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Speaker 1: Live from the Bloomberg Interact at Brooker Studios. This is

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Speaker 1: Bloomberg day Break for Friday, August five, twenty two. Coming up,

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Speaker 1: the shower. Investors a weight the July jobs report for

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Speaker 1: signs of a slowing or strong labor market. Democrats agree

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Speaker 1: on a revised version of their tax in climate bill,

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Speaker 1: Tesla shareholders agree on a three for one stock split,

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Speaker 1: and US health officials to clare monkey poks a public

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Speaker 1: health emergency conspiracy. Theorist Alex Jones has been ordered to

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Speaker 1: pay four point one billion dollars in the Sandy Hook case.

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Speaker 1: I'm Michael lar More Ahead, I'm John Stash and sports

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Speaker 1: the Mets at four home Runs, beat the Braves and

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Speaker 1: the start of the Big Five Game series. The Yankees

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Speaker 1: plea tonight in St. Louis. That's all straight Ahead on

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Speaker 1: Bloomberg day Break on Bloomberg eleven three on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one Boston,

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Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x AM one nine Team,

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Speaker 1: and around the world Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg business Side. Good Friday morning. I'm Nathan Hagar

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Speaker 1: and I'm Karen Moscow and US DOT Index futures are

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Speaker 1: little change this morning. We are coming up to five

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Speaker 1: out one on Wall Street and we check the markets

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Speaker 1: every fifteen minutes throughout the trading day on bloomberg S

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Speaker 1: and P futures again are little change, so are NASDACK

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Speaker 1: and Dow futures. The decks in Germany has done about

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Speaker 1: two tenths of upper sent the ten year treasury up

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Speaker 1: to thirties seconds yield two point six eight percent. They

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Speaker 1: yield on a two year three point oh four percent.

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Speaker 1: Nathan Karen Global stocks are trading near a two month

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Speaker 1: high ahead of the July jobs report. Economists are looking

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Speaker 1: for a slowdown in the labor market. The median forecast

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Speaker 1: is for a gain of two hundred fifty thousand jobs.

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Speaker 1: We get more from Bloomberg's Michael McKee. Since it's backward

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Speaker 1: looking July is change in US payrolls won't have much

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Speaker 1: value for forecasters trying to predict recession. Companies are also

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Speaker 1: reluctant to let go of workers even if business is

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Speaker 1: starting to slow given the current labor shortage. While a

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Speaker 1: consider this print would be the lowest since the economy

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Speaker 1: lost jobs in December, it would still be above the

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Speaker 1: average of one thousand jobs created per month in the

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Speaker 1: five years before the pandemic, and it would continue to

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Speaker 1: reassure Fed officials that rising interest rates aren't taking the

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Speaker 1: economy yet. Michael McKey, Bloomberg Daybreak. All right, Michael, thank

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Speaker 1: you all. Another major story out of Washington. Senate Democrats

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Speaker 1: are closer to passing their tax and Energy bill. Arizona's

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Speaker 1: Kirsten Cinema, one of the last holdouts in the deal,

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Speaker 1: now says she's on board. That's after Democrats took out

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Speaker 1: a provision that would have narrowed attacks loophole for fund

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Speaker 1: managers and added a new one percent tax on stock buybacks.

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Speaker 1: But there's still one hurdle left. That's according to Jim Kessler,

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Speaker 1: co founder of Third Way and former legislative policy director

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Speaker 1: for Majority leader Chuck Schumer. The parliamentarian is looking at

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Speaker 1: this bill. There's always things that don't pass, what's called

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Speaker 1: the bird bath. Some of the procedural rules would reconciliation,

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Speaker 1: which means language will need to be tweeked. Third Way

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Speaker 1: co founder Jim Kessler spoke with our Washington correspondent Joe

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Speaker 1: Matthew on Bloomberg's sound on the parliamentary and should rule

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Speaker 1: on the bill today. Democrats could work into the weekend

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Speaker 1: to vote on the measure tomorrow. Now, we're seeing new

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Speaker 1: tensions between the US and China this morning. Karen over

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Speaker 1: how Speaker Nancy Pelosi's tripped to Taiwan. Beijing has announced

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Speaker 1: sanctions against the speaker and her immediate family. That's according

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Speaker 1: to a statement from the Chinese Foreign Ministry, though it

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Speaker 1: does not give specifics. Well, Nathan, there's major news on

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Speaker 1: the health front this morning, with the US declaring a

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Speaker 1: federal emergency because of the monkey Because of monkeypox, researchers

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Speaker 1: are trying to get some answers on how to combat

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Speaker 1: the disease, and Bloomberg's said Baxter has the story. Health

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Speaker 1: and Human Services says about sixty SID cases nationwide, with

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Speaker 1: researchers now asking questions like does a person who had

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Speaker 1: a smallpox vaccine as a child have immunity? The head

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Speaker 1: of the White House COVID Task Forces, dr Ash's jaques

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Speaker 1: smallpox monkey box very related to each other as viruses go.

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Speaker 1: You would think that if you got vaccinated as a

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Speaker 1: kid against smallpox would have protection We don't know yet.

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Speaker 1: We're still looking at the data. We are seeing some

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Speaker 1: older people still get infected. Meanwhile, as well as a

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Speaker 1: federal government, more and more states are declaring states of

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Speaker 1: emergency as well. In San Francisco, I'm at Baxter Bloomberg

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Speaker 1: Gay break all right, Ed, thanks training to corporate news

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Speaker 1: this morning, shares of Tesla are up almost a half

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Speaker 1: percent in early trading. Shareholders have approved a three for

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Speaker 1: one stock split. Ed Ludlow has more from our Bloomberg

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Speaker 1: nine sixty Years room in San Francisco. This stock split

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Speaker 1: takes the shares to around three hundred dollars a share.

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Speaker 1: Was first tweeted by Tesla in March, and then when

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Speaker 1: this meeting was confirmed and scheduled with the agenda a

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Speaker 1: month ago, we knew it was coming. And the thing

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Speaker 1: that's missing for investors out there is we do not

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Speaker 1: know more details about the date that this stock split

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Speaker 1: becomes effective. Of you've seen this before. There was a

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Speaker 1: five for one stock split in August twenty really boosted

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Speaker 1: the stock. The logic bring the price down, make it

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Speaker 1: more accessible, and Tesla has a massive retail investor base,

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Speaker 1: bloombergs Ed Ludlow says the stock displit could give a

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Speaker 1: lift to Tesla's chairs, which are up nearly fifty from

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Speaker 1: a late May low. On Nathan one another one other

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Speaker 1: note from Tesla's shareholder meeting has Elon Musk giving his

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Speaker 1: anecdotal view on the economy. The Tesla CEO says he

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Speaker 1: thinks the worst may be over when it comes to inflation.

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Speaker 1: Most of our commodities, most of the things that go

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Speaker 1: into a Tesla, not all, But I don't know more

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Speaker 1: than half the prices of trending down in six months

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Speaker 1: six months from now. That this could change, obviously, but

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Speaker 1: but the trend is down, which suggests that's uh well

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Speaker 1: past peak inflation. Must also reiterates that he expects a

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Speaker 1: mild recession in the US and that could last about

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Speaker 1: eighteen months. Well, we got plenty of stocks on the

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Speaker 1: move this morning, Karen. After a slew of earnings late yesterday.

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Speaker 1: Look at shares of Lift. They're up about nine and

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Speaker 1: a half percent. The company says ridesharing volumes are on

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Speaker 1: track to exceed pre COVID levels, as it reported the

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Speaker 1: highest earnings in its history. We get the story from

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Speaker 1: Bloomberg's Charlie Pellett it's a sign that investment to stem

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Speaker 1: a shortage of draw Iver's is paying off. Revenue rose

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Speaker 1: from a year earlier to nine ninety one million dollars,

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Speaker 1: beating the nine hundred eighty six point seven million dollars

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Speaker 1: street estimate. The quarter shows lift as approaching a full

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Speaker 1: recovery from the pandemic, amid a broad based rebound in

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Speaker 1: right hailing that also boosted rival Uber in the period.

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Speaker 1: In New York, Charlie Pell Bloomberg Daybreak. All right, Joerley,

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Speaker 1: thank you. Now, let's get a look at some other

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Speaker 1: stocks on our radar this morning. Bloomberdge. John Tucker joins

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Speaker 1: us live with the latest. John, Good morning, Karen. The

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Speaker 1: quarterly Lawson DoorDash was worse than what an analysts expected,

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Speaker 1: but the company says its food delivery business remains healthy

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Speaker 1: and growth continued. That's what investors lashed onto. Door Dash

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Speaker 1: shares jumped thirteen percent. Yelp reporting a profit in the

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Speaker 1: last quarter, boosting its full year earnings guidance. The online

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Speaker 1: directories a strong advertiser demand drove record net revenue. Those

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Speaker 1: shares jumped eighteen percent, and beyond me slashing its revenue

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Speaker 1: outlook for the bull. You're saying shoppers are trading down

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Speaker 1: from its plant based food to cheaper adible proteins. That

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Speaker 1: share US fell over one percent. Live in New York.

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Speaker 1: I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks, future

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Speaker 1: is a little changed ahead of July. Jobs, straight ahead,

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Speaker 1: your latest local headlines, and a check of sports. This

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Speaker 1: is Bloomberg and it's sound five oh seven on Wall Street,

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Speaker 1: seventy nine degrees in Central Park. Out of broken down

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Speaker 1: vehicle westbound cross Bronx at Third Avenue. Details coming up

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Speaker 1: in traffic. First, Michael Barr with what else is going

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Speaker 1: on in New York and around the world. Happy Friday, Michael,

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Speaker 1: Happy Friday to you, Nathan. Stay cool the Tri State

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Speaker 1: area and we'll have another hot day. Bloomberg Meteorologist Rob

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Speaker 1: Caroline has the latest Michael Head Advisory remains in the

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Speaker 1: fact for the Tri State area until eight pm this evening.

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Speaker 1: We're back up into the nineties today with the humidity

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Speaker 1: of feel like it's around the hundred. Only different today

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Speaker 1: over yesterday is the potential for some cooling showers and

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Speaker 1: thunderstorms this afternoon. Not everyone will see them, but those

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Speaker 1: folks who do could see some very heavy downpours. It

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Speaker 1: will remain warmed through the upcoming weekend. Michael rob thanks

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Speaker 1: Donald Trump's lawyers are in talks with federal prosecutors over

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Speaker 1: conversations the former president had with advisors and whether he'd

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Speaker 1: be able to shield them from investigators of the January

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Speaker 1: sixth assault on the Capitol. CNN reports it's the first

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Speaker 1: indication the two sides are indirect talks as the federal

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Speaker 1: probe accelerates. Texas jury ruled conspiracy theorist Alex Jones must

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Speaker 1: pay more than four million dollars in defamation damages for

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Speaker 1: falsely claiming the twelve Sandy Hooks school shooting was a hoax,

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Speaker 1: while it was less than the one fifty million dollars

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Speaker 1: being sought. Counseled Mark Bangston was happy with a verdict.

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Speaker 1: It was my goal when I started on this case

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Speaker 1: to get this family a multimillion dollar verdict for their

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Speaker 1: pain and suffering, and I've already done that, plus additional

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Speaker 1: money for the million dollars and sanction Jones, said. US

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Speaker 1: council Mark Bangston says the jury returns today to hear

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Speaker 1: more evidence about Jones and his company's finances. The parent

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Speaker 1: company of info Wars Free Speech Systems filed for bankruptcy

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Speaker 1: protection during the trial. Meanwhile, the January six Committee has

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Speaker 1: asked for text from the info Wars host. A face

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Speaker 1: off in Florida over abortion. Govern Around the Santis says

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Speaker 1: he has suspended Tampa's top prosecutor, but Hillsborough County State

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Speaker 1: Attorney Andrew Warren says he is an elected official just

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Speaker 1: like the governor and is not going anywhere. At issue

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Speaker 1: is Warren's decision not to criminalize abortions, which a new

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Speaker 1: state law bands after fifteen weeks with some exceptions. Warren

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Speaker 1: says the courd already has ruled the band violates Florida's

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Speaker 1: constitutional right to privacy. However, the Santis said prosecutors cannot

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Speaker 1: pick and choose which laws to enforce. You can exercise

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Speaker 1: discretion and individual case, but that discretion has to be

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Speaker 1: individualized in case specific. You can't just say you're not

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Speaker 1: gonna do a certain offenses. Governor de Santis globally was

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Speaker 1: twenty four hours a day on rand on Bloomberg quick Take,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: and more than a hundred twenty countries and Michael Barr.

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Speaker 1: This is Bloomberg, Nathan. Thank you Michael. Almost five ten

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Speaker 1: on Wall Street time for the Bloomberg Sports Update. Good morning,

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Speaker 1: John Stashower and our good morning, Nathan. Big crowd at

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Speaker 1: City Field, a bit of a playoff atmosphere for the

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Speaker 1: start of Mets braves of five games in four days

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Speaker 1: series between the top two and the NL e's. The

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Speaker 1: Mets led five that nothing. They won six to four

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Speaker 1: the Alle Atlanta by four and a half games, four

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Speaker 1: met home runs, Peter Alonzo is twenty nine, Daniel Vogel

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Speaker 1: back his second in as many days, and another new

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Speaker 1: Met tyler Nike Win played his first home game with

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Speaker 1: his new team, Homer twice. It's awesome. I mean, heck,

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Speaker 1: even you know, I've been playing here for four years.

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Speaker 1: That's the good night. But um no, man, it's it's

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Speaker 1: very enjoyable to fans, you know, even from you know,

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Speaker 1: warming up on the line made me feel um right

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Speaker 1: at home. So even going off to left just just

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Speaker 1: to made me feel good. So it's it's nice to

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Speaker 1: feel that way and step into the box comfortable. Rasco

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Speaker 1: got to win. Edwin Diaz to say the first of

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Speaker 1: his twenty four saves where he pitched two innings, an

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Speaker 1: indication of how big this series is. It continues tonight,

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Speaker 1: Doubleheaded Tomorrow. Yankees are in St. Louis tonight, and then

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Speaker 1: tomorrow they'll face Jordan Montgomery will make his Cardinals debut

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Speaker 1: against the team that just traded him. The A's visited

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Speaker 1: the Angels. The Angels hit seven home runs. They were

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Speaker 1: all solo shots, only seven runs they score. They hit

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Speaker 1: seven home runs and lost to Oakland eight to seven.

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Speaker 1: The NFL appealing the decision to suspend Deshaun Watson only

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Speaker 1: six games for his sexual misconduct in the NFL named

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Speaker 1: former New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly,

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Speaker 1: Watson turned down an offer that had the suspension to

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Speaker 1: be twelve games. Preseason Football Hall of Fame game can't Ohio,

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Speaker 1: where Josh McDaniels grew up, a long time Patriots assistant

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Speaker 1: now head coach of the Raiders who beat Jacksonville. Very

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Speaker 1: few starters played in the game. John Stash went Bloombrook Sports,

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Speaker 1: All right, John, thank you, SMP futures little change, staff

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Speaker 1: futures up seven teen points, Nanstack futures down four. The

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Speaker 1: tenure Treasury up one thirty second yield two point six

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Speaker 1: eight percent. This is Bloomberg Bloomberg eleven three oh weather

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Speaker 1: Heat Advisory till eight tonight. We'll get up to new

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Speaker 1: ninety five degrees upper eighties tomorrow with a chance for

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Speaker 1: nineties again on Sunday. Right now seventy nine in Central

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Speaker 1: Park Markets, headlines and breaking news twenty four hours a

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Speaker 1: day at Bloomberg dot Com, at Bloomberg Business at and

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Speaker 1: at Bloomberg Quick Tape is a Bloomberg Business Flash and

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Speaker 1: I'm Karen Moscow. And US stock index futures are little

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Speaker 1: change this morning, as investors braced for the monthly US

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Speaker 1: jobs report that's likely to add fuel to the recession debate.

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Speaker 1: Stocks in Europe are moving lower, and we checked the

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Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

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Speaker 1: Guess and P futures again little change this morning. DWAL

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Speaker 1: futures are now of thirty two points a nasday. Tuchers

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Speaker 1: are little changed. The decks in Germany little changed as well.

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Speaker 1: The ten your treasury up one thirty second yield two

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Speaker 1: point six eight percent yield on the two year three

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Speaker 1: point oh four percent. Nimex screwed oil is up about

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Speaker 1: a tenth of upper cent or eight cents at eighty

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Speaker 1: eight dollars sixty cents of barrel comex schold is down

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Speaker 1: to tenths per cent or three dollars nineties cents at

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Speaker 1: eighteen o three an ounce. The euro one point two

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Speaker 1: to eight against the dollar British found one point two

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Speaker 1: one four zero and the yen at one thirty two

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Speaker 1: point nine one, and bitcoin is higher, up two point

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Speaker 1: nine percent at twenty three thousand, one hundred sixty dollars.

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Speaker 1: The July jobs are for it out at eight thirty

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Speaker 1: Wall Street Time, consumer credit is out at three, and

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Speaker 1: DraftKings is among companies schedule to report earnings today. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore.

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Speaker 1: I'm what's going on around the world, Michael, Good morning,

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Speaker 1: Good morning, Cameron. China has announced sentitions on US out

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Speaker 1: speaker Nancy Pelosi and her immediate family members. It's over

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Speaker 1: her recent trip to Taiwan. Three more grain ships are

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Speaker 1: expected to leave Ukraine sports asked country tries to ramp

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Speaker 1: start of Russia's invasion almost a half a year earlier.

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Speaker 1: In baseball, the Mets beat the Brave six four. The

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Speaker 1: Red Sox lost to the Royal seven three. The Nationals

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Speaker 1: and Giants also lost. The A's beat the Angels eight

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Speaker 1: seven in the NFL Hall of Fame game last night.

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Speaker 1: That's right, you heard me. NFL the rate over the

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Speaker 1: Jaguars eleven. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quick Take power by more than

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Speaker 1: twenty seven hundred journalists and analysts more than a hundred

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Speaker 1: twenty countries. Michael Barr, this is Bloomberg name that still here.

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Speaker 1: Weird to hear the word football when it's gonna be

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Speaker 1: like a hundred degrees. Thank you, Michael. It is five

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Speaker 1: nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios.

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Speaker 1: This is Bloomberg Daybreak on the morning after pretty significant

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Speaker 1: development in Washington. Looks like every Senate Democrat now maybe

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Speaker 1: on board with that surprise tax and energy spending bill.

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Speaker 1: Uh The deal reached earlier this week between Senator's mansion

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Speaker 1: and Schumer. Bloomberg government reporter Emily Wilkins joins us now

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Speaker 1: from our Bloomberg ninety nine one studios in Washington, d C.

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Speaker 1: With the very latest so Emily Senator Cinemas on board.

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Speaker 1: How did she get there? So we knew from the

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Speaker 1: very start when we first saw this plan come out,

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Speaker 1: that there was a carried interest loophole and there was

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Speaker 1: a provision in the bill to end that, and we

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Speaker 1: knew that Senator Kristen Cinema would not be quite happy.

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Speaker 1: And Nathan, we say this all the time that it

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Speaker 1: takes really all fifty Democrats, all of them have the

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Speaker 1: power to to step out, to veto to say no,

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Speaker 1: to block things. And so all eyes have been on

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Speaker 1: her this last week. Would she come to an agreement?

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Speaker 1: And we do know now yes, she did find a

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Speaker 1: path forward. They are going to keep that carried interest

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Speaker 1: loophole um the benefits of course wealthy investors, but as

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Speaker 1: a way to raise revenue, they're going to add a

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Speaker 1: one percent new tax on corporate stock buybacks, and there

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Speaker 1: will also be some additional tweets that minimum fifth team

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Speaker 1: percent tax on corporations that's meant to benefit manufacturers. Now,

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Speaker 1: Majority Leader Chuck Schumer said the bill is still going

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Speaker 1: to reduce the deficit by three billion. Note that this

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Speaker 1: was all pretty late breaking news last night, so we

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Speaker 1: haven't seen all the exact details on it yet. But

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Speaker 1: the Senate is scheduled to begin a procedural vote on

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Speaker 1: the motion on Saturday. They're expected to be in this weekend.

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Speaker 1: Um that should tell you something right there. If senators

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Speaker 1: aren't on a weekend, it means that they really really

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Speaker 1: want to get something done and feel like they're going

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Speaker 1: to be able to get done in the near future. Yes,

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Speaker 1: certainly before they head out of town for the August recess.

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Speaker 1: We also are waiting to hear from the Senate rulemaker, right,

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Speaker 1: the parliamentarian who decides whether budget provisions can actually pass

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Speaker 1: muster and get passed without a supermajority. Right, Because remember,

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Speaker 1: not just anything can go through this privileged process. It's

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Speaker 1: the only things that are going to have a direct

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Speaker 1: impact on the budget. That's why you see so much

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Speaker 1: tax stuff being discussed on these types of things. I mean,

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Speaker 1: lawmakers have been talked with the Parliamentary and throughout the

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Speaker 1: week on various provisions. Of course, now we got a

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Speaker 1: couple of new ones. She's going to have to review those.

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Speaker 1: But again, there's confidence that she can finish the job

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Speaker 1: and that she can give everything the green light in

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Speaker 1: time for Senators to vote on Saturday. In terms of politics, Emily,

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Speaker 1: how significant is this for Democrats and for President Biden.

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Speaker 1: I mean, this is much much smaller than the build

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Speaker 1: back Better plan, right, but they're still getting this done.

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Speaker 1: They still got the Chips bill as well. I mean,

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Speaker 1: much much smaller, is better than nothing, And just a

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Speaker 1: couple of weeks ago we assume that Democrats were going

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Speaker 1: to get nothing from this particular deal. So far, we've

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Speaker 1: seen a lot of really strong positive response. We saw

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Speaker 1: Democratic Senator Brian Shots of Hawaii tweet that the climate

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Speaker 1: deal is equal to the moment. Uh says, you know,

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Speaker 1: obviously this is an ambitious start. Uh in that he

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Speaker 1: feels very optimistic. Certainly, there are a lot of lawmakers who,

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Speaker 1: you know, while internally they might be bemoaning the loss

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Speaker 1: of various things like pre pre kindergarten, um, you know,

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Speaker 1: assistance to help children and mothers on the front, this

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Speaker 1: is more, again than they thought they would get even

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Speaker 1: a month ago. And I think most of them, even

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Speaker 1: those who were raising concerns about it before, are now

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Speaker 1: very eager to be able to get to yes and

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Speaker 1: to have something like this when they're going back to

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Speaker 1: their constituents and talking to them before the med terms.

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Speaker 1: Only about a minute left here, but we just heard

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Speaker 1: from the Chinese Foreign Ministry about sanctions now against how

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Speaker 1: Speaker Nancy Pelosi following the visit to Taiwan. What's the

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Speaker 1: reaction in Washington. Yeah, China has levied these unspecified sanctions

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Speaker 1: on Pelosi and her immediate family members. I mean what

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Speaker 1: we've seen from Washington. Secretary of State Anthony B. Lincoln

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Speaker 1: accused China of trying to change the status quo with Taiwan.

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Speaker 1: And that was even more of just a reference to

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Speaker 1: the fact um that they've done all these missile tests,

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Speaker 1: some that have landed in Japan's Exclusive Economic Zone, that

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Speaker 1: they've sent these warships across the Taiwan straight and so

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Speaker 1: there is some concern about what sort of blow back

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Speaker 1: the US is going to the US and Taiwan are

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Speaker 1: going to experience from Spigger Pelosi's trip. Um. So we'll

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Speaker 1: just sort of have to be keeping an eye on

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Speaker 1: next steps here. Uh. The White House did some in

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Speaker 1: China's ambassador on Thursday to condemn Beijing's escalating actions against Taiwan,

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Speaker 1: and really just try to reiterate again, as we heard

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Speaker 1: Pelosi say, as we heard Biden say, the US was

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Speaker 1: not trying to do a change in the status quo

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Speaker 1: from Pelosi's visit, but certainly the highest ranking US official

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Speaker 1: to visit the island in twenty five years, it was

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Speaker 1: going to have some sort of response from Beijing. Thanks, Emily,

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Speaker 1: good having you on with us this morning. Emily Wilkins, Bloomberg,

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Speaker 1: Government reporter with us from our studios in Washington, d C.

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Speaker 1: SMP futures now up two points down, futures up thirty nine,

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Speaker 1: Nasdaq futures highed by five points as we look ahead

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Speaker 1: to July jobs report. Throughout eight thirty Wall Street Time ten.

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Speaker 1: Your Treasury little change yield two point six eight percent,

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Speaker 1: and the yield on the two year three point zero five.

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Speaker 1: This is Bloomberg Bloomberg eleven three. Or whether the heat

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Speaker 1: advisory continues till eight tonight, we'll get up to your

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Speaker 1: ninety five degrees upper eighties chancefer a showers storm tomorrow

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Speaker 1: back in the low nineties by Sunday, Right now seventy

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Speaker 1: nine in Central Park, broadcasting live from the Bloomberg Interactive

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Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg one to Boston, Bloomberg one O six

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Speaker 1: one to San Francisco, Bloomberg NOM sixty to the Country,

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Speaker 1: Sirius xm Chado one ninet and around the globe the

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Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is

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Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are just

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Speaker 1: about four hours away from the open of US trading.

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Speaker 1: Let's get you up to date on the news. You

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Speaker 1: need to know what this hour. US futures are little

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Speaker 1: changed ahead of the July jobs report. The needy and

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Speaker 1: forecast is for a gain of two hundred fifty thousand jobs,

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Speaker 1: and that would be down from three hundred seventy two

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Speaker 1: thousand in a prior month. Begin more from Bloomberg's Michael McKie.

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Speaker 1: The consensus forecast for job growth anticipates a bit of

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Speaker 1: a labor market slowdown, but not necessarily because the economy

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Speaker 1: is slowing. Companies are still reporting it's difficult to find workers,

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Speaker 1: and economist surveyed by Bloomberg don't see any change in

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Speaker 1: the unemployment rate. If that's the case, the Fed can

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Speaker 1: continue to prioritize the fight against inflation first, continuing raising

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Speaker 1: interest rates. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks

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Speaker 1: for following another major story this morning out of Washington.

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Speaker 1: Senate Democrats planned to vote on their tax and energy

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Speaker 1: spending bill as soon as tomorrow. Arizona's Kirsten Cinema says

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Speaker 1: she's on board with the measure after tweaks to its

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Speaker 1: tax provisions. Jim Kessler, co founder of Third Way, says,

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Speaker 1: this does not have to be a Democrats only bill.

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Speaker 1: You know, I think if Republicans will being really honest

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Speaker 1: in the set, if it was a secret ballent, I

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Speaker 1: bet fifteen or twenty Republicans would vote for this. Dall.

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Speaker 1: Third Way co founder Jim Kessler spoke with our Washington

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Speaker 1: corresponded Joe Matthew on Bloomberg Sound on Catch the show

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Speaker 1: weekdays at five pm Eastern on Bloomberg Radio. Well, Nathan,

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Speaker 1: we're seeing new tangents between the US and Shina over

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Speaker 1: how Speaker Nancy Pelosi's trip to Taiwan Beijing is announced

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Speaker 1: sanctions against his speaker and her immediate family, as according

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Speaker 1: to a statement from the Chinese Foreign Ministry. Major news

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Speaker 1: on the health front this morning, Karen US officials had

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Speaker 1: declared Monkey Pok's a public health emergency. It's a step

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Speaker 1: that will free up funding treatments and other services to

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Speaker 1: fight the virus. Well. Turning to corporate news this morning,

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Speaker 1: Nathan shares of teslare up almost one percent in early trading.

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Speaker 1: That's after shareholders approved a three for one stock split.

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Speaker 1: And we're watching some other stocks on the move this morning,

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Speaker 1: with Bloomberg's John Tucker, John and Nathan Lift among the

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Speaker 1: most actively traded this morning, up over eight percent. Ran

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Speaker 1: sharing company saying volumes on track to exceed pre COVID levels.

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Speaker 1: It's reporting the highest earnings in its history. Adored Dash

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Speaker 1: getting a lift after the company reported revenue that beat

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Speaker 1: analysts expectations. They saw a record number of orders. Shares

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Speaker 1: up twelve percent of the pre market. Different story beyond me,

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00:23:11,440 --> 00:23:15,159
Speaker 1: the maker plant based burgers slash against revenue outlook. The sharers,

431
00:23:15,200 --> 00:23:18,160
Speaker 1: which have lost fifty of the value so far this year,

432
00:23:18,400 --> 00:23:20,960
Speaker 1: down less than one percent this morning. Live in New

433
00:23:21,040 --> 00:23:24,240
Speaker 1: York of John Tucker Bloomberg daybreak. All right, John, thank

434
00:23:24,280 --> 00:23:27,000
Speaker 1: you again. Futures are a little change this morning, and

435
00:23:27,080 --> 00:23:29,800
Speaker 1: I'm ex scret oil. Is it as well as eighty

436
00:23:29,840 --> 00:23:32,200
Speaker 1: eight dollars fifty nine cents of barrel? Is where it's

437
00:23:32,240 --> 00:23:39,119
Speaker 1: at local headlines? Straight ahead? This is Bloomberg and Singe

438
00:23:39,160 --> 00:23:41,320
Speaker 1: in Wall Street, seventy nine degrees in Central Park of

439
00:23:41,320 --> 00:23:44,439
Speaker 1: crash northbound Major Dagan your Yankee Stadium. And Michael Barr

440
00:23:44,440 --> 00:23:46,080
Speaker 1: has more on what's going on in New York and

441
00:23:46,160 --> 00:23:49,080
Speaker 1: around the world. Michael, thank you very much. Nathan, Texas

442
00:23:49,200 --> 00:23:52,880
Speaker 1: jury rule that conspiracy theorist Alex Jones has to pay

443
00:23:52,960 --> 00:23:55,760
Speaker 1: more than four million dollars and convincea story damages to

444
00:23:55,840 --> 00:23:57,800
Speaker 1: the parents of one of the first graders killed in

445
00:23:57,840 --> 00:24:01,520
Speaker 1: the Sandy Hook massacre. Joan pushed his false claims on

446
00:24:01,640 --> 00:24:05,000
Speaker 1: his Info Wars broadcast at the shooting, which left twenty

447
00:24:05,040 --> 00:24:08,120
Speaker 1: six people dead, was a hoax. Plane of Attorney Mark

448
00:24:08,160 --> 00:24:11,040
Speaker 1: Bankston says the verdict is just the beginning. We're not

449
00:24:11,080 --> 00:24:14,080
Speaker 1: even done yet, and I'm already getting to tell my families. Yes,

450
00:24:14,440 --> 00:24:16,199
Speaker 1: Mr Jones is going to transform your life. At the

451
00:24:16,200 --> 00:24:19,200
Speaker 1: money take from him. Plane of Attorney Mark Bankston says.

452
00:24:19,240 --> 00:24:22,199
Speaker 1: The jury returns today for the punitive phase of the trial.

453
00:24:22,680 --> 00:24:27,080
Speaker 1: Hungarian Prime Minister Victor Orban addressed the Conservative Political Action

454
00:24:27,160 --> 00:24:30,680
Speaker 1: Conference in Dallas, Texas. Orbon called on the audience to

455
00:24:30,880 --> 00:24:35,280
Speaker 1: unite with him against progressive liberals. We have seen what

456
00:24:35,560 --> 00:24:39,119
Speaker 1: kind of future the globally st ruling class has to offer,

457
00:24:39,880 --> 00:24:43,440
Speaker 1: but we have a different future in mind. The globally

458
00:24:43,440 --> 00:24:47,000
Speaker 1: is can all go to how I have come to Texas.

459
00:24:47,800 --> 00:24:51,840
Speaker 1: Orban is a close political ally of Russian President Vladimir Putin.

460
00:24:52,200 --> 00:24:56,199
Speaker 1: Brittney Grinder's w NBA teammates reacted to her sentence of

461
00:24:56,320 --> 00:24:59,919
Speaker 1: nearly a decade and a Russian prison camp. Grinder's feening

462
00:25:00,320 --> 00:25:04,080
Speaker 1: Mercury teammates and opposing players held forty two seconds of

463
00:25:04,119 --> 00:25:07,320
Speaker 1: silence before the game to show support for the basketball

464
00:25:07,359 --> 00:25:11,560
Speaker 1: star sentenced to a nine year sentence in a Russian

465
00:25:11,560 --> 00:25:14,880
Speaker 1: prison camp. Forty two is the number of Grinder's jersey.

466
00:25:15,240 --> 00:25:18,960
Speaker 1: Grinder's coach got emotional after the game. I couldn't imagine

467
00:25:19,000 --> 00:25:22,040
Speaker 1: being that situation, and she was so courageous and like

468
00:25:22,200 --> 00:25:25,320
Speaker 1: continuing to be a good role model in so many

469
00:25:25,320 --> 00:25:28,720
Speaker 1: ways of this impossible situation, and she showed great Strength

470
00:25:29,000 --> 00:25:33,200
Speaker 1: and Great humility coach Vanessa nine Guard. Actor Kevin Spacey

471
00:25:33,280 --> 00:25:35,359
Speaker 1: was ordered to pay thirty one million dollars to the

472
00:25:35,359 --> 00:25:39,639
Speaker 1: House of Currents production company for alleged sexual misconduct that

473
00:25:39,720 --> 00:25:43,080
Speaker 1: got him booted from the popular Netflix series and upended

474
00:25:43,160 --> 00:25:45,960
Speaker 1: his career. Global News twenty four hours a day on

475
00:25:46,040 --> 00:25:48,720
Speaker 1: air and on Bloomberg Quicktake, powered by more than seven

476
00:25:48,920 --> 00:25:51,159
Speaker 1: d journalists and analysts more than a hundred twenty countries.

477
00:25:51,280 --> 00:25:54,240
Speaker 1: I'm Michael Barr and this is Bloomberg, Nathan. Thank you,

478
00:25:54,320 --> 00:26:02,040
Speaker 1: Michael fund Wall Street. Time for the Bloomberg Sports Update

479
00:26:02,080 --> 00:26:04,560
Speaker 1: with John Star. All Right, Nathan. The Mets NL East

480
00:26:04,640 --> 00:26:07,040
Speaker 1: lead over Atlanta, once ten and a half games was

481
00:26:07,080 --> 00:26:08,800
Speaker 1: cut to a half game, and now it's back to

482
00:26:09,320 --> 00:26:11,760
Speaker 1: four and a half with four more games this weekend

483
00:26:11,800 --> 00:26:14,760
Speaker 1: at City Field, a game tonight to tomorrow. Jacob b.

484
00:26:14,840 --> 00:26:17,840
Speaker 1: Grand pitches. Sunday, the Mets beat the Braves six to

485
00:26:17,960 --> 00:26:20,760
Speaker 1: four as new Mett Tyler nake win over twice. Daniel

486
00:26:20,800 --> 00:26:24,000
Speaker 1: vogel Back and Pete Alonso also went yard twenty ninth

487
00:26:24,040 --> 00:26:26,280
Speaker 1: of the year for Alonso. Carlos Carrasco got the win

488
00:26:26,720 --> 00:26:28,919
Speaker 1: and an interesting decision by Buck Show Walter to let

489
00:26:28,960 --> 00:26:31,960
Speaker 1: his All Star closer Edwinsd has pitched the last two innings.

490
00:26:32,200 --> 00:26:34,879
Speaker 1: He had never had a six out save before in

491
00:26:34,920 --> 00:26:39,360
Speaker 1: his career. And they on my name. You know, I

492
00:26:39,359 --> 00:26:42,080
Speaker 1: was thinking, maybe I can face the three two or

493
00:26:42,080 --> 00:26:44,280
Speaker 1: three four was facing and maybe like like I did

494
00:26:44,320 --> 00:26:47,320
Speaker 1: in l a Um questing for Tomtowa and they asked me,

495
00:26:47,359 --> 00:26:49,520
Speaker 1: how you how your field to well again, I'll say

496
00:26:49,560 --> 00:26:52,200
Speaker 1: I feel gray Um then told me and Bishop and

497
00:26:52,280 --> 00:26:54,040
Speaker 1: go out and win the game. He has has been

498
00:26:54,040 --> 00:26:56,280
Speaker 1: outstanding all season. He has struck out more than half

499
00:26:56,280 --> 00:26:58,879
Speaker 1: the batters he has faced. Yankees start a weekend serious

500
00:26:58,880 --> 00:27:00,560
Speaker 1: to night in St. Louis. The makes me only a

501
00:27:00,560 --> 00:27:02,480
Speaker 1: game and a half ahead of the Astros for best

502
00:27:02,480 --> 00:27:05,600
Speaker 1: recker in America. Lay Houston shut out Cleveland justin Burley

503
00:27:05,600 --> 00:27:08,040
Speaker 1: and llowed only two hits. He's fifteen and three. The

504
00:27:08,080 --> 00:27:10,840
Speaker 1: Dodgers have played eight games with the Giants at the

505
00:27:10,840 --> 00:27:13,760
Speaker 1: All Star Break. L a won all eight, although Clayton

506
00:27:13,800 --> 00:27:16,560
Speaker 1: Kerscher had to leave yesterday lower back pain x met

507
00:27:16,720 --> 00:27:19,800
Speaker 1: Noah Synderguard debut for the Phillies and got away the Phillies.

508
00:27:19,840 --> 00:27:23,240
Speaker 1: I've released X Yankee shortstop d D Gregorious he was

509
00:27:23,280 --> 00:27:26,840
Speaker 1: hitting just two ten with one home run. Preseason football Canton,

510
00:27:26,880 --> 00:27:30,320
Speaker 1: Ohio Raiders and Jaguars both the new coaches Josh McDaniels

511
00:27:30,359 --> 00:27:33,520
Speaker 1: in Vegas. Doug Peterson now coaches the Jacks. Vegas won

512
00:27:33,560 --> 00:27:36,160
Speaker 1: the game. Hall of Ceremonies. Hall of Fame Ceremonies take

513
00:27:36,200 --> 00:27:40,280
Speaker 1: place tomorrow. John S. Bloomberg Sports Nathan all Right, John,

514
00:27:40,280 --> 00:27:42,760
Speaker 1: Thank you seven on Wall Street time for the Tri

515
00:27:42,920 --> 00:27:46,399
Speaker 1: State Business Report with Bloomberg's d Cory. A warning for

516
00:27:46,520 --> 00:27:51,120
Speaker 1: investment bankers. Don't expect big bonuses this year. Incentive pay

517
00:27:51,240 --> 00:27:54,040
Speaker 1: for those underwriting debt and equity could plummet more than

518
00:27:54,119 --> 00:27:58,600
Speaker 1: forty percent this year. Their counterparts advising on mergers and

519
00:27:58,640 --> 00:28:04,520
Speaker 1: acquisitions could see their bonuses lumcent. According to Johnson Associates,

520
00:28:04,800 --> 00:28:07,679
Speaker 1: black Rock is partnering with coin Based Global to make

521
00:28:07,720 --> 00:28:12,240
Speaker 1: it easier for institutional investors to manage and trade bitcoin.

522
00:28:12,720 --> 00:28:15,639
Speaker 1: This will take the world's biggest dancet manager into a

523
00:28:15,680 --> 00:28:21,440
Speaker 1: cryptocurrency market that's been hammered by plunging prices and government investigations.

524
00:28:21,800 --> 00:28:24,960
Speaker 1: A new report says forty eight percent of mortgaged residential

525
00:28:25,000 --> 00:28:28,720
Speaker 1: properties in the United States were considered equity rich in

526
00:28:28,760 --> 00:28:31,840
Speaker 1: the second quarter. The only states were the percentage of

527
00:28:31,920 --> 00:28:35,040
Speaker 1: seriously underwater homes increased from the first quarter to the

528
00:28:35,119 --> 00:28:39,400
Speaker 1: second were New York, New Jersey and Montana. At your

529
00:28:39,440 --> 00:28:43,240
Speaker 1: Bloomberg Try State Business Report, I'm d Corey, Thanks, said

530
00:28:43,320 --> 00:28:45,600
Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on

531
00:28:45,640 --> 00:28:47,840
Speaker 1: the air from San Francisco to New York, London to

532
00:28:47,920 --> 00:28:50,080
Speaker 1: Hong Kong. Let's check in with our global news team

533
00:28:50,120 --> 00:28:51,680
Speaker 1: for some of the top stories heard on our three

534
00:28:51,760 --> 00:28:58,320
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Pots

535
00:28:59,240 --> 00:29:02,320
Speaker 1: in Los Angeles, US. We're talking about Beyond Me coming

536
00:29:02,320 --> 00:29:06,080
Speaker 1: its sales forecast as inflation has customers passing on its

537
00:29:06,160 --> 00:29:09,600
Speaker 1: hire price. Cooby Product um Corney's Donahoe on Cafe a

538
00:29:09,640 --> 00:29:12,880
Speaker 1: bian Omaha. Global food pricis dropping for a fourth month

539
00:29:12,920 --> 00:29:15,400
Speaker 1: after hitting a record on the War in Ukraine, time

540
00:29:15,480 --> 00:29:19,160
Speaker 1: Genus Servetti and for KCBS in San Francisco, I'm reporting

541
00:29:19,160 --> 00:29:22,280
Speaker 1: that sky high inflation is not slowing food deliberate, with

542
00:29:22,400 --> 00:29:25,440
Speaker 1: door Dash seeing a record number of orders last quarter.

543
00:29:25,680 --> 00:29:28,520
Speaker 1: I'm Stephen Carol on Bloomberg D A B Radio and London.

544
00:29:28,600 --> 00:29:30,920
Speaker 1: We've been hearing from the Bank of England's chief economist,

545
00:29:31,000 --> 00:29:34,480
Speaker 1: you pale after gloomy outlook of a recession lasting more

546
00:29:34,520 --> 00:29:37,440
Speaker 1: than a year. I'm ed Corey on w f A

547
00:29:37,640 --> 00:29:41,400
Speaker 1: M in Cleveland. I'm reporting m r I Software has

548
00:29:41,400 --> 00:29:44,840
Speaker 1: purchased Department dated dot com. Who. Those are some of

549
00:29:44,840 --> 00:29:48,200
Speaker 1: the stories our Dred Bloomberg journalists and analysts are working

550
00:29:48,200 --> 00:29:50,640
Speaker 1: on this morning around the world. It's five thirty nine

551
00:29:50,640 --> 00:29:54,800
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.

552
00:29:55,000 --> 00:29:59,880
Speaker 1: This editorial was written by the Bloomberg Editorial Board. How Speak,

553
00:30:00,200 --> 00:30:03,680
Speaker 1: Nancy Pelosi said she visited Taiwan this week is a

554
00:30:03,720 --> 00:30:07,840
Speaker 1: show of solidarity, but if the US wants to preserve

555
00:30:07,960 --> 00:30:11,760
Speaker 1: the status quo in the Taiwan Strait, it should try

556
00:30:11,800 --> 00:30:16,240
Speaker 1: saying less and doing more. The goal of US policymakers

557
00:30:16,400 --> 00:30:20,600
Speaker 1: should be to convince Chinese leaders that any invasion of

558
00:30:20,680 --> 00:30:26,000
Speaker 1: Taiwan would be both unnecessary and unlikely to succeed. So

559
00:30:26,160 --> 00:30:30,240
Speaker 1: it's critical for the US to shore up its deterrent capability.

560
00:30:30,680 --> 00:30:34,600
Speaker 1: This means investing in long range anti ship missiles and

561
00:30:34,840 --> 00:30:38,760
Speaker 1: resilient battle field networks, and working with allies in the

562
00:30:38,840 --> 00:30:43,480
Speaker 1: region to establish new basing arrangements. All this should be

563
00:30:43,600 --> 00:30:48,360
Speaker 1: done without fanfare. Chinese leaders will respect changes on the

564
00:30:48,440 --> 00:30:52,400
Speaker 1: ground more than rhetoric. The editorial was written by the

565
00:30:52,400 --> 00:30:55,920
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to

566
00:30:56,000 --> 00:30:59,680
Speaker 1: Bloomberg dot com, slash Opinion or OH P I n

567
00:30:59,800 --> 00:31:03,520
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion,

568
00:31:03,800 --> 00:31:06,479
Speaker 1: and you can hear Bloomberg opinion editorials every weekday. At

569
00:31:06,520 --> 00:31:09,360
Speaker 1: this time, terminal customers can read more at O P

570
00:31:09,560 --> 00:31:13,000
Speaker 1: I n go. SMP futures little changed. Own futures up

571
00:31:13,080 --> 00:31:16,920
Speaker 1: twenty seven points. NASTACK futures are lower now by four points.

572
00:31:17,120 --> 00:31:23,640
Speaker 1: This is Bloomberg. Bloomberg eleven three oh Weather is still

573
00:31:23,680 --> 00:31:26,560
Speaker 1: underheat advisory till eight tonight, with showers and storms possible

574
00:31:26,600 --> 00:31:28,720
Speaker 1: going up to your ninety five degrees will be in

575
00:31:28,720 --> 00:31:31,360
Speaker 1: the upper eighties tomorrow back in the low nineties on

576
00:31:31,520 --> 00:31:38,320
Speaker 1: Sunday right now seventy nine in Central Park Markets. Headlines

577
00:31:38,400 --> 00:31:41,360
Speaker 1: and breaking news twenty four hours a day at Bloomberg

578
00:31:41,440 --> 00:31:44,840
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Tape.

579
00:31:45,360 --> 00:31:54,560
Speaker 1: He's a Bloomberg Business Flash and I'm keron Moscow stocks

580
00:31:54,600 --> 00:31:57,360
Speaker 1: in Europe and US Dock Index futures are struggling for

581
00:31:57,480 --> 00:32:00,880
Speaker 1: direction this morning, as investors braced for the monthly US

582
00:32:00,960 --> 00:32:03,040
Speaker 1: jobs are four that's likely to add fuel to the

583
00:32:03,080 --> 00:32:06,440
Speaker 1: recession debate. The dollar rebounding from two days and declines.

584
00:32:06,480 --> 00:32:08,800
Speaker 1: We check the markets every fifteen minutes throughout the trading

585
00:32:08,880 --> 00:32:11,720
Speaker 1: day on Bloomberg. Guess and Key futures again are little

586
00:32:11,840 --> 00:32:15,160
Speaker 1: change this morning. Sowhere down futures, Nastack futures are down

587
00:32:15,200 --> 00:32:17,840
Speaker 1: about eighteen points. The decks in Germany is down a

588
00:32:17,960 --> 00:32:20,760
Speaker 1: quarter percent. Ten Your treasury that will change yield two

589
00:32:20,800 --> 00:32:22,880
Speaker 1: point six eight percent. They yield on the two year

590
00:32:22,960 --> 00:32:26,120
Speaker 1: three point oh five percent. NIMEX Screwed oil is up

591
00:32:26,160 --> 00:32:28,520
Speaker 1: four tenths percent, or thirty seven cents at eighty eight

592
00:32:28,600 --> 00:32:31,360
Speaker 1: dollars ninety one cents. Of Barrel Comic School there's down

593
00:32:31,360 --> 00:32:33,760
Speaker 1: a quarter percent or four dollars twenty cents at eighteen

594
00:32:33,760 --> 00:32:36,880
Speaker 1: o two seventy Announce the Euro one point o two

595
00:32:36,960 --> 00:32:39,480
Speaker 1: to five against the dollar, British found one point two

596
00:32:39,520 --> 00:32:42,080
Speaker 1: one to nine and the end one thirty three point

597
00:32:42,160 --> 00:32:44,680
Speaker 1: oh nine, and Bitcoin this morning up two point eight

598
00:32:44,720 --> 00:32:48,000
Speaker 1: percent at twenty three thousand, one five dollars. That's a

599
00:32:48,040 --> 00:32:50,720
Speaker 1: Bloomberg Business Flash. Now here's Michael Barr with more on

600
00:32:50,800 --> 00:32:53,120
Speaker 1: what's going on around the world. Michael Karen, thank you

601
00:32:53,240 --> 00:32:56,400
Speaker 1: very much. China said it would sanctional speaker Nancy Pelosi

602
00:32:56,520 --> 00:32:59,880
Speaker 1: after sheet defined Beijing by becoming the highest ranking you

603
00:33:00,040 --> 00:33:03,120
Speaker 1: this politician to visit Taiwan in twenty five years. The

604
00:33:03,200 --> 00:33:07,360
Speaker 1: measures are also on Polosi's immediate family. Senate Democrats say

605
00:33:07,400 --> 00:33:10,600
Speaker 1: they have reached an accord on changes to their tax legislation.

606
00:33:11,000 --> 00:33:14,280
Speaker 1: Arizona Senator Kirsten Cinema, a pivotal vote, says she is

607
00:33:14,400 --> 00:33:17,360
Speaker 1: ready to move forward on the bill. In baseball, the

608
00:33:17,440 --> 00:33:20,280
Speaker 1: Mets beat the Brave six four. The Red Sox lost

609
00:33:20,320 --> 00:33:23,920
Speaker 1: to the Royal seven three. The Nationals and Giants also lost.

610
00:33:24,240 --> 00:33:27,440
Speaker 1: The A's beat the Angels eight seven in the NFL

611
00:33:27,560 --> 00:33:30,160
Speaker 1: Hall of Fame game last night. Mama, he said, NFL

612
00:33:30,480 --> 00:33:35,200
Speaker 1: the Raiders over the Jaguars. Eleven Global News twenty four

613
00:33:35,240 --> 00:33:38,280
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

614
00:33:38,280 --> 00:33:40,840
Speaker 1: by more than twenty seven hundred journalists and analysts more

615
00:33:40,840 --> 00:33:45,440
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, okay, Michael,

616
00:33:45,520 --> 00:33:47,720
Speaker 1: thank you, It is almost five forty nine on Wall

617
00:33:47,760 --> 00:33:50,560
Speaker 1: Street Live from the Bloomberg Interactive Brokers studios. This is

618
00:33:50,600 --> 00:33:54,280
Speaker 1: Bloomberg Daybreak. Let's move from Woe Mama to the granddaddy

619
00:33:54,400 --> 00:33:58,720
Speaker 1: of economic indicators. The July Payrolls report is due out

620
00:33:58,840 --> 00:34:02,120
Speaker 1: at eight thirty Walls time. Ahead of that, we are

621
00:34:02,200 --> 00:34:06,080
Speaker 1: joined by Sarah House, senior economist at Wells Fargo. Sarah,

622
00:34:06,200 --> 00:34:09,360
Speaker 1: good morning. The consensus is for a quarter million new jobs,

623
00:34:09,400 --> 00:34:12,879
Speaker 1: the unemployment rate holding steady three point six per cent.

624
00:34:13,120 --> 00:34:16,960
Speaker 1: Are you looking for deceleration? Yeah, I think we're a

625
00:34:17,040 --> 00:34:20,120
Speaker 1: consensus is is roughly right based on the other data

626
00:34:20,160 --> 00:34:22,960
Speaker 1: that we've seen, where really we've seen and across the

627
00:34:23,080 --> 00:34:26,840
Speaker 1: board weakening in labor market condition. So I think some

628
00:34:26,960 --> 00:34:30,320
Speaker 1: of the most worrian worris some signs we've seen and

629
00:34:30,440 --> 00:34:33,640
Speaker 1: thinks like the rise in jobless claims. But even if

630
00:34:33,680 --> 00:34:35,560
Speaker 1: you just look at the direction of things like job

631
00:34:35,600 --> 00:34:40,080
Speaker 1: opening and hiring plans, basically everything is pointing towards a cooler,

632
00:34:41,040 --> 00:34:45,000
Speaker 1: a cooler labor market ahead. Is it so cool that

633
00:34:45,120 --> 00:34:49,560
Speaker 1: we could be heading toward recession? So? I think we

634
00:34:49,640 --> 00:34:51,759
Speaker 1: still have a long ways to go in terms of

635
00:34:52,120 --> 00:34:56,160
Speaker 1: labor market weakness. To get us to a refashionary point.

636
00:34:56,320 --> 00:34:58,759
Speaker 1: But I think the direction is clear and that is

637
00:34:59,280 --> 00:35:01,080
Speaker 1: where we are add it. So, we think that the

638
00:35:01,160 --> 00:35:05,120
Speaker 1: economy will slip into recession early next year, and so

639
00:35:05,520 --> 00:35:08,120
Speaker 1: I think um part of the timing of of that

640
00:35:08,280 --> 00:35:10,200
Speaker 1: has to do though with there's still quite a bit

641
00:35:10,239 --> 00:35:12,560
Speaker 1: of altitude to lose in terms of job growth. So

642
00:35:12,840 --> 00:35:14,960
Speaker 1: you know, we're we're adding three and seventy five thousand

643
00:35:15,560 --> 00:35:18,399
Speaker 1: jobs on average in the second quarter, So there's there's

644
00:35:18,440 --> 00:35:20,120
Speaker 1: quite a bit of room to slow down before we

645
00:35:20,200 --> 00:35:24,160
Speaker 1: get into outright job cuts that are typical in a recession.

646
00:35:24,840 --> 00:35:27,640
Speaker 1: What are you looking for in terms of construction of

647
00:35:28,200 --> 00:35:31,400
Speaker 1: what are the makeup of where the jobs could be

648
00:35:31,719 --> 00:35:35,279
Speaker 1: growing right now? In terms of services, in terms of manufacturing.

649
00:35:35,320 --> 00:35:37,759
Speaker 1: Of course, we heard just this week from Walmart that

650
00:35:37,800 --> 00:35:39,960
Speaker 1: they're going to be cutting jobs. How could that potentially

651
00:35:40,040 --> 00:35:42,960
Speaker 1: be reflected in the data? Yes, So I think what

652
00:35:43,040 --> 00:35:46,600
Speaker 1: we'll be looking for in the composition of industries is

653
00:35:47,239 --> 00:35:50,719
Speaker 1: are we seeing that shift away from goods towards services?

654
00:35:50,920 --> 00:35:53,719
Speaker 1: So you had a little Freudian flip there in terms

655
00:35:53,760 --> 00:35:56,399
Speaker 1: of construction. On top of mind, so as we've seen

656
00:35:56,920 --> 00:35:59,400
Speaker 1: rates rise and really a lot of activity in the

657
00:35:59,440 --> 00:36:02,360
Speaker 1: housing market just essentially come to a standstill, including construction.

658
00:36:02,440 --> 00:36:04,200
Speaker 1: I think that will be an important one to watch

659
00:36:04,280 --> 00:36:07,600
Speaker 1: in terms of how much the FEDS tighter policy and

660
00:36:07,920 --> 00:36:10,600
Speaker 1: slow down we're seeing an activity is beginning to bleed

661
00:36:11,000 --> 00:36:13,120
Speaker 1: into the labor market. But I think it won't just

662
00:36:13,200 --> 00:36:16,839
Speaker 1: be construction. We've seen, as you mentioned, some pretty big

663
00:36:16,880 --> 00:36:20,480
Speaker 1: companies to UM discuss job cuts, and I think we'll

664
00:36:20,520 --> 00:36:22,840
Speaker 1: be looking at what happens with retail, what happens with

665
00:36:22,920 --> 00:36:26,680
Speaker 1: transportation and warehousing, some of those other industries that are

666
00:36:26,840 --> 00:36:30,000
Speaker 1: very much tied to spending on goods. And what do

667
00:36:30,040 --> 00:36:32,160
Speaker 1: you think we're going to see in terms of wage growth?

668
00:36:32,440 --> 00:36:36,400
Speaker 1: Are we still dealing with inflation when it comes to

669
00:36:36,680 --> 00:36:40,200
Speaker 1: how much people are being paid right now? Yeah, So

670
00:36:40,280 --> 00:36:44,160
Speaker 1: I think we will see a wage increase similar to

671
00:36:44,280 --> 00:36:46,760
Speaker 1: what we saw last months of zero point three percent

672
00:36:46,880 --> 00:36:50,040
Speaker 1: month on month. That will bring the year rear increasing

673
00:36:50,080 --> 00:36:53,640
Speaker 1: average early earning down but still pretty strong at four

674
00:36:53,680 --> 00:36:56,800
Speaker 1: point nine percent. And we think that given the breadth

675
00:36:57,080 --> 00:36:59,719
Speaker 1: of industry job games over the past year, this isn't

676
00:36:59,760 --> 00:37:05,000
Speaker 1: being terribly distorted by various compositional factors. And of course

677
00:37:05,040 --> 00:37:06,640
Speaker 1: we were in last week in the e C I

678
00:37:06,840 --> 00:37:09,960
Speaker 1: that overall wage pressures remain pretty strong, and so I

679
00:37:10,040 --> 00:37:12,680
Speaker 1: think that's certainly going to be a challenge when we

680
00:37:12,760 --> 00:37:14,920
Speaker 1: look at the inflation picture, is we still have a

681
00:37:15,000 --> 00:37:18,400
Speaker 1: lot of inflation pressure stemming from the jobs market with

682
00:37:18,640 --> 00:37:22,520
Speaker 1: these these elevated rates of wages, even as we're starting

683
00:37:22,560 --> 00:37:24,360
Speaker 1: to see a few signs of cooling come out of

684
00:37:24,400 --> 00:37:27,239
Speaker 1: those average earlier number. Now we only have about thirty

685
00:37:27,320 --> 00:37:29,719
Speaker 1: seconds left here, But do you think this payrolls report

686
00:37:29,840 --> 00:37:32,480
Speaker 1: is going to have any impact on the Fed's path

687
00:37:32,600 --> 00:37:36,359
Speaker 1: when it comes to more aggressive rate hikes. I think

688
00:37:36,400 --> 00:37:38,560
Speaker 1: it will certainly play a factor, but there's a lot

689
00:37:38,640 --> 00:37:41,480
Speaker 1: of other reports that we're going to get out between

690
00:37:41,560 --> 00:37:43,960
Speaker 1: now and that September twenty one meetings. So this is

691
00:37:44,000 --> 00:37:46,600
Speaker 1: just the first of two payroll reports. Of course, we'll

692
00:37:46,600 --> 00:37:49,920
Speaker 1: also get two more big inflation reads. So I think

693
00:37:50,000 --> 00:37:51,880
Speaker 1: it's it's a piece of the puzzle, but it's not

694
00:37:52,080 --> 00:37:54,960
Speaker 1: the end all be all. Okay, Sarah, Thanks as always,

695
00:37:55,040 --> 00:37:59,440
Speaker 1: Sarah House, Senior Economists at Wells Fargo. Karen Nathan, it

696
00:37:59,560 --> 00:38:01,440
Speaker 1: is five at day three on Wall Street. It's time

697
00:38:01,440 --> 00:38:04,120
Speaker 1: for the Bloomberg Law Report. Let's get to the legal stories.

698
00:38:04,160 --> 00:38:10,200
Speaker 1: We are watching this Morning from Bloomberg's Joan Donneger, Alex

699
00:38:10,280 --> 00:38:12,680
Speaker 1: Jones will most likely be unable to take advantage of

700
00:38:12,719 --> 00:38:15,200
Speaker 1: his legal team's huge mistake, and the damage is part

701
00:38:15,239 --> 00:38:17,960
Speaker 1: of his trial involving parents of a Sandy Hook elementary

702
00:38:17,960 --> 00:38:21,560
Speaker 1: shooting victim. Texas civil appeals lawyers say appeals don't consider

703
00:38:21,680 --> 00:38:25,560
Speaker 1: lawyer misteps. Legal observers say the Biden administration's instruction that

704
00:38:25,680 --> 00:38:29,359
Speaker 1: doctors and hospitals provide emergency abortion care fass a test

705
00:38:29,400 --> 00:38:32,880
Speaker 1: from competing lawsuits in Texas and Idaho. He could endanger patients,

706
00:38:33,160 --> 00:38:36,080
Speaker 1: and the Consumer Financial Protection Bureau was turning its attention

707
00:38:36,160 --> 00:38:38,560
Speaker 1: to how by now pay later providers and the big

708
00:38:38,640 --> 00:38:42,120
Speaker 1: tech harvest and make money from consumer data. Bloomberg Law

709
00:38:42,440 --> 00:38:46,640
Speaker 1: everything you need, all on one legal research platform, including

710
00:38:46,680 --> 00:38:50,960
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at

711
00:38:51,000 --> 00:38:54,759
Speaker 1: Bloomberg Law dot com. Verry Joan, thanks now another legal

712
00:38:54,920 --> 00:38:58,200
Speaker 1: story where watching. It's the Justice Department's first a lawsuit

713
00:38:58,280 --> 00:39:01,800
Speaker 1: to protect a reproductive health in healthcare since the Supreme

714
00:39:01,880 --> 00:39:04,320
Speaker 1: Court overturned Roe v. Wade. D o j argues that

715
00:39:04,440 --> 00:39:07,560
Speaker 1: an Idaho law conflicts with the federal law that requires

716
00:39:07,600 --> 00:39:10,719
Speaker 1: anyone coming to a medical facility for emergency treatment to

717
00:39:10,800 --> 00:39:14,560
Speaker 1: be stabilized and treated the Emergency Medical Treatment and Labor

718
00:39:14,600 --> 00:39:17,240
Speaker 1: Act or am TALA. For more in the lawsuit, Bloomberry

719
00:39:17,280 --> 00:39:20,239
Speaker 1: stem Grossa speaks to Mary Ziegler, professor at UC Davis

720
00:39:20,360 --> 00:39:24,200
Speaker 1: Law School. The Justice Department is suing Idaho over this

721
00:39:24,920 --> 00:39:29,280
Speaker 1: restrictive abortion law that makes it a felony to perform

722
00:39:29,360 --> 00:39:34,040
Speaker 1: an abortion in all but very narrow circumstances. So the

723
00:39:34,120 --> 00:39:37,480
Speaker 1: Widen administration has taken the position that the Emergency Medical

724
00:39:37,520 --> 00:39:41,600
Speaker 1: Treatment and Labor Act creates state laws that have very

725
00:39:41,760 --> 00:39:44,080
Speaker 1: narrow exceptions for the life or fault of the mother,

726
00:39:44,520 --> 00:39:49,040
Speaker 1: and Idaho has an unusually narrow medical emergency extemption. So

727
00:39:49,160 --> 00:39:51,920
Speaker 1: the Bide administration's position is one that this law and

728
00:39:52,040 --> 00:39:55,920
Speaker 1: Paula prescribes the standard of care for doctors treating patients

729
00:39:55,960 --> 00:39:58,279
Speaker 1: to were in labor, and to that any state law

730
00:39:58,440 --> 00:40:02,760
Speaker 1: that has a narrower definition medical emergency is basically blocked

731
00:40:03,160 --> 00:40:06,480
Speaker 1: by that federal law. So we've seen variations of this. Actually,

732
00:40:06,800 --> 00:40:11,120
Speaker 1: Texas is doing the Biden administration saying essentially that its

733
00:40:11,200 --> 00:40:14,040
Speaker 1: position on EMPALA is wrong and the Texas is free

734
00:40:14,080 --> 00:40:17,640
Speaker 1: to have whatever emergency exceptions it wants, including none at all.

735
00:40:18,040 --> 00:40:20,759
Speaker 1: The Biden administration is now going on the offensive, saying

736
00:40:20,880 --> 00:40:24,800
Speaker 1: essentially that Idaho's law does violate the supremacy clause of

737
00:40:24,840 --> 00:40:29,160
Speaker 1: the Constitution. Attorney General Garland said, the supremacy clause is

738
00:40:29,200 --> 00:40:32,000
Speaker 1: a decision made in the Constitution of the United States

739
00:40:32,120 --> 00:40:35,799
Speaker 1: federal law invalidate state laws that are in direct contradiction.

740
00:40:36,400 --> 00:40:39,399
Speaker 1: Is the Justice Department on solid ground here, I mean

741
00:40:39,480 --> 00:40:42,239
Speaker 1: it's it's going to be disputed. Um, we have a

742
00:40:42,320 --> 00:40:45,640
Speaker 1: preview of from Texas to suit. Texas has taken the

743
00:40:45,719 --> 00:40:50,000
Speaker 1: position essentially that EMTALA doesn't actually tell doctors what they

744
00:40:50,040 --> 00:40:53,759
Speaker 1: need to do in terms of caring for patients andologists,

745
00:40:53,760 --> 00:40:57,160
Speaker 1: by way of background, was designed to stop the practice

746
00:40:57,200 --> 00:41:00,400
Speaker 1: of patient dumping, so essentially low incompaitions to show, but

747
00:41:00,480 --> 00:41:02,760
Speaker 1: the hospital at the emergency room was like a knife

748
00:41:02,800 --> 00:41:05,480
Speaker 1: in their back or and labor and doctors would find

749
00:41:05,520 --> 00:41:07,680
Speaker 1: out they didn't have insurance or the ability to pay,

750
00:41:07,760 --> 00:41:10,720
Speaker 1: and they would transfer them to other hospitals, and frequently

751
00:41:10,800 --> 00:41:15,400
Speaker 1: that will result in increased morbidity and mortality for those patients. Texas'

752
00:41:15,520 --> 00:41:19,200
Speaker 1: position essentially is that and TAALA was never intended to

753
00:41:19,520 --> 00:41:24,360
Speaker 1: improve the standard of care for patients. And relatedly that

754
00:41:24,480 --> 00:41:26,920
Speaker 1: the exceptions that are carved out in and fallow the

755
00:41:26,960 --> 00:41:30,520
Speaker 1: definition of emergency would make as Texas puts it a

756
00:41:30,600 --> 00:41:33,880
Speaker 1: hospital into an abortion clinic. It's really not clear to

757
00:41:33,960 --> 00:41:37,440
Speaker 1: mean that the exceptions are very broadly drawn. That that's Texas' argument.

758
00:41:37,880 --> 00:41:41,800
Speaker 1: I think the Justice Department's argument is strong, but you know,

759
00:41:41,920 --> 00:41:45,160
Speaker 1: and TALA doesn't explicitly say that it lays out a

760
00:41:45,239 --> 00:41:48,560
Speaker 1: new standard of care for patients. And you're dealing ultimately

761
00:41:48,719 --> 00:41:51,000
Speaker 1: with what the judiciary is going to say about this,

762
00:41:51,120 --> 00:41:53,920
Speaker 1: and we know that the judiciary has been pretty hostile

763
00:41:53,960 --> 00:41:56,840
Speaker 1: to a worship rights in recent months and years, so

764
00:41:57,080 --> 00:41:59,239
Speaker 1: that of course has to be factored into the calculation

765
00:41:59,320 --> 00:42:02,320
Speaker 1: as well. And that's very zig Larra, professor at U C.

766
00:42:02,520 --> 00:42:05,600
Speaker 1: Davis Law School, speaking at the Bloomberg Student Grosso. Catch

767
00:42:05,680 --> 00:42:08,320
Speaker 1: more of that interview plus analysis of the latest legal

768
00:42:08,400 --> 00:42:11,160
Speaker 1: news by listening to the Bloomberg Law Show at ten

769
00:42:11,239 --> 00:42:14,600
Speaker 1: pm Eastern Time or subscribing to the Bloomberg Law Podcast.

770
00:42:14,920 --> 00:42:17,920
Speaker 1: And attorneys can find exceptional legal research and business development

771
00:42:17,960 --> 00:42:22,080
Speaker 1: tools at Bloomberg Law dot com. Futures this morning, they're

772
00:42:22,080 --> 00:42:25,400
Speaker 1: pretty much little changed ahead of the July jobs report,

773
00:42:25,640 --> 00:42:29,040
Speaker 1: Dow futures, they're higher, up about forty five points ten,

774
00:42:29,120 --> 00:42:31,719
Speaker 1: Your Treasury down one thirty second yield two point six

775
00:42:31,880 --> 00:42:34,000
Speaker 1: nine percent, in the yield on the two year three

776
00:42:34,040 --> 00:42:37,279
Speaker 1: point oh five percent, and nine x. Screwed oil right

777
00:42:37,320 --> 00:42:39,520
Speaker 1: now at eighty eight dollar seventy five cents of barrel.

778
00:42:39,600 --> 00:42:43,440
Speaker 1: That's up a quarter of a percent and straight ahead.

779
00:42:43,680 --> 00:42:46,120
Speaker 1: On Bloomberg day Break, I checked on the business headlines

780
00:42:46,160 --> 00:42:48,080
Speaker 1: and all the news you need to start your day.

781
00:42:48,239 --> 00:42:49,040
Speaker 1: This is Bloomberg