Speaker 1: News when you want it with Bloomberg News Now. I'm
Speaker 1: Amy Morris. If the government shutdown continues, air traffic will
Speaker 1: be cut back. Transportation Secretary Sean Duffy says he'll order
Speaker 1: scheduled air traffic to be cut by ten percent at
Speaker 1: forty major airports and.
Speaker 2: The end our sole role is to make sure that
Speaker 2: we keep this airspace as safe as possible. There is
Speaker 2: going to be a ten percent reduction in capacity at
Speaker 2: forty of our locations. This is about where's the pressure
Speaker 2: and how do we alleviate the pressure.
Speaker 1: Duffy is warning of quote mass chaos next week if
Speaker 1: the government shutdown continues. We'll have more on that shutdown
Speaker 1: just ahead, but first we are getting more information about
Speaker 1: that fiery ups cargo plane crash. NTSB investigators say three
Speaker 1: people were on board when the plane took off from
Speaker 1: Louisville bound for Honolulu. ANTSB board member Ja todd Enman
Speaker 1: says the plane caught fire before takeoff.
Speaker 3: After being cleared for takeoff, a large plume of fire
Speaker 3: in the area of the left wing occurred during the
Speaker 3: takeoff roll. The plane lifted off and gained enough altitude
Speaker 3: to clear the fence at the end of runway seventeen R.
Speaker 3: Shortly after clearing that fence, it made impact with structures
Speaker 3: and the terrain off of the airport property.
Speaker 1: Edman says the engine fell off the plane during takeoff.
Speaker 1: The massive fire consumed the cargo plane and spread to
Speaker 1: nearby businesses. Investigators say they have recovered the flight data
Speaker 1: and cockpit voice recorders. The death toll now stands at nine.
Speaker 1: Officials are afraid it could go higher. The Supreme Court
Speaker 1: heard arguments today on the legality of most of President
Speaker 1: Trump's global tariffs. Lawyer Neil Kutel argued against those tariffs
Speaker 1: on behalf of small business owners.
Speaker 4: This president has torn up the entire tariff architecture and
Speaker 4: the idea that Congress handed him all this power. That
Speaker 4: is just not something that any president has ever had
Speaker 4: the power to do in our history.
Speaker 1: But Solicitor General John Sowerd, defending the tariffs, argues that
Speaker 1: these tariffs are not attacks. Now, we don't contend that
Speaker 1: he has, at least in peacetime, inherent tariffing authority. We
Speaker 1: don't contend that.
Speaker 4: What's being exercised here is the power to tax, it's
Speaker 4: the power to regulate foreign commerce. These are regulatory tariffs.
Speaker 1: Several conservative justices signaled their concerns a decision could come
Speaker 1: by mid to late December. Now about that shutdown, Congress
Speaker 1: has allowed it to drag into a thirty sixth day.
Speaker 1: It is the longest in history. The Congressional Budget Office
Speaker 1: estimates the shutdown will cut forth quarter growth by as
Speaker 1: much as two percentage points if it continues for eight weeks,
Speaker 1: and the FAA says there is a ground delay in
Speaker 1: effect until midnight for Newark Airport delays a running about
Speaker 1: an hour and ten minutes. President Trump blamed the government
Speaker 1: shutdown for democrats sweeping electoral wins, pressuring Republicans to abandon
Speaker 1: the filibuster in a bid to reopen federal agency.
Speaker 5: The biggest thing is the filibuster.
Speaker 3: We have to get the country going.
Speaker 6: We will pass legislation at levels you've never seen before,
Speaker 6: and it'll be impossible to beat us.
Speaker 1: President Trump spoke at a White House breakfast with Senate
Speaker 1: Republicans who have so far dismissed Trump's filibuster demands. Democrats
Speaker 1: did register their biggest political victories since their loss to
Speaker 1: Donald Trump a year ago. New York City elected Zoron
Speaker 1: Mamdani a Democratic Socialist as its next mayor. He spoke
Speaker 1: about the lessons learned by the Trump administration.
Speaker 5: I think the lesson for the president is that it's
Speaker 5: not enough to diagnose the crisis in working class Americans' lives.
Speaker 5: You have to deliver on addressing that crisis. As a
Speaker 5: president who ran a campaign on the promise of cheaper
Speaker 5: groceries and now has gone so far as to cut
Speaker 5: snap benefits for close to two million New Yorkers, someone
Speaker 5: who is literally making it harder to afford those same
Speaker 5: groceries whose price he was decrying not that long ago.
Speaker 1: Mom Donnie also named former FTC chief Lena Kahan to
Speaker 1: his transition team. CON's tenure at the Federal Trade Commission
Speaker 1: frustrated Wall Street billionaire's accuseder of waged war on businesses.
Speaker 1: Apple plans to use a one point two trillion parameter
Speaker 1: AI model developed by Google to help power its overhaul
Speaker 1: of Siri. The two companies are finalizing an agreement that
Speaker 1: would see Apple pay roughly a billion dollars a year
Speaker 1: for access to Google's technology, With the new Serie Voice
Speaker 1: assistant on track for next spring. Shares of Apple are
Speaker 1: a little changed to Google shares rose about two and
Speaker 1: a half percent in regular trading, and stocks staged a
Speaker 1: rebound as dip buyers weighted back in We bring you
Speaker 1: those closing numbers each day here at Bloomberg. The S
Speaker 1: and P gained twenty five points, NASDAK up one hundred
Speaker 1: and fifty one points that now jump two hundred and
Speaker 1: twenty six points. The ten yere treasury yield at four
Speaker 1: point one five percent, the two year yield at three
Speaker 1: point six three percent, and Qualcom gave a bullish revenue
Speaker 1: forecast for the current period, though a US tax change
Speaker 1: took a toll on profit last quarter. Qualcomm says new
Speaker 1: US tax legislation led to a five point seven billion
Speaker 1: dollar write down in the fourth quarter, contributing to a
Speaker 1: more than three billion dollar net loss. Shares of Qualcom
Speaker 1: are a little changed in post market trading. ARM shares
Speaker 1: are up about six percent in post market trading after
Speaker 1: a bullish revenue forecast helped by AI demand, and DoorDash
Speaker 1: shares fell more than fifteen percent in post market trading
Speaker 1: after its forecast for the fourth quarter adjusted EBITDA fell
Speaker 1: short of the average analyst estimate at the midpoint. We
Speaker 1: do have a new look at the labor market for you.
Speaker 1: Even with the government shutdown, Bloomberg's Mike McKee has private
Speaker 1: payroll numbers from ADP for October.
Speaker 6: The song remains the same. It looks like hiring has
Speaker 6: significantly slowed according to ADP and pretty much all of
Speaker 6: the data that we have watched from the Alternative World,
Speaker 6: Forty two thousand jobs created during the month of October,
Speaker 6: according to the folks at Automated Data Processing.
Speaker 1: Bloomberg's Mike McKee. And that's news when you want it
Speaker 1: with Bloomberg News Now. I'm Ammi Morris. This is Bloomberg