1 00:00:01,560 --> 00:00:05,080 Speaker 1: By from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:05,160 --> 00:00:08,920 Speaker 1: Daybreak for Tuesday, August nine, two. Coming up this hour, 3 00:00:09,119 --> 00:00:12,760 Speaker 1: Federal agents raid former President Trump's residents at mar Longo. 4 00:00:13,080 --> 00:00:16,000 Speaker 1: It's part of an investigation into whether he took classified 5 00:00:16,040 --> 00:00:19,600 Speaker 1: documents from the White House. Bloomberg Team coverage straight ahead 6 00:00:19,760 --> 00:00:22,760 Speaker 1: plus find ut which drugmaker lost more than a quarter 7 00:00:22,800 --> 00:00:25,520 Speaker 1: of its value after week ear names con ed is 8 00:00:25,600 --> 00:00:28,560 Speaker 1: asking Brooklyn and Queen's to reduce power amid high heat. 9 00:00:28,800 --> 00:00:32,240 Speaker 1: Plus President Biden Vale's FEMA money for flood ravage residents 10 00:00:32,240 --> 00:00:36,240 Speaker 1: in Kentucky. Michael Blarmer, More ahead, I'm John Stash Howard Sports. 11 00:00:36,240 --> 00:00:38,720 Speaker 1: The Mets made at thirteen the last fifteen. They beat 12 00:00:38,720 --> 00:00:41,160 Speaker 1: the Reds the Yankees into the five game losing street 13 00:00:41,280 --> 00:00:47,320 Speaker 1: in Seattle. That's all straded ahead on Bloomberg Daybreak on 14 00:00:47,440 --> 00:00:51,920 Speaker 1: Bloomberg eleven Free on New York, Bloomberg one, Washington, d C, 15 00:00:52,400 --> 00:00:55,960 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 16 00:00:56,080 --> 00:01:00,200 Speaker 1: Francisco Sirius XM one nineteen and around the world on 17 00:01:00,360 --> 00:01:07,880 Speaker 1: Bloomberg Radio dot Com. I'm the Bloomberg Business app. Good Morning, 18 00:01:07,920 --> 00:01:11,160 Speaker 1: I'm John Tucker. I'm Nathan Hagar. Futures are treading water 19 00:01:11,240 --> 00:01:12,959 Speaker 1: this morning. We're coming up to six o one on 20 00:01:12,959 --> 00:01:15,200 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 21 00:01:15,240 --> 00:01:17,960 Speaker 1: during the trading day. On Bloomberg, sp futures are up 22 00:01:18,000 --> 00:01:20,640 Speaker 1: two points down, futures up forty six. Dance deck futures 23 00:01:20,640 --> 00:01:24,120 Speaker 1: are lower by fifteen points. The tenure Treasury is down 24 00:01:24,160 --> 00:01:26,720 Speaker 1: eight thirty seconds. The yield two point seven eight percent 25 00:01:26,800 --> 00:01:29,080 Speaker 1: yield on the two year three point to one percent. 26 00:01:29,600 --> 00:01:33,039 Speaker 1: NIMEX screwed is down eight tenths percent, down seventy cents 27 00:01:33,040 --> 00:01:36,240 Speaker 1: at ninety six cents of barrel Comics gold is little changed, 28 00:01:36,280 --> 00:01:38,560 Speaker 1: up at ollar seventy at eighteen o six ninety announced, 29 00:01:38,640 --> 00:01:40,959 Speaker 1: the euro one point zero to three eight against the dollar, 30 00:01:41,280 --> 00:01:43,480 Speaker 1: British pound one point two one two four, and the 31 00:01:43,560 --> 00:01:46,240 Speaker 1: yen is at one thirty four point seven eight, John 32 00:01:46,400 --> 00:01:48,120 Speaker 1: and Nathan. We're gonna have more on the markets in 33 00:01:48,160 --> 00:01:52,040 Speaker 1: a minute, but first the bombshell overnight in the US politics, 34 00:01:52,280 --> 00:01:55,840 Speaker 1: the MPI rating Donald Trump's Mara logo resort in Florida. 35 00:01:56,160 --> 00:01:58,680 Speaker 1: We begin our team coverage with Amy Morris from our 36 00:01:58,720 --> 00:02:03,920 Speaker 1: Bloomberg newsroom in Washington. The focus is unclassified documents the 37 00:02:03,920 --> 00:02:06,440 Speaker 1: former president might have taken tomorrow lago from the White 38 00:02:06,440 --> 00:02:09,680 Speaker 1: House when he left office. Trump's son Eric Trump told 39 00:02:09,720 --> 00:02:13,079 Speaker 1: Fox News his father is being unfairly targeted. They don't 40 00:02:13,120 --> 00:02:17,040 Speaker 1: want Aunald Trump to run and win again. In The 41 00:02:17,120 --> 00:02:19,400 Speaker 1: raid began in the morning and lasted until six in 42 00:02:19,440 --> 00:02:21,840 Speaker 1: the evening. Trump was in New York City at the 43 00:02:21,880 --> 00:02:25,600 Speaker 1: time and released a statement calling the raid prosecutorial misconduct. 44 00:02:25,800 --> 00:02:29,640 Speaker 1: House Minority Leader Kevin McCarthy tweeted that Republicans will conduct 45 00:02:29,680 --> 00:02:32,959 Speaker 1: immediate oversight of the Justice Department if they take control 46 00:02:32,960 --> 00:02:35,800 Speaker 1: of the House in November. In Washington, I'm Ammy Morris 47 00:02:35,840 --> 00:02:39,440 Speaker 1: Bloomberg Daybreak. Heren reaction is pouring in this morning to 48 00:02:39,480 --> 00:02:42,000 Speaker 1: the news and we continue our team coverage with Bloomberg 49 00:02:42,040 --> 00:02:46,760 Speaker 1: Politics contributor Jeanie Schanzano. In this case, for a probable cause, 50 00:02:46,840 --> 00:02:50,000 Speaker 1: they have to believe that crime was committed. A federal 51 00:02:50,080 --> 00:02:53,120 Speaker 1: judge had to sign off on a warrant believing a 52 00:02:53,280 --> 00:02:56,360 Speaker 1: crime was committed. And you have to imagine when in 53 00:02:56,400 --> 00:02:59,240 Speaker 1: the balls the former president, what we're thinking about is 54 00:02:59,280 --> 00:03:03,600 Speaker 1: even higher bar. In other words, the crime was committed repeatedly. 55 00:03:03,720 --> 00:03:08,720 Speaker 1: It may have included classified material. Bloomberg contributor Jeanie Schanzano 56 00:03:08,840 --> 00:03:12,240 Speaker 1: calls this a major development. Donald Trump says FBI agents 57 00:03:12,280 --> 00:03:15,320 Speaker 1: even broke into his safe. Sources tell us the location, 58 00:03:15,440 --> 00:03:18,400 Speaker 1: even the existence of the safe or closely guarded secrets 59 00:03:18,440 --> 00:03:20,839 Speaker 1: for the former resident, and the search comes as Mr 60 00:03:20,840 --> 00:03:23,400 Speaker 1: Trump Preparis and other bid for the White House, and 61 00:03:23,560 --> 00:03:27,360 Speaker 1: as the January six committee also probes his actions. Robert 62 00:03:27,360 --> 00:03:30,440 Speaker 1: Min's a partner, Ed mcarter and English goals the investigation 63 00:03:30,560 --> 00:03:35,920 Speaker 1: shocking and unprecedented. The search warrant is really the nuclear 64 00:03:35,960 --> 00:03:40,200 Speaker 1: bomb in the arsenal of prosecutors because it is so intrusive. 65 00:03:40,560 --> 00:03:42,920 Speaker 1: It is not simply serving a subpoena and going through 66 00:03:42,960 --> 00:03:46,800 Speaker 1: attorneys and producing records, literally showing up on your doorstep 67 00:03:47,240 --> 00:03:51,000 Speaker 1: with a phalanx of federal agents who wi allow spend 68 00:03:51,360 --> 00:03:54,720 Speaker 1: four or five hours going through your house. Robert minces 69 00:03:54,760 --> 00:03:57,920 Speaker 1: Attorney General Merrick Garland was likely needed to sign off 70 00:03:57,920 --> 00:04:00,320 Speaker 1: on the rate. More of this developing story around the 71 00:04:00,360 --> 00:04:04,120 Speaker 1: morning here on Bloomberg Radio, including analysis from Brown University's 72 00:04:04,280 --> 00:04:08,080 Speaker 1: When They Schiller Washington corresponded, Joe Matthew, all right, let's 73 00:04:08,080 --> 00:04:11,000 Speaker 1: turn back to markets now, John us futures are mixed 74 00:04:11,040 --> 00:04:13,760 Speaker 1: after yesterday's up and down day on Wall Street. At 75 00:04:13,760 --> 00:04:16,760 Speaker 1: one point, the SMP five was up one percent before 76 00:04:16,839 --> 00:04:20,320 Speaker 1: pulled back on shipmaker and videos revenue miss that the 77 00:04:20,360 --> 00:04:24,480 Speaker 1: index closed little changed. David Deet's senior portfolio strategist at 78 00:04:24,480 --> 00:04:28,239 Speaker 1: pe Pack Private Wealth, says everyone's waiting for tomorrow's inflation print. 79 00:04:28,440 --> 00:04:31,920 Speaker 1: All eyes are gonna be on Wednesday's inflation report. If 80 00:04:31,960 --> 00:04:35,600 Speaker 1: that's hot of it expected, expect to pull back, particularly 81 00:04:35,680 --> 00:04:39,560 Speaker 1: monks on those megacap tech socks, and maybe a rotation 82 00:04:39,640 --> 00:04:42,479 Speaker 1: back into some of those materials energy names which have 83 00:04:42,600 --> 00:04:45,880 Speaker 1: not participated as much in July. Ppack Private Wealth David 84 00:04:45,920 --> 00:04:48,480 Speaker 1: Diet says investors are concerned the Fed will continue to 85 00:04:48,600 --> 00:04:51,800 Speaker 1: raise rates after last Friday's strong jobs report and this 86 00:04:51,920 --> 00:04:56,480 Speaker 1: morning session shares of Novavax down. That's after the drug 87 00:04:56,520 --> 00:04:59,919 Speaker 1: makers slashed to its revenue forecast. The story from Bloomberg's 88 00:05:00,040 --> 00:05:04,280 Speaker 1: Charlie Pellett It's COVID nineteen vaccine, which already trailed competitors 89 00:05:04,279 --> 00:05:08,159 Speaker 1: getting to market, failed to live up to expectations. Novavacs 90 00:05:08,240 --> 00:05:11,320 Speaker 1: received about one point six billion dollars from the US 91 00:05:11,400 --> 00:05:16,000 Speaker 1: government to develop its vaccine through the Operation Warp Speed program. 92 00:05:16,320 --> 00:05:20,440 Speaker 1: The immunization uses a protein based technology that's similar to 93 00:05:20,480 --> 00:05:24,600 Speaker 1: classic shots. Company officials had anticipated that the vaccine might 94 00:05:24,640 --> 00:05:27,480 Speaker 1: appeal to those who have been hesitant to take shots 95 00:05:27,520 --> 00:05:31,360 Speaker 1: made with newer technologies, but demand has not appeared strong 96 00:05:31,480 --> 00:05:35,080 Speaker 1: so far. In New York, Charlie Pellett Bloomberg Day Break, 97 00:05:35,120 --> 00:05:37,880 Speaker 1: Thanks Charlie. As corporate earnings come in mixed, the debate 98 00:05:37,920 --> 00:05:41,039 Speaker 1: over whether we're in a recession continues. Bloomberg's Rnita Young 99 00:05:41,120 --> 00:05:43,279 Speaker 1: joins US Live with the latest call. Good morning, Rinita, 100 00:05:43,360 --> 00:05:47,200 Speaker 1: Good morning Nathan. Our Investment Management CEO caafy Wood is 101 00:05:47,240 --> 00:05:50,800 Speaker 1: the latest to declare US recession. She says that the 102 00:05:50,800 --> 00:05:54,080 Speaker 1: Fed will have to start loosening its policy sometime next year. 103 00:05:54,400 --> 00:05:57,599 Speaker 1: We believe we're in a recession. Two consecutive quarters of 104 00:05:57,680 --> 00:06:01,000 Speaker 1: real g D key declines is is the beginning of 105 00:06:01,000 --> 00:06:06,800 Speaker 1: that definition. Three consecutive months of declines in meeting indicators, 106 00:06:07,080 --> 00:06:10,400 Speaker 1: which we have now would suggest the same. Kathe Wood 107 00:06:10,480 --> 00:06:13,279 Speaker 1: says she believes the economy will be coming out of 108 00:06:13,279 --> 00:06:16,360 Speaker 1: a recession next year. She plans to keep her firm 109 00:06:16,480 --> 00:06:20,680 Speaker 1: fully invested throughout the downturn in so called innovation companies 110 00:06:20,839 --> 00:06:24,760 Speaker 1: which typically thrived during difficult times. Live in New York. 111 00:06:24,800 --> 00:06:27,960 Speaker 1: I'm Nita Young Blueberg Daybreak. Thanks for Nita, and finally 112 00:06:28,080 --> 00:06:31,000 Speaker 1: some news from Boeing this morning. The company you sent 113 00:06:31,040 --> 00:06:34,400 Speaker 1: to resume deliveries of its seven eight seven Dreamliner as 114 00:06:34,440 --> 00:06:37,680 Speaker 1: soon as tomorrow. That's almost two years after they were 115 00:06:37,760 --> 00:06:42,080 Speaker 1: disrupted by manufacturing flaws. The FAA says Boeing has made 116 00:06:42,080 --> 00:06:46,000 Speaker 1: the necessary changes to ensure the plane now meets certification standards. 117 00:06:46,040 --> 00:06:48,080 Speaker 1: So I've got one more story for you, John. Micron 118 00:06:48,120 --> 00:06:51,920 Speaker 1: Technology says it will use anticipated government grants and credits 119 00:06:51,920 --> 00:06:54,400 Speaker 1: to help it invest forty billion dollars by the end 120 00:06:54,440 --> 00:06:58,560 Speaker 1: of the decade to build out US semiconductor manufacturing capacity. 121 00:06:58,920 --> 00:07:03,080 Speaker 1: Company expects to be into produced chips after says it 122 00:07:03,080 --> 00:07:06,440 Speaker 1: will create as many as forty thousand jobs. Micron says 123 00:07:06,480 --> 00:07:08,880 Speaker 1: the investments being funded with subsidies that thinks it will 124 00:07:08,880 --> 00:07:11,520 Speaker 1: be awarded from the Chips in Science Act that just 125 00:07:11,640 --> 00:07:14,840 Speaker 1: passed on Capitol Hill. Straight ahead, we have your latest 126 00:07:14,840 --> 00:07:18,240 Speaker 1: of local headlines, plus a check of sports. You're listening 127 00:07:18,280 --> 00:07:25,280 Speaker 1: to Bloomberg day Break. Thanks Nathans so seven on Wall 128 00:07:25,280 --> 00:07:27,640 Speaker 1: Street Games. Time to bring in Michael bar to find 129 00:07:27,680 --> 00:07:29,640 Speaker 1: out what else is going on in New York and 130 00:07:30,280 --> 00:07:33,200 Speaker 1: around the world. John, Thank you, sir. The bad news 131 00:07:33,320 --> 00:07:36,480 Speaker 1: the heat wave continues in the Tri State area. The 132 00:07:36,480 --> 00:07:39,920 Speaker 1: good news it ends tonight. Bloomberg Meeting Religios. Rob Caroline 133 00:07:40,000 --> 00:07:42,360 Speaker 1: has the latest. Good morning, Michael. We have a heat 134 00:07:42,360 --> 00:07:44,560 Speaker 1: advisory and effect for the Tri State area until eight 135 00:07:44,600 --> 00:07:47,480 Speaker 1: p m. This evening. The heat advisory though the last 136 00:07:47,480 --> 00:07:49,400 Speaker 1: one of the week. It looks like temperatures are gonna 137 00:07:49,400 --> 00:07:50,880 Speaker 1: cool off quite a bit as we head through the 138 00:07:50,920 --> 00:07:53,880 Speaker 1: remainder of the week. Today we're up around ninety five. Tomorrow, 139 00:07:53,920 --> 00:07:56,520 Speaker 1: it's eighty five and eighty five again on Thursday, then 140 00:07:56,600 --> 00:07:59,520 Speaker 1: only eight five on Friday with much less humidity. So 141 00:07:59,760 --> 00:08:02,440 Speaker 1: we're definitely gonna be breaking the heat wave. Michael, thanks 142 00:08:02,440 --> 00:08:05,240 Speaker 1: for Rob Khan. Ed is asking residents in parts of 143 00:08:05,320 --> 00:08:08,240 Speaker 1: Brooklyn and Queens to curb their energy use as high 144 00:08:08,320 --> 00:08:11,760 Speaker 1: heat sears New York City. The utility asked homes and 145 00:08:11,880 --> 00:08:15,320 Speaker 1: businesses and the affected areas to refrain from using power 146 00:08:15,480 --> 00:08:20,400 Speaker 1: hungry appliances, including washers, dryers, and microwaves until the crew 147 00:08:20,520 --> 00:08:24,480 Speaker 1: completes repairs. It also requested that residents only used one 148 00:08:24,520 --> 00:08:28,400 Speaker 1: air conditioner President Biden extended help and the FEMA check 149 00:08:28,480 --> 00:08:32,080 Speaker 1: book to flood soaked eastern Kentucky as he visited storm 150 00:08:32,280 --> 00:08:35,960 Speaker 1: damaged areas. The President toured the water demolished neighborhoods, where 151 00:08:36,000 --> 00:08:40,240 Speaker 1: he immediately issued federal disaster declarations so they could rebuild 152 00:08:40,240 --> 00:08:43,960 Speaker 1: from last week's deadly storms. After meeting with families impacted 153 00:08:43,960 --> 00:08:46,840 Speaker 1: by the flooding and the town of Lost Creek, President 154 00:08:46,880 --> 00:08:49,600 Speaker 1: Biden says he will be back to help them rebuild 155 00:08:49,600 --> 00:08:53,160 Speaker 1: from the flooding. All Americans, everybody has an obligation to help. 156 00:08:53,800 --> 00:08:57,160 Speaker 1: We have the capacity to do this. It's not like 157 00:08:57,200 --> 00:09:01,040 Speaker 1: it's beyond our control. The President also each unity in 158 00:09:01,200 --> 00:09:04,520 Speaker 1: the response to the disaster. The Pentagon says it believe 159 00:09:04,679 --> 00:09:07,720 Speaker 1: that as many as eighty thousand Russian troops have been 160 00:09:07,800 --> 00:09:11,040 Speaker 1: killed or wounded and under six months of fighting in Ukraine. 161 00:09:11,559 --> 00:09:15,960 Speaker 1: Under Secretary of Defense for Policy, Colin cull says it 162 00:09:16,040 --> 00:09:19,640 Speaker 1: is pretty remarkable considering that the Russians have achieved none 163 00:09:19,760 --> 00:09:22,480 Speaker 1: of Vladimir Putin's objectives at the beginning of the war. 164 00:09:23,000 --> 00:09:26,680 Speaker 1: China has extended military drills near Taiwan's airspace and sees 165 00:09:26,760 --> 00:09:31,120 Speaker 1: today Taiwan says China using war drills are planning a 166 00:09:31,160 --> 00:09:35,680 Speaker 1: future invasion. Beloved actress and singer Olivia Newton John has died. 167 00:09:40,040 --> 00:09:42,440 Speaker 1: She was famous for hits like physical and You're the 168 00:09:42,440 --> 00:09:44,880 Speaker 1: One that I Want from her breakout role in Greece. 169 00:09:44,920 --> 00:09:48,240 Speaker 1: Olivia Newton John was seventy three Global News twenty four 170 00:09:48,320 --> 00:09:51,600 Speaker 1: hours a day on air and on Bloomberg Quicktech, powered 171 00:09:51,600 --> 00:09:54,160 Speaker 1: by more than twenty seven hundred journalists analysts more than 172 00:09:54,160 --> 00:09:57,440 Speaker 1: a twenty countries. Michael bar this is Bloomberg, John, Michael, 173 00:09:57,480 --> 00:10:04,400 Speaker 1: thank you, and now sixteen on Wall Street. That's time 174 00:10:04,440 --> 00:10:07,600 Speaker 1: for the Blueberg Sports Update. Here's John Star. Thanks Jo. 175 00:10:07,679 --> 00:10:09,880 Speaker 1: When the Yankees were flying high first half of the season, 176 00:10:09,880 --> 00:10:12,520 Speaker 1: they were relatively healthy nuts no longer than King, John 177 00:10:12,559 --> 00:10:14,760 Speaker 1: Carlos Stantons on the injur list, it was police Steve Areno, 178 00:10:15,160 --> 00:10:17,680 Speaker 1: Michael King done for the year. And last night in Seattle, 179 00:10:17,760 --> 00:10:20,640 Speaker 1: Matt Carpenter foul the ball off his foot. It's a 180 00:10:20,720 --> 00:10:24,680 Speaker 1: fracture that might end what's been a remarkable season for Carpenter. 181 00:10:24,720 --> 00:10:26,840 Speaker 1: He had hit only seven home runs over his previous 182 00:10:26,840 --> 00:10:29,720 Speaker 1: two seasons. Join the Yankees in late May. His slugging 183 00:10:29,760 --> 00:10:32,439 Speaker 1: percentage since then is the best of the Major Leagues 184 00:10:32,559 --> 00:10:35,280 Speaker 1: Yankees beat the Mariners nine to four in five games. 185 00:10:35,280 --> 00:10:38,000 Speaker 1: Wasn't treat Josh Donaldson with his best game as a 186 00:10:38,080 --> 00:10:40,320 Speaker 1: Yank two doubles, a home run, drove in three. So 187 00:10:40,440 --> 00:10:43,560 Speaker 1: did Andrew been Intende Aaron Judge with home run number 188 00:10:43,600 --> 00:10:46,480 Speaker 1: forty four and Jamison t Young won seven ins, allowed 189 00:10:46,520 --> 00:10:48,920 Speaker 1: only three hits. City Field Mets beat the Red So 190 00:10:49,120 --> 00:10:52,360 Speaker 1: that's thirteen the last fifteen to run homer in the 191 00:10:52,400 --> 00:10:55,360 Speaker 1: first by Starling Marte. Mets put it away in the 192 00:10:55,440 --> 00:10:59,200 Speaker 1: eighth pitch. Swere gonna drive eight two right back those 193 00:10:59,240 --> 00:11:02,880 Speaker 1: at Kino under the track, here the fence reachers up here, Kata. 194 00:11:03,080 --> 00:11:06,199 Speaker 1: It bounces office clove. If the score from second is 195 00:11:06,280 --> 00:11:09,839 Speaker 1: Kata comes back. Deal around thirty hard take it for thirty. 196 00:11:09,880 --> 00:11:12,720 Speaker 1: Stake one piece in with a triple. And that's how 197 00:11:12,800 --> 00:11:15,079 Speaker 1: a five to one lad. That was the final w 198 00:11:15,320 --> 00:11:18,679 Speaker 1: CBS to call the Dole make win triple. Chris Bassett 199 00:11:18,679 --> 00:11:20,880 Speaker 1: worked eight innes, did not allow and Earn Roy Met's 200 00:11:20,960 --> 00:11:23,800 Speaker 1: now lead the Braves by seven. A key Jet has 201 00:11:23,840 --> 00:11:26,920 Speaker 1: suffered an injury at training camps. Apple McKay Beckton heard 202 00:11:26,960 --> 00:11:29,160 Speaker 1: his knee, same one that kept him out last season. 203 00:11:29,240 --> 00:11:30,760 Speaker 1: He had an m R I further test. Today an 204 00:11:30,800 --> 00:11:33,760 Speaker 1: eventful day of the Giants. Several fights broke out that 205 00:11:33,920 --> 00:11:37,200 Speaker 1: does sometimes happen the training camp. Linebacker Take Crowder, center 206 00:11:37,280 --> 00:11:40,360 Speaker 1: John felice Fiano among those involved. Giants other preseason opener 207 00:11:40,400 --> 00:11:43,720 Speaker 1: Thursday at New England, John Dash with Bloomberg Sports done 208 00:11:43,800 --> 00:11:46,559 Speaker 1: all right, thanks John, And right now as we look 209 00:11:46,600 --> 00:11:49,960 Speaker 1: at markets, they've turned mixed. The futures market down. Futures 210 00:11:50,080 --> 00:11:52,959 Speaker 1: right now are eighteen points, sire s and p E 211 00:11:53,080 --> 00:11:57,120 Speaker 1: many futures down just three points, and the Dansaic futures 212 00:11:57,240 --> 00:12:00,880 Speaker 1: are lower by thirty eight points. Two year yield at 213 00:12:00,920 --> 00:12:04,160 Speaker 1: three twenty one, the tenure right now at two seventy eight. 214 00:12:04,360 --> 00:12:08,319 Speaker 1: Mr is Bloomberg I. Just ahead, we will speak with 215 00:12:08,360 --> 00:12:11,160 Speaker 1: Wendy Schiller, directman of the director of the Talmut Center 216 00:12:11,240 --> 00:12:16,120 Speaker 1: for American Politics and Policy at Brown University, Analysis and Perspective. 217 00:12:16,640 --> 00:12:23,199 Speaker 1: After the FBI executes a Trump search warrant, markets headlines 218 00:12:23,280 --> 00:12:26,240 Speaker 1: and breaking news twenty four hours a day at Bloomberg 219 00:12:26,320 --> 00:12:29,720 Speaker 1: dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape. 220 00:12:30,240 --> 00:12:39,200 Speaker 1: He's a Bloomberg Business lash, Nathan Hagar. Futures are mixed. 221 00:12:39,240 --> 00:12:42,400 Speaker 1: This morning, SMP futures down five point, staff futures up 222 00:12:42,440 --> 00:12:45,920 Speaker 1: four NASTAC futures moving lower now down fifty seven points 223 00:12:45,920 --> 00:12:47,959 Speaker 1: to drop a four tenths per cent. The ten year 224 00:12:48,000 --> 00:12:50,560 Speaker 1: treasuries down nine thirty seconds, the yield two point seven 225 00:12:50,679 --> 00:12:53,760 Speaker 1: nine percent, yield on the two year three point two percent. 226 00:12:54,120 --> 00:12:56,880 Speaker 1: Nimex screwed is down to tenth percent, down fifteen cents 227 00:12:57,000 --> 00:12:59,760 Speaker 1: ninety dollar sixty cents of barrel comex scold up two 228 00:12:59,800 --> 00:13:02,160 Speaker 1: ten for center three dollars twenty cents at eighteen eight 229 00:13:02,240 --> 00:13:04,880 Speaker 1: thirty announced. The Euro one point zero two three five 230 00:13:04,920 --> 00:13:07,000 Speaker 1: against the dollar, the en one thirty four point eight 231 00:13:07,080 --> 00:13:10,400 Speaker 1: zero Bitcoin down two point six percent at twenty three thousand, 232 00:13:10,440 --> 00:13:13,040 Speaker 1: four hundred dollars. That's a Bloomberg business flash. And now 233 00:13:13,120 --> 00:13:15,120 Speaker 1: here's Michael Bart with more on what's going on around 234 00:13:15,160 --> 00:13:17,280 Speaker 1: the world. Mike, call Nathan, thank you very much. The 235 00:13:17,400 --> 00:13:20,800 Speaker 1: FBI has searched former President Donald Trump's and Mara Lago 236 00:13:20,960 --> 00:13:23,880 Speaker 1: estate as part of an investigation into whether he took 237 00:13:23,960 --> 00:13:27,040 Speaker 1: classified records from the White Owls to his Florida residents. 238 00:13:27,400 --> 00:13:29,679 Speaker 1: Trump says agents opened up a safe at his home 239 00:13:29,800 --> 00:13:33,559 Speaker 1: and describes their work as an unannounced raid. Will have 240 00:13:33,720 --> 00:13:36,920 Speaker 1: more on this story straight ahead. Teachers and staff returned 241 00:13:36,960 --> 00:13:39,480 Speaker 1: to work today at public schools in Yuvaldi, Texas. It 242 00:13:39,559 --> 00:13:42,520 Speaker 1: follows the deadly mass shooting in May at rob Elementary School. 243 00:13:42,920 --> 00:13:46,160 Speaker 1: In baseball, the Yankees beat the Mariners nine four, the 244 00:13:46,280 --> 00:13:50,080 Speaker 1: Mets beat the Reds five one, the Nationals and A's lost. 245 00:13:50,400 --> 00:13:53,840 Speaker 1: The Orioles and Giants won Global News twenty four hours 246 00:13:53,880 --> 00:13:57,120 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 247 00:13:57,160 --> 00:13:59,600 Speaker 1: more than twenty seven hundred journalist and analysts more than 248 00:13:59,600 --> 00:14:03,880 Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, 249 00:14:03,920 --> 00:14:06,400 Speaker 1: thank you six nineteen Walster. We are lion from the 250 00:14:06,400 --> 00:14:10,439 Speaker 1: Bloomberg into Anto Broker Studios. This is Bloomberg Daybreak. As 251 00:14:10,480 --> 00:14:14,720 Speaker 1: Michael mentioned, stunning development of a younggoing legal battles evolving 252 00:14:14,800 --> 00:14:18,319 Speaker 1: former President Donald Trump a search warrant executed at the 253 00:14:18,360 --> 00:14:20,880 Speaker 1: home of the former president with some perspective this morning, 254 00:14:20,920 --> 00:14:24,320 Speaker 1: Wendy Shoulder, director of the Talvin Center for American Politics 255 00:14:24,680 --> 00:14:29,040 Speaker 1: and Policy at Brown University, if I'm not mistaken, first 256 00:14:29,120 --> 00:14:32,320 Speaker 1: time zever happened to a former president where a search 257 00:14:32,400 --> 00:14:36,600 Speaker 1: warrant was executed at the home of a former president. Wendy, 258 00:14:36,840 --> 00:14:40,520 Speaker 1: your initial reaction, well, I mean, there's so many things 259 00:14:40,600 --> 00:14:44,320 Speaker 1: to think about here. I think that clearly things are 260 00:14:44,440 --> 00:14:47,760 Speaker 1: ramping up to figure out whether a case can be 261 00:14:47,920 --> 00:14:51,680 Speaker 1: made against Donald Trump either for this, which is most 262 00:14:51,720 --> 00:14:53,840 Speaker 1: of them, I say, an interfraction, but it's actually a 263 00:14:53,920 --> 00:14:59,360 Speaker 1: criminal offense to remove classified documents from the government and 264 00:15:00,000 --> 00:15:02,680 Speaker 1: particularly president. Everything has to go to the archives or 265 00:15:02,760 --> 00:15:05,760 Speaker 1: be clear through the archives. But also the January six 266 00:15:05,920 --> 00:15:09,360 Speaker 1: Committee continues its work on what his behavior was on 267 00:15:09,520 --> 00:15:14,239 Speaker 1: January six and whether he actively participated in essentially insurrection. 268 00:15:14,680 --> 00:15:17,040 Speaker 1: So there's a two sort of two fronts here. Plus 269 00:15:17,200 --> 00:15:19,880 Speaker 1: he's got you know, a criminal investigation uh in New 270 00:15:19,920 --> 00:15:23,640 Speaker 1: York State, So there's a lot going on. Politically, this 271 00:15:23,800 --> 00:15:27,480 Speaker 1: helps the Republicans mobilized voters for mid term two. Particularly 272 00:15:27,480 --> 00:15:30,320 Speaker 1: they're very very strong Trump supporting base. He's got a 273 00:15:30,360 --> 00:15:32,920 Speaker 1: lot of people running for office across the country that 274 00:15:33,080 --> 00:15:35,680 Speaker 1: he supported that won their primaries and not you know, 275 00:15:35,760 --> 00:15:39,160 Speaker 1: governor of pet Venue who's actually testifying before January six 276 00:15:39,320 --> 00:15:42,320 Speaker 1: here in today, Mostriano. So this can have a big 277 00:15:42,480 --> 00:15:44,720 Speaker 1: effect as the FBI we know in the last couple 278 00:15:44,720 --> 00:15:48,200 Speaker 1: of years, has had on elections, Uh, mid term, short term, 279 00:15:48,400 --> 00:15:51,640 Speaker 1: good for the Republicans, um long term for Trump. For 280 00:15:51,760 --> 00:15:54,360 Speaker 1: twenty four you gotta say it leans towards the bad 281 00:15:54,440 --> 00:15:56,760 Speaker 1: for Trump and good for people like LANDA. Santis or 282 00:15:56,840 --> 00:15:58,920 Speaker 1: Christine Ome or Kim Reynolds, any of the other people 283 00:15:58,960 --> 00:16:01,000 Speaker 1: who might be thinking about running. So why has this 284 00:16:01,080 --> 00:16:05,080 Speaker 1: been why can this be used this political opportunity for Republicans? 285 00:16:05,200 --> 00:16:07,640 Speaker 1: Can you dive a little deeper? Yes, I mean it's 286 00:16:08,560 --> 00:16:10,680 Speaker 1: a it's a it's a potential Della store. But you 287 00:16:10,720 --> 00:16:13,280 Speaker 1: gotta lean towards the positive here in terms of mobilizing 288 00:16:13,600 --> 00:16:15,960 Speaker 1: voters for the mid term, Republicans tend to get out 289 00:16:16,080 --> 00:16:20,080 Speaker 1: mid terms up until twenty eighteen, more more consistently than Democrats. 290 00:16:20,400 --> 00:16:22,800 Speaker 1: Their bases riled up. They've got an opposite party president. 291 00:16:22,840 --> 00:16:25,760 Speaker 1: I mean, all all things count towards Republicans getting out 292 00:16:25,760 --> 00:16:28,400 Speaker 1: the door who want change in the government. Now, the 293 00:16:28,520 --> 00:16:30,800 Speaker 1: Trump supporters who mayor men not have gotten out, for 294 00:16:30,840 --> 00:16:33,560 Speaker 1: all the Republicans across the country, they'll get out because 295 00:16:33,640 --> 00:16:36,760 Speaker 1: already Kevin McCarthy is promising if the Speaker, he'll investigate 296 00:16:36,800 --> 00:16:39,800 Speaker 1: the Justice Department. So the stakes really just went up. 297 00:16:39,920 --> 00:16:41,920 Speaker 1: I think for the stability of government. And it's really 298 00:16:41,960 --> 00:16:44,720 Speaker 1: extraordinary to think about, as you say, the impact of 299 00:16:44,760 --> 00:16:48,120 Speaker 1: a former president on the subsequent midterm elections of a 300 00:16:48,200 --> 00:16:51,840 Speaker 1: new president. This we haven't really seen. I mean, Clinton 301 00:16:51,880 --> 00:16:54,560 Speaker 1: had reverb because of Monica Lewinsky going into two thousand's, 302 00:16:54,560 --> 00:16:57,440 Speaker 1: but then they were September eleven, that tragedy and the wars, 303 00:16:57,760 --> 00:17:00,520 Speaker 1: so things, you know, the subject changed. But now you 304 00:17:00,600 --> 00:17:02,480 Speaker 1: know this is still going to be about Donald Trump 305 00:17:02,720 --> 00:17:06,119 Speaker 1: two years later, about Donald Trump, and that's extraordinary. What 306 00:17:06,560 --> 00:17:10,160 Speaker 1: will be behind his decision whether or not to run 307 00:17:10,280 --> 00:17:16,720 Speaker 1: for president for Will they be legal reasons or political reasons? Well, 308 00:17:16,800 --> 00:17:19,840 Speaker 1: there's also financial reasons. He's raising a lot of money, 309 00:17:19,960 --> 00:17:23,000 Speaker 1: which pays for some portion of his expenses because as 310 00:17:23,040 --> 00:17:25,400 Speaker 1: long as he's campaigning and out there involved in politics, 311 00:17:25,800 --> 00:17:28,399 Speaker 1: you know, um, the FBC has to decide about this. 312 00:17:28,560 --> 00:17:30,240 Speaker 1: But he can use a lot of that money to 313 00:17:30,359 --> 00:17:33,440 Speaker 1: support what he's doing. Uh, So you know that that 314 00:17:33,640 --> 00:17:36,120 Speaker 1: helps him, uh and it keeps him out of jail 315 00:17:36,160 --> 00:17:39,760 Speaker 1: if he actually wins. The question is will this become 316 00:17:40,040 --> 00:17:44,159 Speaker 1: Trump fatigued for key Republican suburban voters across the country. 317 00:17:44,359 --> 00:17:46,560 Speaker 1: If the Republicans will like too much on Trump going 318 00:17:46,600 --> 00:17:50,359 Speaker 1: into midwo and you've got also the question of abortion, 319 00:17:50,560 --> 00:17:53,359 Speaker 1: gun violence, all the other things. In dolation guest prices, 320 00:17:53,600 --> 00:17:56,240 Speaker 1: will voters decide they want over to focus on those 321 00:17:56,320 --> 00:17:59,520 Speaker 1: things quality of life matters, not Donald Trump. And if 322 00:17:59,680 --> 00:18:02,840 Speaker 1: enough of Bourbon voters do that, that could basically keep 323 00:18:02,880 --> 00:18:06,120 Speaker 1: the Senate from going totally Republican or keep it sort 324 00:18:06,160 --> 00:18:07,960 Speaker 1: of in that tide state that it's it. So I 325 00:18:08,000 --> 00:18:10,159 Speaker 1: think the House, I think this will help the Hops 326 00:18:10,200 --> 00:18:12,320 Speaker 1: quite a bit, But for the Senate, it's unclear voters 327 00:18:12,359 --> 00:18:14,280 Speaker 1: really want to hear Aboutald Trump for the next couple 328 00:18:14,280 --> 00:18:18,040 Speaker 1: of months, either way negatively or positively. Could he he 329 00:18:18,160 --> 00:18:22,840 Speaker 1: could be legally disqualified from running for president as well. Well, 330 00:18:22,880 --> 00:18:25,159 Speaker 1: I don't think anything will stop him from running. Honestly, 331 00:18:25,200 --> 00:18:28,120 Speaker 1: even if they say you can't win, he'll say, well, 332 00:18:28,200 --> 00:18:30,840 Speaker 1: elect me, will change the law. Elect Republicans, they'll change 333 00:18:30,880 --> 00:18:33,399 Speaker 1: the law. Give him the Congress and they'll change the law. 334 00:18:33,440 --> 00:18:34,920 Speaker 1: I mean, that could be the next step for Trump 335 00:18:35,000 --> 00:18:37,720 Speaker 1: to ramp up his sort of hold on the Republican Party. 336 00:18:38,080 --> 00:18:40,200 Speaker 1: You can't just say you're gonna investigate Mark Rlan. You 337 00:18:40,280 --> 00:18:42,520 Speaker 1: have to actually promise to change the law. And that 338 00:18:42,560 --> 00:18:45,040 Speaker 1: Biden won't sign that, but he can make members of 339 00:18:45,119 --> 00:18:47,240 Speaker 1: converence go on the record saying we're going to change 340 00:18:47,240 --> 00:18:49,480 Speaker 1: the law so former presidents can do whatever they want. 341 00:18:50,000 --> 00:18:52,280 Speaker 1: That's the kind of thing that will start to scare 342 00:18:52,520 --> 00:18:57,119 Speaker 1: key suburban constituencies, particularly Independence and some Republicans about the 343 00:18:57,240 --> 00:19:00,720 Speaker 1: prospect of a Republican control of the House and send 344 00:19:00,800 --> 00:19:04,360 Speaker 1: it together so you know, down fire President, hold the line. 345 00:19:04,400 --> 00:19:07,679 Speaker 1: But come twenty four, I don't think this overall benefits 346 00:19:07,960 --> 00:19:10,600 Speaker 1: the Republican party. We saw it happen in twenty Trump 347 00:19:10,720 --> 00:19:14,879 Speaker 1: lost a lot of people defected from Trump. So this 348 00:19:15,040 --> 00:19:17,879 Speaker 1: is a very risky proposition for the Republicans, but I 349 00:19:17,960 --> 00:19:21,639 Speaker 1: think more so for twenty four than when they always 350 00:19:21,680 --> 00:19:24,919 Speaker 1: a pleasure appreciated Professor Wendy Shilder, director of the Talvin 351 00:19:25,000 --> 00:19:30,200 Speaker 1: Center for American Politics and Policy at Brown University. And 352 00:19:30,359 --> 00:19:32,280 Speaker 1: as we look at the markets ahead of the cash 353 00:19:32,320 --> 00:19:35,840 Speaker 1: open on Wall Street futures pairing some of the earlier gains. 354 00:19:35,840 --> 00:19:37,680 Speaker 1: In fact, we have a term mixed right now, the 355 00:19:37,720 --> 00:19:41,880 Speaker 1: down futures of just five points right now, the smp 356 00:19:42,000 --> 00:19:46,280 Speaker 1: E mini futures, they've gone down down six points right now, 357 00:19:46,359 --> 00:19:50,119 Speaker 1: down about two tens percent. And the Nassat futures sixty 358 00:19:50,200 --> 00:19:53,840 Speaker 1: four points lower. That is down half of percent. The 359 00:19:54,200 --> 00:19:56,640 Speaker 1: tenure yield to seventy nine. Right now the two year 360 00:19:56,920 --> 00:20:01,240 Speaker 1: at three negative forty three bases point in version of 361 00:20:01,280 --> 00:20:08,879 Speaker 1: the curve. There, you're listening to Bloomberg and still ahead. 362 00:20:09,000 --> 00:20:12,440 Speaker 1: We'll continue with our top story that's stunning development of 363 00:20:12,520 --> 00:20:16,440 Speaker 1: the ongoing legal battles involving former President Trump. Will check 364 00:20:16,520 --> 00:20:24,600 Speaker 1: in with Bloomberg's Joe Matthew, broadcasting live from the Bloomberg 365 00:20:24,680 --> 00:20:28,399 Speaker 1: Interacted Broker's studio in New York. Bloomberg E Living Freedom 366 00:20:28,520 --> 00:20:32,680 Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O 367 00:20:32,880 --> 00:20:36,320 Speaker 1: six one does San Francisco, Bloomberg nine six to the country, 368 00:20:36,440 --> 00:20:39,439 Speaker 1: Sirius XM two, the one nine T and around the globe, 369 00:20:39,560 --> 00:20:43,000 Speaker 1: the Bloomberg Business at and Bloomberg Radio dot Com. This 370 00:20:43,480 --> 00:20:54,520 Speaker 1: is Bloomberg Daybreak. He's six thirty on Wall Street. Good morning. 371 00:20:54,520 --> 00:20:57,160 Speaker 1: I'm John Tucker. I'm Nathan Hager. We're about three hours 372 00:20:57,200 --> 00:20:59,080 Speaker 1: away from the open of US trading. Time for the 373 00:20:59,119 --> 00:21:01,080 Speaker 1: five things you need to know to start your day. 374 00:21:01,119 --> 00:21:03,920 Speaker 1: Brought to you by Interactive Brokers Charging margin loan rates 375 00:21:03,960 --> 00:21:06,840 Speaker 1: from two point three to three point. Their clients can 376 00:21:06,840 --> 00:21:09,440 Speaker 1: also an extra income by lending their fully paid shares 377 00:21:09,480 --> 00:21:12,520 Speaker 1: of stock great subject to change. Learn more at ibkr 378 00:21:12,640 --> 00:21:16,320 Speaker 1: dot com slash compare First. Former President Donald Trump says 379 00:21:16,400 --> 00:21:19,359 Speaker 1: federal agents rated his residents at Mara Lago. It's part 380 00:21:19,400 --> 00:21:22,280 Speaker 1: of an investigation into whether he took classified documents from 381 00:21:22,280 --> 00:21:25,040 Speaker 1: the White House. We get analysis from Robert Mints, a 382 00:21:25,119 --> 00:21:29,520 Speaker 1: partner ed m. Carter in English. It's absolutely shocking and 383 00:21:29,760 --> 00:21:35,919 Speaker 1: completely unprecedented. This would require approval from the highest levels 384 00:21:36,240 --> 00:21:39,920 Speaker 1: of the Department of Justice. Merrick Garland, the Attorney General himself, 385 00:21:40,480 --> 00:21:43,080 Speaker 1: would certainly have had to have been a part of 386 00:21:43,160 --> 00:21:46,480 Speaker 1: this decision, and I've signed off on this before going 387 00:21:46,560 --> 00:21:49,480 Speaker 1: to a federal judge. Attorney Robert Mint says the search 388 00:21:49,560 --> 00:21:53,119 Speaker 1: warrant is quoth a nuclear bomb and the arsenal of prosecutors. 389 00:21:53,480 --> 00:21:56,080 Speaker 1: The search stems from a National Archives request about the 390 00:21:56,119 --> 00:21:59,600 Speaker 1: transfer of president of documents to Mara Lango. We get 391 00:21:59,640 --> 00:22:03,639 Speaker 1: more for Bloomberg political contributor and former GOP strategist Rick Davis. 392 00:22:04,119 --> 00:22:08,560 Speaker 1: There is a penalty associated with violating this provision. It 393 00:22:08,680 --> 00:22:13,119 Speaker 1: says that if you're convicted of violating this rule of 394 00:22:13,240 --> 00:22:16,879 Speaker 1: holding these documents, especially top secret documents. You'll forfeit your 395 00:22:16,960 --> 00:22:20,280 Speaker 1: office and be disqualified from holding any other office under 396 00:22:20,320 --> 00:22:23,639 Speaker 1: the United States. Rick Davis says this investigation answer the 397 00:22:23,680 --> 00:22:27,200 Speaker 1: former president's legal problems, which include a separate grand jury 398 00:22:27,280 --> 00:22:31,800 Speaker 1: proben efforts to overturn the twenty twenty election. Donald Trump, meantime, 399 00:22:31,800 --> 00:22:34,879 Speaker 1: says he's being targeted to derail another run for the 400 00:22:34,920 --> 00:22:37,040 Speaker 1: White House. Sam We'll have more on this developing story 401 00:22:37,080 --> 00:22:39,560 Speaker 1: throughout the morning here on Bloomberg Radio. First, let's turn 402 00:22:39,680 --> 00:22:42,200 Speaker 1: back to the markets. The US futures have turned to 403 00:22:42,280 --> 00:22:44,960 Speaker 1: lake lower after yesterday's session, which saw the SMP five 404 00:22:45,040 --> 00:22:47,760 Speaker 1: hundred give up a one percent gain to close little change, 405 00:22:48,040 --> 00:22:51,840 Speaker 1: and shares of Novas Novovas down about early trading after 406 00:22:51,880 --> 00:22:55,719 Speaker 1: the drug makers slashed its revenue forecast. Bloomberg's Relata Young 407 00:22:55,800 --> 00:22:58,880 Speaker 1: joins US Live with details. Good morning Rena, Good morning John. 408 00:22:59,040 --> 00:23:02,240 Speaker 1: Novovacs exp exhales this year to be between two billion 409 00:23:02,359 --> 00:23:05,159 Speaker 1: and two point three billion dollars. That's about half of 410 00:23:05,240 --> 00:23:08,440 Speaker 1: the earlier estimate of four billion to five billion dollars 411 00:23:08,520 --> 00:23:10,120 Speaker 1: for the year, and it's all because of its COVID 412 00:23:10,240 --> 00:23:13,639 Speaker 1: nineteen vaccine, which already trailed competitors getting to market. It 413 00:23:13,760 --> 00:23:16,760 Speaker 1: failed to live up to expectations. Demand for the vaccine 414 00:23:16,760 --> 00:23:19,680 Speaker 1: felt both in the U. S A globally. Novovax also 415 00:23:19,760 --> 00:23:23,480 Speaker 1: reports second quarter loss is wider than analyst expectations. Life 416 00:23:23,480 --> 00:23:26,320 Speaker 1: in New York. I'm Nita Young, Bloomberg day break. Okay, Nita, 417 00:23:26,400 --> 00:23:27,920 Speaker 1: thank you, And that's the five things you need to 418 00:23:27,960 --> 00:23:31,000 Speaker 1: notice start your day. Brought to you by Interactive Brokers, 419 00:23:31,119 --> 00:23:33,800 Speaker 1: Local headlines of the check of Sports. Next, this is 420 00:23:33,920 --> 00:23:41,440 Speaker 1: Bloomberg Thanciate six thirty three on Wall Street. Now, let's 421 00:23:41,440 --> 00:23:43,200 Speaker 1: bring in Michael Barnes to tell us what else is 422 00:23:43,240 --> 00:23:45,760 Speaker 1: going on to New York hand around the world, John, 423 00:23:45,840 --> 00:23:48,199 Speaker 1: Thank you very much. Sara Power Giant con ad as 424 00:23:48,280 --> 00:23:51,480 Speaker 1: asking residents in parts of Brooklyn and Queen's to curb 425 00:23:51,560 --> 00:23:54,680 Speaker 1: their energy use as high heat sears New York City. 426 00:23:55,200 --> 00:23:58,560 Speaker 1: The utility reduced voltage by eight percent to protect equipment 427 00:23:58,960 --> 00:24:02,480 Speaker 1: while cruise may gun specified repairs and several communities that 428 00:24:02,560 --> 00:24:06,280 Speaker 1: are home to about a hundred ninety thousand customers. The 429 00:24:06,400 --> 00:24:08,760 Speaker 1: heat advisory is in place for the area until a 430 00:24:08,880 --> 00:24:11,399 Speaker 1: PM tonight. The New York City Council will hold a 431 00:24:11,440 --> 00:24:14,360 Speaker 1: special hearing today concerning the recent bus loads of asylum 432 00:24:14,440 --> 00:24:17,600 Speaker 1: secrets from Texas. Mayor Eric Adams is asking for a 433 00:24:17,640 --> 00:24:21,000 Speaker 1: federal help as Texas Governor Greg Abbot threatens to send 434 00:24:21,080 --> 00:24:25,160 Speaker 1: more migrants, and so our goal is every asylum secret 435 00:24:25,280 --> 00:24:28,360 Speaker 1: that comes to New York, We're going to get them 436 00:24:28,440 --> 00:24:32,320 Speaker 1: shelter and support that they need. Mayor Adams has Abbot's 437 00:24:32,320 --> 00:24:36,119 Speaker 1: treatment of the migrants is inhumane. President Biden tour the 438 00:24:36,240 --> 00:24:39,240 Speaker 1: devastation in eastern Kentucky, where at least thirties seven people 439 00:24:39,280 --> 00:24:43,080 Speaker 1: were killed during flooding last week in Lost Creek. President 440 00:24:43,200 --> 00:24:46,600 Speaker 1: Biden vowed to support Kentucky however long it takes to recover. 441 00:24:46,920 --> 00:24:49,359 Speaker 1: I don't want any Kentucky telling me. You don't You 442 00:24:49,400 --> 00:24:51,560 Speaker 1: don't have to do this for me. Oh yeah, we do. 443 00:24:52,440 --> 00:24:56,240 Speaker 1: You're an American citizen. We never give up. We never stopped, 444 00:24:56,280 --> 00:24:58,960 Speaker 1: We never bow, we never been. We just go forward 445 00:24:59,480 --> 00:25:01,560 Speaker 1: and mats of what to do here. The President is 446 00:25:01,600 --> 00:25:04,840 Speaker 1: sending FEMA money for people to help rebuild. China has 447 00:25:04,920 --> 00:25:08,520 Speaker 1: extended its schedule of military drills around Taiwan, Bloomberg said. 448 00:25:08,520 --> 00:25:11,840 Speaker 1: Baxter reports. President Joe Biden says he is not worried, 449 00:25:12,080 --> 00:25:16,080 Speaker 1: but is concerned. While spokesman Karine Jean Pierre says they 450 00:25:16,200 --> 00:25:19,480 Speaker 1: can't continue the way they are. They are provocative, irresponsible, 451 00:25:19,520 --> 00:25:22,760 Speaker 1: and raise the risk of miscalculation. And Under Secretary of 452 00:25:22,880 --> 00:25:26,000 Speaker 1: Defense for Policy Colin Call says the US is not 453 00:25:26,119 --> 00:25:28,200 Speaker 1: going to pull back. What's important for US right now 454 00:25:28,560 --> 00:25:31,880 Speaker 1: um is to make sure that Beijing understands that our 455 00:25:31,960 --> 00:25:34,960 Speaker 1: forces in the region will continue to operate. Call says 456 00:25:35,040 --> 00:25:39,000 Speaker 1: China should be very careful to protect against any miscalculations. 457 00:25:39,119 --> 00:25:41,920 Speaker 1: In San Francisco, I'm at Baxter Bloomberg Gay Break. Many 458 00:25:42,000 --> 00:25:44,919 Speaker 1: in Hollywood are mourning the loss of Grammy winning singer 459 00:25:45,000 --> 00:25:52,399 Speaker 1: Olivia Newton John. She gave us many hits, including physical 460 00:25:52,600 --> 00:25:55,280 Speaker 1: Pierre Greece co star at John Travolta post him on 461 00:25:55,359 --> 00:25:59,680 Speaker 1: Instagram Forever You're Danny, You're John. Olivia Newton John died 462 00:25:59,720 --> 00:26:02,680 Speaker 1: after a long battle with breast cancer at age seventy three. 463 00:26:03,080 --> 00:26:05,879 Speaker 1: The spokesperson for Ann Hah says the actress has now 464 00:26:05,960 --> 00:26:08,800 Speaker 1: fallen into a coma and is in critical condition after 465 00:26:08,880 --> 00:26:12,200 Speaker 1: her car crashed into a Los Angeles home. Global News 466 00:26:12,280 --> 00:26:14,720 Speaker 1: twenty four hours a day on air and on Bloomberg 467 00:26:14,800 --> 00:26:17,680 Speaker 1: quick Take, powered by more than twenty seven journalists and 468 00:26:17,680 --> 00:26:20,240 Speaker 1: analysts more than a hundred twenty countries. Michael bar this 469 00:26:20,320 --> 00:26:26,320 Speaker 1: is Bloomberg. John, Michael, thank you, and it's now six 470 00:26:26,359 --> 00:26:28,680 Speaker 1: thirty six on Wall Street. That's signing for the Bloomberg 471 00:26:28,720 --> 00:26:31,639 Speaker 1: Sports Update. John all right, thanks John much. He did 472 00:26:31,720 --> 00:26:34,160 Speaker 1: win for the Yankees. They had just gotten swept in St. Louis, 473 00:26:34,200 --> 00:26:36,719 Speaker 1: had lost five and row only nine wins in twenty 474 00:26:36,800 --> 00:26:39,160 Speaker 1: five games. But they won in Seattle nine to four. 475 00:26:39,320 --> 00:26:42,600 Speaker 1: Josh Donaldson with a big night, four hits, two doubles, 476 00:26:42,600 --> 00:26:44,680 Speaker 1: a home run he drove in three, Aaron Judge homer 477 00:26:44,720 --> 00:26:47,240 Speaker 1: in the ninth that's number forty four, and Jamison Dion 478 00:26:47,640 --> 00:26:49,960 Speaker 1: went to eleven and two. But the wind was costly. 479 00:26:50,080 --> 00:26:53,240 Speaker 1: Matt car Finder broke his left foot fouling a pitch off. 480 00:26:53,400 --> 00:26:58,439 Speaker 1: It's obviously not ideal. I mean, you know, treaty, treaty disappointing. 481 00:26:58,720 --> 00:27:03,000 Speaker 1: But you know, I'm my mindset is that this won't 482 00:27:03,040 --> 00:27:05,239 Speaker 1: be the end for me here this year. I mean, 483 00:27:05,280 --> 00:27:08,040 Speaker 1: I'm hopeful that I can come back and contribute, and 484 00:27:09,119 --> 00:27:11,080 Speaker 1: you know I haven't don't have a timeline yet, but 485 00:27:11,280 --> 00:27:15,000 Speaker 1: um hopeful for the Sarpenter has been amazing since his 486 00:27:15,119 --> 00:27:17,800 Speaker 1: debut in late May, bedding over three hundred fifteen home 487 00:27:17,880 --> 00:27:20,120 Speaker 1: run Speaking of amazing, Mets made a thirteen the last 488 00:27:20,200 --> 00:27:22,840 Speaker 1: fifteen in city Field, five one over Cincinnati before the 489 00:27:22,880 --> 00:27:25,040 Speaker 1: Reds got an out. The Mets led Ton uping on 490 00:27:25,080 --> 00:27:27,800 Speaker 1: the Sterling Marte Homer, Chris Bassett sharp and eight innings, 491 00:27:27,840 --> 00:27:30,080 Speaker 1: and the Mets lead in the NL East up to seven. 492 00:27:30,480 --> 00:27:33,760 Speaker 1: At Jeffs Training, Cats Apple McKay Beckon reinjured the knee 493 00:27:33,800 --> 00:27:35,960 Speaker 1: that kept him at most of the last season. Several 494 00:27:36,000 --> 00:27:38,880 Speaker 1: reports that Kevin Durant met with Josian told the owner 495 00:27:38,920 --> 00:27:41,920 Speaker 1: of the Nets either trade me or fire coach Steve 496 00:27:42,000 --> 00:27:44,640 Speaker 1: Nash and general manager Shawn Marks and Size already said 497 00:27:44,680 --> 00:27:47,880 Speaker 1: he's not firing them, so the trade stops continue with Boston, 498 00:27:48,000 --> 00:27:51,240 Speaker 1: Miami and Toronto seen is the most likely destinations for Durant, 499 00:27:51,400 --> 00:27:53,640 Speaker 1: who was yet to start the four year, near two 500 00:27:53,680 --> 00:27:56,480 Speaker 1: hundred million dollar contract that he agreed to a year ago. 501 00:27:56,560 --> 00:27:59,320 Speaker 1: It's not known why he wants Nash out. The feeling 502 00:27:59,359 --> 00:28:01,720 Speaker 1: had always been kd was the one who wanted the 503 00:28:01,800 --> 00:28:04,880 Speaker 1: Nets to hire him. John's actually at Bloomberg Sports. Done 504 00:28:05,080 --> 00:28:07,680 Speaker 1: all right, John, thanks very much. It is now It's 505 00:28:07,720 --> 00:28:10,520 Speaker 1: thirty seven on Wall Street. That means it's time to 506 00:28:10,600 --> 00:28:12,560 Speaker 1: take a look at some of the stocks, some of 507 00:28:12,600 --> 00:28:14,320 Speaker 1: the names that are moving in the pre market, and 508 00:28:14,520 --> 00:28:17,160 Speaker 1: for that we're joined by Bloomberg Radio and TV Markets. 509 00:28:17,200 --> 00:28:23,320 Speaker 1: Corresponded Laura, right, Good are X of Santa Monica, California, 510 00:28:23,520 --> 00:28:27,240 Speaker 1: the digital healthcare platform, and it is moving at the 511 00:28:27,280 --> 00:28:30,120 Speaker 1: pre market this morning, Laura, it is on a chair 512 00:28:30,280 --> 00:28:33,800 Speaker 1: up thirty eight percent. So basically, there was a dispute 513 00:28:33,960 --> 00:28:37,080 Speaker 1: between the company that manages discounts that good our X 514 00:28:37,200 --> 00:28:40,160 Speaker 1: customers get in Kroger and Kroger, which, as you know, 515 00:28:40,320 --> 00:28:42,600 Speaker 1: is a very big retail chain. That meant that good 516 00:28:42,640 --> 00:28:45,560 Speaker 1: our X customers could not get discounts on their drugs. 517 00:28:45,720 --> 00:28:48,680 Speaker 1: That was bad for good our X sales. Now there 518 00:28:48,800 --> 00:28:52,000 Speaker 1: is a deal, so once again customers can receive discounts. 519 00:28:52,360 --> 00:28:56,000 Speaker 1: This explains why the stock has popped. JP Morgan, however, 520 00:28:56,120 --> 00:28:58,640 Speaker 1: say that the third quarter forecast was a little light, 521 00:28:59,160 --> 00:29:03,280 Speaker 1: and obviously are concerned about an elevated subscriber churn. But 522 00:29:03,440 --> 00:29:06,120 Speaker 1: right now the market loves what it hears, all right. 523 00:29:06,480 --> 00:29:10,360 Speaker 1: Next up Novavaxx. The long term outlook is pretty good, 524 00:29:10,440 --> 00:29:13,040 Speaker 1: but it pretty much ends there for this stock. What's 525 00:29:13,080 --> 00:29:17,280 Speaker 1: going on. Yeah, Novavacs down thirty one ahead of the bell. 526 00:29:17,400 --> 00:29:22,440 Speaker 1: The drugmakers slashed its two revenue forecast to two point 527 00:29:22,520 --> 00:29:27,920 Speaker 1: three billion dollars from five billion dollars previously. So Novavactress 528 00:29:27,960 --> 00:29:31,360 Speaker 1: COVID nineteen vaccine has really failed to deliver on expectations 529 00:29:31,480 --> 00:29:34,800 Speaker 1: in the US and low and middle income countries, and 530 00:29:35,160 --> 00:29:38,280 Speaker 1: the COVID nineteen vaccine maker is said to be behind 531 00:29:38,480 --> 00:29:42,840 Speaker 1: on updating its vaccine with new strains. But having up 532 00:29:42,920 --> 00:29:46,120 Speaker 1: is this stock is known to experience huge intradaced swings, 533 00:29:46,280 --> 00:29:50,800 Speaker 1: especially after an earnings update. Okay, and the chip stacks, 534 00:29:50,920 --> 00:29:53,640 Speaker 1: we have to end there with what's going on on 535 00:29:53,800 --> 00:29:57,840 Speaker 1: that front? Yes, starting with M Video down almost three 536 00:29:58,360 --> 00:30:01,160 Speaker 1: in the pre market. Now, this is the valuably valuable 537 00:30:01,240 --> 00:30:05,240 Speaker 1: publicly traded chip maker. It's coarsely revenue missed projections by 538 00:30:05,320 --> 00:30:09,240 Speaker 1: more than a billion dollars or why the industry reduction 539 00:30:09,400 --> 00:30:13,120 Speaker 1: of personal computers and videos. Graphic chips are essential for 540 00:30:13,200 --> 00:30:15,959 Speaker 1: high quality gaming, and this has been impacted by an 541 00:30:16,040 --> 00:30:19,560 Speaker 1: overall decrease in appetite for gaming. You know, we've seen 542 00:30:19,640 --> 00:30:23,840 Speaker 1: decreases in sales from Xbox and PlayStation consoles due to 543 00:30:24,000 --> 00:30:28,120 Speaker 1: return to work mandates. And squeezed consumer incomes for Micron 544 00:30:28,200 --> 00:30:30,680 Speaker 1: that stock down four and a half per cent right now, 545 00:30:31,040 --> 00:30:34,080 Speaker 1: they see their fourth quarter revenue apt or below the 546 00:30:34,200 --> 00:30:37,480 Speaker 1: low end of a previously given range. But there was 547 00:30:37,560 --> 00:30:41,280 Speaker 1: an update that Micron Technology plans to invest forty billion 548 00:30:41,480 --> 00:30:44,080 Speaker 1: dollars by the end of the decade to build what 549 00:30:44,240 --> 00:30:48,920 Speaker 1: they call a leading edge memory manufacturing plant in the US. 550 00:30:49,040 --> 00:30:51,800 Speaker 1: They will employ forty people to do this and they 551 00:30:51,840 --> 00:30:55,960 Speaker 1: expect production to begin the second half of this decade. Laura, 552 00:30:56,320 --> 00:31:00,440 Speaker 1: what is the pleasure TV markets for? Responded Laura Ryan, 553 00:31:00,520 --> 00:31:04,280 Speaker 1: thanks for joining us and looking at the stocks as 554 00:31:04,360 --> 00:31:07,280 Speaker 1: a whole ahead of the open down futures that are 555 00:31:07,440 --> 00:31:11,560 Speaker 1: five points right now, SMP evening futures down seven and 556 00:31:11,680 --> 00:31:15,720 Speaker 1: then as futures seventy points lower. You're listening to Bloomberg 557 00:31:15,760 --> 00:31:23,200 Speaker 1: Tape break and still ahead on Bloomberg, will check in 558 00:31:23,360 --> 00:31:27,480 Speaker 1: with Joe Matthew, host Bloomberg's Sound Dog. We'll take a 559 00:31:27,680 --> 00:31:32,200 Speaker 1: deeper look at the FBI search warrant. Executed Mari Lango. 560 00:31:32,920 --> 00:31:39,480 Speaker 1: This is Bloomberg Taye break Markets, headlines and breaking news 561 00:31:39,640 --> 00:31:42,240 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 562 00:31:42,320 --> 00:31:45,800 Speaker 1: Bloomberg Business and at Bloomberg quick tape. This is a 563 00:31:45,840 --> 00:31:55,440 Speaker 1: Bloomberg business flash, Nathan Hagar. Futures are starting to move 564 00:31:55,480 --> 00:31:58,440 Speaker 1: a bit lower, led by the tech heavy NASDAC futures. 565 00:31:58,520 --> 00:32:00,400 Speaker 1: Let's go live to the first root breaking used desk 566 00:32:00,440 --> 00:32:03,400 Speaker 1: for today's morning call. Here's Tatiana Darya. Good morning, Tatiana, 567 00:32:04,440 --> 00:32:07,320 Speaker 1: Good morning, Nathan. Like you said, future somewhat makes this 568 00:32:07,480 --> 00:32:10,520 Speaker 1: morning without future. So swinging between gays of losses now 569 00:32:10,640 --> 00:32:13,800 Speaker 1: down two points, SMP down nine, and nas DUG down 570 00:32:13,880 --> 00:32:17,040 Speaker 1: seventy two. Thes tenure yield is up four basis points 571 00:32:17,080 --> 00:32:20,280 Speaker 1: to two spots seventy nine. Oil is down one, and 572 00:32:20,440 --> 00:32:23,680 Speaker 1: Bitcoin is lower by three percent, falling below twenty four 573 00:32:23,800 --> 00:32:28,000 Speaker 1: thousand in early trading this morning. Micron leading semiconductor's lower 574 00:32:28,120 --> 00:32:31,800 Speaker 1: after lowering its forecast, and Vidia, m D Qualcom are 575 00:32:31,840 --> 00:32:34,640 Speaker 1: all down about two percent or more in the pre market, 576 00:32:35,040 --> 00:32:38,360 Speaker 1: and Poundier Technology slips two percent after being cut to 577 00:32:38,440 --> 00:32:41,520 Speaker 1: sell at Deutsche Bank. On the economic front today, non 578 00:32:41,640 --> 00:32:46,520 Speaker 1: farm pay, productivity and labor costs at eight thirty regarding earnings, 579 00:32:46,680 --> 00:32:49,440 Speaker 1: Vaccine maker Nova Vax is down a thirty one percent 580 00:32:49,520 --> 00:32:52,840 Speaker 1: after cutting its guidance, and genetic test maker twenty three 581 00:32:52,880 --> 00:32:56,440 Speaker 1: and me down thirteen after its numbers and wrapping things 582 00:32:56,560 --> 00:32:59,280 Speaker 1: up here tandem diabetics, what's cut too? Not just to 583 00:32:59,400 --> 00:33:03,440 Speaker 1: underwait overweight at walls Fargo Live from the First Breaking 584 00:33:03,480 --> 00:33:06,880 Speaker 1: News Desk. I'm Tatiana, Darry and Nathan Okay. Tatiana, thank 585 00:33:06,920 --> 00:33:09,480 Speaker 1: you to hear live breaking news over your Bloomberg type 586 00:33:09,520 --> 00:33:12,800 Speaker 1: squawk on your terminal s q U A go. That's 587 00:33:12,800 --> 00:33:16,040 Speaker 1: the Bloomberg Business Flash. Now here's Michael Barr with more 588 00:33:16,080 --> 00:33:18,480 Speaker 1: on what's going on around the world. Michael Nathan, thank 589 00:33:18,480 --> 00:33:21,520 Speaker 1: you very much. Federal investigators searched the Florida residents of 590 00:33:21,640 --> 00:33:24,720 Speaker 1: Donald Trump is part of an investigation into whether he 591 00:33:24,840 --> 00:33:28,200 Speaker 1: took classified documents from the White House when he left office. 592 00:33:28,600 --> 00:33:30,360 Speaker 1: Trump was in New York City at the time of 593 00:33:30,400 --> 00:33:33,480 Speaker 1: the search. More on this straight ahead. Taiwan's foreign ministers 594 00:33:33,520 --> 00:33:36,720 Speaker 1: says China is using military drills to rehearse and invasion 595 00:33:37,080 --> 00:33:41,240 Speaker 1: of the self governing island democracy. Meanwhile, Taiwan's military began 596 00:33:41,320 --> 00:33:44,440 Speaker 1: its own live fire exercises and a show of readiness. 597 00:33:44,920 --> 00:33:47,840 Speaker 1: In baseball, the Yankees beat the Mariners nine four, the 598 00:33:47,920 --> 00:33:51,280 Speaker 1: Mets beat the Reds five one, the Nationals and A's 599 00:33:51,440 --> 00:33:55,360 Speaker 1: lost the Orioles and Giants one Global News twenty four 600 00:33:55,400 --> 00:33:58,200 Speaker 1: hours a day on air and on Bloomberg Quick Tank, 601 00:33:58,400 --> 00:34:01,360 Speaker 1: powered by more than twenty seven journalist mantelist more than 602 00:34:01,360 --> 00:34:04,520 Speaker 1: a hundred twenty countries on Michael Barr and This is Bloomberg, Nathan, 603 00:34:04,640 --> 00:34:07,240 Speaker 1: Thanks Michael at sixty nine on Wall Street. Now, let's 604 00:34:07,240 --> 00:34:09,840 Speaker 1: turn the news in science and technology. The Bloomberg n 605 00:34:09,920 --> 00:34:11,719 Speaker 1: j I T STEM Report is brought to you by 606 00:34:11,880 --> 00:34:15,080 Speaker 1: New Jersey Institute of Technology, ranked to top fifty national 607 00:34:15,120 --> 00:34:17,960 Speaker 1: public university by US News and World Report and top 608 00:34:18,040 --> 00:34:20,440 Speaker 1: ten in the nation for engineering by money dot Com. 609 00:34:20,600 --> 00:34:23,320 Speaker 1: Learn more at n j I T dot e d U. 610 00:34:23,680 --> 00:34:26,960 Speaker 1: Here's what's making news and science, technology, engineering and math. 611 00:34:27,480 --> 00:34:31,520 Speaker 1: A Russian rocket has successfully launched and Iranian satellite into orbit. 612 00:34:31,760 --> 00:34:34,920 Speaker 1: Iran has said the satellite, fitted with high resolution cameras, 613 00:34:35,160 --> 00:34:38,120 Speaker 1: will be used for environmental monitoring and will remain fully 614 00:34:38,200 --> 00:34:41,879 Speaker 1: under its control. Chinese e commerce giant Ali Baba Group 615 00:34:41,960 --> 00:34:44,799 Speaker 1: let go of more than hundred employees in the last quarter, 616 00:34:44,840 --> 00:34:47,960 Speaker 1: according to the company's latest filing. Ali Baba's cuts mirror 617 00:34:48,040 --> 00:34:50,960 Speaker 1: widespread moves among global tech companies to rain in spending 618 00:34:51,000 --> 00:34:54,320 Speaker 1: at a time of rising inflation, materials, costs, and political tensions. 619 00:34:54,680 --> 00:34:57,279 Speaker 1: Once the most valuable company in China, Ali Baba, has 620 00:34:57,320 --> 00:35:00,920 Speaker 1: seen its market value tumble after Beijing launched sweeping crackdown 621 00:35:00,960 --> 00:35:03,040 Speaker 1: on the private sector more than a year ago, and 622 00:35:03,160 --> 00:35:05,680 Speaker 1: electric vehicle sales in China. Our forecast to hit a 623 00:35:05,719 --> 00:35:09,240 Speaker 1: record six million this year as demand for cleaner cars surges. 624 00:35:09,360 --> 00:35:12,920 Speaker 1: The increased forecast represents a doubling from last year's three million. 625 00:35:13,239 --> 00:35:15,800 Speaker 1: Underscores the dramatic growth in demand for cleaner cars in 626 00:35:15,920 --> 00:35:18,840 Speaker 1: China and the challenge for legacy automakers to adapt in 627 00:35:18,880 --> 00:35:22,160 Speaker 1: a market that is rapidly going green. That's the Bloomberg 628 00:35:22,239 --> 00:35:25,200 Speaker 1: n j I t Stem Report, John Ally, thanks to Nathan. 629 00:35:25,239 --> 00:35:28,000 Speaker 1: We are live in the Bloomberg Intrafter Broker studios where 630 00:35:28,200 --> 00:35:31,480 Speaker 1: it is now sixty one Low Street. Time to check 631 00:35:31,520 --> 00:35:33,719 Speaker 1: what's going on in d C. Of course, our top 632 00:35:33,800 --> 00:35:37,520 Speaker 1: story this morning the FBI executing a search warrant at 633 00:35:37,600 --> 00:35:41,880 Speaker 1: Donald Trump's Florida home. Also, we do have continuing primary 634 00:35:42,000 --> 00:35:44,879 Speaker 1: elections are being held today. Let's take a deeper dive 635 00:35:45,080 --> 00:35:50,000 Speaker 1: this morning with Joe Matthew, host Bloomberg's Sound On. Joe, 636 00:35:50,200 --> 00:35:56,040 Speaker 1: what are the implications of the FBI executing the search warrant. Well, 637 00:35:56,080 --> 00:35:58,560 Speaker 1: I don't think we know. That's kind of the curious 638 00:35:58,600 --> 00:36:00,160 Speaker 1: part of the story. We don't know what they were 639 00:36:00,200 --> 00:36:02,640 Speaker 1: looking for, and we don't know what they took from 640 00:36:02,719 --> 00:36:07,320 Speaker 1: the home following UH last January the removal of fifteen 641 00:36:07,360 --> 00:36:11,800 Speaker 1: boxes of documents and other items UH that belonged to 642 00:36:11,920 --> 00:36:14,680 Speaker 1: the National Archives, not the Donald Trump. This is something 643 00:36:14,760 --> 00:36:17,200 Speaker 1: that's been going on for months. I think people are 644 00:36:17,239 --> 00:36:20,680 Speaker 1: more attuned to the January six related investigations. This is 645 00:36:20,760 --> 00:36:24,200 Speaker 1: something that predates the committee hearings that we saw, Although 646 00:36:24,560 --> 00:36:27,200 Speaker 1: there could be crossover here. The Department of Justice is 647 00:36:27,680 --> 00:36:33,439 Speaker 1: simultaneously investigating Donald Trump's activities from the sixth of January. Look, 648 00:36:33,520 --> 00:36:37,360 Speaker 1: those boxes back in January that that violated the Presidential 649 00:36:37,440 --> 00:36:40,000 Speaker 1: Records Act belonged to the Archives. That's the way it 650 00:36:40,040 --> 00:36:43,160 Speaker 1: works in this country. Included his so called love letters 651 00:36:43,239 --> 00:36:46,720 Speaker 1: with Kim john N, some gifts, various things. They clearly 652 00:36:46,760 --> 00:36:48,880 Speaker 1: didn't find what they were looking for. This could be 653 00:36:48,960 --> 00:36:52,520 Speaker 1: a single top secret, documented classified document. John. We just 654 00:36:52,600 --> 00:36:56,279 Speaker 1: don't know the distinction between a subpoena for documents and 655 00:36:56,680 --> 00:37:02,280 Speaker 1: an actual execution of a search warrant important because usually 656 00:37:02,320 --> 00:37:04,640 Speaker 1: you would go to subpoena round. I mean, especially with 657 00:37:04,760 --> 00:37:10,560 Speaker 1: a former president. Uh, the the search warrant indicates something else. Yeah, 658 00:37:10,840 --> 00:37:13,160 Speaker 1: like they were having trouble getting it from him, looked. 659 00:37:13,560 --> 00:37:16,200 Speaker 1: Uh the president, the former president only gave those fifteen 660 00:37:16,200 --> 00:37:18,719 Speaker 1: boxes back to the National Archives in January under the 661 00:37:18,840 --> 00:37:22,200 Speaker 1: threat of legal action. Was it possible that d O 662 00:37:22,320 --> 00:37:24,600 Speaker 1: J had reason to believe he was hiding something? That's 663 00:37:24,640 --> 00:37:26,719 Speaker 1: the part we don't know here that would justify this 664 00:37:27,239 --> 00:37:29,800 Speaker 1: this warrant. But a couple of things about the warrant 665 00:37:30,200 --> 00:37:32,520 Speaker 1: that was approved by a federal judge on a very 666 00:37:32,600 --> 00:37:34,640 Speaker 1: specific matter. If you look at the way these are 667 00:37:34,680 --> 00:37:36,759 Speaker 1: done here, you have to have, first of all, a 668 00:37:36,960 --> 00:37:40,919 Speaker 1: very clear case of probable cause of criminality and in fact, 669 00:37:41,239 --> 00:37:43,880 Speaker 1: specific evidence that you know is in the location that 670 00:37:43,960 --> 00:37:45,400 Speaker 1: you were going to search. That's how you get to 671 00:37:45,480 --> 00:37:48,439 Speaker 1: judge to sign off on this. So they clearly knew 672 00:37:48,480 --> 00:37:51,040 Speaker 1: what they were going in for. We learned about it 673 00:37:51,120 --> 00:37:54,000 Speaker 1: from Donald Trump. The FBI was actually very quiet about this. 674 00:37:54,120 --> 00:37:57,319 Speaker 1: The Secret Service facilitated the search. Donald Trump told us 675 00:37:57,360 --> 00:37:59,480 Speaker 1: in a statement that they were in his house. But 676 00:37:59,640 --> 00:38:02,240 Speaker 1: remember her Trump would have a copy of that warrant 677 00:38:02,520 --> 00:38:04,640 Speaker 1: or at least somebody in the home at Marlago would 678 00:38:04,640 --> 00:38:06,920 Speaker 1: have seen the warrants. So if Donald Trump wants to 679 00:38:06,960 --> 00:38:09,360 Speaker 1: tell us right now what they were looking for, he 680 00:38:09,480 --> 00:38:12,120 Speaker 1: probably could. This is there the possibility he could be 681 00:38:12,360 --> 00:38:16,800 Speaker 1: legally disqualified from running for president again. I think running 682 00:38:17,000 --> 00:38:21,080 Speaker 1: is one thing as opposed to holding office. You know, 683 00:38:21,200 --> 00:38:23,080 Speaker 1: he can he can go through the motions of running 684 00:38:23,120 --> 00:38:27,400 Speaker 1: for anything he wants. Whether this some evidence of criminality 685 00:38:27,400 --> 00:38:29,920 Speaker 1: would keep him from taking office as a different conversation, 686 00:38:29,960 --> 00:38:31,759 Speaker 1: and we're just gonna have to learn a lot more 687 00:38:31,760 --> 00:38:36,480 Speaker 1: about this. We earlier spoke to Wendy Schiller at Brown University, 688 00:38:36,520 --> 00:38:40,280 Speaker 1: who says something interesting that all of this, in her opinion, 689 00:38:40,400 --> 00:38:44,440 Speaker 1: would actually energize the Republican base. Yeah, for the mid 690 00:38:44,600 --> 00:38:48,600 Speaker 1: term as well as for the four election. I think 691 00:38:48,680 --> 00:38:50,920 Speaker 1: that's clear. I mean, there are a lot of heads 692 00:38:50,920 --> 00:38:53,399 Speaker 1: exploding on Twitter from last night going into this morning. 693 00:38:53,480 --> 00:38:55,719 Speaker 1: Kevin McCarthy, the Republican leader in the House who may 694 00:38:55,760 --> 00:39:00,640 Speaker 1: well be speaker following November, is promising investigations and hearings. 695 00:39:00,680 --> 00:39:03,320 Speaker 1: He told Merrik Garland, the Attorney General, on Twitter, to 696 00:39:03,480 --> 00:39:07,200 Speaker 1: clear his calendar because they're going to create likely a 697 00:39:07,320 --> 00:39:10,120 Speaker 1: select committee similar to the style in which the January 698 00:39:10,200 --> 00:39:13,719 Speaker 1: six Committee has been put together to investigate the d O. 699 00:39:13,840 --> 00:39:17,520 Speaker 1: J Marjorie Taylor Green among the Trump supporters tweeting defund 700 00:39:17,680 --> 00:39:20,080 Speaker 1: the FBI or hearing that refrain Now, I'm sure it's 701 00:39:20,080 --> 00:39:24,320 Speaker 1: a hashtag by now remembering that they called the January 702 00:39:24,440 --> 00:39:28,320 Speaker 1: sixth attack on the Capitol the FED direction. Uh So 703 00:39:28,600 --> 00:39:31,680 Speaker 1: you know, look, this is going to deepen the mistrust 704 00:39:31,880 --> 00:39:35,360 Speaker 1: that that conservatives have for federal law enforcement. There's no 705 00:39:35,440 --> 00:39:38,640 Speaker 1: doubt about that. Uh. Even though we should also remind 706 00:39:38,680 --> 00:39:41,560 Speaker 1: that Donald Trump picked Christopher Ray as FBI director after 707 00:39:41,680 --> 00:39:44,560 Speaker 1: he fired James called me, this is a Trump FBI 708 00:39:44,680 --> 00:39:49,279 Speaker 1: director in charge of this. Next great question. I'd love 709 00:39:49,320 --> 00:39:51,000 Speaker 1: to hear from Merrick Garland today. I don't know if 710 00:39:51,040 --> 00:39:53,160 Speaker 1: we will. Jim Jordan was on TV last night asking 711 00:39:53,200 --> 00:39:56,520 Speaker 1: Christopher Ray and the Attorney General Garland to testify before 712 00:39:56,560 --> 00:39:59,279 Speaker 1: the House Judiciary Committee on Friday. I would not hold 713 00:39:59,360 --> 00:40:01,560 Speaker 1: your breath to see that happened, but I do feel 714 00:40:01,560 --> 00:40:03,440 Speaker 1: like a hundred days before the mid terms, it will 715 00:40:03,480 --> 00:40:05,799 Speaker 1: probably be who the Department of Justice to tell us 716 00:40:05,840 --> 00:40:08,000 Speaker 1: at some point what in the world they were looking for. 717 00:40:08,239 --> 00:40:11,200 Speaker 1: Maybe what they found. The FBI has been known to leak, 718 00:40:11,440 --> 00:40:13,560 Speaker 1: and so has the Trump universe, so we may find 719 00:40:13,600 --> 00:40:16,960 Speaker 1: this out earlier in a less official fashion. And I 720 00:40:17,040 --> 00:40:20,440 Speaker 1: think I lost count. There are any number of investigations 721 00:40:20,560 --> 00:40:23,520 Speaker 1: taking place. It's easy to least account. We've got the 722 00:40:23,640 --> 00:40:26,160 Speaker 1: of course January six Committee in terms of actual law 723 00:40:26,239 --> 00:40:28,160 Speaker 1: enforce when the d o J is investigating on a 724 00:40:28,200 --> 00:40:31,959 Speaker 1: federal level the activities of Donald Trump on January six. 725 00:40:32,360 --> 00:40:36,120 Speaker 1: There's another one in Fulton County, Georgia that is investigating 726 00:40:36,160 --> 00:40:38,840 Speaker 1: and they've had depositions from many in Trump's orbit the 727 00:40:39,000 --> 00:40:41,600 Speaker 1: effort to overturn the election result. And then of course 728 00:40:41,640 --> 00:40:44,239 Speaker 1: you've got one in New York, of course, where you 729 00:40:44,320 --> 00:40:48,319 Speaker 1: are sitting about Donald Trump's financial dealings. All three could 730 00:40:48,440 --> 00:40:51,560 Speaker 1: have tentacles that intertwined, but it's unclear they're ongoing. Now. 731 00:40:51,920 --> 00:40:56,640 Speaker 1: Oh yeah, there are primary elections being held today. You're 732 00:40:56,680 --> 00:40:58,680 Speaker 1: the one guy's gonna ask me about that today. I'm 733 00:40:58,719 --> 00:41:03,799 Speaker 1: guessing for remarked and Wisconsin. Uh, well, you know, I'll 734 00:41:03,840 --> 00:41:06,440 Speaker 1: ask the broader question. What have we learned so far 735 00:41:06,880 --> 00:41:09,360 Speaker 1: with the results that we've gotten in terms of the 736 00:41:09,840 --> 00:41:12,279 Speaker 1: staying power of the influence of the former president. Well, 737 00:41:12,320 --> 00:41:14,879 Speaker 1: they've been really mixed. Look he's he's had some big wins, 738 00:41:14,960 --> 00:41:16,960 Speaker 1: he's had some big losses. You've look at you look 739 00:41:17,000 --> 00:41:19,840 Speaker 1: at Georgia. Uh, it's not gone well for Trump and 740 00:41:19,920 --> 00:41:22,640 Speaker 1: in fact, he's pretty much lost all the key races 741 00:41:22,719 --> 00:41:25,680 Speaker 1: there that he tried to endorse. In influence, Arizona would 742 00:41:25,680 --> 00:41:27,680 Speaker 1: be the the opposite of that. He did quite well 743 00:41:28,200 --> 00:41:32,640 Speaker 1: last week with raceist gubernatorial primary, Senate primary, and so forth. 744 00:41:33,080 --> 00:41:35,359 Speaker 1: It's very difficult to draw trend lines. This has been 745 00:41:35,400 --> 00:41:38,240 Speaker 1: a real noisy period in each state, and jurisdiction seems 746 00:41:38,280 --> 00:41:40,800 Speaker 1: to have its own concern. It is still expected that 747 00:41:40,840 --> 00:41:43,560 Speaker 1: Republicans will take the House. On the other hand, they 748 00:41:43,600 --> 00:41:45,320 Speaker 1: may not take the Senate. We could have a split 749 00:41:45,400 --> 00:41:48,600 Speaker 1: Congress following this November Joe always a pleasure. Joe Matthew 750 00:41:48,719 --> 00:41:51,839 Speaker 1: host Bloomberg Sound On. You can read more about these 751 00:41:51,880 --> 00:41:55,120 Speaker 1: stories um Bloomberg dot Com or the Bloomberg termin And 752 00:41:55,200 --> 00:41:58,359 Speaker 1: a reminder you can follow all the latest Bloomberg Radio 753 00:41:58,440 --> 00:42:01,680 Speaker 1: in Washington Bloomberg ninety nine one at one oh five 754 00:42:01,719 --> 00:42:05,839 Speaker 1: point seven FM HD two and ahead of the cash 755 00:42:05,920 --> 00:42:09,520 Speaker 1: open on Wall Street. We have futures. They are up earlier, 756 00:42:09,680 --> 00:42:12,400 Speaker 1: turning mixed, and now they are lower. All in the 757 00:42:12,440 --> 00:42:16,160 Speaker 1: red DAL futures down only seven points, SMP E many 758 00:42:16,239 --> 00:42:19,160 Speaker 1: futures nine points lower, and that as death futures right 759 00:42:19,200 --> 00:42:24,359 Speaker 1: now they are down seventies six points. As earning seasons continues. 760 00:42:24,560 --> 00:42:27,920 Speaker 1: In the SMP five hundred, four hundred forty one of 761 00:42:28,040 --> 00:42:32,240 Speaker 1: the four hundred ninety eight companies reporting so far, about 762 00:42:32,280 --> 00:42:37,719 Speaker 1: sevent have delivered positive earnings surprises. I'm John Tucker for 763 00:42:38,560 --> 00:42:43,160 Speaker 1: Nathan Hagar. Just ahead Bloomberg Surveillance with Tom Keene, Lisa 764 00:42:43,440 --> 00:42:47,359 Speaker 1: Ramolitz and Jonathan Farrell. You've been listening to Bloomberg date 765 00:42:47,520 --> 00:42:47,560 Speaker 1: Y