Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest on upbreaking story, Doc.
Speaker 3: Workers have walked out of every major port on the
Speaker 3: US East End Gulf Coast. Let's bring in Bloomberg's John
Speaker 3: Tucker with the details.
Speaker 4: John and Nathan, this was the scene at Maher Terminals
Speaker 4: in Elizabeth, New Jersey.
Speaker 5: Nothing's gonna move without us.
Speaker 4: Nothing, that's Union leader Harold Daggett. Some forty five thousand
Speaker 4: members of the International Longshoreman's Association hit the picket lines
Speaker 4: at midnight. This is a strike over wages and automation
Speaker 4: that could reignite inflation and caused shortages of goods if
Speaker 4: it goes on more than a few weeks. The strike
Speaker 4: is impacting thirty six ports. The affected ports have the
Speaker 4: combined capacity to handle as much as half of all
Speaker 4: US trade volumes, and the strike will haul container cargo
Speaker 4: and auto shipments. Energy supplies in bull cargo won't be affected.
Speaker 4: Some exceptions will be made to allow for the movement
Speaker 4: of military goods and cruise ships. The White House had
Speaker 4: been in communication with the two sides over the weekend,
Speaker 4: and some progress had been reported on wages. The Taft
Speaker 4: Heartley Act of nineteen forty seven does allow President Biden
Speaker 4: to intervene in labor disputes that evolved national security. In
Speaker 4: New yorkome John Tucker Bloomberg Radio, all.
Speaker 1: Right, John, thank you well Tonight.
Speaker 2: Vice presidential nominees JD Vance and Tim Wallas will face
Speaker 2: off in what could be the final debate before the
Speaker 2: November election. Bloomberg's Amy Morris has details from Washington.
Speaker 6: The ninety minute debate will be in New York. Walls
Speaker 6: was asked about debate press, how are you feeling.
Speaker 1: About to be priming?
Speaker 4: Going great? This is the fun part.
Speaker 6: Last month, Van said he was already deep into debate Press.
Speaker 1: Well, I found a.
Speaker 7: Good friend from back home who embellishes and lies a lot,
Speaker 7: and having him stand in for Tim Wallas.
Speaker 6: That's what we're doing during our debates. Bloomberg News Morning
Speaker 6: Consule poll of registered voters in seven swing states shows
Speaker 6: Walls with a higher net favorability rating the Advance. There
Speaker 6: will be no opening statements and no studio audience mikes
Speaker 6: will be live throughout the event. Moderators commute the mics
Speaker 6: at their discretion. Pre Written notes are not allowed on stage,
Speaker 6: but they'll have pens, paper, and water. Each candidate has
Speaker 6: two minutes for closing statements In Washington, Amy Moore as
Speaker 6: Bloomberg Radio.
Speaker 2: All right, Amy, thank you. We'll catch the CBS News
Speaker 2: Vice presidential simulcast on a special edition of Bloomberg's Balance
Speaker 2: of Power. It begins tonight at eight pm Wall Street
Speaker 2: Time on Bloomberg Radio and Television.
Speaker 3: Karen, let's turn out to the latest from the Middle East.
Speaker 3: Israeli soldiers are now inside Lebanon. The Israeli military began
Speaker 3: what it's calling targeted ground raids against Hesbola just before
Speaker 3: midnight local time. We get more from Bloomberg's Michael Heath.
Speaker 8: At this time, this saying that these are sites that
Speaker 8: pose in an immediate threat to Israeli communities in northern Israel.
Speaker 8: I mean the big question, of course, is whether this
Speaker 8: then develops into a full scale ground operation. At this stage,
Speaker 8: Axis is reporting that ciding to his running officials that
Speaker 8: this was approved by the Security Cabinet and it will
Speaker 8: be limited in both time and scope. But we also
Speaker 8: know at the same time the US has been worried, well,
Speaker 8: while it's okay with Israel doing this to try and
Speaker 8: push a Hezbla back from the border, it worries about
Speaker 8: mission creep, which is always the case once you send
Speaker 8: boots in on the ground.
Speaker 3: Bloomberg's Michael Heath reports the US agrees with Israel that
Speaker 3: Hesbola's attack infrastructure needs to be dismantled, at the same
Speaker 3: time it is repeating calls for restraint well.
Speaker 2: Turning to the markets, now Nathan Stalks begin the fourth
Speaker 2: quarter on a winning streak. The S and P five
Speaker 2: hundred has gained for four consecutive quarters as a long
Speaker 2: as such winning strettions twenty twenty one, the tech heavy
Speaker 2: now Stack one hundred.
Speaker 1: Notched a similar run. Mike Wilson as.
Speaker 2: Chief US S equity strategist at Morgan Stanley.
Speaker 6: You know, I would stay three weeks ago.
Speaker 9: Myself and most of the clients I speak with were
Speaker 9: in the camp that we would have a tough four
Speaker 9: or five weeks into the election and then you'd get
Speaker 9: a strong rally into year end. Trying to think maybe
Speaker 9: it might be more the opposite.
Speaker 4: We may stay bid into.
Speaker 9: The election and then I think we get some disappointment
Speaker 9: post election.
Speaker 2: Morgan Stanley, chief US secuity strategist Mike Wilson. The S
Speaker 2: and P five hundred added two and a half trillion
Speaker 2: dollars in the third quarter.
Speaker 3: Well, how much will the FED cut in the fourth quarter?
Speaker 5: Well?
Speaker 3: FED chair Jay Powell says the central Bank will lower
Speaker 3: interest rates over time. He told the National Association for
Speaker 3: Business Economics, the US economy is on solid ground. If
Speaker 3: the economy slows more than we expect, then we can
Speaker 3: cut faster.
Speaker 4: If it slows less than we expect, we can cut slower.
Speaker 4: And that's really what's going to decide it.
Speaker 10: But I think from a base case standpoint, we're looking
Speaker 10: at it as a process that will play out over
Speaker 10: some time, not something that we need to go fast on.
Speaker 1: FED Shair J.
Speaker 3: Powell said he remains confident inflation will continue moving toward
Speaker 3: the fed's two percent target. He added that economic conditions
Speaker 3: have set the table for a further easing of price pressures.
Speaker 2: Well. Nathan Larry Fink is speaking out of about the
Speaker 2: strength of the economy. The Black Rock chairman sat down
Speaker 2: with the Bloomberg's friends Saint Laqua at the Berlin Global
Speaker 2: Dialogue twenty twenty four conference earlier this morning.
Speaker 10: We spend so much time focusing on the segments that
Speaker 10: are doing poorly. And I'm not trying to suggest that's
Speaker 10: not the right thing to do, but we're not looking
Speaker 10: at in the holistic way that other parts of the
Speaker 10: economy are doing really, really well. Look at corporate earnings
Speaker 10: over all, they've been very strong, and I think they're
Speaker 10: going to continue to be very strong. We have, you know,
Speaker 10: we do have segments of the economy that are very strong,
Speaker 10: and I think that's why, I don't know why we
Speaker 10: talk about a harder soft line and we're continuing. We're
Speaker 10: going to grow at two to three percent.
Speaker 2: Black Rock chairman Larry Finks as the market is pricing
Speaker 2: too many interest rate cuts from the FED given the
Speaker 2: US economy continues to grow.
Speaker 3: In the meantime, Karen, let's turn to some company news now.
Speaker 3: CVS Health is conducting a strategic or view of options,
Speaker 3: including a possible breakup. Sources say the options under consideration
Speaker 3: include the various forms that a potential breakup could take,
Speaker 3: including a separation of the company's retail and then insurance businesses.
Speaker 3: CVS has been grappling with falling profit margins at its
Speaker 3: retail pharmacies and rising costs of patient care from EDNA,
Speaker 3: which generates about a third of its revenue.
Speaker 2: Well Nathan Pfeiser has raised about three point two billion
Speaker 2: dollars from the sale of helly On shares as it
Speaker 2: further reduces its stake in the UK consumer health company.
Speaker 2: Holly On was formed from a combination of GSK and
Speaker 2: Pfizer's consumer health units. The company makes a wide range
Speaker 2: of products, including Pena Doll, pain relief tablets and Centrum vitamins.
Speaker 3: Here's another company you've heard of, Karen Dell. Michael Dell
Speaker 3: has unloaded more of his namesake company stock. He sold
Speaker 3: ten million shares worth almost one and a quarter billion dollars.
Speaker 3: It is his second significant sale in the month of September. Earlier,
Speaker 3: Michael Dell sold ten million shares worth nearly one point
Speaker 3: two billion dollars. Companies benefited from the wave of investor
Speaker 3: interest in artificial intelligence companies. The stock has jumped fifty
Speaker 3: five percent this year. Dell Technologies joined the S and
Speaker 3: P five one hundred last week after a decade off
Speaker 3: the index.
Speaker 2: And it's time now for a look at some of
Speaker 2: the other stories making news in New York and around
Speaker 2: the world, and for that we're joined by Bloomberg's Michael
Speaker 2: barg Good Tuesday morning, Michael.
Speaker 11: Good morning to you, Karen. North Carolina Governor Roy Cooper
Speaker 11: says that recovery from the catastrophic damage left behind by
Speaker 11: Helene last week will be a monumental task, as several
Speaker 11: towns and cities report severe, lasting damage to their infrastructure.
Speaker 11: At least one hundred and thirty people are dead and
Speaker 11: more than six hundred people are unaccounted for in Buncombe County,
Speaker 11: where communications have been down and roads are impassable. Main
Speaker 11: roads into Ashville were washed away or blocked by mudslides.
Speaker 11: The city's water system is also badly damaged. This man,
Speaker 11: who owns a car wash says his businesses in ruins.
Speaker 7: Every piece of equipment I have is pretty much upside
Speaker 7: down her sideways.
Speaker 1: I've been told I'm not going to have power for
Speaker 1: at least two weeks or so.
Speaker 11: President Biden was asked about getting FEMA aid to people
Speaker 11: who are stranded.
Speaker 5: The question is not whether we get more.
Speaker 10: There's a list of every resource for getting in there,
Speaker 10: but the question is how to get it in.
Speaker 8: It's hard to get it from point A to point B.
Speaker 4: It's hard to get if some of the worlds you're
Speaker 4: wiped out.
Speaker 11: President Biden plans to survey the devastation in western North
Speaker 11: Carolina tomorrow. Vice President Kamala Harris stopped by FEMA headquarters
Speaker 11: in Washington as FEMA mounts recovery efforts in the aftermath
Speaker 11: of Aleen. Harris thanked FEMA workers and said she plans
Speaker 11: to visit the affected areas.
Speaker 12: To everyone who has been impacted by this storm, and
Speaker 12: to all of those of you who are rightly feeling
Speaker 12: overwhelmed by the destruction and the loss, our nation is
Speaker 12: with you.
Speaker 11: Former President Donald Trump visited at Valdosta, Georgia, yesterday, one
Speaker 11: of the many areas devastated by Helene out the region.
Speaker 8: Our hearts are with you, and we are going to
Speaker 8: be with you as long as you need.
Speaker 11: Trump also claimed falsely and that Georgia's Governor Brian Kemp
Speaker 11: had not been able to reach Joe Biden. Kemp refuted
Speaker 11: Trump's allegation and says he talked with the president. Sunday,
Speaker 11: Georgia judge struck down the state's abortion law, which took
Speaker 11: effect in twenty twenty two. And effectively prohibited abortions beyond
Speaker 11: about six weeks of pregnancy. Fulton County Superior Court Judge
Speaker 11: Robert McBurnie wrote in his order that the law violates
Speaker 11: Georgia's constitution and privacy protections. The news was welcomed by
Speaker 11: Jalen Black, spokeswoman for Planned Parenthood Southeast.
Speaker 2: Effective immediately in accordance with the law, we are providing
Speaker 2: and expanding our abortion healthcare.
Speaker 11: Georgia Attorney General confirms that they are planning to appeal
Speaker 11: the decision. Global News twenty four hours a day and
Speaker 11: whenever you want it with Bloomberg News Now. I'm Michael Barr.
Speaker 11: This is Bloomberg Krent.
Speaker 1: All right, Michael Barr, thank you.
Speaker 2: At his time now for the Bloomberry Sports Update, brought
Speaker 2: to you by Tri State Audi.
Speaker 1: And here's John Stashauer. John, good morning, Good morning, Karen.
Speaker 7: Since news last night of the passing of Pete Rose,
Speaker 7: it's been said by many that he lived a complicated life.
Speaker 7: His playing career was legendary, played in more games than anyone,
Speaker 7: had the most hits four two hundred and fifty six.
Speaker 7: The complication came in the late nineteen eighties, when Rose
Speaker 7: was managing the Cincinnati Reds, the team that he had
Speaker 7: started for. As details of his gambling came out, Rose
Speaker 7: agreed to a lifetime band and the Hall of Fame
Speaker 7: changed its rules to not allow anyone banned to be considered
Speaker 7: for induction. It took Rose fifteen years to finally admit
Speaker 7: that he gambled on baseball. He also served five months
Speaker 7: in prison for tax evasion. Pete Rose Charlie Hustle was
Speaker 7: eighty three. It's been called the greatest regular season game
Speaker 7: in Mets history, and Atlanta needed one win to make
Speaker 7: the playoffs. The Mets shutout for seven innings, scored six runs,
Speaker 7: and the eighth gave up four in the bottom of
Speaker 7: the eighth. The Mets were then two outs from defeat.
Speaker 5: His first pitch to lend Or swear at a fly
Speaker 5: pah Well hit right center, Harris going back. It's on
Speaker 5: the way that is gone. The end of the Brave
Speaker 5: bullpadd and light center field. Francisco Lindor has an emptyp moment.
Speaker 5: Whether he wins water or not, PS just put the
Speaker 5: match back on top eight to seven.
Speaker 7: That was the fun on I was Awi Rose, Metz
Speaker 7: Radio Edwin Diaz gave up the lead in the eighth inning,
Speaker 7: but still got the save of the night. The Braves
Speaker 7: also playoff found as they won the second game of
Speaker 7: the double Hutter three nothing. The postseason begins today. The
Speaker 7: Mets played game one of the best of three in Milwaukee,
Speaker 7: starting at five thirty two Monday.
Speaker 11: Nighters.
Speaker 7: Tennessee won thirty one to twelve at Miami. Both teams
Speaker 7: are one and three. Detroit beat Seattle forty two to
Speaker 7: twenty nine. Both or three and one Lions QB Jared
Speaker 7: gone through eighteen passes completed all eighteen. That's an NFL record.
Speaker 7: Also passing away yesterday NBA Hall of Famer to Kembe Mutumbo,
Speaker 7: who had battled brain cancer.
Speaker 11: He was fifty eight.
Speaker 7: John Stashaway, Bloomberg Sports Karendona.
Speaker 2: All right, John, thank you, and the Bloomberg Sports Update
Speaker 2: is brought to you by Audi. Visit your tri state
Speaker 2: Audi dealer today and get behind the wheel of the
Speaker 2: Audi model you've always wanted.
Speaker 11: Coast to coast on Bloomberg Radio nationwide on Sirius XM,
Speaker 11: and around the world on Bloomberg dot Com and the
Speaker 11: Bloomberg Business app.
Speaker 1: This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager on the morning before what
Speaker 3: could be the final debate ahead of a presidential election
Speaker 3: that is now just five weeks away. Republican jd Vance
Speaker 3: and Democrat Tim Waltz square off tonight in the CBS
Speaker 3: News vice presidential debate. Ahead of it, we are joined
Speaker 3: by Jennifer Lawless, professor and sheriff politics at the University
Speaker 3: of Virginia. Jennifer, good morning, and just in time for
Speaker 3: this debate, we have a major port strike underway. What
Speaker 3: is the potential of political impact of this port strike
Speaker 3: with the economy front and centers for so many voters, Well.
Speaker 6: Good morning.
Speaker 13: If the strike lasts couple of days, voters probably won't
Speaker 13: feel much. The businesses can pick up the slack, there
Speaker 13: won't be that many layoffs in the transportation industry, and
Speaker 13: things will probably be fine. But if it lasts longer
Speaker 13: than that, people don't need to think back that far
Speaker 13: to the supply chain ishes they remember during the pandemic,
Speaker 13: and that obviously doesn't help the Democrats as people go.
Speaker 1: To the polls.
Speaker 3: Do you expect this to play into the debate with
Speaker 3: an economic focus so much front and center.
Speaker 13: I do, but I also expect both candidates to link
Speaker 13: it to their own economic policies and to provide voters
Speaker 13: with the confidence that they think they need to not
Speaker 13: let this really affect the messaging going into November. What
Speaker 13: makes it difficult, of course, is that we're only within
Speaker 13: the first twenty four hours of the strike, so it's
Speaker 13: hard to know what the future will look like.
Speaker 3: We've heard so much messaging leading up into this debate
Speaker 3: that can fit into really tiny soundbites for both candidates.
Speaker 3: Tim Waltz is called Ja d Vance and former President
Speaker 3: Trump weird. Jd Vance has been talking about Haitian migrants
Speaker 3: eating people's pets. Where do you see this debate going.
Speaker 3: Can it focus on substance or are we going to
Speaker 3: get a fiery personality play tonight.
Speaker 1: I think it'll probably be a little of both.
Speaker 13: Unlike the presidential debates both that Donald Trump had with
Speaker 13: Joe Biden and Kamala Harris, the microphones will not be muted,
Speaker 13: so the candidates will be able to engage with one
Speaker 13: another a little bit more directly than we've seen in
Speaker 13: the past. Moreover, we know that both candidates have been very,
Speaker 13: very outspoken when it comes to their opponents, which means
Speaker 13: that when JD. Vance says something that Tim Walls does
Speaker 13: not like or that he thinks might not resonate with
Speaker 13: the American people, It's likely that Tim Walls will call
Speaker 13: him a name like weird. And when Tim Wall says
Speaker 13: something that JD. Vance thinks is not true or not accurate,
Speaker 13: perhaps regarding his military record, likely that Vance will step
Speaker 13: in and interrupt as well. So my expectation as there
Speaker 13: will be a few more explicit fireworks between the candidates.
Speaker 3: Yeah, the vice presidential candidates tend to act as attack dogs,
Speaker 3: but when you have two candidates like this who are
Speaker 3: so far apart, not just politically but in the polls
Speaker 3: in terms of likability, is there a risk of that
Speaker 3: attack dog role going too far and potentially affecting things
Speaker 3: up ticket.
Speaker 13: Well, it's difficult to see how JD. Vance's popularity could
Speaker 13: go any lower. He's among the most unpopular candidates heading
Speaker 13: into election day that we've ever experienced, and Donald Trump
Speaker 13: really doesn't seem to be taking a hit because of him.
Speaker 13: Voters seem to be able to differentiate Dvance from Trump.
Speaker 13: As far as Tim Walls is concerned, he is very likable,
Speaker 13: so he needs to make sure that he remains affable
Speaker 13: in delivering those attacks, but he's been doing that on
Speaker 13: the campaign trail for several months now and seems to
Speaker 13: understand that role and how to perfect it.
Speaker 3: Just the fact that this could be the last debate
Speaker 3: before the election, does that put more stakes on how
Speaker 3: these candidates need to perform. Tonight got about a minute left.
Speaker 13: Well, the reality is that vice presidential debates typically don't
Speaker 13: decide elections. They usually don't move the needle much at all.
Speaker 13: But this is the last opportunity for the campaigns in
Speaker 13: front of a very large viewing national audience can make
Speaker 13: their case. So my expectation is that Dance is going
Speaker 13: to really hammer home the Trump concern the Trump team's
Speaker 13: concerns about the economy, immigration and crime, and walls. Is
Speaker 13: going to do his best to demonstrate not only that
Speaker 13: Harris Walld administration is different from a Biden Harris administration,
Speaker 13: but also that reproductive rights and civil rights and civil
Speaker 13: liberties are on the ballot.
Speaker 2: On Tuesday, on Election Day, this is Bloombergy Daybreak, your
Speaker 2: morning podcast on the stories making news from Wall Street
Speaker 2: to Washington and beyond.
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Speaker 1: I'm Karen Moscow.
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for
Speaker 3: all the news you need to start your day right
Speaker 3: here on Bloomberg Day Ray