Speaker 1: Live from the Bloomberg Interact at Brooker Studios. This is
Speaker 1: Bloomberg day Break for Friday, August five, twenty two. Coming up,
Speaker 1: the shower. Investors a weight the July jobs report for
Speaker 1: signs of a slowing or strong labor market. Democrats agree
Speaker 1: on a revised version of their tax in climate bill,
Speaker 1: Tesla shareholders agree on a three for one stock split,
Speaker 1: and US health officials to clare monkey poks a public
Speaker 1: health emergency conspiracy. Theorist Alex Jones has been ordered to
Speaker 1: pay four point one billion dollars in the Sandy Hook case.
Speaker 1: I'm Michael lar More Ahead, I'm John Stash and sports
Speaker 1: the Mets at four home Runs, beat the Braves and
Speaker 1: the start of the Big Five Game series. The Yankees
Speaker 1: plea tonight in St. Louis. That's all straight Ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x AM one nine Team,
Speaker 1: and around the world Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg business Side. Good Friday morning. I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow and US DOT Index futures are
Speaker 1: little change this morning. We are coming up to five
Speaker 1: out one on Wall Street and we check the markets
Speaker 1: every fifteen minutes throughout the trading day on bloomberg S
Speaker 1: and P futures again are little change, so are NASDACK
Speaker 1: and Dow futures. The decks in Germany has done about
Speaker 1: two tenths of upper sent the ten year treasury up
Speaker 1: to thirties seconds yield two point six eight percent. They
Speaker 1: yield on a two year three point oh four percent.
Speaker 1: Nathan Karen Global stocks are trading near a two month
Speaker 1: high ahead of the July jobs report. Economists are looking
Speaker 1: for a slowdown in the labor market. The median forecast
Speaker 1: is for a gain of two hundred fifty thousand jobs.
Speaker 1: We get more from Bloomberg's Michael McKee. Since it's backward
Speaker 1: looking July is change in US payrolls won't have much
Speaker 1: value for forecasters trying to predict recession. Companies are also
Speaker 1: reluctant to let go of workers even if business is
Speaker 1: starting to slow given the current labor shortage. While a
Speaker 1: consider this print would be the lowest since the economy
Speaker 1: lost jobs in December, it would still be above the
Speaker 1: average of one thousand jobs created per month in the
Speaker 1: five years before the pandemic, and it would continue to
Speaker 1: reassure Fed officials that rising interest rates aren't taking the
Speaker 1: economy yet. Michael McKey, Bloomberg Daybreak. All right, Michael, thank
Speaker 1: you all. Another major story out of Washington. Senate Democrats
Speaker 1: are closer to passing their tax and Energy bill. Arizona's
Speaker 1: Kirsten Cinema, one of the last holdouts in the deal,
Speaker 1: now says she's on board. That's after Democrats took out
Speaker 1: a provision that would have narrowed attacks loophole for fund
Speaker 1: managers and added a new one percent tax on stock buybacks.
Speaker 1: But there's still one hurdle left. That's according to Jim Kessler,
Speaker 1: co founder of Third Way and former legislative policy director
Speaker 1: for Majority leader Chuck Schumer. The parliamentarian is looking at
Speaker 1: this bill. There's always things that don't pass, what's called
Speaker 1: the bird bath. Some of the procedural rules would reconciliation,
Speaker 1: which means language will need to be tweeked. Third Way
Speaker 1: co founder Jim Kessler spoke with our Washington correspondent Joe
Speaker 1: Matthew on Bloomberg's sound on the parliamentary and should rule
Speaker 1: on the bill today. Democrats could work into the weekend
Speaker 1: to vote on the measure tomorrow. Now, we're seeing new
Speaker 1: tensions between the US and China this morning. Karen over
Speaker 1: how Speaker Nancy Pelosi's tripped to Taiwan. Beijing has announced
Speaker 1: sanctions against the speaker and her immediate family. That's according
Speaker 1: to a statement from the Chinese Foreign Ministry, though it
Speaker 1: does not give specifics. Well, Nathan, there's major news on
Speaker 1: the health front this morning, with the US declaring a
Speaker 1: federal emergency because of the monkey Because of monkeypox, researchers
Speaker 1: are trying to get some answers on how to combat
Speaker 1: the disease, and Bloomberg's said Baxter has the story. Health
Speaker 1: and Human Services says about sixty SID cases nationwide, with
Speaker 1: researchers now asking questions like does a person who had
Speaker 1: a smallpox vaccine as a child have immunity? The head
Speaker 1: of the White House COVID Task Forces, dr Ash's jaques
Speaker 1: smallpox monkey box very related to each other as viruses go.
Speaker 1: You would think that if you got vaccinated as a
Speaker 1: kid against smallpox would have protection We don't know yet.
Speaker 1: We're still looking at the data. We are seeing some
Speaker 1: older people still get infected. Meanwhile, as well as a
Speaker 1: federal government, more and more states are declaring states of
Speaker 1: emergency as well. In San Francisco, I'm at Baxter Bloomberg
Speaker 1: Gay break all right, Ed, thanks training to corporate news
Speaker 1: this morning, shares of Tesla are up almost a half
Speaker 1: percent in early trading. Shareholders have approved a three for
Speaker 1: one stock split. Ed Ludlow has more from our Bloomberg
Speaker 1: nine sixty Years room in San Francisco. This stock split
Speaker 1: takes the shares to around three hundred dollars a share.
Speaker 1: Was first tweeted by Tesla in March, and then when
Speaker 1: this meeting was confirmed and scheduled with the agenda a
Speaker 1: month ago, we knew it was coming. And the thing
Speaker 1: that's missing for investors out there is we do not
Speaker 1: know more details about the date that this stock split
Speaker 1: becomes effective. Of you've seen this before. There was a
Speaker 1: five for one stock split in August twenty really boosted
Speaker 1: the stock. The logic bring the price down, make it
Speaker 1: more accessible, and Tesla has a massive retail investor base,
Speaker 1: bloombergs Ed Ludlow says the stock displit could give a
Speaker 1: lift to Tesla's chairs, which are up nearly fifty from
Speaker 1: a late May low. On Nathan one another one other
Speaker 1: note from Tesla's shareholder meeting has Elon Musk giving his
Speaker 1: anecdotal view on the economy. The Tesla CEO says he
Speaker 1: thinks the worst may be over when it comes to inflation.
Speaker 1: Most of our commodities, most of the things that go
Speaker 1: into a Tesla, not all, But I don't know more
Speaker 1: than half the prices of trending down in six months
Speaker 1: six months from now. That this could change, obviously, but
Speaker 1: but the trend is down, which suggests that's uh well
Speaker 1: past peak inflation. Must also reiterates that he expects a
Speaker 1: mild recession in the US and that could last about
Speaker 1: eighteen months. Well, we got plenty of stocks on the
Speaker 1: move this morning, Karen. After a slew of earnings late yesterday.
Speaker 1: Look at shares of Lift. They're up about nine and
Speaker 1: a half percent. The company says ridesharing volumes are on
Speaker 1: track to exceed pre COVID levels, as it reported the
Speaker 1: highest earnings in its history. We get the story from
Speaker 1: Bloomberg's Charlie Pellett it's a sign that investment to stem
Speaker 1: a shortage of draw Iver's is paying off. Revenue rose
Speaker 1: from a year earlier to nine ninety one million dollars,
Speaker 1: beating the nine hundred eighty six point seven million dollars
Speaker 1: street estimate. The quarter shows lift as approaching a full
Speaker 1: recovery from the pandemic, amid a broad based rebound in
Speaker 1: right hailing that also boosted rival Uber in the period.
Speaker 1: In New York, Charlie Pell Bloomberg Daybreak. All right, Joerley,
Speaker 1: thank you. Now, let's get a look at some other
Speaker 1: stocks on our radar this morning. Bloomberdge. John Tucker joins
Speaker 1: us live with the latest. John, Good morning, Karen. The
Speaker 1: quarterly Lawson DoorDash was worse than what an analysts expected,
Speaker 1: but the company says its food delivery business remains healthy
Speaker 1: and growth continued. That's what investors lashed onto. Door Dash
Speaker 1: shares jumped thirteen percent. Yelp reporting a profit in the
Speaker 1: last quarter, boosting its full year earnings guidance. The online
Speaker 1: directories a strong advertiser demand drove record net revenue. Those
Speaker 1: shares jumped eighteen percent, and beyond me slashing its revenue
Speaker 1: outlook for the bull. You're saying shoppers are trading down
Speaker 1: from its plant based food to cheaper adible proteins. That
Speaker 1: share US fell over one percent. Live in New York.
Speaker 1: I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks, future
Speaker 1: is a little changed ahead of July. Jobs, straight ahead,
Speaker 1: your latest local headlines, and a check of sports. This
Speaker 1: is Bloomberg and it's sound five oh seven on Wall Street,
Speaker 1: seventy nine degrees in Central Park. Out of broken down
Speaker 1: vehicle westbound cross Bronx at Third Avenue. Details coming up
Speaker 1: in traffic. First, Michael Barr with what else is going
Speaker 1: on in New York and around the world. Happy Friday, Michael,
Speaker 1: Happy Friday to you, Nathan. Stay cool the Tri State
Speaker 1: area and we'll have another hot day. Bloomberg Meteorologist Rob
Speaker 1: Caroline has the latest Michael Head Advisory remains in the
Speaker 1: fact for the Tri State area until eight pm this evening.
Speaker 1: We're back up into the nineties today with the humidity
Speaker 1: of feel like it's around the hundred. Only different today
Speaker 1: over yesterday is the potential for some cooling showers and
Speaker 1: thunderstorms this afternoon. Not everyone will see them, but those
Speaker 1: folks who do could see some very heavy downpours. It
Speaker 1: will remain warmed through the upcoming weekend. Michael rob thanks
Speaker 1: Donald Trump's lawyers are in talks with federal prosecutors over
Speaker 1: conversations the former president had with advisors and whether he'd
Speaker 1: be able to shield them from investigators of the January
Speaker 1: sixth assault on the Capitol. CNN reports it's the first
Speaker 1: indication the two sides are indirect talks as the federal
Speaker 1: probe accelerates. Texas jury ruled conspiracy theorist Alex Jones must
Speaker 1: pay more than four million dollars in defamation damages for
Speaker 1: falsely claiming the twelve Sandy Hooks school shooting was a hoax,
Speaker 1: while it was less than the one fifty million dollars
Speaker 1: being sought. Counseled Mark Bangston was happy with a verdict.
Speaker 1: It was my goal when I started on this case
Speaker 1: to get this family a multimillion dollar verdict for their
Speaker 1: pain and suffering, and I've already done that, plus additional
Speaker 1: money for the million dollars and sanction Jones, said. US
Speaker 1: council Mark Bangston says the jury returns today to hear
Speaker 1: more evidence about Jones and his company's finances. The parent
Speaker 1: company of info Wars Free Speech Systems filed for bankruptcy
Speaker 1: protection during the trial. Meanwhile, the January six Committee has
Speaker 1: asked for text from the info Wars host. A face
Speaker 1: off in Florida over abortion. Govern Around the Santis says
Speaker 1: he has suspended Tampa's top prosecutor, but Hillsborough County State
Speaker 1: Attorney Andrew Warren says he is an elected official just
Speaker 1: like the governor and is not going anywhere. At issue
Speaker 1: is Warren's decision not to criminalize abortions, which a new
Speaker 1: state law bands after fifteen weeks with some exceptions. Warren
Speaker 1: says the courd already has ruled the band violates Florida's
Speaker 1: constitutional right to privacy. However, the Santis said prosecutors cannot
Speaker 1: pick and choose which laws to enforce. You can exercise
Speaker 1: discretion and individual case, but that discretion has to be
Speaker 1: individualized in case specific. You can't just say you're not
Speaker 1: gonna do a certain offenses. Governor de Santis globally was
Speaker 1: twenty four hours a day on rand on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: and more than a hundred twenty countries and Michael Barr.
Speaker 1: This is Bloomberg, Nathan. Thank you Michael. Almost five ten
Speaker 1: on Wall Street time for the Bloomberg Sports Update. Good morning,
Speaker 1: John Stashower and our good morning, Nathan. Big crowd at
Speaker 1: City Field, a bit of a playoff atmosphere for the
Speaker 1: start of Mets braves of five games in four days
Speaker 1: series between the top two and the NL e's. The
Speaker 1: Mets led five that nothing. They won six to four
Speaker 1: the Alle Atlanta by four and a half games, four
Speaker 1: met home runs, Peter Alonzo is twenty nine, Daniel Vogel
Speaker 1: back his second in as many days, and another new
Speaker 1: Met tyler Nike Win played his first home game with
Speaker 1: his new team, Homer twice. It's awesome. I mean, heck,
Speaker 1: even you know, I've been playing here for four years.
Speaker 1: That's the good night. But um no, man, it's it's
Speaker 1: very enjoyable to fans, you know, even from you know,
Speaker 1: warming up on the line made me feel um right
Speaker 1: at home. So even going off to left just just
Speaker 1: to made me feel good. So it's it's nice to
Speaker 1: feel that way and step into the box comfortable. Rasco
Speaker 1: got to win. Edwin Diaz to say the first of
Speaker 1: his twenty four saves where he pitched two innings, an
Speaker 1: indication of how big this series is. It continues tonight,
Speaker 1: Doubleheaded Tomorrow. Yankees are in St. Louis tonight, and then
Speaker 1: tomorrow they'll face Jordan Montgomery will make his Cardinals debut
Speaker 1: against the team that just traded him. The A's visited
Speaker 1: the Angels. The Angels hit seven home runs. They were
Speaker 1: all solo shots, only seven runs they score. They hit
Speaker 1: seven home runs and lost to Oakland eight to seven.
Speaker 1: The NFL appealing the decision to suspend Deshaun Watson only
Speaker 1: six games for his sexual misconduct in the NFL named
Speaker 1: former New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly,
Speaker 1: Watson turned down an offer that had the suspension to
Speaker 1: be twelve games. Preseason Football Hall of Fame game can't Ohio,
Speaker 1: where Josh McDaniels grew up, a long time Patriots assistant
Speaker 1: now head coach of the Raiders who beat Jacksonville. Very
Speaker 1: few starters played in the game. John Stash went Bloombrook Sports,
Speaker 1: All right, John, thank you, SMP futures little change, staff
Speaker 1: futures up seven teen points, Nanstack futures down four. The
Speaker 1: tenure Treasury up one thirty second yield two point six
Speaker 1: eight percent. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: Heat Advisory till eight tonight. We'll get up to new
Speaker 1: ninety five degrees upper eighties tomorrow with a chance for
Speaker 1: a shower of thunderstorm. We'll be back in the low
Speaker 1: nineties again on Sunday. Right now seventy nine in Central
Speaker 1: Park Markets, headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, at Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape is a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow. And US stock index futures are little
Speaker 1: change this morning, as investors braced for the monthly US
Speaker 1: jobs report that's likely to add fuel to the recession debate.
Speaker 1: Stocks in Europe are moving lower, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: Guess and P futures again little change this morning. DWAL
Speaker 1: futures are now of thirty two points a nasday. Tuchers
Speaker 1: are little changed. The decks in Germany little changed as well.
Speaker 1: The ten your treasury up one thirty second yield two
Speaker 1: point six eight percent yield on the two year three
Speaker 1: point oh four percent. Nimex screwed oil is up about
Speaker 1: a tenth of upper cent or eight cents at eighty
Speaker 1: eight dollars sixty cents of barrel comex schold is down
Speaker 1: to tenths per cent or three dollars nineties cents at
Speaker 1: eighteen o three an ounce. The euro one point two
Speaker 1: to eight against the dollar British found one point two
Speaker 1: one four zero and the yen at one thirty two
Speaker 1: point nine one, and bitcoin is higher, up two point
Speaker 1: nine percent at twenty three thousand, one hundred sixty dollars.
Speaker 1: The July jobs are for it out at eight thirty
Speaker 1: Wall Street Time, consumer credit is out at three, and
Speaker 1: DraftKings is among companies schedule to report earnings today. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore.
Speaker 1: I'm what's going on around the world, Michael, Good morning,
Speaker 1: Good morning, Cameron. China has announced sentitions on US out
Speaker 1: speaker Nancy Pelosi and her immediate family members. It's over
Speaker 1: her recent trip to Taiwan. Three more grain ships are
Speaker 1: expected to leave Ukraine sports asked country tries to ramp
Speaker 1: up exports of food that have been blocked since the
Speaker 1: start of Russia's invasion almost a half a year earlier.
Speaker 1: In baseball, the Mets beat the Brave six four. The
Speaker 1: Red Sox lost to the Royal seven three. The Nationals
Speaker 1: and Giants also lost. The A's beat the Angels eight
Speaker 1: seven in the NFL Hall of Fame game last night.
Speaker 1: That's right, you heard me. NFL the rate over the
Speaker 1: Jaguars eleven. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take power by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr, this is Bloomberg name that still here.
Speaker 1: Weird to hear the word football when it's gonna be
Speaker 1: like a hundred degrees. Thank you, Michael. It is five
Speaker 1: nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak on the morning after pretty significant
Speaker 1: development in Washington. Looks like every Senate Democrat now maybe
Speaker 1: on board with that surprise tax and energy spending bill.
Speaker 1: Uh The deal reached earlier this week between Senator's mansion
Speaker 1: and Schumer. Bloomberg government reporter Emily Wilkins joins us now
Speaker 1: from our Bloomberg ninety nine one studios in Washington, d C.
Speaker 1: With the very latest so Emily Senator Cinemas on board.
Speaker 1: How did she get there? So we knew from the
Speaker 1: very start when we first saw this plan come out,
Speaker 1: that there was a carried interest loophole and there was
Speaker 1: a provision in the bill to end that, and we
Speaker 1: knew that Senator Kristen Cinema would not be quite happy.
Speaker 1: And Nathan, we say this all the time that it
Speaker 1: takes really all fifty Democrats, all of them have the
Speaker 1: power to to step out, to veto to say no,
Speaker 1: to block things. And so all eyes have been on
Speaker 1: her this last week. Would she come to an agreement?
Speaker 1: And we do know now yes, she did find a
Speaker 1: path forward. They are going to keep that carried interest
Speaker 1: loophole um the benefits of course wealthy investors, but as
Speaker 1: a way to raise revenue, they're going to add a
Speaker 1: one percent new tax on corporate stock buybacks, and there
Speaker 1: will also be some additional tweets that minimum fifth team
Speaker 1: percent tax on corporations that's meant to benefit manufacturers. Now,
Speaker 1: Majority Leader Chuck Schumer said the bill is still going
Speaker 1: to reduce the deficit by three billion. Note that this
Speaker 1: was all pretty late breaking news last night, so we
Speaker 1: haven't seen all the exact details on it yet. But
Speaker 1: the Senate is scheduled to begin a procedural vote on
Speaker 1: the motion on Saturday. They're expected to be in this weekend.
Speaker 1: Um that should tell you something right there. If senators
Speaker 1: aren't on a weekend, it means that they really really
Speaker 1: want to get something done and feel like they're going
Speaker 1: to be able to get done in the near future. Yes,
Speaker 1: certainly before they head out of town for the August recess.
Speaker 1: We also are waiting to hear from the Senate rulemaker, right,
Speaker 1: the parliamentarian who decides whether budget provisions can actually pass
Speaker 1: muster and get passed without a supermajority. Right, Because remember,
Speaker 1: not just anything can go through this privileged process. It's
Speaker 1: the only things that are going to have a direct
Speaker 1: impact on the budget. That's why you see so much
Speaker 1: tax stuff being discussed on these types of things. I mean,
Speaker 1: lawmakers have been talked with the Parliamentary and throughout the
Speaker 1: week on various provisions. Of course, now we got a
Speaker 1: couple of new ones. She's going to have to review those.
Speaker 1: But again, there's confidence that she can finish the job
Speaker 1: and that she can give everything the green light in
Speaker 1: time for Senators to vote on Saturday. In terms of politics, Emily,
Speaker 1: how significant is this for Democrats and for President Biden.
Speaker 1: I mean, this is much much smaller than the build
Speaker 1: back Better plan, right, but they're still getting this done.
Speaker 1: They still got the Chips bill as well. I mean,
Speaker 1: much much smaller, is better than nothing, And just a
Speaker 1: couple of weeks ago we assume that Democrats were going
Speaker 1: to get nothing from this particular deal. So far, we've
Speaker 1: seen a lot of really strong positive response. We saw
Speaker 1: Democratic Senator Brian Shots of Hawaii tweet that the climate
Speaker 1: deal is equal to the moment. Uh says, you know,
Speaker 1: obviously this is an ambitious start. Uh in that he
Speaker 1: feels very optimistic. Certainly, there are a lot of lawmakers who,
Speaker 1: you know, while internally they might be bemoaning the loss
Speaker 1: of various things like pre pre kindergarten, um, you know,
Speaker 1: assistance to help children and mothers on the front, this
Speaker 1: is more, again than they thought they would get even
Speaker 1: a month ago. And I think most of them, even
Speaker 1: those who were raising concerns about it before, are now
Speaker 1: very eager to be able to get to yes and
Speaker 1: to have something like this when they're going back to
Speaker 1: their constituents and talking to them before the med terms.
Speaker 1: Only about a minute left here, but we just heard
Speaker 1: from the Chinese Foreign Ministry about sanctions now against how
Speaker 1: Speaker Nancy Pelosi following the visit to Taiwan. What's the
Speaker 1: reaction in Washington. Yeah, China has levied these unspecified sanctions
Speaker 1: on Pelosi and her immediate family members. I mean what
Speaker 1: we've seen from Washington. Secretary of State Anthony B. Lincoln
Speaker 1: accused China of trying to change the status quo with Taiwan.
Speaker 1: And that was even more of just a reference to
Speaker 1: the fact um that they've done all these missile tests,
Speaker 1: some that have landed in Japan's Exclusive Economic Zone, that
Speaker 1: they've sent these warships across the Taiwan straight and so
Speaker 1: there is some concern about what sort of blow back
Speaker 1: the US is going to the US and Taiwan are
Speaker 1: going to experience from Spigger Pelosi's trip. Um. So we'll
Speaker 1: just sort of have to be keeping an eye on
Speaker 1: next steps here. Uh. The White House did some in
Speaker 1: China's ambassador on Thursday to condemn Beijing's escalating actions against Taiwan,
Speaker 1: and really just try to reiterate again, as we heard
Speaker 1: Pelosi say, as we heard Biden say, the US was
Speaker 1: not trying to do a change in the status quo
Speaker 1: from Pelosi's visit, but certainly the highest ranking US official
Speaker 1: to visit the island in twenty five years, it was
Speaker 1: going to have some sort of response from Beijing. Thanks, Emily,
Speaker 1: good having you on with us this morning. Emily Wilkins, Bloomberg,
Speaker 1: Government reporter with us from our studios in Washington, d C.
Speaker 1: SMP futures now up two points down, futures up thirty nine,
Speaker 1: Nasdaq futures highed by five points as we look ahead
Speaker 1: to July jobs report. Throughout eight thirty Wall Street Time ten.
Speaker 1: Your Treasury little change yield two point six eight percent,
Speaker 1: and the yield on the two year three point zero five.
Speaker 1: This is Bloomberg Bloomberg eleven three. Or whether the heat
Speaker 1: advisory continues till eight tonight, we'll get up to your
Speaker 1: ninety five degrees upper eighties chancefer a showers storm tomorrow
Speaker 1: back in the low nineties by Sunday, Right now seventy
Speaker 1: nine in Central Park, broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg one to Boston, Bloomberg one O six
Speaker 1: one to San Francisco, Bloomberg NOM sixty to the Country,
Speaker 1: Sirius xm Chado one ninet and around the globe the
Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news. You
Speaker 1: need to know what this hour. US futures are little
Speaker 1: changed ahead of the July jobs report. The needy and
Speaker 1: forecast is for a gain of two hundred fifty thousand jobs,
Speaker 1: and that would be down from three hundred seventy two
Speaker 1: thousand in a prior month. Begin more from Bloomberg's Michael McKie.
Speaker 1: The consensus forecast for job growth anticipates a bit of
Speaker 1: a labor market slowdown, but not necessarily because the economy
Speaker 1: is slowing. Companies are still reporting it's difficult to find workers,
Speaker 1: and economist surveyed by Bloomberg don't see any change in
Speaker 1: the unemployment rate. If that's the case, the Fed can
Speaker 1: continue to prioritize the fight against inflation first, continuing raising
Speaker 1: interest rates. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks
Speaker 1: for following another major story this morning out of Washington.
Speaker 1: Senate Democrats planned to vote on their tax and energy
Speaker 1: spending bill as soon as tomorrow. Arizona's Kirsten Cinema says
Speaker 1: she's on board with the measure after tweaks to its
Speaker 1: tax provisions. Jim Kessler, co founder of Third Way, says,
Speaker 1: this does not have to be a Democrats only bill.
Speaker 1: You know, I think if Republicans will being really honest
Speaker 1: in the set, if it was a secret ballent, I
Speaker 1: bet fifteen or twenty Republicans would vote for this. Dall.
Speaker 1: Third Way co founder Jim Kessler spoke with our Washington
Speaker 1: corresponded Joe Matthew on Bloomberg Sound on Catch the show
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio. Well, Nathan,
Speaker 1: we're seeing new tangents between the US and Shina over
Speaker 1: how Speaker Nancy Pelosi's trip to Taiwan Beijing is announced
Speaker 1: sanctions against his speaker and her immediate family, as according
Speaker 1: to a statement from the Chinese Foreign Ministry. Major news
Speaker 1: on the health front this morning, Karen US officials had
Speaker 1: declared Monkey Pok's a public health emergency. It's a step
Speaker 1: that will free up funding treatments and other services to
Speaker 1: fight the virus. Well. Turning to corporate news this morning,
Speaker 1: Nathan shares of teslare up almost one percent in early trading.
Speaker 1: That's after shareholders approved a three for one stock split.
Speaker 1: And we're watching some other stocks on the move this morning,
Speaker 1: with Bloomberg's John Tucker, John and Nathan Lift among the
Speaker 1: most actively traded this morning, up over eight percent. Ran
Speaker 1: sharing company saying volumes on track to exceed pre COVID levels.
Speaker 1: It's reporting the highest earnings in its history. Adored Dash
Speaker 1: getting a lift after the company reported revenue that beat
Speaker 1: analysts expectations. They saw a record number of orders. Shares
Speaker 1: up twelve percent of the pre market. Different story beyond me,
Speaker 1: the maker plant based burgers slash against revenue outlook. The sharers,
Speaker 1: which have lost fifty of the value so far this year,
Speaker 1: down less than one percent this morning. Live in New
Speaker 1: York of John Tucker Bloomberg daybreak. All right, John, thank
Speaker 1: you again. Futures are a little change this morning, and
Speaker 1: I'm ex scret oil. Is it as well as eighty
Speaker 1: eight dollars fifty nine cents of barrel? Is where it's
Speaker 1: at local headlines? Straight ahead? This is Bloomberg and Singe
Speaker 1: in Wall Street, seventy nine degrees in Central Park of
Speaker 1: crash northbound Major Dagan your Yankee Stadium. And Michael Barr
Speaker 1: has more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan, Texas
Speaker 1: jury rule that conspiracy theorist Alex Jones has to pay
Speaker 1: more than four million dollars and convincea story damages to
Speaker 1: the parents of one of the first graders killed in
Speaker 1: the Sandy Hook massacre. Joan pushed his false claims on
Speaker 1: his Info Wars broadcast at the shooting, which left twenty
Speaker 1: six people dead, was a hoax. Plane of Attorney Mark
Speaker 1: Bankston says the verdict is just the beginning. We're not
Speaker 1: even done yet, and I'm already getting to tell my families. Yes,
Speaker 1: Mr Jones is going to transform your life. At the
Speaker 1: money take from him. Plane of Attorney Mark Bankston says.
Speaker 1: The jury returns today for the punitive phase of the trial.
Speaker 1: Hungarian Prime Minister Victor Orban addressed the Conservative Political Action
Speaker 1: Conference in Dallas, Texas. Orbon called on the audience to
Speaker 1: unite with him against progressive liberals. We have seen what
Speaker 1: kind of future the globally st ruling class has to offer,
Speaker 1: but we have a different future in mind. The globally
Speaker 1: is can all go to how I have come to Texas.
Speaker 1: Orban is a close political ally of Russian President Vladimir Putin.
Speaker 1: Brittney Grinder's w NBA teammates reacted to her sentence of
Speaker 1: nearly a decade and a Russian prison camp. Grinder's feening
Speaker 1: Mercury teammates and opposing players held forty two seconds of
Speaker 1: silence before the game to show support for the basketball
Speaker 1: star sentenced to a nine year sentence in a Russian
Speaker 1: prison camp. Forty two is the number of Grinder's jersey.
Speaker 1: Grinder's coach got emotional after the game. I couldn't imagine
Speaker 1: being that situation, and she was so courageous and like
Speaker 1: continuing to be a good role model in so many
Speaker 1: ways of this impossible situation, and she showed great Strength
Speaker 1: and Great humility coach Vanessa nine Guard. Actor Kevin Spacey
Speaker 1: was ordered to pay thirty one million dollars to the
Speaker 1: House of Currents production company for alleged sexual misconduct that
Speaker 1: got him booted from the popular Netflix series and upended
Speaker 1: his career. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than seven
Speaker 1: d journalists and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr and this is Bloomberg, Nathan. Thank you,
Speaker 1: Michael fund Wall Street. Time for the Bloomberg Sports Update
Speaker 1: with John Star. All Right, Nathan. The Mets NL East
Speaker 1: lead over Atlanta, once ten and a half games was
Speaker 1: cut to a half game, and now it's back to
Speaker 1: four and a half with four more games this weekend
Speaker 1: at City Field, a game tonight to tomorrow. Jacob b.
Speaker 1: Grand pitches. Sunday, the Mets beat the Braves six to
Speaker 1: four as new Mett Tyler nake win over twice. Daniel
Speaker 1: vogel Back and Pete Alonso also went yard twenty ninth
Speaker 1: of the year for Alonso. Carlos Carrasco got the win
Speaker 1: and an interesting decision by Buck Show Walter to let
Speaker 1: his All Star closer Edwinsd has pitched the last two innings.
Speaker 1: He had never had a six out save before in
Speaker 1: his career. And they on my name. You know, I
Speaker 1: was thinking, maybe I can face the three two or
Speaker 1: three four was facing and maybe like like I did
Speaker 1: in l a Um questing for Tomtowa and they asked me,
Speaker 1: how you how your field to well again, I'll say
Speaker 1: I feel gray Um then told me and Bishop and
Speaker 1: go out and win the game. He has has been
Speaker 1: outstanding all season. He has struck out more than half
Speaker 1: the batters he has faced. Yankees start a weekend serious
Speaker 1: to night in St. Louis. The makes me only a
Speaker 1: game and a half ahead of the Astros for best
Speaker 1: recker in America. Lay Houston shut out Cleveland justin Burley
Speaker 1: and llowed only two hits. He's fifteen and three. The
Speaker 1: Dodgers have played eight games with the Giants at the
Speaker 1: All Star Break. L a won all eight, although Clayton
Speaker 1: Kerscher had to leave yesterday lower back pain x met
Speaker 1: Noah Synderguard debut for the Phillies and got away the Phillies.
Speaker 1: I've released X Yankee shortstop d D Gregorious he was
Speaker 1: hitting just two ten with one home run. Preseason football Canton,
Speaker 1: Ohio Raiders and Jaguars both the new coaches Josh McDaniels
Speaker 1: in Vegas. Doug Peterson now coaches the Jacks. Vegas won
Speaker 1: the game. Hall of Ceremonies. Hall of Fame Ceremonies take
Speaker 1: place tomorrow. John S. Bloomberg Sports Nathan all Right, John,
Speaker 1: Thank you seven on Wall Street time for the Tri
Speaker 1: State Business Report with Bloomberg's d Cory. A warning for
Speaker 1: investment bankers. Don't expect big bonuses this year. Incentive pay
Speaker 1: for those underwriting debt and equity could plummet more than
Speaker 1: forty percent this year. Their counterparts advising on mergers and
Speaker 1: acquisitions could see their bonuses lumcent. According to Johnson Associates,
Speaker 1: black Rock is partnering with coin Based Global to make
Speaker 1: it easier for institutional investors to manage and trade bitcoin.
Speaker 1: This will take the world's biggest dancet manager into a
Speaker 1: cryptocurrency market that's been hammered by plunging prices and government investigations.
Speaker 1: A new report says forty eight percent of mortgaged residential
Speaker 1: properties in the United States were considered equity rich in
Speaker 1: the second quarter. The only states were the percentage of
Speaker 1: seriously underwater homes increased from the first quarter to the
Speaker 1: second were New York, New Jersey and Montana. At your
Speaker 1: Bloomberg Try State Business Report, I'm d Corey, Thanks, said
Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Pots
Speaker 1: in Los Angeles, US. We're talking about Beyond Me coming
Speaker 1: its sales forecast as inflation has customers passing on its
Speaker 1: hire price. Cooby Product um Corney's Donahoe on Cafe a
Speaker 1: bian Omaha. Global food pricis dropping for a fourth month
Speaker 1: after hitting a record on the War in Ukraine, time
Speaker 1: Genus Servetti and for KCBS in San Francisco, I'm reporting
Speaker 1: that sky high inflation is not slowing food deliberate, with
Speaker 1: door Dash seeing a record number of orders last quarter.
Speaker 1: I'm Stephen Carol on Bloomberg D A B Radio and London.
Speaker 1: We've been hearing from the Bank of England's chief economist,
Speaker 1: you pale after gloomy outlook of a recession lasting more
Speaker 1: than a year. I'm ed Corey on w f A
Speaker 1: M in Cleveland. I'm reporting m r I Software has
Speaker 1: purchased Department dated dot com. Who. Those are some of
Speaker 1: the stories our Dred Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. It's five thirty nine
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. How Speak,
Speaker 1: Nancy Pelosi said she visited Taiwan this week is a
Speaker 1: show of solidarity, but if the US wants to preserve
Speaker 1: the status quo in the Taiwan Strait, it should try
Speaker 1: saying less and doing more. The goal of US policymakers
Speaker 1: should be to convince Chinese leaders that any invasion of
Speaker 1: Taiwan would be both unnecessary and unlikely to succeed. So
Speaker 1: it's critical for the US to shore up its deterrent capability.
Speaker 1: This means investing in long range anti ship missiles and
Speaker 1: resilient battle field networks, and working with allies in the
Speaker 1: region to establish new basing arrangements. All this should be
Speaker 1: done without fanfare. Chinese leaders will respect changes on the
Speaker 1: ground more than rhetoric. The editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash Opinion or OH P I n
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday. At
Speaker 1: this time, terminal customers can read more at O P
Speaker 1: I n go. SMP futures little changed. Own futures up
Speaker 1: twenty seven points. NASTACK futures are lower now by four points.
Speaker 1: This is Bloomberg. Bloomberg eleven three oh Weather is still
Speaker 1: underheat advisory till eight tonight, with showers and storms possible
Speaker 1: going up to your ninety five degrees will be in
Speaker 1: the upper eighties tomorrow back in the low nineties on
Speaker 1: Sunday right now seventy nine in Central Park Markets. Headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Tape.
Speaker 1: He's a Bloomberg Business Flash and I'm keron Moscow stocks
Speaker 1: in Europe and US Dock Index futures are struggling for
Speaker 1: direction this morning, as investors braced for the monthly US
Speaker 1: jobs are four that's likely to add fuel to the
Speaker 1: recession debate. The dollar rebounding from two days and declines.
Speaker 1: We check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Guess and Key futures again are little
Speaker 1: change this morning. Sowhere down futures, Nastack futures are down
Speaker 1: about eighteen points. The decks in Germany is down a
Speaker 1: quarter percent. Ten Your treasury that will change yield two
Speaker 1: point six eight percent. They yield on the two year
Speaker 1: three point oh five percent. NIMEX Screwed oil is up
Speaker 1: four tenths percent, or thirty seven cents at eighty eight
Speaker 1: dollars ninety one cents. Of Barrel Comic School there's down
Speaker 1: a quarter percent or four dollars twenty cents at eighteen
Speaker 1: o two seventy Announce the Euro one point o two
Speaker 1: to five against the dollar, British found one point two
Speaker 1: one to nine and the end one thirty three point
Speaker 1: oh nine, and Bitcoin this morning up two point eight
Speaker 1: percent at twenty three thousand, one five dollars. That's a
Speaker 1: Bloomberg Business Flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Karen, thank you
Speaker 1: very much. China said it would sanctional speaker Nancy Pelosi
Speaker 1: after sheet defined Beijing by becoming the highest ranking you
Speaker 1: this politician to visit Taiwan in twenty five years. The
Speaker 1: measures are also on Polosi's immediate family. Senate Democrats say
Speaker 1: they have reached an accord on changes to their tax legislation.
Speaker 1: Arizona Senator Kirsten Cinema, a pivotal vote, says she is
Speaker 1: ready to move forward on the bill. In baseball, the
Speaker 1: Mets beat the Brave six four. The Red Sox lost
Speaker 1: to the Royal seven three. The Nationals and Giants also lost.
Speaker 1: The A's beat the Angels eight seven in the NFL
Speaker 1: Hall of Fame game last night. Mama, he said, NFL
Speaker 1: the Raiders over the Jaguars. Eleven Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, okay, Michael,
Speaker 1: thank you, It is almost five forty nine on Wall
Speaker 1: Street Live from the Bloomberg Interactive Brokers studios. This is
Speaker 1: Bloomberg Daybreak. Let's move from Woe Mama to the granddaddy
Speaker 1: of economic indicators. The July Payrolls report is due out
Speaker 1: at eight thirty Walls time. Ahead of that, we are
Speaker 1: joined by Sarah House, senior economist at Wells Fargo. Sarah,
Speaker 1: good morning. The consensus is for a quarter million new jobs,
Speaker 1: the unemployment rate holding steady three point six per cent.
Speaker 1: Are you looking for deceleration? Yeah, I think we're a
Speaker 1: consensus is is roughly right based on the other data
Speaker 1: that we've seen, where really we've seen and across the
Speaker 1: board weakening in labor market condition. So I think some
Speaker 1: of the most worrian worris some signs we've seen and
Speaker 1: thinks like the rise in jobless claims. But even if
Speaker 1: you just look at the direction of things like job
Speaker 1: opening and hiring plans, basically everything is pointing towards a cooler,
Speaker 1: a cooler labor market ahead. Is it so cool that
Speaker 1: we could be heading toward recession? So? I think we
Speaker 1: still have a long ways to go in terms of
Speaker 1: labor market weakness. To get us to a refashionary point.
Speaker 1: But I think the direction is clear and that is
Speaker 1: where we are add it. So, we think that the
Speaker 1: economy will slip into recession early next year, and so
Speaker 1: I think um part of the timing of of that
Speaker 1: has to do though with there's still quite a bit
Speaker 1: of altitude to lose in terms of job growth. So
Speaker 1: you know, we're we're adding three and seventy five thousand
Speaker 1: jobs on average in the second quarter, So there's there's
Speaker 1: quite a bit of room to slow down before we
Speaker 1: get into outright job cuts that are typical in a recession.
Speaker 1: What are you looking for in terms of construction of
Speaker 1: what are the makeup of where the jobs could be
Speaker 1: growing right now? In terms of services, in terms of manufacturing.
Speaker 1: Of course, we heard just this week from Walmart that
Speaker 1: they're going to be cutting jobs. How could that potentially
Speaker 1: be reflected in the data? Yes, So I think what
Speaker 1: we'll be looking for in the composition of industries is
Speaker 1: are we seeing that shift away from goods towards services?
Speaker 1: So you had a little Freudian flip there in terms
Speaker 1: of construction. On top of mind, so as we've seen
Speaker 1: rates rise and really a lot of activity in the
Speaker 1: housing market just essentially come to a standstill, including construction.
Speaker 1: I think that will be an important one to watch
Speaker 1: in terms of how much the FEDS tighter policy and
Speaker 1: slow down we're seeing an activity is beginning to bleed
Speaker 1: into the labor market. But I think it won't just
Speaker 1: be construction. We've seen, as you mentioned, some pretty big
Speaker 1: companies to UM discuss job cuts, and I think we'll
Speaker 1: be looking at what happens with retail, what happens with
Speaker 1: transportation and warehousing, some of those other industries that are
Speaker 1: very much tied to spending on goods. And what do
Speaker 1: you think we're going to see in terms of wage growth?
Speaker 1: Are we still dealing with inflation when it comes to
Speaker 1: how much people are being paid right now? Yeah, So
Speaker 1: I think we will see a wage increase similar to
Speaker 1: what we saw last months of zero point three percent
Speaker 1: month on month. That will bring the year rear increasing
Speaker 1: average early earning down but still pretty strong at four
Speaker 1: point nine percent. And we think that given the breadth
Speaker 1: of industry job games over the past year, this isn't
Speaker 1: being terribly distorted by various compositional factors. And of course
Speaker 1: we were in last week in the e C I
Speaker 1: that overall wage pressures remain pretty strong, and so I
Speaker 1: think that's certainly going to be a challenge when we
Speaker 1: look at the inflation picture, is we still have a
Speaker 1: lot of inflation pressure stemming from the jobs market with
Speaker 1: these these elevated rates of wages, even as we're starting
Speaker 1: to see a few signs of cooling come out of
Speaker 1: those average earlier number. Now we only have about thirty
Speaker 1: seconds left here, But do you think this payrolls report
Speaker 1: is going to have any impact on the Fed's path
Speaker 1: when it comes to more aggressive rate hikes. I think
Speaker 1: it will certainly play a factor, but there's a lot
Speaker 1: of other reports that we're going to get out between
Speaker 1: now and that September twenty one meetings. So this is
Speaker 1: just the first of two payroll reports. Of course, we'll
Speaker 1: also get two more big inflation reads. So I think
Speaker 1: it's it's a piece of the puzzle, but it's not
Speaker 1: the end all be all. Okay, Sarah, Thanks as always,
Speaker 1: Sarah House, Senior Economists at Wells Fargo. Karen Nathan, it
Speaker 1: is five at day three on Wall Street. It's time
Speaker 1: for the Bloomberg Law Report. Let's get to the legal stories.
Speaker 1: We are watching this Morning from Bloomberg's Joan Donneger, Alex
Speaker 1: Jones will most likely be unable to take advantage of
Speaker 1: his legal team's huge mistake, and the damage is part
Speaker 1: of his trial involving parents of a Sandy Hook elementary
Speaker 1: shooting victim. Texas civil appeals lawyers say appeals don't consider
Speaker 1: lawyer misteps. Legal observers say the Biden administration's instruction that
Speaker 1: doctors and hospitals provide emergency abortion care fass a test
Speaker 1: from competing lawsuits in Texas and Idaho. He could endanger patients,
Speaker 1: and the Consumer Financial Protection Bureau was turning its attention
Speaker 1: to how by now pay later providers and the big
Speaker 1: tech harvest and make money from consumer data. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at
Speaker 1: Bloomberg Law dot com. Verry Joan, thanks now another legal
Speaker 1: story where watching. It's the Justice Department's first a lawsuit
Speaker 1: to protect a reproductive health in healthcare since the Supreme
Speaker 1: Court overturned Roe v. Wade. D o j argues that
Speaker 1: an Idaho law conflicts with the federal law that requires
Speaker 1: anyone coming to a medical facility for emergency treatment to
Speaker 1: be stabilized and treated the Emergency Medical Treatment and Labor
Speaker 1: Act or am TALA. For more in the lawsuit, Bloomberry
Speaker 1: stem Grossa speaks to Mary Ziegler, professor at UC Davis
Speaker 1: Law School. The Justice Department is suing Idaho over this
Speaker 1: restrictive abortion law that makes it a felony to perform
Speaker 1: an abortion in all but very narrow circumstances. So the
Speaker 1: Widen administration has taken the position that the Emergency Medical
Speaker 1: Treatment and Labor Act creates state laws that have very
Speaker 1: narrow exceptions for the life or fault of the mother,
Speaker 1: and Idaho has an unusually narrow medical emergency extemption. So
Speaker 1: the Bide administration's position is one that this law and
Speaker 1: Paula prescribes the standard of care for doctors treating patients
Speaker 1: to were in labor, and to that any state law
Speaker 1: that has a narrower definition medical emergency is basically blocked
Speaker 1: by that federal law. So we've seen variations of this. Actually,
Speaker 1: Texas is doing the Biden administration saying essentially that its
Speaker 1: position on EMPALA is wrong and the Texas is free
Speaker 1: to have whatever emergency exceptions it wants, including none at all.
Speaker 1: The Biden administration is now going on the offensive, saying
Speaker 1: essentially that Idaho's law does violate the supremacy clause of
Speaker 1: the Constitution. Attorney General Garland said, the supremacy clause is
Speaker 1: a decision made in the Constitution of the United States
Speaker 1: federal law invalidate state laws that are in direct contradiction.
Speaker 1: Is the Justice Department on solid ground here, I mean
Speaker 1: it's it's going to be disputed. Um, we have a
Speaker 1: preview of from Texas to suit. Texas has taken the
Speaker 1: position essentially that EMTALA doesn't actually tell doctors what they
Speaker 1: need to do in terms of caring for patients andologists,
Speaker 1: by way of background, was designed to stop the practice
Speaker 1: of patient dumping, so essentially low incompaitions to show, but
Speaker 1: the hospital at the emergency room was like a knife
Speaker 1: in their back or and labor and doctors would find
Speaker 1: out they didn't have insurance or the ability to pay,
Speaker 1: and they would transfer them to other hospitals, and frequently
Speaker 1: that will result in increased morbidity and mortality for those patients. Texas'
Speaker 1: position essentially is that and TAALA was never intended to
Speaker 1: improve the standard of care for patients. And relatedly that
Speaker 1: the exceptions that are carved out in and fallow the
Speaker 1: definition of emergency would make as Texas puts it a
Speaker 1: hospital into an abortion clinic. It's really not clear to
Speaker 1: mean that the exceptions are very broadly drawn. That that's Texas' argument.
Speaker 1: I think the Justice Department's argument is strong, but you know,
Speaker 1: and TALA doesn't explicitly say that it lays out a
Speaker 1: new standard of care for patients. And you're dealing ultimately
Speaker 1: with what the judiciary is going to say about this,
Speaker 1: and we know that the judiciary has been pretty hostile
Speaker 1: to a worship rights in recent months and years, so
Speaker 1: that of course has to be factored into the calculation
Speaker 1: as well. And that's very zig Larra, professor at U C.
Speaker 1: Davis Law School, speaking at the Bloomberg Student Grosso. Catch
Speaker 1: more of that interview plus analysis of the latest legal
Speaker 1: news by listening to the Bloomberg Law Show at ten
Speaker 1: pm Eastern Time or subscribing to the Bloomberg Law Podcast.
Speaker 1: And attorneys can find exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com. Futures this morning, they're
Speaker 1: pretty much little changed ahead of the July jobs report,
Speaker 1: Dow futures, they're higher, up about forty five points ten,
Speaker 1: Your Treasury down one thirty second yield two point six
Speaker 1: nine percent, in the yield on the two year three
Speaker 1: point oh five percent, and nine x. Screwed oil right
Speaker 1: now at eighty eight dollar seventy five cents of barrel.
Speaker 1: That's up a quarter of a percent and straight ahead.
Speaker 1: On Bloomberg day Break, I checked on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: This is Bloomberg