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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 3: Karen, it could be a volatle day on Wall Street.

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Speaker 3: As we close out this holiday disrupted trading week, investors

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Speaker 3: are bracing for the quarterly event known as triple witching,

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Speaker 3: in which derivatives contracts tied to equities, index options and

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Speaker 3: futures mature. About five and a half trillion dollars in

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Speaker 3: options are set to expire. As for yesterday, the AI

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Speaker 3: rally lost steam as the tech heavy NASDAC dropped eight

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Speaker 3: tenths of one percent. New Edge twelfth Chief investment Officer

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Speaker 3: Cameron Dawson says tech stocks are at a lofty level.

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Speaker 4: I note with the tech sector though, we are now

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Speaker 4: as overbought as we have been at any point in

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Speaker 4: recent years. We're trading twenty seven percent above our two

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Speaker 4: hundred day moving average. The only time we've seen the

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Speaker 4: index trade much above that level was during the final

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Speaker 4: blowoff top phases of the tech bubble in the late nineties.

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Speaker 4: So something to watch because we are extraordinarily overbought.

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Speaker 3: New Edges. Cameron Dawson says while tech stocks may be overbought,

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Speaker 3: they are the one group that has strong earnings momentum.

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Speaker 1: Well Nathan. Leading the losses yesterday was Ai Darling. Nvidia

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Speaker 1: shares drop three and a half percent. They're down another

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Speaker 1: two and a third percent.

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Speaker 5: This morning.

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Speaker 1: CEO Jensen Wong unloaded some of his stake in the

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Speaker 1: world's second most valuable company. He sold almost thirty two

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Speaker 1: million dollars of shares and one other note. Paul Wick

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Speaker 1: of Seligman Investment says he's been trimming his holdings of

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Speaker 1: Nvidia in recent weeks after questioning the company's earnings growth prospects.

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Speaker 6: Well.

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Speaker 3: Another stock on the move this morning, karen is Serrepta.

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Speaker 3: Those shares are surging nearly thirty five percent. The drug

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Speaker 3: company's controversial gene therapy has received expanded FDA approval. More

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Speaker 3: from Bloomberg's Doug Krisner.

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Speaker 7: The treatment is a Levitus's in cases of Duschen muscular dystrophe.

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Speaker 7: Last year, the FDA initially cleared it for use in

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Speaker 7: four and five year olds only. Now, the expanded approval

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Speaker 7: means patients four years and above can receive the therapy.

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Speaker 7: Initial approval of Elevetus came through an accelerated pathway. It's

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Speaker 7: a shortcut, but it's often based on preliminary data, so

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Speaker 7: a confirmation trial is required. If it doesn't show a benefit,

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Speaker 7: the FDA can pull the treatment from the market. In

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Speaker 7: New York, I'm Doug Prisner, Bloomberg Radio.

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Speaker 1: All right, Doug, thank you well. Turning to the economy. Now,

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Speaker 1: add this to bets on the Fed's rate cut plans.

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Speaker 1: Minneapolis Fed President neilcash Curry says, inflation is on the

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Speaker 1: way back down to two percent, but getting there we'll

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Speaker 1: take a while.

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Speaker 8: It'll probably take a year or two to get all

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Speaker 8: the way back down to our two percent target. The

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Speaker 8: good news in all of this is that the labor

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Speaker 8: market has remained remarkably strong.

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Speaker 1: Manlee, Minneapolis Fed chief neilkash Curry says wage growth is

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Speaker 1: still good for workers, but maybe too good to bring

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Speaker 1: inflation down to that target. He spoke at the Michigan

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Speaker 1: Bankers Association Annual Conference.

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Speaker 3: Well, Karen Letstern. Now to the race for the White House,

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Speaker 3: specifically the fundraising race. The latest figures are in and

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Speaker 3: the gap may be narrowing in the Biden Trump rematch.

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Speaker 3: Bloomberg Steve Potis cast the story from Washington.

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Speaker 9: For the second month in a row, Former President Trump

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Speaker 9: and the Republican National Committee out raised President Biden and

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Speaker 9: the Democrats. The former president took in one hundred forty

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Speaker 9: one million dollars in May, compared to Biden's eighty five million.

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Speaker 9: Trump's fundraising has taken off since his conviction on thirty

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Speaker 9: four felony counts.

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Speaker 10: In New York.

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Speaker 9: Investor Timothy Mellon gave fifty million dollars to his Make

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Speaker 9: America Great Again pack the day he was found guilty.

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Speaker 9: President Biden still has a record amount of cash on

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Speaker 9: hand for a Democrat at this point in the cycle.

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Speaker 9: He entered May with two hundred twelve million dollars in

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Speaker 9: the bank. Trump and the RNC report one hundred seventy

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Speaker 9: one million dollars in their war chest in Washington. Steve

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Speaker 9: Potis Bloomberg Radio Right.

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Speaker 1: Steve, Thanks, We'll staying in Washington. We are waiting to

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Speaker 1: hear from the Supreme Court later this morning as the

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Speaker 1: Justice is prepared to hand down more major decisions. Bloomberg's

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Speaker 1: Amy Morris has a preview.

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Speaker 11: The Justice is handed down four decisions yesterday, leaving nineteen

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Speaker 11: more rulings to issue before the court is expected to

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Speaker 11: recess at the end of the month. Now, among them

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Speaker 11: a ruling on former President Trump's claim that he is

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Speaker 11: immune from prosecution for alleged crimes committed while in office,

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Speaker 11: and the court is expected to rule on weather States

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Speaker 11: that prohibit social media companies from removing posts based on

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Speaker 11: a political view violate free speech. But there is a

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Speaker 11: lot to do before the court is in recess, so

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Speaker 11: after today, the Court has now added this coming Wednesday

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Speaker 11: to hand down more decisions. In Washington, Amy Morris Bloomberg Radio.

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Speaker 3: Okay, Amy, thank you Bye. Dan says TikTok has gone

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Speaker 3: to courts challenge the US Force divestiture legislation. More on

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Speaker 3: that from Bloomberg's at Maxter.

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Speaker 12: In the filing, the company says it has a negotiated

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Speaker 12: ninety page national security agreement with the US government to

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Speaker 12: offer multi layered safeguards and enforcement mechanisms, but says Congress

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Speaker 12: disregarded the agreement and the groundwork when considering the ban.

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Speaker 12: The Justice Department then issued a statement saying that the

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Speaker 12: legislation addresses critical national security concerns in a matter that

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Speaker 12: is consistent with a First Amendment and other constitutional limitations

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Speaker 12: and says that it will defend the legislation in court.

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Speaker 12: At Baxter, Bloomberg.

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Speaker 1: Radio granted thanks well. In Banking News, City Group CEO

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Speaker 1: Jane Fraser's plans to improve risk controls may have suffered

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Speaker 1: a setback. Bloomberg has learned the bank's blueprint for a

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Speaker 1: hypothetical wind down known as a living will, has come

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Speaker 1: up short for a majority of board members on the FDIC.

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Speaker 1: The FED A reserve would have to make a similar

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Speaker 1: finding for City to face a penalty. The bank has

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Speaker 1: been trying to improve its wind down plans for years.

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Speaker 1: The FED in the FDIC found issues with the plans

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Speaker 1: in late twenty twenty two.

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Speaker 3: In Staying in Banking care in Japan's Nornschook Bank is

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Speaker 3: not rolling out further gyrations to its soured bond investments

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Speaker 3: after the firm warned earlier this week that its losses

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Speaker 3: could swell to nine and a half billion dollars. Japan's

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Speaker 3: biggest agricultural bank surprise the market by saying it would

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Speaker 3: sell sixty three billion in low yielding bonds that had

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Speaker 3: become unprofitable after the firm's shorter term funding costs jumped

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Speaker 3: at Norn Chuckin's annual meeting, shareholders approved all the bank's resolutions,

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Speaker 3: including the reappointment of management.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. For that, we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 1: Good morning, Good morning, Karen.

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Speaker 10: The heat will remain in the Northeast and Midwest today.

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Speaker 10: In New York City, a heat advisory is an effect

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Speaker 10: from twelve pm this afternoon until eight pm Saturday. Temperatures

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Speaker 10: will hit around ninety five degrees again, as the heat

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Speaker 10: played a factor in causing train delays yesterday, New Jersey

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Speaker 10: Transit and Amtrak service has resumed in and out of

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Speaker 10: Pens after a circuit breaker malfunctioned. Earlier this week, low

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Speaker 10: wires caused train delays. This man told ABC seven he

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Speaker 10: has been late to his job because of it.

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Speaker 8: I had to get a letter to present to my

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Speaker 8: job for me.

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Speaker 10: Not to get fired, because every we got keep getting late, late,

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Speaker 10: late late.

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Speaker 12: If I didn't bring this letter today, I'm gonna get fired.

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Speaker 10: In New Hampshire, outdoor workers battle the ninety degree heat.

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Speaker 10: The Occupational Safety and Health Administration conducts checks when they

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Speaker 10: have heat advisories. Joseph LaRose is New Hampshire's OSHA Director.

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Speaker 12: OSHA conducts heat inspections in certain industries like construction.

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Speaker 10: We're housing in Philadelphia. A heat emergency has been declared

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Speaker 10: through Saturday, and cooling centers are opened. The Pentagon acknowledges

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Speaker 10: Ukraine can expand their strikes into Russia using US weapons.

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Speaker 10: It's a significant change in the Biden administration's limited permission

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Speaker 10: to strike into Russia near Kark. Earlier this week, National

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Speaker 10: Security Advisor Jake Sullivan indicated that the US agreed to

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Speaker 10: allow Ukraine to fire into Russia wherever Russian forces were

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Speaker 10: attempting to invade Ukraine. Pentagon Press Secretary General Pat Ryder

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Speaker 10: repeated Sullivan's language during Thursday's Pentagon briefing.

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Speaker 6: The National Security Advisor put it in great words here

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Speaker 6: in the sense that it's not about geography, it's about

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Speaker 6: common sense, right, being able to fire back if you're

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Speaker 6: fired upon.

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Speaker 10: Meanwhile, Ukraine is experiencing rolling blackouts as Russia intensified strikes

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Speaker 10: targeting energy infrastructure over the past three months. New York

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Speaker 10: City is releasing a new five billion dollar plan to

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Speaker 10: fix a deteriorating stretch of the Brooklyn Queens Expressway, which

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Speaker 10: carries about one hundred and thirty thousand cars and trucks

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Speaker 10: per day. It is in such poor shape that censors

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Speaker 10: way trucks crossing the deck in real time to prevent

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Speaker 10: heavy vehicles from collapsing the highway. The city's plan would

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Speaker 10: replace a less than a half mile portion of the

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Speaker 10: seventy five year old BQE that hugs the east rivers

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Speaker 10: south of the Brooklyn Bridge, known as the Triple Cantilever.

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Speaker 10: It stacks two decks on top of each other, both

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Speaker 10: suspended above street level, and it's crowned by a pedestrian promenade.

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Speaker 10: Global news twenty four hours a day and whenever you

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Speaker 10: wanted with the Bloomberg News Now. I'm Michael Barr, and

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Speaker 10: this is Bloomberg.

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Speaker 13: Karen Ray, Michael bar Thanks.

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Speaker 1: So we do bring a news throughout the day right

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Speaker 1: here on Bloomberg Radio. But now you can get the

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Speaker 1: latest news on demand whenever you want it. Just subscribe

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Speaker 1: to Bloomberg News Now to get the latest headlines right

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Speaker 1: at the click of a button. Get informed on your schedule.

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Speaker 1: You can listen and subscribe to Bloomberg News now on

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Speaker 1: the Bloomberg Business app, Bloomberg dot com, plus Apple, Spotify,

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Speaker 1: and anywhere else you get your podcasts. Time now for

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Speaker 1: the Bloomberg Sports Update with John stash Hour. John, Good Morning,

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Speaker 1: Good Morning, Karen.

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Speaker 5: Summer begins with the Yankees Major League fifty one and

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Speaker 5: twenty six, but the Orioles are forty nine and twenty five,

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Speaker 5: only half game behind, but actually won fewer loss at

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Speaker 5: the Stadium in Baltimore, won seventeen to five. Orioles at

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Speaker 5: nineteen hit scored in every geting but one scored six

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Speaker 5: in the second when they knocked out Luis Heel. Every

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Speaker 5: Yankee start of the season had gone at least four innings.

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Speaker 5: Heel only got four outs, gave up seven runs. He

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Speaker 5: had made six starts in May and had only allowed

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Speaker 5: a total of three runs. His manager is Aaron Boom.

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Speaker 13: I mean, obviously he's in the midst of a great

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Speaker 13: year and this doesn't change that. You know, this is

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Speaker 13: this is one bump in the road, and frankly, you

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Speaker 13: know it's always an opportunity to grow and learn from

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Speaker 13: which he's done a great job all year. You know,

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Speaker 13: he hasn't had you know, the level you know because

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Speaker 13: he's been so dominant, there's still been things in the

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Speaker 13: course of outing that he's really learned and grown from.

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Speaker 5: Yanks tonight hosted Atlanta Mets visit the Cubs. What a

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Speaker 5: scene last night at one hundred and fourteen year old

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Speaker 5: Rick Woodfield in Birmingham MLB honoring the Negro Leagues. Ninety

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Speaker 5: nine year old Bill Reeson, who Black Bearns, was a

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Speaker 5: teammate of the late William Mays, then became a minister

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Speaker 5: in Birmingham. He threw out the first pitch. Mays's son

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Speaker 5: was there, so was his godson, Barry Bonds. Cardinals won

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Speaker 5: the game, beat the Giant six to five, and what

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Speaker 5: was not a well kept secret, the Lakers hiring Jj

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Speaker 5: Reddick as their new coach. Played fifteen years, became a broadcaster.

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Speaker 5: He's never coached, but he does do a podcast with

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Speaker 5: Lebron James. He's the seventh different Laker coach in the

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Speaker 5: last thirteen years. The Stanley Cup getting some frequent flyer miles.

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Speaker 5: It was in Edmonton, made the long trip to South Florida.

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Speaker 5: Now back in Edmonton, and if Connor McDavid and the

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Speaker 5: Oilers beat the Panthers again tonight, the Cup and everyone

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Speaker 5: else headed back to Florida for a Game seven on

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Speaker 5: Monday opening round of the Travelers Golf just south of Hartford,

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Speaker 5: and Tom Kim, who turns twenty two today, shot an

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Speaker 5: eight under sixty two, leads by two. Scottie Scheffer, the

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Speaker 5: world number one, who turns twenty eight today and who

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Speaker 5: struggled last week at the US Open, is only three

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Speaker 5: shots behind Johns Stasha went Bloomberg Sportscarry Naked.

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Speaker 14: Coast to Coast on Bloomberg Radio Nation on Sirius XM,

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Speaker 14: and around the world on Bloomberg dot Com and the

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Speaker 14: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan hager Well this morning. Notwithstanding, it's

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Speaker 3: not just the market that's been on a hot streak,

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Speaker 3: so is the actual heat. The first day of summer

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Speaker 3: had around one hundred million people across the country dealing

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Speaker 3: with ninety plus degree temperature. So if it feels like

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Speaker 3: July or August, now, what does the rest of the

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Speaker 3: summer have in store for us? For some answers, let's

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Speaker 3: bring in Bloomberg meteorologist Rob carrolln Well. First off, Rob,

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Speaker 3: good morning, and where is the worst of this heat

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Speaker 3: wave right now.

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Speaker 8: Well, the worst of it, Nathan, is going to be

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Speaker 8: the Ohio River Valley and into the northern mid Atlantic States,

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Speaker 8: the New York City area and western New England. That's

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Speaker 8: where we'll see temperatures again today above ninety factor in

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Speaker 8: two points above seventy and it's going to feel like

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Speaker 8: it's one hundred to one hundred and ten in that

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Speaker 8: region today.

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Speaker 3: So when can that region, when can the rest of

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Speaker 3: us who have been, you know, really feeling the heat

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Speaker 3: the last few days, start to find some relief September.

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Speaker 8: It's going to take a while to break this, and no,

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Speaker 8: I'm serious. The fact that it's starting early, it's going

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Speaker 8: to have the tendency to hang around the while. We've

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Speaker 8: got a big Bermuda High stretching from Tennessee out into

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Speaker 8: the Atlantic. You know, we've heard the term now heat dome.

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Speaker 8: It's just a typical Bermuda high that's developed early in

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Speaker 8: response the fact that the western Atlantic is very, very

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Speaker 8: warm now folks in the Great Lake States today, across

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Speaker 8: northern New York and New England, we'll see a break

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Speaker 8: in the heat. There's a coal front dropping southward at

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Speaker 8: Quebec that will break the heat there, but it's expected

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Speaker 8: to stall just south of the New York City area,

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Speaker 8: out towards Columbus, Ohio, and then Springfield, Illinois. North of it.

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Speaker 8: We'll see lots of showers and thunderstorms this weekend south

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Speaker 8: of the boundary, though the heat will persist not only

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Speaker 8: this weekend but right into next week.

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Speaker 3: You drop those words heat domb Those two words we've

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Speaker 3: heard quite a lot over the last few days. Can

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Speaker 3: you explain to us what exactly you mean by heat dumb?

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Speaker 8: Well, it's one of those terms that's now come up,

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Speaker 8: like the polar vortex that we use in the winter

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Speaker 8: to talk about at upper level low pressure city that's

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Speaker 8: just been always there during the winter months. It's just

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Speaker 8: a different name for the Bermuda high. So what happens

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Speaker 8: is high pressure sets up off the coast of the

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Speaker 8: southeastern United States in the summer months. We get a

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Speaker 8: broad southwesterly flow that brings hot and humid weather up

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Speaker 8: from the Gulf Coast and pushes it northward into the

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Speaker 8: mid Atlantic States and then into the Northeast. Usually we

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Speaker 8: see these form June, July and into September. This one

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Speaker 8: has developed earlier than normal and it's quite strong. So

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Speaker 8: what we're seeing is that warm, humid air that develops

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Speaker 8: along the Gulf coast in April and may moving northward

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Speaker 8: up towards the Canadian border.

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Speaker 3: Well, why is it forming earlier?

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Speaker 12: Rob?

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Speaker 3: Does that cause concern for you that we're seeing this

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Speaker 3: kind of phenomenon happen this time in the summer.

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Speaker 8: Well, we really didn't have much in the way of

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Speaker 8: cold weather over the winter, Nathan, because of the El

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Speaker 8: Nino that places the jet stream further north than normal,

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Speaker 8: so we didn't get cool air out over the Gulf

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Speaker 8: of Mexico this winter. It didn't move off the coast

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Speaker 8: of the southeastern United States very much. So the Atlantic

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Speaker 8: and Gulf are very warm, much warmer than they should

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Speaker 8: be this time of year. You find hype pressure developing

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Speaker 8: above warm water. So that's why things are developing the

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Speaker 8: way they are this season. We knew, since we're making

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Speaker 8: that transition from the al Nino into Align Nina, that

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Speaker 8: the water temperatures would be warm. Usually those summers are warm,

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Speaker 8: and the forecast day is for both June July and

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Speaker 8: into August for temperatures to run above normal across much

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Speaker 8: of the country.

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Speaker 3: So in our last thirty seconds, Rob, I mean, we've

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Speaker 3: been dealing with these above normal temperatures pretty much all

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Speaker 3: week long. Is it normal for hot spells like this

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Speaker 3: to last this long? This time here?

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Speaker 8: They can. You got to keep in mind, since we're

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Speaker 8: very close to the summer solstice, which was yesterday, the

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Speaker 8: sun gets no stronger than it is right now. The

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Speaker 8: days are very long. If you can set a high

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Speaker 8: up at this time of year, Nathan, you're going to

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Speaker 8: end up with some very warm temperatures. And that's exactly

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Speaker 8: what's happening.

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Speaker 2: This is Bloomberg day Break Today, your morning brief on

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