1
00:00:03,400 --> 00:00:06,680
Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

2
00:00:06,720 --> 00:00:10,520
Speaker 1: day Break for Friday, June two. Coming up this hour,

3
00:00:11,080 --> 00:00:15,040
Speaker 1: the Senate passes a bipartisan guns safety bill, Boris Johnson

4
00:00:15,160 --> 00:00:18,119
Speaker 1: suffers a big defeat. In the UK, stocks are on

5
00:00:18,200 --> 00:00:21,079
Speaker 1: track for their first weekly gain in a month, and

6
00:00:21,200 --> 00:00:25,280
Speaker 1: banks ace the Fed stress tests. New York lawmakers react

7
00:00:25,320 --> 00:00:28,160
Speaker 1: to the Supreme Court's decision on guns. Plus a Long

8
00:00:28,200 --> 00:00:32,120
Speaker 1: Island Library admits it made a mistake in banning LGBTQ content.

9
00:00:32,560 --> 00:00:36,040
Speaker 1: On Michael barn More Ahead, I'm John, Dave Sharon, Sports

10
00:00:36,120 --> 00:00:38,760
Speaker 1: high Drama and the Bronx and ninth Inning Yankee Rally,

11
00:00:38,800 --> 00:00:41,879
Speaker 1: the Stun the Astros. They held the NBA Draft in Brooklyn.

12
00:00:44,520 --> 00:00:48,440
Speaker 1: That's all's training. Head on Bloomberg Daybreak on Bloomberg Elving,

13
00:00:48,479 --> 00:00:53,000
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg

14
00:00:53,000 --> 00:00:56,720
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco

15
00:00:57,200 --> 00:01:00,160
Speaker 1: Sirius x M one nineteen and around the world. Old

16
00:01:00,200 --> 00:01:03,680
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business App.

17
00:01:07,560 --> 00:01:10,440
Speaker 1: And Good Morning, I'm Nathan Hager and I'm Karen Moscow

18
00:01:10,480 --> 00:01:13,080
Speaker 1: and us Dock index futures are higher this morning. We're

19
00:01:13,120 --> 00:01:14,800
Speaker 1: coming up to five o one on Wall Street, and

20
00:01:14,800 --> 00:01:17,240
Speaker 1: we check the markets every fifteen minutes throughout the trading

21
00:01:17,319 --> 00:01:20,039
Speaker 1: day on Bloomberg right now, S and P futures up

22
00:01:20,080 --> 00:01:23,080
Speaker 1: twenty five points, Down futures have one hundred seventy and

23
00:01:23,160 --> 00:01:26,080
Speaker 1: NASDACK futures up one hundred. The decks in Germany's up

24
00:01:26,120 --> 00:01:29,680
Speaker 1: six tenths percent. Ten year treasury is little change. They

25
00:01:29,760 --> 00:01:33,000
Speaker 1: yield is at three point eight percent, and they yield

26
00:01:33,040 --> 00:01:35,800
Speaker 1: on the two year at three point one percent. Nathan,

27
00:01:35,880 --> 00:01:37,600
Speaker 1: all right, Karen, we'll have more on the markets in

28
00:01:37,640 --> 00:01:40,800
Speaker 1: just a minute, but first, the Senate has passed bipartisan

29
00:01:40,840 --> 00:01:44,160
Speaker 1: gun safety legislation by a wide margin. We get the

30
00:01:44,200 --> 00:01:47,880
Speaker 1: latest from Amy Morris in our Bloomberg newsroom in Washington.

31
00:01:48,480 --> 00:01:51,120
Speaker 1: It is being hailed as the biggest breakthrough on gun

32
00:01:51,120 --> 00:01:54,600
Speaker 1: safety in thirty years. The bill will improve background checks,

33
00:01:54,680 --> 00:01:57,640
Speaker 1: secure schools, and gives more funds to states to tamp

34
00:01:57,680 --> 00:02:01,200
Speaker 1: down gun violence. Republican John In of Texas was one

35
00:02:01,200 --> 00:02:05,960
Speaker 1: of the negotiators. Will it save lives? Will it save lives?

36
00:02:07,000 --> 00:02:09,520
Speaker 1: And I believe the answer to that is yes, and

37
00:02:09,600 --> 00:02:12,840
Speaker 1: that makes this worth doing. The House is expected to

38
00:02:12,880 --> 00:02:15,320
Speaker 1: pass the bill and send it to President Biden's desk

39
00:02:15,400 --> 00:02:18,400
Speaker 1: for his signature before leaving for a two week recess

40
00:02:18,440 --> 00:02:21,440
Speaker 1: in Washington. I'm anymore as Bloomberg Daybreak, all right, Amy,

41
00:02:21,520 --> 00:02:23,600
Speaker 1: thank you a boy. The sentence action on gun safety

42
00:02:23,639 --> 00:02:26,440
Speaker 1: comes after an altogether different move at the Supreme Court.

43
00:02:26,720 --> 00:02:28,920
Speaker 1: The Justice is struck down a New York law that

44
00:02:28,960 --> 00:02:32,560
Speaker 1: prevents most people from carrying guns in public. Republican Senator

45
00:02:32,639 --> 00:02:35,600
Speaker 1: Rob Portman of Ohio says it's the right call, and

46
00:02:35,720 --> 00:02:39,280
Speaker 1: I think the President's uh concerned that this is dangerous

47
00:02:39,280 --> 00:02:42,680
Speaker 1: a reclusit just in real life, in real states where

48
00:02:43,440 --> 00:02:47,320
Speaker 1: this has been around for an awfully long time, you know,

49
00:02:47,520 --> 00:02:51,440
Speaker 1: none of those concerns have occurred. But Democratic Senator John

50
00:02:51,440 --> 00:02:55,240
Speaker 1: Alistaff of Georgia says this could set a dangerous president. Well.

51
00:02:55,440 --> 00:02:57,600
Speaker 1: One of the things that I hear consistently across the

52
00:02:57,600 --> 00:03:02,440
Speaker 1: state of Georgia is strong support from law enforcement for

53
00:03:02,600 --> 00:03:06,880
Speaker 1: common sense gun safety measures. Senators as often. Poorman spoke

54
00:03:06,880 --> 00:03:10,080
Speaker 1: with our Washington correspondent Joe Matthew on Bloombergy Sound on

55
00:03:10,200 --> 00:03:14,360
Speaker 1: Catch the show weekdays at five pm Eastern on Bloomberg Radio. Meantime, Karen,

56
00:03:14,400 --> 00:03:17,359
Speaker 1: confidence in the Supreme Court has reached a new low yet.

57
00:03:17,400 --> 00:03:20,560
Speaker 1: More on that, Live from Bloomberg's Ranita Young. Good morning, Ranita,

58
00:03:20,600 --> 00:03:24,239
Speaker 1: Good morning Nathan. A gallop Pole measuring faith in institutions

59
00:03:24,240 --> 00:03:27,840
Speaker 1: over fifty years shows many societal pillars are having a

60
00:03:27,840 --> 00:03:30,920
Speaker 1: bad year, but the eleven point dropped for the nation's

61
00:03:31,000 --> 00:03:35,320
Speaker 1: highest court is about double the decline experienced by other institutions.

62
00:03:35,320 --> 00:03:38,720
Speaker 1: In the survey, confidence in the Supreme Court this year

63
00:03:38,760 --> 00:03:43,240
Speaker 1: has slid among Democrats from thirty percent to percent, and

64
00:03:43,320 --> 00:03:48,120
Speaker 1: from forty percent to twenty five percent among Independence For Republicans, however,

65
00:03:48,160 --> 00:03:51,640
Speaker 1: the gallop Pole says confidence has risen from thirty seven

66
00:03:51,680 --> 00:03:54,840
Speaker 1: to thirty nine percent. Now. The poll was completed a

67
00:03:54,880 --> 00:03:58,880
Speaker 1: few days before the High Court's decision yesterday striking down

68
00:03:58,920 --> 00:04:01,600
Speaker 1: the New York gun law. Live in New York. I'm

69
00:04:01,600 --> 00:04:03,840
Speaker 1: re need a Young Bloomberg daybreak. All right, we need

70
00:04:03,880 --> 00:04:06,320
Speaker 1: to thank you. Another major story where following this morning

71
00:04:06,400 --> 00:04:09,520
Speaker 1: focuses on the insurrection at the Capitol. The January six

72
00:04:09,560 --> 00:04:13,520
Speaker 1: Committees fifth session centered on pressure former President Trump put

73
00:04:13,520 --> 00:04:16,719
Speaker 1: in the Department of Justice to help overturn the election,

74
00:04:16,960 --> 00:04:20,320
Speaker 1: and Bloomberg said, Bachelor has that story. It focused on

75
00:04:20,360 --> 00:04:22,320
Speaker 1: the attempt to force the d o J to throw

76
00:04:22,360 --> 00:04:25,360
Speaker 1: out the slate of electors in Georgia, to meetings that

77
00:04:25,440 --> 00:04:29,560
Speaker 1: threatened Assistant Attorney's General, including Richard Donohue, saying that they

78
00:04:29,560 --> 00:04:32,480
Speaker 1: would lose their jobs. He said, people tell me I

79
00:04:32,520 --> 00:04:34,559
Speaker 1: should just get rid of both of you. I should

80
00:04:34,600 --> 00:04:38,200
Speaker 1: just remove you and UM make a change in the

81
00:04:38,279 --> 00:04:41,640
Speaker 1: leadership with Jeff Clark in maybe something will finally get done.

82
00:04:41,880 --> 00:04:47,159
Speaker 1: Chair Bennie Thompson the workings of what was essentially a

83
00:04:47,240 --> 00:04:50,280
Speaker 1: political coup. Thompson says the next session will focus on

84
00:04:50,320 --> 00:04:53,440
Speaker 1: how Donald Trump summoned the mob to Washington and that

85
00:04:53,600 --> 00:04:57,000
Speaker 1: violence became his last option in San Francisco. I'm at

86
00:04:57,000 --> 00:05:00,240
Speaker 1: Baxter Bloomberg Daybreak, alright ed, thanks. Also major political moves

87
00:05:00,279 --> 00:05:04,120
Speaker 1: in Europe this morning. A big election defeat for Boris Johnson.

88
00:05:04,240 --> 00:05:06,560
Speaker 1: Let's go live to London get the latest with Bloomberg's

89
00:05:06,600 --> 00:05:09,240
Speaker 1: un parts, Good morning you and good morning Nathan Karen.

90
00:05:09,320 --> 00:05:12,240
Speaker 1: A double election defeat for the UK Prime Minister Boris

91
00:05:12,279 --> 00:05:16,280
Speaker 1: Johnson's conserved the party, losing two special elections, including one

92
00:05:16,320 --> 00:05:19,400
Speaker 1: in a district where last time he secured six of

93
00:05:19,440 --> 00:05:22,360
Speaker 1: all votes. Johnson says he will listen to voters after

94
00:05:22,440 --> 00:05:25,440
Speaker 1: the defeat, but in a resignation letter this morning, the

95
00:05:25,480 --> 00:05:29,320
Speaker 1: Conservative Party chairman said we cannot carry on with business

96
00:05:29,360 --> 00:05:32,039
Speaker 1: as usual in London. I'm you and pots Pin Bag daybreak,

97
00:05:32,160 --> 00:05:33,680
Speaker 1: are you and thank you well. We also have some

98
00:05:33,760 --> 00:05:36,279
Speaker 1: news on trade this morning. Bloomberg News has learned that

99
00:05:36,279 --> 00:05:38,960
Speaker 1: the US is set to escalate a claim that Mexico

100
00:05:39,080 --> 00:05:41,919
Speaker 1: violated a free trade agreement. That his feude has to

101
00:05:41,960 --> 00:05:45,360
Speaker 1: do with Mexican policies that favor state run energy companies.

102
00:05:45,600 --> 00:05:48,440
Speaker 1: He dragged out conflict could lead the US to impost

103
00:05:48,520 --> 00:05:51,640
Speaker 1: tariffs on Mexico. Turning to markets now, Karen, the bounce

104
00:05:51,680 --> 00:05:55,000
Speaker 1: back on Wall Street continues. Futures are higher, building on

105
00:05:55,080 --> 00:05:57,599
Speaker 1: three straight days of gains for the SMP five hundred.

106
00:05:57,760 --> 00:06:00,040
Speaker 1: The index has risen more than three percent during this

107
00:06:00,120 --> 00:06:03,360
Speaker 1: holiday short and trading week. Rebecca Corban, CEO of Corban Advisor,

108
00:06:03,440 --> 00:06:08,680
Speaker 1: says investors just want certainty, even in a challenging economic backdrop.

109
00:06:08,839 --> 00:06:11,480
Speaker 1: If they have certainty with regard to what to expect,

110
00:06:12,160 --> 00:06:18,000
Speaker 1: the equity markets will decouple from the economic performance. Rebecca

111
00:06:18,040 --> 00:06:20,719
Speaker 1: Corbin of Corbin Advisor's notes the SMP five d is

112
00:06:20,760 --> 00:06:22,760
Speaker 1: on track for its first weekly gain in a month.

113
00:06:23,400 --> 00:06:26,360
Speaker 1: Well Shares the financial companies are higher in early trading.

114
00:06:26,440 --> 00:06:29,320
Speaker 1: Nathan after Banks as the latest round of stress tests

115
00:06:29,360 --> 00:06:31,360
Speaker 1: from the FED, and we get this story from Bloomberg's

116
00:06:31,360 --> 00:06:35,000
Speaker 1: Doug Krisner. The FED determined banks had sufficient capital to

117
00:06:35,080 --> 00:06:37,920
Speaker 1: withstand a severe recession think of it as a worst

118
00:06:37,960 --> 00:06:41,760
Speaker 1: case searching unemployment, collapsing real estate prices, and to wipeout

119
00:06:41,800 --> 00:06:45,240
Speaker 1: inequities now. The test also looked at whether trading operations

120
00:06:45,240 --> 00:06:48,320
Speaker 1: at firms like JP Morgan, Chase, Morgan Stanley, and Goldman

121
00:06:48,400 --> 00:06:52,200
Speaker 1: Sachs could hold up against a hypothetical market shock. In all,

122
00:06:52,320 --> 00:06:56,320
Speaker 1: the tests assumed combined losses of six hundred twelve billion dollars,

123
00:06:56,360 --> 00:06:58,840
Speaker 1: so with passing marks, banks are now free to return

124
00:06:58,960 --> 00:07:01,880
Speaker 1: eighty billion dollars of their shareholders. In New York I'm

125
00:07:01,920 --> 00:07:04,360
Speaker 1: dead prisoner, Bloomberg daybreak all right, Doug, thank you, And

126
00:07:04,400 --> 00:07:07,240
Speaker 1: shares of FedEx are also higher this morning. The delivery

127
00:07:07,279 --> 00:07:11,440
Speaker 1: service company forecast annual earnings above estimates. Higher package prices

128
00:07:11,480 --> 00:07:15,120
Speaker 1: are helping offset some operating snags tied to the labor shortage.

129
00:07:15,280 --> 00:07:18,040
Speaker 1: Straight ahead your latest local headlines in the check of sports,

130
00:07:18,080 --> 00:07:24,840
Speaker 1: This is Bloomberg's five oh seven on Wall Street, worth

131
00:07:24,920 --> 00:07:27,720
Speaker 1: sixty three degrees in Central Park if usable. Long Island

132
00:07:27,800 --> 00:07:31,720
Speaker 1: Railroad heads up service is suspended between Greenport and ron Coacoma.

133
00:07:32,160 --> 00:07:35,120
Speaker 1: More coming up in traffic. First Michael Barr with more

134
00:07:35,120 --> 00:07:36,720
Speaker 1: on what's going on in New York and around the world.

135
00:07:36,760 --> 00:07:39,480
Speaker 1: Good morning, Michael, Good morning Nathan. New York lawmakers are

136
00:07:39,520 --> 00:07:42,520
Speaker 1: reacting to the Supreme Court's ruling striking down the state

137
00:07:42,600 --> 00:07:45,800
Speaker 1: century old law limiting the right to carry a concealed

138
00:07:45,840 --> 00:07:49,360
Speaker 1: handgun in public. Governor Kathy Oakle says the decision isn't

139
00:07:49,400 --> 00:07:53,640
Speaker 1: just reckless, it's reprehensible. Heaven help us, uh if that's

140
00:07:53,640 --> 00:07:55,520
Speaker 1: what they're going to continue doing with with laws and

141
00:07:55,560 --> 00:07:58,760
Speaker 1: having us go back to that time in history, unrelated

142
00:07:58,800 --> 00:08:02,240
Speaker 1: to the current circumstances where we have a gun violence

143
00:08:02,360 --> 00:08:06,120
Speaker 1: crisis on our hands. New York Mayor Eric Adams echoed

144
00:08:06,200 --> 00:08:09,960
Speaker 1: Governor Hockle's remarks. He cannot allow New York to become

145
00:08:10,440 --> 00:08:15,200
Speaker 1: the Wow Wow West. That is unacceptable. Mayor Adams says

146
00:08:15,240 --> 00:08:18,520
Speaker 1: the decision ignores the shocking crisis of gun violence every

147
00:08:18,600 --> 00:08:21,960
Speaker 1: day in gulfing not only New York, but our entire country.

148
00:08:22,320 --> 00:08:25,200
Speaker 1: Former New York com Mayor Build A. Blasio. Our law

149
00:08:25,280 --> 00:08:29,920
Speaker 1: enforcement officials for decades have believed this kind of approach,

150
00:08:29,960 --> 00:08:33,240
Speaker 1: These strong gun safety laws a particularly important place like

151
00:08:33,280 --> 00:08:37,760
Speaker 1: New York, and the Supreme Court just really spitting the

152
00:08:37,800 --> 00:08:42,160
Speaker 1: face of law enforcements. Former Mayor de Blasio spoke on

153
00:08:42,200 --> 00:08:46,840
Speaker 1: Bloomberg sound On. Meanwhile, State Republican Committee Chairman Nick Langworthy

154
00:08:47,000 --> 00:08:50,520
Speaker 1: says Democrats are trying to create fear and division over

155
00:08:50,559 --> 00:08:54,120
Speaker 1: what he characterizes as legal gun owners rights to protect

156
00:08:54,160 --> 00:08:57,959
Speaker 1: themselves and their families. The New York City Council will

157
00:08:58,000 --> 00:09:01,280
Speaker 1: hold a hearing at noon today on school budget cuts.

158
00:09:01,280 --> 00:09:05,240
Speaker 1: Mayor Adams gave assurances that the reduction would coincide with

159
00:09:05,360 --> 00:09:08,920
Speaker 1: falling enrollment rates. However, the Council wants to look at

160
00:09:08,920 --> 00:09:12,320
Speaker 1: the Department of Educations changes to the formula used to

161
00:09:12,440 --> 00:09:15,680
Speaker 1: calculate how much money is allotted to each school. A

162
00:09:15,720 --> 00:09:19,520
Speaker 1: Long Island Board of trustees admits it was a wrong

163
00:09:19,640 --> 00:09:23,760
Speaker 1: decision to band LGBTQ content from the children's section of

164
00:09:23,800 --> 00:09:28,840
Speaker 1: a library, including books and displays. The Smithtown Library Board

165
00:09:28,840 --> 00:09:32,079
Speaker 1: of Trustees apologized and voted last night for two to

166
00:09:32,200 --> 00:09:36,400
Speaker 1: reverse a previous vote initially banning the content. The decision

167
00:09:36,520 --> 00:09:40,479
Speaker 1: came after Governor Hoco called for an investigation. Walking appointments

168
00:09:40,520 --> 00:09:44,040
Speaker 1: in the New York City temporary clinic giving monkeypox vaccines

169
00:09:44,280 --> 00:09:46,960
Speaker 1: had to be halted. Officials say there was so much

170
00:09:47,040 --> 00:09:50,040
Speaker 1: high demand at the Chelsea clinic they couldn't accommodate walkins.

171
00:09:50,440 --> 00:09:52,839
Speaker 1: Global News twenty four hours a day on air and

172
00:09:53,040 --> 00:09:56,760
Speaker 1: on Bloomberg Quicktake, powered by more than seven d journalists,

173
00:09:56,760 --> 00:09:58,839
Speaker 1: and that lest more than a hundred twenty countries. I'm

174
00:09:58,840 --> 00:10:01,160
Speaker 1: Michael bar This is Blue Burt Nathan. All right, Michael,

175
00:10:01,200 --> 00:10:07,640
Speaker 1: thank you, almost five ten him all street. Time for

176
00:10:07,679 --> 00:10:10,640
Speaker 1: the Bloomberg Sports Update with John Stshower. All right, Nathan,

177
00:10:10,760 --> 00:10:13,600
Speaker 1: Yankees and Astros have developed quite the rivalry, and here

178
00:10:13,600 --> 00:10:15,320
Speaker 1: they are a game. Two best teams in the American League.

179
00:10:15,360 --> 00:10:17,640
Speaker 1: Water start to the four game series of the Stadium.

180
00:10:17,720 --> 00:10:21,079
Speaker 1: Three run homers all over early on Alex Bregman before

181
00:10:21,120 --> 00:10:23,679
Speaker 1: there was an out recorded John Carlos Stanton bottom the

182
00:10:23,720 --> 00:10:26,960
Speaker 1: first Jordan Alvarez is two of the year. It remained

183
00:10:27,600 --> 00:10:30,079
Speaker 1: six three Astros from the top of the third to

184
00:10:30,160 --> 00:10:32,120
Speaker 1: the bottom of the ninth. Another three run homer, this

185
00:10:32,200 --> 00:10:33,880
Speaker 1: one from Aaron Hicks to tie the game at six,

186
00:10:33,960 --> 00:10:37,560
Speaker 1: and the Yanks were not done. Another Aaron Judge came

187
00:10:37,640 --> 00:10:41,200
Speaker 1: to the plate and the three oh line heard deep

188
00:10:41,280 --> 00:10:45,560
Speaker 1: the love Field pace the Trevino round third, He's coming home.

189
00:10:45,920 --> 00:10:58,839
Speaker 1: Turvino scores full game over. Yankees win Yanke Yankee seven six,

190
00:10:58,960 --> 00:11:01,760
Speaker 1: win their fifteen Aton row and the Bronx longest home

191
00:11:01,800 --> 00:11:05,360
Speaker 1: winspicks of nineteen sixty one Judge will spend today and

192
00:11:05,440 --> 00:11:08,480
Speaker 1: an arbitration hearing's determined if he makes twenty one million

193
00:11:08,520 --> 00:11:11,120
Speaker 1: dollars this year or seventeen. The bigger issue, of course,

194
00:11:11,160 --> 00:11:13,560
Speaker 1: with Judge is what happened after the season when he's

195
00:11:13,600 --> 00:11:16,280
Speaker 1: a free agent. NBA Draft in Brooklyn the next didn't

196
00:11:16,280 --> 00:11:18,480
Speaker 1: have any picks. The Knicks had the eleventh pick, traded

197
00:11:18,480 --> 00:11:20,400
Speaker 1: at to Oklahoma City, one of a few trades that

198
00:11:20,480 --> 00:11:22,040
Speaker 1: Nicks made. In the end, they were able to rid

199
00:11:22,120 --> 00:11:25,360
Speaker 1: themselves up. Kembo Walker, whose return home to New York

200
00:11:25,400 --> 00:11:27,560
Speaker 1: a year ago did not go well, traded to Detroit

201
00:11:27,679 --> 00:11:30,240
Speaker 1: Pistons expected to buy Kemba out to be a free agent.

202
00:11:30,520 --> 00:11:34,240
Speaker 1: Dukes Pawo Banco taken first overall by Orlando Rory McElroy

203
00:11:34,360 --> 00:11:36,840
Speaker 1: shot sixty two. He's got the opening round lead in Hartford,

204
00:11:37,160 --> 00:11:39,920
Speaker 1: the Colorado Avalanche up three one on Tampa Bay, and

205
00:11:39,960 --> 00:11:43,400
Speaker 1: the as tonight can't ring the stanleytop John stash were

206
00:11:43,440 --> 00:11:46,480
Speaker 1: Bloomberg Sports Nathan John thanks a lot. Right now. SMP

207
00:11:46,640 --> 00:11:49,640
Speaker 1: futures are moving higher. They have twenty six points. DAT

208
00:11:49,679 --> 00:11:51,880
Speaker 1: futures up a hundred eighty two, NASTAC futures up a

209
00:11:51,960 --> 00:11:54,160
Speaker 1: hundred five points. The ten year treasury is up one

210
00:11:54,240 --> 00:11:57,120
Speaker 1: thirty second yield three point zero eight percent, yield on

211
00:11:57,200 --> 00:12:00,680
Speaker 1: the two year three point zero one percent. You're listening

212
00:12:00,800 --> 00:12:08,880
Speaker 1: to Bloomberg Daybreak. Blooming Daybreak brought to you by the

213
00:12:08,920 --> 00:12:10,880
Speaker 1: New York Community Trust. Your name will live on as

214
00:12:10,880 --> 00:12:12,920
Speaker 1: a champion of the causes you care about for years

215
00:12:13,000 --> 00:12:14,960
Speaker 1: to come through a charitable request to the New York

216
00:12:15,000 --> 00:12:18,199
Speaker 1: Community Trust. Learn more at Philanthropists dot n y C

217
00:12:21,960 --> 00:12:25,319
Speaker 1: markets headlines and breaking news twenty four hours a day

218
00:12:25,480 --> 00:12:28,440
Speaker 1: at Bloomberg dot com, the Bloomberg Business Out and at

219
00:12:28,480 --> 00:12:38,040
Speaker 1: Bloomberg Quick Tape is a Bloomberg Business Clash. And I'm

220
00:12:38,120 --> 00:12:41,320
Speaker 1: Karin Moscow and this updates brought to you by Informatica.

221
00:12:41,520 --> 00:12:43,800
Speaker 1: In the cloud, your data has the power to do

222
00:12:43,920 --> 00:12:47,440
Speaker 1: the extraordinary. Managed data across any location in the cloud

223
00:12:47,760 --> 00:12:51,880
Speaker 1: for accurate and actionable insights. More at Informatica dot Com.

224
00:12:52,280 --> 00:12:56,000
Speaker 1: Well the technology sector leading stocks higher this morning. Bonds

225
00:12:56,040 --> 00:12:59,640
Speaker 1: are holding a rally as investors evaluate economic threats and

226
00:12:59,720 --> 00:13:03,199
Speaker 1: ski back expectations for inflation and interest rate hikes. We

227
00:13:03,320 --> 00:13:05,600
Speaker 1: checked the markets every fifteen minutes throughout the trading day

228
00:13:05,679 --> 00:13:08,800
Speaker 1: on Bloomberg. The futures are higher, SMP futures up twenty

229
00:13:08,840 --> 00:13:11,320
Speaker 1: eight points this morning, DAL futures up a hundred ninety two,

230
00:13:11,480 --> 00:13:14,120
Speaker 1: nast day futures of a hundred twelve. The decks in

231
00:13:14,240 --> 00:13:16,760
Speaker 1: Germany is up six tenths of a percent. Can your

232
00:13:16,800 --> 00:13:19,000
Speaker 1: treasury up one thirty second you know three point eight

233
00:13:19,080 --> 00:13:21,080
Speaker 1: percent and the yield on the two year three point

234
00:13:21,320 --> 00:13:24,320
Speaker 1: one percent nine Max Screwed oil is up one point

235
00:13:24,360 --> 00:13:26,640
Speaker 1: four percent, up a dollar forty six and a hundred

236
00:13:26,679 --> 00:13:29,199
Speaker 1: five dollars seventy three cents of barrel co Max School

237
00:13:29,240 --> 00:13:32,640
Speaker 1: little changed at eighteen twenty eight sixty announced the euro

238
00:13:32,800 --> 00:13:36,000
Speaker 1: one point five four two against the dollar, British found

239
00:13:36,040 --> 00:13:38,120
Speaker 1: one point to two eight seven and the end is

240
00:13:38,160 --> 00:13:40,560
Speaker 1: at one thirty four point eight three. And looking at

241
00:13:40,600 --> 00:13:43,160
Speaker 1: Bitcoin this morning, up nine tenths of a percent at

242
00:13:43,200 --> 00:13:47,480
Speaker 1: twenty thousand, nine hundred eighty dollars. That's a Bloomberg business flash.

243
00:13:47,520 --> 00:13:49,719
Speaker 1: Now here's Michael Barr with more on what's going on

244
00:13:49,960 --> 00:13:53,040
Speaker 1: around the world. Michael, Good morning, Good morning, Karen. Congress

245
00:13:53,120 --> 00:13:55,480
Speaker 1: is on the verge of approving a thirteen billion dollar

246
00:13:55,559 --> 00:13:59,800
Speaker 1: buy impartisan gun violence bill. How's approval is expected to

247
00:14:00,200 --> 00:14:03,559
Speaker 1: on legislation that would be the lawmaker's most sweeping answer

248
00:14:03,679 --> 00:14:06,960
Speaker 1: in decades. The Senator proved the measure yesterday, with fifteen

249
00:14:07,080 --> 00:14:13,200
Speaker 1: Republicans joining Democrats in backing passage. House GOP representatives Matt Gates,

250
00:14:13,240 --> 00:14:17,319
Speaker 1: Scott Perry, Andy Biggs, Louis Gohmert, and Moe Brooks all

251
00:14:17,440 --> 00:14:21,320
Speaker 1: contacted White House staffords seeking partons from Donald Trump. According

252
00:14:21,400 --> 00:14:25,520
Speaker 1: to video testimony played by the committee investigating the January

253
00:14:25,600 --> 00:14:28,920
Speaker 1: six Ryan at the US Capitol. In baseball, the Yankees

254
00:14:29,000 --> 00:14:31,440
Speaker 1: one along with the Orioles, the Giants, and A's Lost

255
00:14:31,760 --> 00:14:34,200
Speaker 1: Global news twenty four hours a day on air and

256
00:14:34,440 --> 00:14:37,760
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

257
00:14:37,800 --> 00:14:40,760
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

258
00:14:40,840 --> 00:14:43,120
Speaker 1: Barr and this is Bloomberg Nathan, Hi, Michael, thank you.

259
00:14:43,200 --> 00:14:45,480
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg

260
00:14:45,560 --> 00:14:48,640
Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak. We have to

261
00:14:48,680 --> 00:14:52,200
Speaker 1: pass along a brief correction here. Earlier we misidentified one

262
00:14:52,240 --> 00:14:54,120
Speaker 1: of the guests who spoke with us about the Supreme

263
00:14:54,120 --> 00:14:57,720
Speaker 1: Courts gun rights decision as Ohio Republican Senator Rob Portman.

264
00:14:58,200 --> 00:15:02,400
Speaker 1: That guest was actually Republican Congressman Kevin Brady of Texas.

265
00:15:02,480 --> 00:15:04,840
Speaker 1: We apologize from the mix up there, but let's talk

266
00:15:04,920 --> 00:15:08,960
Speaker 1: more about what those lawmakers were actually talking about. Gun

267
00:15:09,080 --> 00:15:13,720
Speaker 1: rights legislation, a Supreme Court ruling, and January six hearings

268
00:15:13,800 --> 00:15:17,440
Speaker 1: that have unveiled more details about the pressure campaign that

269
00:15:17,520 --> 00:15:21,080
Speaker 1: former President Trump put on his own government on election

270
00:15:21,160 --> 00:15:24,520
Speaker 1: fraud claims. Bloomberg Government reporter Emily Wilkins is with us

271
00:15:24,600 --> 00:15:28,320
Speaker 1: now from the nation's capital. So much going on in Washington,

272
00:15:28,440 --> 00:15:32,400
Speaker 1: d C. Emily, including these dueling moves on gun rights

273
00:15:32,520 --> 00:15:35,520
Speaker 1: we're seeing on Capitol Hill. Let's start off with what's

274
00:15:35,560 --> 00:15:38,760
Speaker 1: happening with the gun rights legislation. It's moving on to

275
00:15:38,840 --> 00:15:41,480
Speaker 1: the House now, right, Yes, So the Senate passed it

276
00:15:41,720 --> 00:15:44,840
Speaker 1: last night. You had fifteen Republicans joined Democrats and doing

277
00:15:44,960 --> 00:15:48,560
Speaker 1: so in the most significant gun restrictions that Congress has

278
00:15:48,600 --> 00:15:51,680
Speaker 1: passed since the mid nineties. We are expecting that this

279
00:15:51,800 --> 00:15:53,840
Speaker 1: bill is going to pass the House today, clearing it

280
00:15:54,000 --> 00:15:57,320
Speaker 1: to go to President Biden's a dusk for his signature. Um. However,

281
00:15:57,440 --> 00:15:59,920
Speaker 1: we don't expect to see a as strong as by

282
00:16:00,080 --> 00:16:04,440
Speaker 1: partisan support leadership in Republican leadership rather in the House

283
00:16:04,800 --> 00:16:07,680
Speaker 1: is pushing against this measure. That's really a break from

284
00:16:07,720 --> 00:16:10,800
Speaker 1: what we saw with Senate leadership. You saw Mitch McConnell

285
00:16:11,120 --> 00:16:14,000
Speaker 1: go ahead and say that this bill was common sense,

286
00:16:14,400 --> 00:16:16,400
Speaker 1: uh and really get a number of as members of

287
00:16:16,520 --> 00:16:19,040
Speaker 1: his party willing to support it, despite groups like the

288
00:16:19,280 --> 00:16:21,720
Speaker 1: n r A being against it. Um. So there's a

289
00:16:21,840 --> 00:16:24,840
Speaker 1: bit of an interesting divide there. Um. This bill, of course,

290
00:16:24,880 --> 00:16:27,680
Speaker 1: doesn't go as far as Biden called for, nor does

291
00:16:27,720 --> 00:16:31,080
Speaker 1: it go as far as Democrats want. Uh. It's you know,

292
00:16:31,240 --> 00:16:34,840
Speaker 1: for example, it only expands criminal background checks for buyers

293
00:16:34,960 --> 00:16:37,800
Speaker 1: under twenty one, and it a gift states fundy that

294
00:16:37,840 --> 00:16:40,240
Speaker 1: could be used to implement red flag laws that allow

295
00:16:40,360 --> 00:16:43,760
Speaker 1: judges to remove guns from potentially dangerous owners, but states

296
00:16:43,800 --> 00:16:47,440
Speaker 1: are not required to use that money exactly for that purpose,

297
00:16:47,480 --> 00:16:51,240
Speaker 1: which is something Republicans were pushing for earlier on UM.

298
00:16:51,400 --> 00:16:55,400
Speaker 1: Another provision, it does close that boyfriend loophole, which means

299
00:16:55,440 --> 00:16:58,280
Speaker 1: that a person who's convicted of domestic violence, they are

300
00:16:58,360 --> 00:17:01,200
Speaker 1: now banned from buying a gun, but it's only for

301
00:17:01,320 --> 00:17:04,480
Speaker 1: five years, after which they're able to purchase firearms again.

302
00:17:04,840 --> 00:17:07,240
Speaker 1: So you're seeing a lot of compromise here with this

303
00:17:07,560 --> 00:17:10,920
Speaker 1: measure UM and it's something that I think for Democrats part.

304
00:17:11,040 --> 00:17:13,280
Speaker 1: You saw Truck Schumer saying that you know, it's well,

305
00:17:13,400 --> 00:17:16,160
Speaker 1: it's not a cure all Uh. He didn't want Democrats

306
00:17:16,200 --> 00:17:18,960
Speaker 1: to surrender to gridlock. He said that they had to

307
00:17:19,080 --> 00:17:21,840
Speaker 1: forge a bipartisan path forward to pass the real bill.

308
00:17:22,200 --> 00:17:24,600
Speaker 1: And all that said, this is the first major piece

309
00:17:24,640 --> 00:17:27,480
Speaker 1: of gun rights legislation to move anywhere in Washington in

310
00:17:27,480 --> 00:17:30,119
Speaker 1: about three decades. And I guess, showing sort of the

311
00:17:30,160 --> 00:17:33,560
Speaker 1: political contrast, here's what we saw from the Supreme Court

312
00:17:33,680 --> 00:17:36,600
Speaker 1: yesterday expanding gun rights in a way that hasn't been

313
00:17:36,640 --> 00:17:39,560
Speaker 1: seen more than a decade. Yeah, the six three decision

314
00:17:39,920 --> 00:17:42,040
Speaker 1: rule that Americans have a right to carry a handgun

315
00:17:42,200 --> 00:17:44,960
Speaker 1: outside the home for self defense. This is really something

316
00:17:45,040 --> 00:17:47,639
Speaker 1: that the Court hasn't waited on before and weighed on

317
00:17:47,920 --> 00:17:50,400
Speaker 1: in this banner. It strikes down a New York law

318
00:17:50,680 --> 00:17:53,159
Speaker 1: requiring a special need if you want to be carrying

319
00:17:53,320 --> 00:17:55,840
Speaker 1: a weapon in public. There's similar laws in place in

320
00:17:55,920 --> 00:17:58,840
Speaker 1: Baltimore and San Francisco, and it comes as all these

321
00:17:58,880 --> 00:18:02,280
Speaker 1: cities are dealing with higher levels of crime. That's a

322
00:18:02,359 --> 00:18:05,680
Speaker 1: big concern for a number of these mayors, and this

323
00:18:05,880 --> 00:18:08,719
Speaker 1: ruling by the Supreme Court limits an option that they

324
00:18:08,760 --> 00:18:10,560
Speaker 1: could use to try to make sure that there are

325
00:18:10,640 --> 00:18:13,560
Speaker 1: fewer guns on the street. Of course, now the question

326
00:18:13,800 --> 00:18:16,440
Speaker 1: is what restrictions can cities put in place. You saw

327
00:18:16,760 --> 00:18:19,600
Speaker 1: Justice is Kavanaugh Justices Roberts suggests that it would be

328
00:18:19,680 --> 00:18:22,080
Speaker 1: possible to limit who can carry a gun in public,

329
00:18:22,400 --> 00:18:25,080
Speaker 1: but the same standard needs to be applied to everyone,

330
00:18:25,240 --> 00:18:27,800
Speaker 1: so it can't be for people who have specific jobs.

331
00:18:27,920 --> 00:18:30,879
Speaker 1: Per se. Not a mina left here. Emily Phillipson on

332
00:18:31,000 --> 00:18:33,359
Speaker 1: the latest from what we heard in the January six hearings,

333
00:18:33,400 --> 00:18:37,360
Speaker 1: we heard from several Justice to pull former Justice Department officials. Yeah,

334
00:18:37,400 --> 00:18:40,159
Speaker 1: this last January six hearing, it was really focused on

335
00:18:40,240 --> 00:18:43,320
Speaker 1: how Trump tried to pressure the Justice Department into falsely

336
00:18:43,400 --> 00:18:47,120
Speaker 1: saying that the election was stolen UM, and it really

337
00:18:47,240 --> 00:18:51,159
Speaker 1: kind of has those uh payings back to Watergate, when

338
00:18:51,200 --> 00:18:55,359
Speaker 1: you saw Nixon put pressure on his own Justice Department. UM.

339
00:18:55,480 --> 00:18:59,040
Speaker 1: And you also saw yesterday, UM a raid on for

340
00:18:59,160 --> 00:19:02,480
Speaker 1: Jeffrey Clark of the Trump assistant Attorney General. UM. You

341
00:19:02,560 --> 00:19:06,239
Speaker 1: saw that, uh there was a rate on his home. UH.

342
00:19:06,440 --> 00:19:09,399
Speaker 1: Looking further into that, it's suggesting that not only is

343
00:19:09,440 --> 00:19:13,119
Speaker 1: the January six Committee going forward in their investigation, but

344
00:19:13,200 --> 00:19:16,600
Speaker 1: you're also seeing the Justice Department under Biden take a

345
00:19:16,760 --> 00:19:19,960
Speaker 1: much closer look at what happened on January six. Bloomer

346
00:19:20,000 --> 00:19:22,960
Speaker 1: Government reporter Emily Wilkins, thanks as always for keeping us

347
00:19:23,000 --> 00:19:25,200
Speaker 1: up to speed on what's happening in the nation's capital.

348
00:19:25,200 --> 00:19:27,720
Speaker 1: As we say, so much going on, lots of developments

349
00:19:27,760 --> 00:19:31,480
Speaker 1: politically in Washington, d C. Looking ahead to the market

350
00:19:31,520 --> 00:19:35,880
Speaker 1: open on Wall Street, more gains potentially as we get

351
00:19:35,920 --> 00:19:38,639
Speaker 1: ready to round up our first winning week and just

352
00:19:38,800 --> 00:19:42,080
Speaker 1: about a month here. SMP futures are up twenty eight points,

353
00:19:42,480 --> 00:19:45,159
Speaker 1: Dow futures up a D nine nine, Nasdaq futures are

354
00:19:45,240 --> 00:19:48,120
Speaker 1: higher by a hundred seven points. The tenure treasury little

355
00:19:48,240 --> 00:19:50,679
Speaker 1: change now the three UH. The tenure yield is at

356
00:19:50,720 --> 00:19:53,200
Speaker 1: three point zero eight percent and the yield on the

357
00:19:53,240 --> 00:19:58,400
Speaker 1: two year right now three point zero two percent. Stay

358
00:19:58,440 --> 00:20:08,359
Speaker 1: with us. You're listening to blue Burg Daybreak Bloomberg eleven

359
00:20:08,400 --> 00:20:10,960
Speaker 1: three oh weather partly sunny, low eighties to wrap up

360
00:20:11,000 --> 00:20:13,639
Speaker 1: the week. It'll be warmer for the weekend, highs in

361
00:20:13,680 --> 00:20:17,520
Speaker 1: the upper eighties both tomorrow and Sunday. Right now sixty

362
00:20:17,600 --> 00:20:27,800
Speaker 1: three in Central Park, broadcasting live from the Bloomberg Interacted

363
00:20:27,920 --> 00:20:31,760
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,

364
00:20:31,840 --> 00:20:35,919
Speaker 1: d C, Bloomberg On to Boston, Bloomberg one O six one,

365
00:20:36,040 --> 00:20:39,480
Speaker 1: to San Francisco, Bloomberg nine sixty to the Country Sirius

366
00:20:39,680 --> 00:20:42,200
Speaker 1: XM tod A one nineteen and around the globe to

367
00:20:42,280 --> 00:20:46,159
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is

368
00:20:46,200 --> 00:20:55,040
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.

369
00:20:55,080 --> 00:20:57,800
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just

370
00:20:57,920 --> 00:21:00,560
Speaker 1: about four hours away from the open of you West Trading.

371
00:21:00,640 --> 00:21:02,000
Speaker 1: Let's get you up to date in the news you

372
00:21:02,119 --> 00:21:04,560
Speaker 1: need to know at this hour. The first major piece

373
00:21:04,600 --> 00:21:07,800
Speaker 1: of gun safety legislation in decades has passed the Senate

374
00:21:07,920 --> 00:21:10,960
Speaker 1: by a wide margin. It now heads to the House,

375
00:21:11,080 --> 00:21:14,439
Speaker 1: where Texas Republican Kevin Brady says it should get by

376
00:21:14,520 --> 00:21:19,280
Speaker 1: partisan support. I think hardening the schools makes good sense.

377
00:21:19,440 --> 00:21:24,080
Speaker 1: And uh, I think uh oping the penalties on those

378
00:21:24,160 --> 00:21:27,440
Speaker 1: who straw purchase, who are buying specifically to give to

379
00:21:27,560 --> 00:21:31,119
Speaker 1: someone you know who is analogiable normally criminals there. You know,

380
00:21:31,160 --> 00:21:34,840
Speaker 1: I really think that is that is very helpful. Republican

381
00:21:34,920 --> 00:21:38,280
Speaker 1: Congressman Kevin Brady spoke with Our Washington corresponded Joe Matthew

382
00:21:38,359 --> 00:21:41,040
Speaker 1: on Bloomberg's Sound on Catch the Show weekdays at five

383
00:21:41,119 --> 00:21:44,200
Speaker 1: pm Eastern on Bloomberg Radio. Well, the move comes the

384
00:21:44,400 --> 00:21:47,000
Speaker 1: same day that the Supreme Court struck down a New

385
00:21:47,080 --> 00:21:49,400
Speaker 1: York law that required people to show a special need

386
00:21:49,520 --> 00:21:52,560
Speaker 1: to carry a handgun in public. Meantime, Nathan, ahead of

387
00:21:52,600 --> 00:21:55,560
Speaker 1: that controversial ruling, confidence in the Supreme Court reached a

388
00:21:55,600 --> 00:21:58,080
Speaker 1: new low, and we get the latest lie from Bloomberg's

389
00:21:58,119 --> 00:22:00,720
Speaker 1: Randy to Young Good Morning Randy too, Warning Karin. A

390
00:22:00,840 --> 00:22:05,159
Speaker 1: gallop pole measuring faith in institutions over fifty years shows

391
00:22:05,240 --> 00:22:08,639
Speaker 1: many societal pillars are having a bad year, But the

392
00:22:08,720 --> 00:22:11,680
Speaker 1: eleven point dropped for the nation's highest court is about

393
00:22:11,800 --> 00:22:15,240
Speaker 1: double the decline experienced by other institutions. In the survey,

394
00:22:15,800 --> 00:22:18,800
Speaker 1: confidence in the Supreme Court this year has slid among

395
00:22:18,960 --> 00:22:23,480
Speaker 1: Democrats from thirty percent to percent, and from forty to

396
00:22:23,600 --> 00:22:28,000
Speaker 1: twenty five percent among Independence for Republicans. However, the Gallop

397
00:22:28,040 --> 00:22:31,600
Speaker 1: Pole says confidence has risen from thirty seven to thirty

398
00:22:31,680 --> 00:22:34,719
Speaker 1: nine percent. Live in New York, I'm rened a young

399
00:22:34,800 --> 00:22:38,000
Speaker 1: Bloomberg daybreak rened to thank you. In Europe, Boris Johnson

400
00:22:38,040 --> 00:22:41,320
Speaker 1: has suffered a major election upset, losing a formerly safe

401
00:22:41,400 --> 00:22:45,040
Speaker 1: parliament seat in Southwest England. In a separate election, Johnson's

402
00:22:45,040 --> 00:22:47,800
Speaker 1: party was beaten by Labor, raising fresh questions about the

403
00:22:47,840 --> 00:22:51,000
Speaker 1: Prime Minister's popularity. On Turning to the markets, now, Nathan

404
00:22:51,080 --> 00:22:53,400
Speaker 1: futures are higher, but stocks on track for their first

405
00:22:53,440 --> 00:22:55,600
Speaker 1: weekly gaining a month. The S and P five hund

406
00:22:55,800 --> 00:22:58,320
Speaker 1: just gained more than three percent, and a shortened holiday

407
00:22:58,400 --> 00:23:01,000
Speaker 1: trading wake. Wall Street's big spanks are now set to

408
00:23:01,040 --> 00:23:03,680
Speaker 1: return tens of billions of dollars to their investors, Karen.

409
00:23:03,720 --> 00:23:06,199
Speaker 1: They all passed the Federal Reserves annual test of their

410
00:23:06,240 --> 00:23:09,800
Speaker 1: ability to withstand market turmoil, and shares a FedEx are

411
00:23:09,920 --> 00:23:13,119
Speaker 1: higher in early trading. The delivery service company forecast annual

412
00:23:13,200 --> 00:23:17,680
Speaker 1: earnings bad beat analysts estimates again. Futures are higher this morning.

413
00:23:17,840 --> 00:23:21,399
Speaker 1: SMP futures have twenty six points down futures have one

414
00:23:21,800 --> 00:23:24,760
Speaker 1: eighty one and NASDAG futures have one one and the

415
00:23:24,840 --> 00:23:27,200
Speaker 1: ten year treasury down three thirty seconds. You have three

416
00:23:27,240 --> 00:23:30,920
Speaker 1: point one zero percent and straight ahead your latest local

417
00:23:31,000 --> 00:23:34,760
Speaker 1: headlines plus a check of sports, and this is Bloomberg.

418
00:23:38,359 --> 00:23:40,120
Speaker 1: Thank you, Kring. It's five thirty three on Wall Street,

419
00:23:40,160 --> 00:23:42,960
Speaker 1: sixty three degrees in Central Parket services suspended on the

420
00:23:43,000 --> 00:23:46,200
Speaker 1: Long Armands rail Roads run kong Koma branch more come

421
00:23:46,320 --> 00:23:48,440
Speaker 1: up in traffic first, Michael Barr. What else is going

422
00:23:48,480 --> 00:23:50,040
Speaker 1: on in New York and around the world, Thank you

423
00:23:50,160 --> 00:23:52,800
Speaker 1: very much, Nathan. New York lawmakers are reacting to the

424
00:23:53,119 --> 00:23:56,800
Speaker 1: Supreme Court's ruling striking down the state century old law

425
00:23:56,920 --> 00:23:59,560
Speaker 1: limiting the right to carry a concealed handgun in public.

426
00:24:00,040 --> 00:24:04,680
Speaker 1: Governor Kathy Oakel says the decision isn't just reckless, it's reprehensible.

427
00:24:04,960 --> 00:24:08,120
Speaker 1: I have taken away our right to have reasonable restrictions.

428
00:24:08,240 --> 00:24:11,960
Speaker 1: We can have restrictions on speech. You can't yell fire

429
00:24:11,960 --> 00:24:16,119
Speaker 1: in a crowded theater, but somehow there's no restrictions allowed

430
00:24:16,160 --> 00:24:19,760
Speaker 1: on the Second Amendment. New York Mayor Eric Adams echoed

431
00:24:19,840 --> 00:24:25,240
Speaker 1: Governor Hockle's remarks. While we're still analyzing the decision, we

432
00:24:25,320 --> 00:24:30,320
Speaker 1: can say with certainty this decision has made every single

433
00:24:30,880 --> 00:24:35,240
Speaker 1: one of us less safe from gun violence. Mayor Adams

434
00:24:35,240 --> 00:24:38,560
Speaker 1: says the decision ignores the shocking crisis of gun violence

435
00:24:38,640 --> 00:24:41,080
Speaker 1: every day in golfing not only New York, but our

436
00:24:41,440 --> 00:24:46,040
Speaker 1: entire country. Meanwhile, State Republican Committee Chairman Nick Langworthy says

437
00:24:46,119 --> 00:24:49,399
Speaker 1: Democrats are trying to create fear and division over what

438
00:24:49,560 --> 00:24:53,760
Speaker 1: he characterizes as legal gun owners rights to protect themselves

439
00:24:53,840 --> 00:24:56,760
Speaker 1: and their families. It was one year ago today that

440
00:24:56,840 --> 00:24:59,679
Speaker 1: of each Front condo building and Serve Side, Florida collapse

441
00:24:59,800 --> 00:25:04,080
Speaker 1: kill people, including children, family and friends of the victims

442
00:25:04,160 --> 00:25:06,719
Speaker 1: gathered at the collapse site for a private individual at

443
00:25:06,760 --> 00:25:10,000
Speaker 1: one two am to mark the time the building collapsed.

444
00:25:10,400 --> 00:25:13,399
Speaker 1: A Long Island board of trustees admits it was a

445
00:25:13,480 --> 00:25:18,000
Speaker 1: wrong decision to van LGBTQ content from the children's section

446
00:25:18,040 --> 00:25:22,760
Speaker 1: of a library, including books and displays. The Smithtown Library

447
00:25:22,800 --> 00:25:26,280
Speaker 1: Board of Trustees apologized and voted last night for two

448
00:25:26,880 --> 00:25:30,840
Speaker 1: to reverse the previous vote initially banning the content. Complaints

449
00:25:30,920 --> 00:25:34,520
Speaker 1: by US airline passengers rose dramatically this spring as waves

450
00:25:34,600 --> 00:25:38,760
Speaker 1: of flight delays and cancelations swept the industry. They were

451
00:25:38,800 --> 00:25:41,960
Speaker 1: close to fifty consumer complaints filed with the Department of

452
00:25:42,000 --> 00:25:46,600
Speaker 1: Transportation in April, fift above the prior month. Global News

453
00:25:46,680 --> 00:25:49,320
Speaker 1: twenty four hours a day on air and on Bloomberg

454
00:25:49,400 --> 00:25:52,399
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist

455
00:25:52,440 --> 00:25:55,200
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,

456
00:25:55,280 --> 00:26:03,080
Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. On Wall Street.

457
00:26:03,080 --> 00:26:05,320
Speaker 1: Time for the Bloomberg Sports Update. Here's John stan Shower.

458
00:26:05,400 --> 00:26:08,040
Speaker 1: All right, Nathan. Making fifteen home wins in a row

459
00:26:08,119 --> 00:26:10,240
Speaker 1: for the Yankees, and something they haven't done since nineteen

460
00:26:10,400 --> 00:26:13,159
Speaker 1: sixty one, and the fifteenth the most dramatic of all.

461
00:26:13,240 --> 00:26:15,359
Speaker 1: Yankees not only did not lead until the end, they

462
00:26:15,400 --> 00:26:18,160
Speaker 1: did not have a hit from John Carlo Stanton's game

463
00:26:18,200 --> 00:26:21,040
Speaker 1: time three run homer in the first inning until Aaron

464
00:26:21,119 --> 00:26:23,600
Speaker 1: Hicks's game time three run homer in the bottom of

465
00:26:23,760 --> 00:26:26,440
Speaker 1: the nine and made the score six six. They weren't

466
00:26:26,520 --> 00:26:30,399
Speaker 1: done against Ryan Pressley of the Astros, Aaron Judge a

467
00:26:30,560 --> 00:26:33,000
Speaker 1: walk off hit and the Yanks one in stunning fashion

468
00:26:33,080 --> 00:26:35,800
Speaker 1: beat Houston seven six. Quite a start for the four

469
00:26:35,880 --> 00:26:38,119
Speaker 1: game series between two teams who both have double digit

470
00:26:38,240 --> 00:26:40,040
Speaker 1: leads in their division. Bit of a surprise start the

471
00:26:40,119 --> 00:26:43,320
Speaker 1: NBA Draft at Barkney Center. Most delt Orlando would take

472
00:26:43,359 --> 00:26:46,440
Speaker 1: Auburn's Jabari Smith. They instead went with Duke's Palo Boncarroll,

473
00:26:46,480 --> 00:26:49,080
Speaker 1: first of four from two, taking in the first round.

474
00:26:49,119 --> 00:26:51,520
Speaker 1: Oklahoma City stuff with shed Homebret in the seven quarter

475
00:26:51,600 --> 00:26:54,600
Speaker 1: from Gonzaga that left Smith for Houston. All three were

476
00:26:54,680 --> 00:26:57,080
Speaker 1: one in dunners in college. Nicks had the eleventh pick

477
00:26:57,160 --> 00:27:00,160
Speaker 1: traded at the Oklahoma City for some future picks. It's

478
00:27:00,200 --> 00:27:03,679
Speaker 1: also dealt the unhappy Kemba Walker to Detroit. Mixed drafted

479
00:27:03,760 --> 00:27:06,160
Speaker 1: Dukes Trevor Keels in the second round the next host

480
00:27:06,240 --> 00:27:08,360
Speaker 1: of the draft, but they didn't have any picks. Big

481
00:27:08,480 --> 00:27:11,920
Speaker 1: question of the offseason, does Kyrie Irving leave Brooklyn? Reportedly

482
00:27:11,920 --> 00:27:13,560
Speaker 1: if he does, the mix of one of the teams

483
00:27:13,600 --> 00:27:16,080
Speaker 1: he liked to play for. And if Kyrie leaves, does

484
00:27:16,160 --> 00:27:19,320
Speaker 1: that mean the departure of Kevin Durant. Rory McElroy shot

485
00:27:19,400 --> 00:27:22,240
Speaker 1: sixty two of the opening round, leading Hartford arch Manning

486
00:27:22,400 --> 00:27:25,480
Speaker 1: third generation of the first family of Quarterbacks, son of

487
00:27:25,600 --> 00:27:28,520
Speaker 1: Cooper and nephew of Peyton Eli, grandson of Archie, and

488
00:27:28,560 --> 00:27:32,000
Speaker 1: he decided to play his college football at Texas. Everyone

489
00:27:32,040 --> 00:27:34,240
Speaker 1: else in the family except Peyton went to Old Miss,

490
00:27:34,600 --> 00:27:36,800
Speaker 1: who painted Manning's name in the end zone at the

491
00:27:36,840 --> 00:27:40,119
Speaker 1: game last season. It didn't work. John Stashward Bloomberg Sports

492
00:27:40,320 --> 00:27:42,880
Speaker 1: Think Think John. It's thirty seven on Wall Street time

493
00:27:42,920 --> 00:27:46,080
Speaker 1: for the Tri State Business Report with Bloomberg's cory. A

494
00:27:46,200 --> 00:27:50,000
Speaker 1: plan to charge motorists entering midtown Manhattan could go into

495
00:27:50,040 --> 00:27:52,800
Speaker 1: effect as soon as the end of twenty three, according

496
00:27:52,880 --> 00:27:56,399
Speaker 1: to the MTA's chief executive. The MTA, which runs the

497
00:27:56,480 --> 00:28:01,240
Speaker 1: city subways, buzzes and commuter rails, start building out the sensors, cameras,

498
00:28:01,320 --> 00:28:05,200
Speaker 1: and other infrastructure needed to launch congestion pricing next year.

499
00:28:05,520 --> 00:28:08,960
Speaker 1: New York's biggest mall has reached a deal to avoid default.

500
00:28:09,200 --> 00:28:13,000
Speaker 1: Destiny USA and Syracuse sowed four hundred thirty million dollars

501
00:28:13,200 --> 00:28:15,680
Speaker 1: on a couple of mortgage backed securities that missed a

502
00:28:15,800 --> 00:28:20,600
Speaker 1: June's sixth repayment deadline. Mallowner Pyramid Management says it's secured

503
00:28:20,640 --> 00:28:23,879
Speaker 1: a five year extension for its loans with flexibility to

504
00:28:23,960 --> 00:28:28,040
Speaker 1: keep investing in the property. Mystic, Connecticut has become one

505
00:28:28,080 --> 00:28:31,399
Speaker 1: of the most exciting culinary destinations on the East Coast.

506
00:28:31,720 --> 00:28:35,120
Speaker 1: Chefs and restaurant operators are seeing Mystic as a more

507
00:28:35,160 --> 00:28:39,080
Speaker 1: attractive vacation spot to do business than save the Hampton's

508
00:28:39,200 --> 00:28:42,920
Speaker 1: on nearby Long Island. Are Bloomberg christ Nate Business Report.

509
00:28:43,080 --> 00:28:45,800
Speaker 1: I'm Ed Corey, Thank you at eight on Wall Street.

510
00:28:45,800 --> 00:28:48,080
Speaker 1: Bloomberg Radio is on the air from San Francisco to

511
00:28:48,120 --> 00:28:50,360
Speaker 1: New York, London to Hong Kong. Let's check in with

512
00:28:50,400 --> 00:28:52,520
Speaker 1: our global news team for some of the top stories

513
00:28:52,560 --> 00:28:55,360
Speaker 1: heard on our three hundred affiliate radio stations around the world.

514
00:28:57,640 --> 00:29:00,560
Speaker 1: I'm Steve Photos and k at X and Lass Angelists.

515
00:29:00,600 --> 00:29:04,160
Speaker 1: We're talking about the job acts again, Swing again, Netflix

516
00:29:05,200 --> 00:29:08,160
Speaker 1: um where He's done a hole On w h that

517
00:29:08,480 --> 00:29:11,160
Speaker 1: X gives a better than expective profit outlook on higher

518
00:29:11,200 --> 00:29:15,200
Speaker 1: package prices. I'm Stephen Carol on Bloomberg Dad Digital Radio

519
00:29:15,280 --> 00:29:17,680
Speaker 1: in London. We're reporting on the double defeat for Boris

520
00:29:17,760 --> 00:29:21,120
Speaker 1: Johnson after his party lost two elections on the Conservative Party.

521
00:29:21,200 --> 00:29:24,920
Speaker 1: Charron Quick I made Corey on w w J and

522
00:29:25,000 --> 00:29:28,840
Speaker 1: Detroit Time Recording regulators have cleared the way from resumer's energy.

523
00:29:29,160 --> 00:29:32,440
Speaker 1: It's not burning cold by twenty twenty five. Those are

524
00:29:32,480 --> 00:29:35,280
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists

525
00:29:35,280 --> 00:29:37,360
Speaker 1: and analysts are working on this morning around the world.

526
00:29:37,720 --> 00:29:40,440
Speaker 1: It's five thirty nine on Wall Street. The following is

527
00:29:40,520 --> 00:29:44,440
Speaker 1: an editorial from Bloomberg Opinion. President Joe Biden and his

528
00:29:44,560 --> 00:29:48,240
Speaker 1: allies in Congress are rightly concerned about surging prices, but

529
00:29:48,360 --> 00:29:52,040
Speaker 1: the president's ideas for lowering inflation have been either beside

530
00:29:52,080 --> 00:29:55,560
Speaker 1: the point or simply counterproductive. For example, he has again

531
00:29:55,720 --> 00:29:59,239
Speaker 1: called for a brief gas tax holiday. The savings from

532
00:29:59,280 --> 00:30:02,480
Speaker 1: this would be oddest and at least partly self defeating,

533
00:30:02,560 --> 00:30:05,959
Speaker 1: because it would increase gas demand, serving to push prices

534
00:30:06,040 --> 00:30:09,160
Speaker 1: back up. They're better ways to find inflation. For example,

535
00:30:09,320 --> 00:30:12,160
Speaker 1: a moderate but broadly based effort to roll back so

536
00:30:12,360 --> 00:30:16,400
Speaker 1: called national security teriffs and other trade barriers could not

537
00:30:16,560 --> 00:30:19,720
Speaker 1: a percentage point off the inflation rate. Well, this wouldn't

538
00:30:19,720 --> 00:30:22,600
Speaker 1: totally solve the problem of rising prices, it would at

539
00:30:22,680 --> 00:30:26,520
Speaker 1: least reduce the pressure American consumers are feeling, and for

540
00:30:26,640 --> 00:30:31,160
Speaker 1: Democrats nervously i'm the midterm elections, A might even payoff politically.

541
00:30:31,720 --> 00:30:34,800
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board.

542
00:30:34,960 --> 00:30:37,560
Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to

543
00:30:37,640 --> 00:30:40,800
Speaker 1: Bloomberg dot com, slash opinion or OPI and go on

544
00:30:41,000 --> 00:30:44,440
Speaker 1: the Bloomberg Terminal. These has been Bloomberg Opinion. You can

545
00:30:44,480 --> 00:30:48,160
Speaker 1: hear Bloomberg opinion editorials every weekday. At this time, terminal

546
00:30:48,240 --> 00:30:52,080
Speaker 1: customers can read more at op I, n GO, SMP

547
00:30:52,200 --> 00:30:54,800
Speaker 1: futures right now are up twenty four point STAF futures

548
00:30:54,840 --> 00:30:58,160
Speaker 1: up a hundred seventy five NASTACK futures higher by nineties

549
00:30:58,240 --> 00:31:01,840
Speaker 1: six points futures pointing to war gains, setting us up

550
00:31:01,880 --> 00:31:05,720
Speaker 1: potentially for the first weekly game for stocks in about

551
00:31:05,760 --> 00:31:08,360
Speaker 1: a month. Right now, the tenure Treasury is down one

552
00:31:08,440 --> 00:31:11,200
Speaker 1: thirty second, the yield three point zero nine percent. We

553
00:31:11,320 --> 00:31:15,120
Speaker 1: talked more about this market next with Jonathan Golub, chief

554
00:31:15,200 --> 00:31:23,040
Speaker 1: US equity strategist at Credit Suites. This is Bloomberg Bloomberg

555
00:31:23,080 --> 00:31:25,200
Speaker 1: eleven three oh Weather turning partly Sunday today with highs

556
00:31:25,200 --> 00:31:26,880
Speaker 1: in the low eighties, will be in the opper eighties

557
00:31:26,920 --> 00:31:30,680
Speaker 1: tomorrow and the next day, with clouds increasing by Sunday

558
00:31:30,920 --> 00:31:38,400
Speaker 1: right now sixty three in Central Park markets. Headlines and

559
00:31:38,600 --> 00:31:41,840
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,

560
00:31:41,960 --> 00:31:45,520
Speaker 1: the Bloomberg Business at and at Bloomberg Ricktape. This is

561
00:31:45,560 --> 00:31:54,320
Speaker 1: a Bloomberg business lash and I'm Karen Moscow and the

562
00:31:54,400 --> 00:31:57,960
Speaker 1: technology sector is leading stocks higher this morning. In bonds,

563
00:31:58,040 --> 00:32:01,600
Speaker 1: there a little change invest there's evaluating economic threats and

564
00:32:01,720 --> 00:32:04,959
Speaker 1: scale back expectations for inflation and interest rate hikes. Who

565
00:32:05,040 --> 00:32:07,400
Speaker 1: checked the markets every fifteen minutes throughout the trading day

566
00:32:07,760 --> 00:32:10,080
Speaker 1: on Bloomberg s and P future is up about twenty

567
00:32:10,120 --> 00:32:12,520
Speaker 1: seven points down futures have a hundred eighty eight and

568
00:32:12,640 --> 00:32:14,960
Speaker 1: now stay futures have one hundred four The dacks in

569
00:32:15,000 --> 00:32:18,480
Speaker 1: Germany's ups extensive upper set. Can your treasury that'll change

570
00:32:18,520 --> 00:32:20,440
Speaker 1: you'll three point eight percent and they yield on the

571
00:32:20,520 --> 00:32:24,000
Speaker 1: two year three point one percent. Nine max screwed oils

572
00:32:24,080 --> 00:32:26,400
Speaker 1: up one point three percent of a dollar thirty three

573
00:32:26,480 --> 00:32:28,640
Speaker 1: and a hundred five dollars sixty one cents a barrel.

574
00:32:28,920 --> 00:32:31,400
Speaker 1: Comic school this it'll change at one thousand, eight hundred

575
00:32:31,440 --> 00:32:34,280
Speaker 1: twenty nine dollars announced. The euro one point oh five

576
00:32:34,360 --> 00:32:36,680
Speaker 1: four seven against the dollar, British bound one point to

577
00:32:36,840 --> 00:32:39,040
Speaker 1: three oh two and the n is at one thirty

578
00:32:39,080 --> 00:32:41,600
Speaker 1: four point nine nine. And that's a Bloomberg Business Flash.

579
00:32:41,640 --> 00:32:43,720
Speaker 1: Now here's Michael Barr with more on what's going on

580
00:32:43,920 --> 00:32:46,720
Speaker 1: around the world. Michael, thank you very much, Karen. The U. S.

581
00:32:46,760 --> 00:32:50,640
Speaker 1: Senate vote at sixty five thirty three to approve bipartisan

582
00:32:50,720 --> 00:32:54,320
Speaker 1: gun safety legislation that is hailed as the biggest breakthrough

583
00:32:54,520 --> 00:32:57,280
Speaker 1: on the issue in three decades. The vote came the

584
00:32:57,440 --> 00:32:59,840
Speaker 1: same day the Supreme Court struck down to New York

585
00:33:00,200 --> 00:33:03,320
Speaker 1: that required people to show a special need to carry

586
00:33:03,400 --> 00:33:06,320
Speaker 1: a handgun in public. The death sold from a devastating

587
00:33:06,320 --> 00:33:10,080
Speaker 1: earthquake in Afghanistan continued to climb days after it turned

588
00:33:10,200 --> 00:33:14,040
Speaker 1: brick and stone homes into rubble. State media reports the

589
00:33:14,120 --> 00:33:17,120
Speaker 1: quake has killed eleven d fifty people and injured some

590
00:33:17,320 --> 00:33:20,800
Speaker 1: three thousand. In baseball, the Yankees one along with the Orioles,

591
00:33:20,840 --> 00:33:23,760
Speaker 1: the Giants, and A's lost Global news twenty four hours

592
00:33:23,800 --> 00:33:26,719
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

593
00:33:26,800 --> 00:33:29,320
Speaker 1: more than twenty seven hundred journalists and analysts more than

594
00:33:29,320 --> 00:33:33,440
Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg, Karen Ry. Michael,

595
00:33:33,480 --> 00:33:36,080
Speaker 1: thank you, but It's five eight on Wall Street time

596
00:33:36,160 --> 00:33:39,520
Speaker 1: for our daily Bloomberg Law Brief, exploring legal issues in

597
00:33:39,600 --> 00:33:42,720
Speaker 1: the news, and today we're looking at yesterday's big Supreme

598
00:33:42,840 --> 00:33:46,280
Speaker 1: Court decision. As you've been reporting, a divided court struck

599
00:33:46,360 --> 00:33:48,760
Speaker 1: down in New York law that limited who could carry

600
00:33:48,800 --> 00:33:52,040
Speaker 1: a handgun in public, issuing a landmark ruling that could

601
00:33:52,080 --> 00:33:54,840
Speaker 1: mean more guns on the streets of big cities. The

602
00:33:54,920 --> 00:33:57,400
Speaker 1: six three decision marks the first time the Court has

603
00:33:57,440 --> 00:34:00,280
Speaker 1: said the Second Amendment protects gun rights out I the

604
00:34:00,360 --> 00:34:03,480
Speaker 1: home for more in the decision, Bloomberg student Grosso speaks

605
00:34:03,480 --> 00:34:05,840
Speaker 1: to Adam Winkler, a professor at u c l A

606
00:34:05,920 --> 00:34:10,200
Speaker 1: Law School. We anticipated this after the oral arguments, But

607
00:34:10,719 --> 00:34:14,640
Speaker 1: what's your reaction. Well, I think the Court's ruling is

608
00:34:15,280 --> 00:34:19,440
Speaker 1: even broader than many people expected. That the Court not

609
00:34:19,800 --> 00:34:24,160
Speaker 1: only strikes down New York's may issue permiting, but articulates

610
00:34:24,239 --> 00:34:28,839
Speaker 1: a new test for all Second Amendment challenges that will

611
00:34:29,200 --> 00:34:32,440
Speaker 1: be used to calling the question a wide variety of

612
00:34:32,520 --> 00:34:36,279
Speaker 1: gun laws, including some key provisions of the Senate gun bill.

613
00:34:36,719 --> 00:34:40,600
Speaker 1: Justice Thomas, who wrote the majority opinion, said, quote, only

614
00:34:40,719 --> 00:34:45,160
Speaker 1: if a firearm regulation is consistent with this nation's historical tradition,

615
00:34:45,560 --> 00:34:49,320
Speaker 1: may a court conclude that the individual's conduct falls outside

616
00:34:49,400 --> 00:34:54,240
Speaker 1: the Second Amendments unqualified command? So what's the framework for judges?

617
00:34:54,440 --> 00:34:56,719
Speaker 1: What did the founders think? No? I think what the

618
00:34:56,800 --> 00:35:01,520
Speaker 1: courts suggest is that future courts must look to historical

619
00:35:01,640 --> 00:35:06,040
Speaker 1: patterns of gun regulation, and only those gun regulations that

620
00:35:06,640 --> 00:35:10,240
Speaker 1: have historical anti sass in the seventeen and eighteen hundreds

621
00:35:10,760 --> 00:35:14,760
Speaker 1: are constitutionally permissible. This really calls into question a wide

622
00:35:14,840 --> 00:35:17,960
Speaker 1: variety of gun laws. For instance, red flag laws have

623
00:35:18,200 --> 00:35:22,719
Speaker 1: no precedence in the seventeen and eighteen hundreds. Also restrictions

624
00:35:22,840 --> 00:35:28,360
Speaker 1: on domestic violence misdemeanors being prohibited from possessing firearms. So

625
00:35:28,760 --> 00:35:33,120
Speaker 1: I think this opinion saddles lawmakers and prevents them from

626
00:35:33,160 --> 00:35:38,560
Speaker 1: attempting innovative novel approaches to solving the public safety problem

627
00:35:38,600 --> 00:35:41,680
Speaker 1: of gun The Governor of New York, Hathy Hokel, said

628
00:35:41,800 --> 00:35:44,280
Speaker 1: something to the effect of this law is a hundred

629
00:35:44,400 --> 00:35:47,440
Speaker 1: years old. Isn't that old enough for the Supreme Court?

630
00:35:48,160 --> 00:35:51,239
Speaker 1: And the New York law has a long history. Here, Well,

631
00:35:51,280 --> 00:35:53,440
Speaker 1: the court says we're going to look to history and tradition,

632
00:35:53,560 --> 00:35:57,040
Speaker 1: but really picks and chooses which history matters the Court

633
00:35:57,160 --> 00:36:00,920
Speaker 1: dismisses old English common law as being too old and

634
00:36:01,040 --> 00:36:03,600
Speaker 1: too ancient to tell us much about the Second Amendment.

635
00:36:03,800 --> 00:36:07,239
Speaker 1: The Court also dismisses any laws that were adopted after

636
00:36:07,360 --> 00:36:11,040
Speaker 1: the late eighteen hundreds, saying that those laws are too

637
00:36:11,200 --> 00:36:14,960
Speaker 1: young and can't reflect the original understanding of the Second Amendment.

638
00:36:15,120 --> 00:36:19,280
Speaker 1: And when the Court finds laws in the special period

639
00:36:19,360 --> 00:36:22,720
Speaker 1: of the seventeen and eighteen hundreds that restricted confused carry,

640
00:36:23,040 --> 00:36:25,920
Speaker 1: the Court says that those laws were just outliers and

641
00:36:26,040 --> 00:36:30,120
Speaker 1: shouldn't be taken to be the general attitude about guns

642
00:36:30,200 --> 00:36:34,360
Speaker 1: and gun regulation. Indeed, the Court says that shall issue

643
00:36:34,440 --> 00:36:38,239
Speaker 1: permitting regimes are constitutionally permissible, but we didn't have shall

644
00:36:38,320 --> 00:36:41,920
Speaker 1: issue permitting regimes at all in the seventeen and eighteen hundreds.

645
00:36:42,280 --> 00:36:44,840
Speaker 1: So the Court says, let's do history and tradition, but

646
00:36:45,080 --> 00:36:48,120
Speaker 1: really picks and chooses the history that it wants and

647
00:36:48,440 --> 00:36:52,800
Speaker 1: rejects the history that is inconvenience. And that's Adam Winkler,

648
00:36:52,960 --> 00:36:55,120
Speaker 1: professor at u c l A Law School, speaking at

649
00:36:55,120 --> 00:36:58,000
Speaker 1: the Bloombery Student Grosso. Catch more of that interview, plus

650
00:36:58,040 --> 00:37:00,719
Speaker 1: analysis of the latest legal news by listening to the

651
00:37:00,719 --> 00:37:03,759
Speaker 1: Bloomberg Law Show attend PM Eastern time or subscribing to

652
00:37:03,800 --> 00:37:07,160
Speaker 1: the Bloomberg's Law podcast, and attorneys can find exceptional legal

653
00:37:07,239 --> 00:37:10,920
Speaker 1: research and business development tools at Bloomberg's Law dot com. Nathan,

654
00:37:11,160 --> 00:37:13,400
Speaker 1: all right, Karen, thank you. It is now five fifty

655
00:37:13,520 --> 00:37:16,320
Speaker 1: two on Wall Street. We're live from the Bloomberg Interactive

656
00:37:16,360 --> 00:37:20,239
Speaker 1: Broker Studios. This is Bloomberg Daybreak. Let's turn down to

657
00:37:20,320 --> 00:37:23,960
Speaker 1: what's happening in this market. With futures poised for the

658
00:37:24,320 --> 00:37:28,200
Speaker 1: first weekly gain for stocks in about a month, Let's

659
00:37:28,239 --> 00:37:31,200
Speaker 1: bring in Jonathan Golub, now CEF US equity strategists at

660
00:37:31,280 --> 00:37:35,560
Speaker 1: Credit Suite Securities. Jonathan, good morning. Is this what capitulation

661
00:37:35,680 --> 00:37:39,800
Speaker 1: looks like? Oh, you know, I don't know if I

662
00:37:39,840 --> 00:37:43,760
Speaker 1: would call it capitulation, but um, you know you're seeing

663
00:37:44,080 --> 00:37:47,360
Speaker 1: the you know, the earnings are are picking, you know,

664
00:37:47,640 --> 00:37:52,080
Speaker 1: continued to do well. Expectations are rising even though the

665
00:37:52,200 --> 00:37:56,360
Speaker 1: market is falling. The market has gotten a whole lot cheaper.

666
00:37:56,840 --> 00:38:00,680
Speaker 1: And you're also seeing um interest rates have been coming down,

667
00:38:01,080 --> 00:38:04,960
Speaker 1: which means the cost of capital for stocks um is

668
00:38:05,560 --> 00:38:08,720
Speaker 1: is becoming more moderate. So um, that's that's a positive,

669
00:38:08,719 --> 00:38:11,160
Speaker 1: and it's something it's a story that probably isn't getting

670
00:38:11,239 --> 00:38:15,320
Speaker 1: enough attention. Do you expect her interest rates to continue

671
00:38:15,400 --> 00:38:18,719
Speaker 1: coming down when we do have central banks focused on

672
00:38:19,239 --> 00:38:25,320
Speaker 1: raising their prime rates and bringing down inflation. You know,

673
00:38:25,560 --> 00:38:29,160
Speaker 1: it's it's an interesting thing about markets that they tend

674
00:38:29,239 --> 00:38:32,640
Speaker 1: to our economics. It tends to be self correcting. So

675
00:38:33,200 --> 00:38:38,200
Speaker 1: the FED um titans financial conditions. You're starting to see

676
00:38:38,920 --> 00:38:43,520
Speaker 1: um some some weakness and things like housing, and what happens.

677
00:38:44,160 --> 00:38:48,719
Speaker 1: It pushes interest rates down on um in general, the

678
00:38:48,840 --> 00:38:51,719
Speaker 1: tenure bodyles come down, comes down a little bit, and

679
00:38:51,880 --> 00:38:53,880
Speaker 1: and and and it gives the market a little bit

680
00:38:54,400 --> 00:38:58,719
Speaker 1: of a lift. So um, this is not unusual that

681
00:38:58,880 --> 00:39:02,160
Speaker 1: you would see that as the FED continues to push

682
00:39:02,280 --> 00:39:05,920
Speaker 1: rates higher that that it does reach some natural um

683
00:39:06,239 --> 00:39:09,080
Speaker 1: limit and you start to see easing elsewhere is a

684
00:39:09,400 --> 00:39:12,040
Speaker 1: bond market getting this right? Though? Should the markets be

685
00:39:12,440 --> 00:39:18,719
Speaker 1: anticipating uh, further aggressive rate moves by this Fed? Well,

686
00:39:18,800 --> 00:39:20,560
Speaker 1: the Fed is surely telling you that they're going to

687
00:39:20,600 --> 00:39:24,640
Speaker 1: be super aggressive and addressing inflation. And what the market

688
00:39:24,800 --> 00:39:29,239
Speaker 1: is telling you is if the economy starts to respond

689
00:39:29,360 --> 00:39:32,759
Speaker 1: to the FED, that the FED is likely to back off.

690
00:39:33,320 --> 00:39:36,719
Speaker 1: And whether that's true or not, we will see. But

691
00:39:37,040 --> 00:39:40,440
Speaker 1: the question that everybody all the really smart money is

692
00:39:40,480 --> 00:39:43,600
Speaker 1: now asking the question is if the economy starts taking

693
00:39:43,680 --> 00:39:46,400
Speaker 1: on a little bit of um, you know, if the

694
00:39:46,600 --> 00:39:48,320
Speaker 1: you know, the economic boat, if you will take a

695
00:39:48,360 --> 00:39:50,560
Speaker 1: little bit of water, if things are slowing down a

696
00:39:50,640 --> 00:39:53,760
Speaker 1: little bit, does a fed keep you know, full steam

697
00:39:53,760 --> 00:39:57,759
Speaker 1: ahead and you know and and pushing down on inflation,

698
00:39:58,160 --> 00:40:00,239
Speaker 1: or do they begin to ease up a little bit

699
00:40:00,800 --> 00:40:05,560
Speaker 1: trying to create that soft landing and UM and and

700
00:40:05,680 --> 00:40:08,640
Speaker 1: ultimately UM that gives the market a little bit of

701
00:40:08,640 --> 00:40:11,560
Speaker 1: about We're coming into this trading day with the S

702
00:40:11,640 --> 00:40:14,080
Speaker 1: and P five hundred just shy of a thirty eight

703
00:40:14,200 --> 00:40:17,880
Speaker 1: hundred handle? Are you changing where you see the benchmark

704
00:40:18,160 --> 00:40:21,560
Speaker 1: ending this year? Now? We're pretty optimistic on how the

705
00:40:21,920 --> 00:40:25,880
Speaker 1: benchmark ms year. UM. You know, the big story, as

706
00:40:25,880 --> 00:40:29,560
Speaker 1: I mentioned before, first of all, the absolute big story

707
00:40:29,640 --> 00:40:32,920
Speaker 1: is that while we clearly believe that there is a

708
00:40:33,120 --> 00:40:36,720
Speaker 1: recession on the horizon, there's always a recession on the horizon,

709
00:40:37,080 --> 00:40:39,040
Speaker 1: we don't think that it plays out in the next

710
00:40:39,080 --> 00:40:42,680
Speaker 1: six to twelve months, and as a result, we think

711
00:40:42,760 --> 00:40:46,920
Speaker 1: that the earnings come in UM pretty strongly. We're seeing

712
00:40:47,000 --> 00:40:50,759
Speaker 1: that all year long, from from January one today, the

713
00:40:50,880 --> 00:40:54,799
Speaker 1: earnings outlook is increased by seven to eight percent. That's

714
00:40:54,800 --> 00:40:57,600
Speaker 1: a that's a really healthy number. And yet multiples have

715
00:40:57,719 --> 00:41:01,800
Speaker 1: come down by thirty because of inflation and the fits

716
00:41:01,840 --> 00:41:05,279
Speaker 1: fighting of that inflation. UM. And so we do think

717
00:41:05,320 --> 00:41:08,440
Speaker 1: that we get a very healthy balance between now and

718
00:41:08,480 --> 00:41:10,840
Speaker 1: the end of the year. Those learning expectations for you

719
00:41:10,920 --> 00:41:16,000
Speaker 1: across the border. Certain sectors likelier to outperform than others. Well, yeah,

720
00:41:16,000 --> 00:41:19,200
Speaker 1: I mean they're they're clearly you're seeing more of that

721
00:41:19,440 --> 00:41:22,479
Speaker 1: in the energy sector than you would normally expect because

722
00:41:22,520 --> 00:41:25,560
Speaker 1: oil prices are higher, and materials in general. I would

723
00:41:25,560 --> 00:41:29,440
Speaker 1: say that's a similar theme. UM. Big tech, of the

724
00:41:29,560 --> 00:41:33,840
Speaker 1: big five tech companies in general have been pretty disappointing,

725
00:41:34,440 --> 00:41:38,480
Speaker 1: and the financials have some funky accounting going on which

726
00:41:38,560 --> 00:41:41,359
Speaker 1: is hurting their earnings, even though their business models are

727
00:41:41,400 --> 00:41:44,759
Speaker 1: doing okay. And that has to do with the way

728
00:41:44,840 --> 00:41:49,760
Speaker 1: that they account for potential future losses and the reversal

729
00:41:49,840 --> 00:41:53,080
Speaker 1: of those last year. But UM, I would say is

730
00:41:53,200 --> 00:41:57,319
Speaker 1: those more cyclical areas and energy and materials have been

731
00:41:57,400 --> 00:42:00,520
Speaker 1: the darlings on this UM. And it's an interesting when

732
00:42:00,640 --> 00:42:05,200
Speaker 1: many of these defensive stocks like in utilities and staples

733
00:42:05,600 --> 00:42:10,120
Speaker 1: that have done really well have become very very expensive,

734
00:42:10,320 --> 00:42:14,040
Speaker 1: and their outlook for earnings is extremely modest, both for

735
00:42:15,600 --> 00:42:19,200
Speaker 1: two and twenty three, and so if they're getting bit

736
00:42:19,360 --> 00:42:22,400
Speaker 1: up and their outlook for earnings this week, um, we

737
00:42:22,520 --> 00:42:25,640
Speaker 1: think that those are less attractive right now. Thanks for this, Jonathan,

738
00:42:25,680 --> 00:42:28,200
Speaker 1: great having gone with us this morning. Jonathan Gollub, chief

739
00:42:28,280 --> 00:42:32,359
Speaker 1: US equity strategists at Credit Suite Securities. Right now, SMP

740
00:42:32,480 --> 00:42:36,280
Speaker 1: futures are up twenty eight points, Staff futures up, NASTAC

741
00:42:36,400 --> 00:42:39,600
Speaker 1: futures higher by a hundred eleven points. The tenure Treasury

742
00:42:39,760 --> 00:42:43,000
Speaker 1: is up one thirty second. The yield three point zero

743
00:42:43,200 --> 00:42:48,000
Speaker 1: eight percent. Bloomberg day break continues. This is Bloomberg