Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Friday, June two. Coming up this hour,
Speaker 1: the Senate passes a bipartisan guns safety bill, Boris Johnson
Speaker 1: suffers a big defeat. In the UK, stocks are on
Speaker 1: track for their first weekly gain in a month, and
Speaker 1: banks ace the Fed stress tests. New York lawmakers react
Speaker 1: to the Supreme Court's decision on guns. Plus a Long
Speaker 1: Island Library admits it made a mistake in banning LGBTQ content.
Speaker 1: On Michael barn More Ahead, I'm John, Dave Sharon, Sports
Speaker 1: high Drama and the Bronx and ninth Inning Yankee Rally,
Speaker 1: the Stun the Astros. They held the NBA Draft in Brooklyn.
Speaker 1: That's all's training. Head on Bloomberg Daybreak on Bloomberg Elving,
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Sirius x M one nineteen and around the world. Old
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: And Good Morning, I'm Nathan Hager and I'm Karen Moscow
Speaker 1: and us Dock index futures are higher this morning. We're
Speaker 1: coming up to five o one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg right now, S and P futures up
Speaker 1: twenty five points, Down futures have one hundred seventy and
Speaker 1: NASDACK futures up one hundred. The decks in Germany's up
Speaker 1: six tenths percent. Ten year treasury is little change. They
Speaker 1: yield is at three point eight percent, and they yield
Speaker 1: on the two year at three point one percent. Nathan,
Speaker 1: all right, Karen, we'll have more on the markets in
Speaker 1: just a minute, but first, the Senate has passed bipartisan
Speaker 1: gun safety legislation by a wide margin. We get the
Speaker 1: latest from Amy Morris in our Bloomberg newsroom in Washington.
Speaker 1: It is being hailed as the biggest breakthrough on gun
Speaker 1: safety in thirty years. The bill will improve background checks,
Speaker 1: secure schools, and gives more funds to states to tamp
Speaker 1: down gun violence. Republican John In of Texas was one
Speaker 1: of the negotiators. Will it save lives? Will it save lives?
Speaker 1: And I believe the answer to that is yes, and
Speaker 1: that makes this worth doing. The House is expected to
Speaker 1: pass the bill and send it to President Biden's desk
Speaker 1: for his signature before leaving for a two week recess
Speaker 1: in Washington. I'm anymore as Bloomberg Daybreak, all right, Amy,
Speaker 1: thank you a boy. The sentence action on gun safety
Speaker 1: comes after an altogether different move at the Supreme Court.
Speaker 1: The Justice is struck down a New York law that
Speaker 1: prevents most people from carrying guns in public. Republican Senator
Speaker 1: Rob Portman of Ohio says it's the right call, and
Speaker 1: I think the President's uh concerned that this is dangerous
Speaker 1: a reclusit just in real life, in real states where
Speaker 1: this has been around for an awfully long time, you know,
Speaker 1: none of those concerns have occurred. But Democratic Senator John
Speaker 1: Alistaff of Georgia says this could set a dangerous president. Well.
Speaker 1: One of the things that I hear consistently across the
Speaker 1: state of Georgia is strong support from law enforcement for
Speaker 1: common sense gun safety measures. Senators as often. Poorman spoke
Speaker 1: with our Washington correspondent Joe Matthew on Bloombergy Sound on
Speaker 1: Catch the show weekdays at five pm Eastern on Bloomberg Radio. Meantime, Karen,
Speaker 1: confidence in the Supreme Court has reached a new low yet.
Speaker 1: More on that, Live from Bloomberg's Ranita Young. Good morning, Ranita,
Speaker 1: Good morning Nathan. A gallop Pole measuring faith in institutions
Speaker 1: over fifty years shows many societal pillars are having a
Speaker 1: bad year, but the eleven point dropped for the nation's
Speaker 1: highest court is about double the decline experienced by other institutions.
Speaker 1: In the survey, confidence in the Supreme Court this year
Speaker 1: has slid among Democrats from thirty percent to percent, and
Speaker 1: from forty percent to twenty five percent among Independence For Republicans, however,
Speaker 1: the gallop Pole says confidence has risen from thirty seven
Speaker 1: to thirty nine percent. Now. The poll was completed a
Speaker 1: few days before the High Court's decision yesterday striking down
Speaker 1: the New York gun law. Live in New York. I'm
Speaker 1: re need a Young Bloomberg daybreak. All right, we need
Speaker 1: to thank you. Another major story where following this morning
Speaker 1: focuses on the insurrection at the Capitol. The January six
Speaker 1: Committees fifth session centered on pressure former President Trump put
Speaker 1: in the Department of Justice to help overturn the election,
Speaker 1: and Bloomberg said, Bachelor has that story. It focused on
Speaker 1: the attempt to force the d o J to throw
Speaker 1: out the slate of electors in Georgia, to meetings that
Speaker 1: threatened Assistant Attorney's General, including Richard Donohue, saying that they
Speaker 1: would lose their jobs. He said, people tell me I
Speaker 1: should just get rid of both of you. I should
Speaker 1: just remove you and UM make a change in the
Speaker 1: leadership with Jeff Clark in maybe something will finally get done.
Speaker 1: Chair Bennie Thompson the workings of what was essentially a
Speaker 1: political coup. Thompson says the next session will focus on
Speaker 1: how Donald Trump summoned the mob to Washington and that
Speaker 1: violence became his last option in San Francisco. I'm at
Speaker 1: Baxter Bloomberg Daybreak, alright ed, thanks. Also major political moves
Speaker 1: in Europe this morning. A big election defeat for Boris Johnson.
Speaker 1: Let's go live to London get the latest with Bloomberg's
Speaker 1: un parts, Good morning you and good morning Nathan Karen.
Speaker 1: A double election defeat for the UK Prime Minister Boris
Speaker 1: Johnson's conserved the party, losing two special elections, including one
Speaker 1: in a district where last time he secured six of
Speaker 1: all votes. Johnson says he will listen to voters after
Speaker 1: the defeat, but in a resignation letter this morning, the
Speaker 1: Conservative Party chairman said we cannot carry on with business
Speaker 1: as usual in London. I'm you and pots Pin Bag daybreak,
Speaker 1: are you and thank you well. We also have some
Speaker 1: news on trade this morning. Bloomberg News has learned that
Speaker 1: the US is set to escalate a claim that Mexico
Speaker 1: violated a free trade agreement. That his feude has to
Speaker 1: do with Mexican policies that favor state run energy companies.
Speaker 1: He dragged out conflict could lead the US to impost
Speaker 1: tariffs on Mexico. Turning to markets now, Karen, the bounce
Speaker 1: back on Wall Street continues. Futures are higher, building on
Speaker 1: three straight days of gains for the SMP five hundred.
Speaker 1: The index has risen more than three percent during this
Speaker 1: holiday short and trading week. Rebecca Corban, CEO of Corban Advisor,
Speaker 1: says investors just want certainty, even in a challenging economic backdrop.
Speaker 1: If they have certainty with regard to what to expect,
Speaker 1: the equity markets will decouple from the economic performance. Rebecca
Speaker 1: Corbin of Corbin Advisor's notes the SMP five d is
Speaker 1: on track for its first weekly gain in a month.
Speaker 1: Well Shares the financial companies are higher in early trading.
Speaker 1: Nathan after Banks as the latest round of stress tests
Speaker 1: from the FED, and we get this story from Bloomberg's
Speaker 1: Doug Krisner. The FED determined banks had sufficient capital to
Speaker 1: withstand a severe recession think of it as a worst
Speaker 1: case searching unemployment, collapsing real estate prices, and to wipeout
Speaker 1: inequities now. The test also looked at whether trading operations
Speaker 1: at firms like JP Morgan, Chase, Morgan Stanley, and Goldman
Speaker 1: Sachs could hold up against a hypothetical market shock. In all,
Speaker 1: the tests assumed combined losses of six hundred twelve billion dollars,
Speaker 1: so with passing marks, banks are now free to return
Speaker 1: eighty billion dollars of their shareholders. In New York I'm
Speaker 1: dead prisoner, Bloomberg daybreak all right, Doug, thank you, And
Speaker 1: shares of FedEx are also higher this morning. The delivery
Speaker 1: service company forecast annual earnings above estimates. Higher package prices
Speaker 1: are helping offset some operating snags tied to the labor shortage.
Speaker 1: Straight ahead your latest local headlines in the check of sports,
Speaker 1: This is Bloomberg's five oh seven on Wall Street, worth
Speaker 1: sixty three degrees in Central Park if usable. Long Island
Speaker 1: Railroad heads up service is suspended between Greenport and ron Coacoma.
Speaker 1: More coming up in traffic. First Michael Barr with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. New York lawmakers are
Speaker 1: reacting to the Supreme Court's ruling striking down the state
Speaker 1: century old law limiting the right to carry a concealed
Speaker 1: handgun in public. Governor Kathy Oakle says the decision isn't
Speaker 1: just reckless, it's reprehensible. Heaven help us, uh if that's
Speaker 1: what they're going to continue doing with with laws and
Speaker 1: having us go back to that time in history, unrelated
Speaker 1: to the current circumstances where we have a gun violence
Speaker 1: crisis on our hands. New York Mayor Eric Adams echoed
Speaker 1: Governor Hockle's remarks. He cannot allow New York to become
Speaker 1: the Wow Wow West. That is unacceptable. Mayor Adams says
Speaker 1: the decision ignores the shocking crisis of gun violence every
Speaker 1: day in gulfing not only New York, but our entire country.
Speaker 1: Former New York com Mayor Build A. Blasio. Our law
Speaker 1: enforcement officials for decades have believed this kind of approach,
Speaker 1: These strong gun safety laws a particularly important place like
Speaker 1: New York, and the Supreme Court just really spitting the
Speaker 1: face of law enforcements. Former Mayor de Blasio spoke on
Speaker 1: Bloomberg sound On. Meanwhile, State Republican Committee Chairman Nick Langworthy
Speaker 1: says Democrats are trying to create fear and division over
Speaker 1: what he characterizes as legal gun owners rights to protect
Speaker 1: themselves and their families. The New York City Council will
Speaker 1: hold a hearing at noon today on school budget cuts.
Speaker 1: Mayor Adams gave assurances that the reduction would coincide with
Speaker 1: falling enrollment rates. However, the Council wants to look at
Speaker 1: the Department of Educations changes to the formula used to
Speaker 1: calculate how much money is allotted to each school. A
Speaker 1: Long Island Board of trustees admits it was a wrong
Speaker 1: decision to band LGBTQ content from the children's section of
Speaker 1: a library, including books and displays. The Smithtown Library Board
Speaker 1: of Trustees apologized and voted last night for two to
Speaker 1: reverse a previous vote initially banning the content. The decision
Speaker 1: came after Governor Hoco called for an investigation. Walking appointments
Speaker 1: in the New York City temporary clinic giving monkeypox vaccines
Speaker 1: had to be halted. Officials say there was so much
Speaker 1: high demand at the Chelsea clinic they couldn't accommodate walkins.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than seven d journalists,
Speaker 1: and that lest more than a hundred twenty countries. I'm
Speaker 1: Michael bar This is Blue Burt Nathan. All right, Michael,
Speaker 1: thank you, almost five ten him all street. Time for
Speaker 1: the Bloomberg Sports Update with John Stshower. All right, Nathan,
Speaker 1: Yankees and Astros have developed quite the rivalry, and here
Speaker 1: they are a game. Two best teams in the American League.
Speaker 1: Water start to the four game series of the Stadium.
Speaker 1: Three run homers all over early on Alex Bregman before
Speaker 1: there was an out recorded John Carlos Stanton bottom the
Speaker 1: first Jordan Alvarez is two of the year. It remained
Speaker 1: six three Astros from the top of the third to
Speaker 1: the bottom of the ninth. Another three run homer, this
Speaker 1: one from Aaron Hicks to tie the game at six,
Speaker 1: and the Yanks were not done. Another Aaron Judge came
Speaker 1: to the plate and the three oh line heard deep
Speaker 1: the love Field pace the Trevino round third, He's coming home.
Speaker 1: Turvino scores full game over. Yankees win Yanke Yankee seven six,
Speaker 1: win their fifteen Aton row and the Bronx longest home
Speaker 1: winspicks of nineteen sixty one Judge will spend today and
Speaker 1: an arbitration hearing's determined if he makes twenty one million
Speaker 1: dollars this year or seventeen. The bigger issue, of course,
Speaker 1: with Judge is what happened after the season when he's
Speaker 1: a free agent. NBA Draft in Brooklyn the next didn't
Speaker 1: have any picks. The Knicks had the eleventh pick, traded
Speaker 1: at to Oklahoma City, one of a few trades that
Speaker 1: Nicks made. In the end, they were able to rid
Speaker 1: themselves up. Kembo Walker, whose return home to New York
Speaker 1: a year ago did not go well, traded to Detroit
Speaker 1: Pistons expected to buy Kemba out to be a free agent.
Speaker 1: Dukes Pawo Banco taken first overall by Orlando Rory McElroy
Speaker 1: shot sixty two. He's got the opening round lead in Hartford,
Speaker 1: the Colorado Avalanche up three one on Tampa Bay, and
Speaker 1: the as tonight can't ring the stanleytop John stash were
Speaker 1: Bloomberg Sports Nathan John thanks a lot. Right now. SMP
Speaker 1: futures are moving higher. They have twenty six points. DAT
Speaker 1: futures up a hundred eighty two, NASTAC futures up a
Speaker 1: hundred five points. The ten year treasury is up one
Speaker 1: thirty second yield three point zero eight percent, yield on
Speaker 1: the two year three point zero one percent. You're listening
Speaker 1: to Bloomberg Daybreak. Blooming Daybreak brought to you by the
Speaker 1: New York Community Trust. Your name will live on as
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Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, the Bloomberg Business Out and at
Speaker 1: Bloomberg Quick Tape is a Bloomberg Business Clash. And I'm
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Speaker 1: In the cloud, your data has the power to do
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Speaker 1: for accurate and actionable insights. More at Informatica dot Com.
Speaker 1: Well the technology sector leading stocks higher this morning. Bonds
Speaker 1: are holding a rally as investors evaluate economic threats and
Speaker 1: ski back expectations for inflation and interest rate hikes. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg. The futures are higher, SMP futures up twenty
Speaker 1: eight points this morning, DAL futures up a hundred ninety two,
Speaker 1: nast day futures of a hundred twelve. The decks in
Speaker 1: Germany is up six tenths of a percent. Can your
Speaker 1: treasury up one thirty second you know three point eight
Speaker 1: percent and the yield on the two year three point
Speaker 1: one percent nine Max Screwed oil is up one point
Speaker 1: four percent, up a dollar forty six and a hundred
Speaker 1: five dollars seventy three cents of barrel co Max School
Speaker 1: little changed at eighteen twenty eight sixty announced the euro
Speaker 1: one point five four two against the dollar, British found
Speaker 1: one point to two eight seven and the end is
Speaker 1: at one thirty four point eight three. And looking at
Speaker 1: Bitcoin this morning, up nine tenths of a percent at
Speaker 1: twenty thousand, nine hundred eighty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, Good morning, Good morning, Karen. Congress
Speaker 1: is on the verge of approving a thirteen billion dollar
Speaker 1: buy impartisan gun violence bill. How's approval is expected to
Speaker 1: on legislation that would be the lawmaker's most sweeping answer
Speaker 1: in decades. The Senator proved the measure yesterday, with fifteen
Speaker 1: Republicans joining Democrats in backing passage. House GOP representatives Matt Gates,
Speaker 1: Scott Perry, Andy Biggs, Louis Gohmert, and Moe Brooks all
Speaker 1: contacted White House staffords seeking partons from Donald Trump. According
Speaker 1: to video testimony played by the committee investigating the January
Speaker 1: six Ryan at the US Capitol. In baseball, the Yankees
Speaker 1: one along with the Orioles, the Giants, and A's Lost
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg Nathan, Hi, Michael, thank you.
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak. We have to
Speaker 1: pass along a brief correction here. Earlier we misidentified one
Speaker 1: of the guests who spoke with us about the Supreme
Speaker 1: Courts gun rights decision as Ohio Republican Senator Rob Portman.
Speaker 1: That guest was actually Republican Congressman Kevin Brady of Texas.
Speaker 1: We apologize from the mix up there, but let's talk
Speaker 1: more about what those lawmakers were actually talking about. Gun
Speaker 1: rights legislation, a Supreme Court ruling, and January six hearings
Speaker 1: that have unveiled more details about the pressure campaign that
Speaker 1: former President Trump put on his own government on election
Speaker 1: fraud claims. Bloomberg Government reporter Emily Wilkins is with us
Speaker 1: now from the nation's capital. So much going on in Washington,
Speaker 1: d C. Emily, including these dueling moves on gun rights
Speaker 1: we're seeing on Capitol Hill. Let's start off with what's
Speaker 1: happening with the gun rights legislation. It's moving on to
Speaker 1: the House now, right, Yes, So the Senate passed it
Speaker 1: last night. You had fifteen Republicans joined Democrats and doing
Speaker 1: so in the most significant gun restrictions that Congress has
Speaker 1: passed since the mid nineties. We are expecting that this
Speaker 1: bill is going to pass the House today, clearing it
Speaker 1: to go to President Biden's a dusk for his signature. Um. However,
Speaker 1: we don't expect to see a as strong as by
Speaker 1: partisan support leadership in Republican leadership rather in the House
Speaker 1: is pushing against this measure. That's really a break from
Speaker 1: what we saw with Senate leadership. You saw Mitch McConnell
Speaker 1: go ahead and say that this bill was common sense,
Speaker 1: uh and really get a number of as members of
Speaker 1: his party willing to support it, despite groups like the
Speaker 1: n r A being against it. Um. So there's a
Speaker 1: bit of an interesting divide there. Um. This bill, of course,
Speaker 1: doesn't go as far as Biden called for, nor does
Speaker 1: it go as far as Democrats want. Uh. It's you know,
Speaker 1: for example, it only expands criminal background checks for buyers
Speaker 1: under twenty one, and it a gift states fundy that
Speaker 1: could be used to implement red flag laws that allow
Speaker 1: judges to remove guns from potentially dangerous owners, but states
Speaker 1: are not required to use that money exactly for that purpose,
Speaker 1: which is something Republicans were pushing for earlier on UM.
Speaker 1: Another provision, it does close that boyfriend loophole, which means
Speaker 1: that a person who's convicted of domestic violence, they are
Speaker 1: now banned from buying a gun, but it's only for
Speaker 1: five years, after which they're able to purchase firearms again.
Speaker 1: So you're seeing a lot of compromise here with this
Speaker 1: measure UM and it's something that I think for Democrats part.
Speaker 1: You saw Truck Schumer saying that you know, it's well,
Speaker 1: it's not a cure all Uh. He didn't want Democrats
Speaker 1: to surrender to gridlock. He said that they had to
Speaker 1: forge a bipartisan path forward to pass the real bill.
Speaker 1: And all that said, this is the first major piece
Speaker 1: of gun rights legislation to move anywhere in Washington in
Speaker 1: about three decades. And I guess, showing sort of the
Speaker 1: political contrast, here's what we saw from the Supreme Court
Speaker 1: yesterday expanding gun rights in a way that hasn't been
Speaker 1: seen more than a decade. Yeah, the six three decision
Speaker 1: rule that Americans have a right to carry a handgun
Speaker 1: outside the home for self defense. This is really something
Speaker 1: that the Court hasn't waited on before and weighed on
Speaker 1: in this banner. It strikes down a New York law
Speaker 1: requiring a special need if you want to be carrying
Speaker 1: a weapon in public. There's similar laws in place in
Speaker 1: Baltimore and San Francisco, and it comes as all these
Speaker 1: cities are dealing with higher levels of crime. That's a
Speaker 1: big concern for a number of these mayors, and this
Speaker 1: ruling by the Supreme Court limits an option that they
Speaker 1: could use to try to make sure that there are
Speaker 1: fewer guns on the street. Of course, now the question
Speaker 1: is what restrictions can cities put in place. You saw
Speaker 1: Justice is Kavanaugh Justices Roberts suggests that it would be
Speaker 1: possible to limit who can carry a gun in public,
Speaker 1: but the same standard needs to be applied to everyone,
Speaker 1: so it can't be for people who have specific jobs.
Speaker 1: Per se. Not a mina left here. Emily Phillipson on
Speaker 1: the latest from what we heard in the January six hearings,
Speaker 1: we heard from several Justice to pull former Justice Department officials. Yeah,
Speaker 1: this last January six hearing, it was really focused on
Speaker 1: how Trump tried to pressure the Justice Department into falsely
Speaker 1: saying that the election was stolen UM, and it really
Speaker 1: kind of has those uh payings back to Watergate, when
Speaker 1: you saw Nixon put pressure on his own Justice Department. UM.
Speaker 1: And you also saw yesterday, UM a raid on for
Speaker 1: Jeffrey Clark of the Trump assistant Attorney General. UM. You
Speaker 1: saw that, uh there was a rate on his home. UH.
Speaker 1: Looking further into that, it's suggesting that not only is
Speaker 1: the January six Committee going forward in their investigation, but
Speaker 1: you're also seeing the Justice Department under Biden take a
Speaker 1: much closer look at what happened on January six. Bloomer
Speaker 1: Government reporter Emily Wilkins, thanks as always for keeping us
Speaker 1: up to speed on what's happening in the nation's capital.
Speaker 1: As we say, so much going on, lots of developments
Speaker 1: politically in Washington, d C. Looking ahead to the market
Speaker 1: open on Wall Street, more gains potentially as we get
Speaker 1: ready to round up our first winning week and just
Speaker 1: about a month here. SMP futures are up twenty eight points,
Speaker 1: Dow futures up a D nine nine, Nasdaq futures are
Speaker 1: higher by a hundred seven points. The tenure treasury little
Speaker 1: change now the three UH. The tenure yield is at
Speaker 1: three point zero eight percent and the yield on the
Speaker 1: two year right now three point zero two percent. Stay
Speaker 1: with us. You're listening to blue Burg Daybreak Bloomberg eleven
Speaker 1: three oh weather partly sunny, low eighties to wrap up
Speaker 1: the week. It'll be warmer for the weekend, highs in
Speaker 1: the upper eighties both tomorrow and Sunday. Right now sixty
Speaker 1: three in Central Park, broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg On to Boston, Bloomberg one O six one,
Speaker 1: to San Francisco, Bloomberg nine sixty to the Country Sirius
Speaker 1: XM tod A one nineteen and around the globe to
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about four hours away from the open of you West Trading.
Speaker 1: Let's get you up to date in the news you
Speaker 1: need to know at this hour. The first major piece
Speaker 1: of gun safety legislation in decades has passed the Senate
Speaker 1: by a wide margin. It now heads to the House,
Speaker 1: where Texas Republican Kevin Brady says it should get by
Speaker 1: partisan support. I think hardening the schools makes good sense.
Speaker 1: And uh, I think uh oping the penalties on those
Speaker 1: who straw purchase, who are buying specifically to give to
Speaker 1: someone you know who is analogiable normally criminals there. You know,
Speaker 1: I really think that is that is very helpful. Republican
Speaker 1: Congressman Kevin Brady spoke with Our Washington corresponded Joe Matthew
Speaker 1: on Bloomberg's Sound on Catch the Show weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio. Well, the move comes the
Speaker 1: same day that the Supreme Court struck down a New
Speaker 1: York law that required people to show a special need
Speaker 1: to carry a handgun in public. Meantime, Nathan, ahead of
Speaker 1: that controversial ruling, confidence in the Supreme Court reached a
Speaker 1: new low, and we get the latest lie from Bloomberg's
Speaker 1: Randy to Young Good Morning Randy too, Warning Karin. A
Speaker 1: gallop pole measuring faith in institutions over fifty years shows
Speaker 1: many societal pillars are having a bad year, But the
Speaker 1: eleven point dropped for the nation's highest court is about
Speaker 1: double the decline experienced by other institutions. In the survey,
Speaker 1: confidence in the Supreme Court this year has slid among
Speaker 1: Democrats from thirty percent to percent, and from forty to
Speaker 1: twenty five percent among Independence for Republicans. However, the Gallop
Speaker 1: Pole says confidence has risen from thirty seven to thirty
Speaker 1: nine percent. Live in New York, I'm rened a young
Speaker 1: Bloomberg daybreak rened to thank you. In Europe, Boris Johnson
Speaker 1: has suffered a major election upset, losing a formerly safe
Speaker 1: parliament seat in Southwest England. In a separate election, Johnson's
Speaker 1: party was beaten by Labor, raising fresh questions about the
Speaker 1: Prime Minister's popularity. On Turning to the markets, now, Nathan
Speaker 1: futures are higher, but stocks on track for their first
Speaker 1: weekly gaining a month. The S and P five hund
Speaker 1: just gained more than three percent, and a shortened holiday
Speaker 1: trading wake. Wall Street's big spanks are now set to
Speaker 1: return tens of billions of dollars to their investors, Karen.
Speaker 1: They all passed the Federal Reserves annual test of their
Speaker 1: ability to withstand market turmoil, and shares a FedEx are
Speaker 1: higher in early trading. The delivery service company forecast annual
Speaker 1: earnings bad beat analysts estimates again. Futures are higher this morning.
Speaker 1: SMP futures have twenty six points down futures have one
Speaker 1: eighty one and NASDAG futures have one one and the
Speaker 1: ten year treasury down three thirty seconds. You have three
Speaker 1: point one zero percent and straight ahead your latest local
Speaker 1: headlines plus a check of sports, and this is Bloomberg.
Speaker 1: Thank you, Kring. It's five thirty three on Wall Street,
Speaker 1: sixty three degrees in Central Parket services suspended on the
Speaker 1: Long Armands rail Roads run kong Koma branch more come
Speaker 1: up in traffic first, Michael Barr. What else is going
Speaker 1: on in New York and around the world, Thank you
Speaker 1: very much, Nathan. New York lawmakers are reacting to the
Speaker 1: Supreme Court's ruling striking down the state century old law
Speaker 1: limiting the right to carry a concealed handgun in public.
Speaker 1: Governor Kathy Oakel says the decision isn't just reckless, it's reprehensible.
Speaker 1: I have taken away our right to have reasonable restrictions.
Speaker 1: We can have restrictions on speech. You can't yell fire
Speaker 1: in a crowded theater, but somehow there's no restrictions allowed
Speaker 1: on the Second Amendment. New York Mayor Eric Adams echoed
Speaker 1: Governor Hockle's remarks. While we're still analyzing the decision, we
Speaker 1: can say with certainty this decision has made every single
Speaker 1: one of us less safe from gun violence. Mayor Adams
Speaker 1: says the decision ignores the shocking crisis of gun violence
Speaker 1: every day in golfing not only New York, but our
Speaker 1: entire country. Meanwhile, State Republican Committee Chairman Nick Langworthy says
Speaker 1: Democrats are trying to create fear and division over what
Speaker 1: he characterizes as legal gun owners rights to protect themselves
Speaker 1: and their families. It was one year ago today that
Speaker 1: of each Front condo building and Serve Side, Florida collapse
Speaker 1: kill people, including children, family and friends of the victims
Speaker 1: gathered at the collapse site for a private individual at
Speaker 1: one two am to mark the time the building collapsed.
Speaker 1: A Long Island board of trustees admits it was a
Speaker 1: wrong decision to van LGBTQ content from the children's section
Speaker 1: of a library, including books and displays. The Smithtown Library
Speaker 1: Board of Trustees apologized and voted last night for two
Speaker 1: to reverse the previous vote initially banning the content. Complaints
Speaker 1: by US airline passengers rose dramatically this spring as waves
Speaker 1: of flight delays and cancelations swept the industry. They were
Speaker 1: close to fifty consumer complaints filed with the Department of
Speaker 1: Transportation in April, fift above the prior month. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. On Wall Street.
Speaker 1: Time for the Bloomberg Sports Update. Here's John stan Shower.
Speaker 1: All right, Nathan. Making fifteen home wins in a row
Speaker 1: for the Yankees, and something they haven't done since nineteen
Speaker 1: sixty one, and the fifteenth the most dramatic of all.
Speaker 1: Yankees not only did not lead until the end, they
Speaker 1: did not have a hit from John Carlo Stanton's game
Speaker 1: time three run homer in the first inning until Aaron
Speaker 1: Hicks's game time three run homer in the bottom of
Speaker 1: the nine and made the score six six. They weren't
Speaker 1: done against Ryan Pressley of the Astros, Aaron Judge a
Speaker 1: walk off hit and the Yanks one in stunning fashion
Speaker 1: beat Houston seven six. Quite a start for the four
Speaker 1: game series between two teams who both have double digit
Speaker 1: leads in their division. Bit of a surprise start the
Speaker 1: NBA Draft at Barkney Center. Most delt Orlando would take
Speaker 1: Auburn's Jabari Smith. They instead went with Duke's Palo Boncarroll,
Speaker 1: first of four from two, taking in the first round.
Speaker 1: Oklahoma City stuff with shed Homebret in the seven quarter
Speaker 1: from Gonzaga that left Smith for Houston. All three were
Speaker 1: one in dunners in college. Nicks had the eleventh pick
Speaker 1: traded at the Oklahoma City for some future picks. It's
Speaker 1: also dealt the unhappy Kemba Walker to Detroit. Mixed drafted
Speaker 1: Dukes Trevor Keels in the second round the next host
Speaker 1: of the draft, but they didn't have any picks. Big
Speaker 1: question of the offseason, does Kyrie Irving leave Brooklyn? Reportedly
Speaker 1: if he does, the mix of one of the teams
Speaker 1: he liked to play for. And if Kyrie leaves, does
Speaker 1: that mean the departure of Kevin Durant. Rory McElroy shot
Speaker 1: sixty two of the opening round, leading Hartford arch Manning
Speaker 1: third generation of the first family of Quarterbacks, son of
Speaker 1: Cooper and nephew of Peyton Eli, grandson of Archie, and
Speaker 1: he decided to play his college football at Texas. Everyone
Speaker 1: else in the family except Peyton went to Old Miss,
Speaker 1: who painted Manning's name in the end zone at the
Speaker 1: game last season. It didn't work. John Stashward Bloomberg Sports
Speaker 1: Think Think John. It's thirty seven on Wall Street time
Speaker 1: for the Tri State Business Report with Bloomberg's cory. A
Speaker 1: plan to charge motorists entering midtown Manhattan could go into
Speaker 1: effect as soon as the end of twenty three, according
Speaker 1: to the MTA's chief executive. The MTA, which runs the
Speaker 1: city subways, buzzes and commuter rails, start building out the sensors, cameras,
Speaker 1: and other infrastructure needed to launch congestion pricing next year.
Speaker 1: New York's biggest mall has reached a deal to avoid default.
Speaker 1: Destiny USA and Syracuse sowed four hundred thirty million dollars
Speaker 1: on a couple of mortgage backed securities that missed a
Speaker 1: June's sixth repayment deadline. Mallowner Pyramid Management says it's secured
Speaker 1: a five year extension for its loans with flexibility to
Speaker 1: keep investing in the property. Mystic, Connecticut has become one
Speaker 1: of the most exciting culinary destinations on the East Coast.
Speaker 1: Chefs and restaurant operators are seeing Mystic as a more
Speaker 1: attractive vacation spot to do business than save the Hampton's
Speaker 1: on nearby Long Island. Are Bloomberg christ Nate Business Report.
Speaker 1: I'm Ed Corey, Thank you at eight on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Photos and k at X and Lass Angelists.
Speaker 1: We're talking about the job acts again, Swing again, Netflix
Speaker 1: um where He's done a hole On w h that
Speaker 1: X gives a better than expective profit outlook on higher
Speaker 1: package prices. I'm Stephen Carol on Bloomberg Dad Digital Radio
Speaker 1: in London. We're reporting on the double defeat for Boris
Speaker 1: Johnson after his party lost two elections on the Conservative Party.
Speaker 1: Charron Quick I made Corey on w w J and
Speaker 1: Detroit Time Recording regulators have cleared the way from resumer's energy.
Speaker 1: It's not burning cold by twenty twenty five. Those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. President Joe Biden and his
Speaker 1: allies in Congress are rightly concerned about surging prices, but
Speaker 1: the president's ideas for lowering inflation have been either beside
Speaker 1: the point or simply counterproductive. For example, he has again
Speaker 1: called for a brief gas tax holiday. The savings from
Speaker 1: this would be oddest and at least partly self defeating,
Speaker 1: because it would increase gas demand, serving to push prices
Speaker 1: back up. They're better ways to find inflation. For example,
Speaker 1: a moderate but broadly based effort to roll back so
Speaker 1: called national security teriffs and other trade barriers could not
Speaker 1: a percentage point off the inflation rate. Well, this wouldn't
Speaker 1: totally solve the problem of rising prices, it would at
Speaker 1: least reduce the pressure American consumers are feeling, and for
Speaker 1: Democrats nervously i'm the midterm elections, A might even payoff politically.
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board.
Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or OPI and go on
Speaker 1: the Bloomberg Terminal. These has been Bloomberg Opinion. You can
Speaker 1: hear Bloomberg opinion editorials every weekday. At this time, terminal
Speaker 1: customers can read more at op I, n GO, SMP
Speaker 1: futures right now are up twenty four point STAF futures
Speaker 1: up a hundred seventy five NASTACK futures higher by nineties
Speaker 1: six points futures pointing to war gains, setting us up
Speaker 1: potentially for the first weekly game for stocks in about
Speaker 1: a month. Right now, the tenure Treasury is down one
Speaker 1: thirty second, the yield three point zero nine percent. We
Speaker 1: talked more about this market next with Jonathan Golub, chief
Speaker 1: US equity strategist at Credit Suites. This is Bloomberg Bloomberg
Speaker 1: eleven three oh Weather turning partly Sunday today with highs
Speaker 1: in the low eighties, will be in the opper eighties
Speaker 1: tomorrow and the next day, with clouds increasing by Sunday
Speaker 1: right now sixty three in Central Park markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg Ricktape. This is
Speaker 1: a Bloomberg business lash and I'm Karen Moscow and the
Speaker 1: technology sector is leading stocks higher this morning. In bonds,
Speaker 1: there a little change invest there's evaluating economic threats and
Speaker 1: scale back expectations for inflation and interest rate hikes. Who
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg s and P future is up about twenty
Speaker 1: seven points down futures have a hundred eighty eight and
Speaker 1: now stay futures have one hundred four The dacks in
Speaker 1: Germany's ups extensive upper set. Can your treasury that'll change
Speaker 1: you'll three point eight percent and they yield on the
Speaker 1: two year three point one percent. Nine max screwed oils
Speaker 1: up one point three percent of a dollar thirty three
Speaker 1: and a hundred five dollars sixty one cents a barrel.
Speaker 1: Comic school this it'll change at one thousand, eight hundred
Speaker 1: twenty nine dollars announced. The euro one point oh five
Speaker 1: four seven against the dollar, British bound one point to
Speaker 1: three oh two and the n is at one thirty
Speaker 1: four point nine nine. And that's a Bloomberg Business Flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, thank you very much, Karen. The U. S.
Speaker 1: Senate vote at sixty five thirty three to approve bipartisan
Speaker 1: gun safety legislation that is hailed as the biggest breakthrough
Speaker 1: on the issue in three decades. The vote came the
Speaker 1: same day the Supreme Court struck down to New York
Speaker 1: that required people to show a special need to carry
Speaker 1: a handgun in public. The death sold from a devastating
Speaker 1: earthquake in Afghanistan continued to climb days after it turned
Speaker 1: brick and stone homes into rubble. State media reports the
Speaker 1: quake has killed eleven d fifty people and injured some
Speaker 1: three thousand. In baseball, the Yankees one along with the Orioles,
Speaker 1: the Giants, and A's lost Global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg, Karen Ry. Michael,
Speaker 1: thank you, but It's five eight on Wall Street time
Speaker 1: for our daily Bloomberg Law Brief, exploring legal issues in
Speaker 1: the news, and today we're looking at yesterday's big Supreme
Speaker 1: Court decision. As you've been reporting, a divided court struck
Speaker 1: down in New York law that limited who could carry
Speaker 1: a handgun in public, issuing a landmark ruling that could
Speaker 1: mean more guns on the streets of big cities. The
Speaker 1: six three decision marks the first time the Court has
Speaker 1: said the Second Amendment protects gun rights out I the
Speaker 1: home for more in the decision, Bloomberg student Grosso speaks
Speaker 1: to Adam Winkler, a professor at u c l A
Speaker 1: Law School. We anticipated this after the oral arguments, But
Speaker 1: what's your reaction. Well, I think the Court's ruling is
Speaker 1: even broader than many people expected. That the Court not
Speaker 1: only strikes down New York's may issue permiting, but articulates
Speaker 1: a new test for all Second Amendment challenges that will
Speaker 1: be used to calling the question a wide variety of
Speaker 1: gun laws, including some key provisions of the Senate gun bill.
Speaker 1: Justice Thomas, who wrote the majority opinion, said, quote, only
Speaker 1: if a firearm regulation is consistent with this nation's historical tradition,
Speaker 1: may a court conclude that the individual's conduct falls outside
Speaker 1: the Second Amendments unqualified command? So what's the framework for judges?
Speaker 1: What did the founders think? No? I think what the
Speaker 1: courts suggest is that future courts must look to historical
Speaker 1: patterns of gun regulation, and only those gun regulations that
Speaker 1: have historical anti sass in the seventeen and eighteen hundreds
Speaker 1: are constitutionally permissible. This really calls into question a wide
Speaker 1: variety of gun laws. For instance, red flag laws have
Speaker 1: no precedence in the seventeen and eighteen hundreds. Also restrictions
Speaker 1: on domestic violence misdemeanors being prohibited from possessing firearms. So
Speaker 1: I think this opinion saddles lawmakers and prevents them from
Speaker 1: attempting innovative novel approaches to solving the public safety problem
Speaker 1: of gun The Governor of New York, Hathy Hokel, said
Speaker 1: something to the effect of this law is a hundred
Speaker 1: years old. Isn't that old enough for the Supreme Court?
Speaker 1: And the New York law has a long history. Here, Well,
Speaker 1: the court says we're going to look to history and tradition,
Speaker 1: but really picks and chooses which history matters the Court
Speaker 1: dismisses old English common law as being too old and
Speaker 1: too ancient to tell us much about the Second Amendment.
Speaker 1: The Court also dismisses any laws that were adopted after
Speaker 1: the late eighteen hundreds, saying that those laws are too
Speaker 1: young and can't reflect the original understanding of the Second Amendment.
Speaker 1: And when the Court finds laws in the special period
Speaker 1: of the seventeen and eighteen hundreds that restricted confused carry,
Speaker 1: the Court says that those laws were just outliers and
Speaker 1: shouldn't be taken to be the general attitude about guns
Speaker 1: and gun regulation. Indeed, the Court says that shall issue
Speaker 1: permitting regimes are constitutionally permissible, but we didn't have shall
Speaker 1: issue permitting regimes at all in the seventeen and eighteen hundreds.
Speaker 1: So the Court says, let's do history and tradition, but
Speaker 1: really picks and chooses the history that it wants and
Speaker 1: rejects the history that is inconvenience. And that's Adam Winkler,
Speaker 1: professor at u c l A Law School, speaking at
Speaker 1: the Bloombery Student Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by listening to the
Speaker 1: Bloomberg Law Show attend PM Eastern time or subscribing to
Speaker 1: the Bloomberg's Law podcast, and attorneys can find exceptional legal
Speaker 1: research and business development tools at Bloomberg's Law dot com. Nathan,
Speaker 1: all right, Karen, thank you. It is now five fifty
Speaker 1: two on Wall Street. We're live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak. Let's turn down to
Speaker 1: what's happening in this market. With futures poised for the
Speaker 1: first weekly gain for stocks in about a month, Let's
Speaker 1: bring in Jonathan Golub, now CEF US equity strategists at
Speaker 1: Credit Suite Securities. Jonathan, good morning. Is this what capitulation
Speaker 1: looks like? Oh, you know, I don't know if I
Speaker 1: would call it capitulation, but um, you know you're seeing
Speaker 1: the you know, the earnings are are picking, you know,
Speaker 1: continued to do well. Expectations are rising even though the
Speaker 1: market is falling. The market has gotten a whole lot cheaper.
Speaker 1: And you're also seeing um interest rates have been coming down,
Speaker 1: which means the cost of capital for stocks um is
Speaker 1: is becoming more moderate. So um, that's that's a positive,
Speaker 1: and it's something it's a story that probably isn't getting
Speaker 1: enough attention. Do you expect her interest rates to continue
Speaker 1: coming down when we do have central banks focused on
Speaker 1: raising their prime rates and bringing down inflation. You know,
Speaker 1: it's it's an interesting thing about markets that they tend
Speaker 1: to our economics. It tends to be self correcting. So
Speaker 1: the FED um titans financial conditions. You're starting to see
Speaker 1: um some some weakness and things like housing, and what happens.
Speaker 1: It pushes interest rates down on um in general, the
Speaker 1: tenure bodyles come down, comes down a little bit, and
Speaker 1: and and and it gives the market a little bit
Speaker 1: of a lift. So um, this is not unusual that
Speaker 1: you would see that as the FED continues to push
Speaker 1: rates higher that that it does reach some natural um
Speaker 1: limit and you start to see easing elsewhere is a
Speaker 1: bond market getting this right? Though? Should the markets be
Speaker 1: anticipating uh, further aggressive rate moves by this Fed? Well,
Speaker 1: the Fed is surely telling you that they're going to
Speaker 1: be super aggressive and addressing inflation. And what the market
Speaker 1: is telling you is if the economy starts to respond
Speaker 1: to the FED, that the FED is likely to back off.
Speaker 1: And whether that's true or not, we will see. But
Speaker 1: the question that everybody all the really smart money is
Speaker 1: now asking the question is if the economy starts taking
Speaker 1: on a little bit of um, you know, if the
Speaker 1: you know, the economic boat, if you will take a
Speaker 1: little bit of water, if things are slowing down a
Speaker 1: little bit, does a fed keep you know, full steam
Speaker 1: ahead and you know and and pushing down on inflation,
Speaker 1: or do they begin to ease up a little bit
Speaker 1: trying to create that soft landing and UM and and
Speaker 1: ultimately UM that gives the market a little bit of
Speaker 1: about We're coming into this trading day with the S
Speaker 1: and P five hundred just shy of a thirty eight
Speaker 1: hundred handle? Are you changing where you see the benchmark
Speaker 1: ending this year? Now? We're pretty optimistic on how the
Speaker 1: benchmark ms year. UM. You know, the big story, as
Speaker 1: I mentioned before, first of all, the absolute big story
Speaker 1: is that while we clearly believe that there is a
Speaker 1: recession on the horizon, there's always a recession on the horizon,
Speaker 1: we don't think that it plays out in the next
Speaker 1: six to twelve months, and as a result, we think
Speaker 1: that the earnings come in UM pretty strongly. We're seeing
Speaker 1: that all year long, from from January one today, the
Speaker 1: earnings outlook is increased by seven to eight percent. That's
Speaker 1: a that's a really healthy number. And yet multiples have
Speaker 1: come down by thirty because of inflation and the fits
Speaker 1: fighting of that inflation. UM. And so we do think
Speaker 1: that we get a very healthy balance between now and
Speaker 1: the end of the year. Those learning expectations for you
Speaker 1: across the border. Certain sectors likelier to outperform than others. Well, yeah,
Speaker 1: I mean they're they're clearly you're seeing more of that
Speaker 1: in the energy sector than you would normally expect because
Speaker 1: oil prices are higher, and materials in general. I would
Speaker 1: say that's a similar theme. UM. Big tech, of the
Speaker 1: big five tech companies in general have been pretty disappointing,
Speaker 1: and the financials have some funky accounting going on which
Speaker 1: is hurting their earnings, even though their business models are
Speaker 1: doing okay. And that has to do with the way
Speaker 1: that they account for potential future losses and the reversal
Speaker 1: of those last year. But UM, I would say is
Speaker 1: those more cyclical areas and energy and materials have been
Speaker 1: the darlings on this UM. And it's an interesting when
Speaker 1: many of these defensive stocks like in utilities and staples
Speaker 1: that have done really well have become very very expensive,
Speaker 1: and their outlook for earnings is extremely modest, both for
Speaker 1: two and twenty three, and so if they're getting bit
Speaker 1: up and their outlook for earnings this week, um, we
Speaker 1: think that those are less attractive right now. Thanks for this, Jonathan,
Speaker 1: great having gone with us this morning. Jonathan Gollub, chief
Speaker 1: US equity strategists at Credit Suite Securities. Right now, SMP
Speaker 1: futures are up twenty eight points, Staff futures up, NASTAC
Speaker 1: futures higher by a hundred eleven points. The tenure Treasury
Speaker 1: is up one thirty second. The yield three point zero
Speaker 1: eight percent. Bloomberg day break continues. This is Bloomberg