined by Dennis Gartman, the

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Speaker 2: chairman of the University of Akron Endowment Investment Committee and

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Speaker 2: the former publisher of the Gartman Letter. Dennis, Good morning.

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Speaker 2: Is it twenty twenty one all over again?

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Speaker 10: Good morning Nathan, And yes, it seems it's twenty twenty

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Speaker 10: one all over again with the Roaring Kitty back on

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Speaker 10: the front pages. I find it a little disconcerting to

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Speaker 10: think that once again he's back. Once again. The means

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Speaker 10: trading is back to the forefront. That's always to me

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Speaker 10: indicative of a market that's making a top, not the

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Speaker 10: market that's making a bottom. The fact that when the

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Speaker 10: public comes in aggressively, and trades means stocks trades, spacks, trades,

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Speaker 10: single day options, trades, over the counterstocks trades less than

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Speaker 10: dollar stocks at the high rate. That's always disconcerting to me,

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Speaker 10: and I think it should be disconcerting to everybody else.

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Speaker 10: But this is twenty twenty one again, and here we

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Speaker 10: are one more time.

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Speaker 2: Is that the biggest indicator for you that we could

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Speaker 2: be seeing a top to this market? Or are there

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Speaker 2: other things that you're looking at that signal that for you?

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Speaker 10: Fundamentals dictate where the market goes over broad terms, Technicals

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Speaker 10: dictate where the market goes over short term terms. And

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Speaker 10: to me, one of the most important circumstances that we

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Speaker 10: saw technically was two weeks ago we had an outside

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Speaker 10: reversal day in the S and P and the NASDAC.

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Speaker 10: That's when you go to a new of all time

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Speaker 10: high trade lower on the day trade below the previous

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Speaker 10: day is low, and do it on large volume. We

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Speaker 10: had outside reversal days, and those are usually not always,

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Speaker 10: but usually indicative of market tops. To me, that was important.

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Speaker 10: That was an important circumstance to pay attention to. So

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Speaker 10: I think that's still driving things. What bothers me about

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Speaker 10: the stock market is that on rallies, volume is declining.

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Speaker 10: On declines, volume is advancing, and that too is very so.

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Speaker 10: The technical seem to be getting sloppy at best at

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Speaker 10: this point, and I think being I'm actually on the

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Speaker 10: lines for the first time in a long period of

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Speaker 10: time and comfortable being there. I'm on the sidelines in gold,

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Speaker 10: I'm on the sidelines and bonds. I'm on the sidelines

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Speaker 10: in stocks because I find things very disconcerting, very confusing,

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Speaker 10: and the sideline seems to me to be the safest

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Speaker 10: harbor at this point. Sidelines being cash and less than

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Speaker 10: two year notes.

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Speaker 2: How long do you think you're going to stay on

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Speaker 2: the sidelines tennis?

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Speaker 10: Until I come off the sidelines. That's the best answer

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Speaker 10: I can That's the best answer I can give you

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Speaker 10: at this point. I probably I tried being modestly, very

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Speaker 10: marginally short beginning two weeks ago and got stopped out

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Speaker 10: on Friday, which and I took a very small profit.

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Speaker 10: I may be on the sidelines for a protracted period

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Speaker 10: of time, certainly through the summer and through the period

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Speaker 10: of time before the Fed begins the process of easing

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Speaker 10: monetary policy and taking the overnight FED funds rate lower.

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Speaker 10: That's going to be until after the election this year,

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Speaker 10: so I may be on the sidelines in prohibitive terms

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Speaker 10: for a protracted period of time.

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Speaker 2: After the election. That still leaves the possibility that the

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Speaker 2: Fed could make a move lower before the year is out.

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Speaker 2: Are you still keeping a December rate move on the table?

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Speaker 10: I think it's if we have one, it'll be the

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Speaker 10: the FMC meeting one day after the the the elections

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Speaker 10: in early November. I think that's the possibility. Would would

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Speaker 10: be that that would be the best time for them

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Speaker 10: to make a move. But you have to remember a

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Speaker 10: year ago, the consensus was that there'd be five to six,

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Speaker 10: maybe even seven cuts in the overnight head funds rate,

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Speaker 10: And in the to the bi weekly that I send

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Speaker 10: to friends and former clients of newsletter, I maintained at

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Speaker 10: that time that we have at most one, maybe two

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Speaker 10: cuts in the overnight FED funds rate, which seemed to

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Speaker 10: be almost laughable. And it's in its differentiation from the

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Speaker 10: from the broadcast census. And I still think that we

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Speaker 10: we at mostly will get one cut in the overnight

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Speaker 10: SAD funds right, and I think that comes into November meeting,

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Speaker 10: maybe maybe two but I have my doubts substantively. I

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Speaker 10: think it'll be a protective period of time before the

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Speaker 10: seed begins the process of taking the SAD funds right

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Speaker 10: back towards three percent over the course the next several years.

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Speaker 2: This is Bloomberg day Break Today, your morning brief on

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Speaker 2: the stories making news from Wall Street to Washington and beyond.

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Speaker 2: Listen coast to coast on the Bloomberg Business app, Serious XM,

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Speaker 2: the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan

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Speaker 2: Hager and I'm Karen Moscow.

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Speaker 1: Join us again tomorrow morning for all the news you

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Speaker 1: need to start your day right here on Bloomberg Daybreak