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Speaker 1: News when you wanted with Bloomberg News. Now I'm Doug Chrisner.

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Speaker 1: So the equity market sold off today, with tech shares

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Speaker 1: leading the biggest decline since twenty twenty two. There was

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Speaker 1: no shortage of anxiety over slower growth as the result

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Speaker 1: of tariffs and government firings. We had the S and

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Speaker 1: P five hundred sinking two point seven percent and the

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Speaker 1: Nasdaq one hundred plunging three point eight percent. Gina Martin

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Speaker 1: Adams is chief equity strategist for Bloomberg Intelligence.

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Speaker 2: Significant decline in the mag seven. Of course, a lot

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Speaker 2: of that is selected stocks Tesla and Navidia weighing heavily there.

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Speaker 2: But nonetheless that in and of itself is creating a

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Speaker 2: big drag on the index. But it's more than that. Clearly,

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Speaker 2: the DOGE firings and the concern about the ultimate consumer

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Speaker 2: outlook as a result of that have been weighing on

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Speaker 2: consumer stocks. At the same time, you do have the

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Speaker 2: tariff chatter that is.

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Speaker 1: Bloomberg's Gena Martin Adams. There now many a tribute today's

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Speaker 1: decline to warnings from the Trump administration about the potential

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Speaker 1: for a rough patch in the American economy over the weekend,

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Speaker 1: President Trump refused to rule out the possibility of recession.

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Speaker 1: Here is Bloomberg's Michael McKee.

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Speaker 3: The economic fundamentals have slowed, but they haven't given any

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Speaker 3: sign that they're falling off a cliff. And while the

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Speaker 3: equity markets are jumping out on the window ledges on

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Speaker 3: Wall Street, the bond market is not. Yields have come

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Speaker 3: down some, but if you look at both high yield

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Speaker 3: and investment grade spreads, they're still very, very tight. So

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Speaker 3: it's hard to say that a recession is baking itself

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Speaker 3: into the cake.

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Speaker 1: That is Bloomberg's Michael McKee. Now, economists across Wall Street

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Speaker 1: have been raising their odds for a US economic downturn.

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Speaker 1: On Monday, HSBC downgraded the US to neutral, while upgrading

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Speaker 1: Europe minus the UK to overweight from underweight. Tomorrow, President

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Speaker 1: Trump is scheduled to meet with top business executives as

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Speaker 1: they grapple with uncertainty around tariffs, as well as the

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Speaker 1: sell off in the equity market. After the bell, we

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Speaker 1: heard from Oracle, and the company reported a surge in bookings.

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Speaker 1: This follows Oracle's announcement earlier of a joint venture with

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Speaker 1: both open AI and softmaank these companies will spend at

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Speaker 1: least one hundred billion dollars to build out US data

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Speaker 1: centers for Open AI. Here is Bloomberg Sarah Fryar in

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Speaker 1: San Francisco.

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Speaker 4: They're doubling their data center capacity for the rest of

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Speaker 4: the year. They have huge contracts looking to the future,

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Speaker 4: many billions of dollars that are going to come in.

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Speaker 4: So investors aren't looking at Q three as much as

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Speaker 4: they're looking at the road ahead and how critical a

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Speaker 4: player Oracle is going to be in the AI buildout,

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Speaker 4: that is.

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Speaker 1: Bloomberg Sarah Fryar. Now, on the negative side, Oracle's revenue

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Speaker 1: forecast for the current quarter was disappointing, and those shares

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Speaker 1: were down by more than three percent in late US trading.

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Speaker 1: We also heard after the bell from Delta Airlines. The

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Speaker 1: carrier cut its profit expectations roughly in half for the

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Speaker 1: first quarterrom Bloomberg's Charlie Pellett.

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Speaker 5: Delta cites economic uncertainty that is hurting demand for domestic

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Speaker 5: air travel. The carrier says earnings will be thirty to

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Speaker 5: fifty cents a share in the period. That is down

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Speaker 5: from an earlier forecast of as much as one dollar.

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Speaker 5: Delta also reduced its guidance for revenue growth and operating

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Speaker 5: margin in the first three months. The airline pointed to

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Speaker 5: quote a recent reduction in consumer and corporate confidence caused

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Speaker 5: by increased macro uncertainty driving softness in domestic demand. In

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Speaker 5: New York, Charlie Pellett Bloomberg.

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Speaker 1: Radio, a stopgap funding bill, or clean CR looks likely

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Speaker 1: to pass Congress on Tuesday, and this would in turn

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Speaker 1: avert a government shutdown later in the week. More from

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Speaker 1: Bloomberg's Amy Morris in Washington.

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Speaker 6: The Republican spending bill is designed to keep government agencies

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Speaker 6: open through September thirtieth. Representative Don Byer, a Democrat from Virginia,

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Speaker 6: talked about the options and the worries that the President

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Speaker 6: will unilaterally delay or cancel appropriation called impoundment.

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Speaker 1: Unless there are meaningful guardrails to keep Trump from impounding it.

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Speaker 5: We should vote no in the Democrats in the Senate

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Speaker 5: and hopefully some Republicans in the Senate.

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Speaker 6: Virginia Democratic Representative Don Byer on Bloomberg's Balance of Power

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Speaker 6: House Republicans could pass this on their own if they

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Speaker 6: get enough votes from their own caucus, but even after

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Speaker 6: it passes the House, it still has to get through

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Speaker 6: the Senate. In Washington, Amy Moore as Bloomberg Radio.

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Speaker 1: And that is news when you want it. With Bloomberg

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Speaker 1: News Now, I'm Doug Chrisner, and this is Bloomberg