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Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day

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Speaker 1: Break for Tuesday, August two coming up this hour. US

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Speaker 1: stocks entered the session coming off their biggest loss in

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Speaker 1: two months. Traders are racing from our hawkish talk at

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Speaker 1: de FETs Jackson holl Gathering. It's primary day, with key

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Speaker 1: races in New York and Florida heading the list, and

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Speaker 1: life expectancy in New York plummets in the wake of COVID.

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Speaker 1: Tri state area is cleaning up from heavy rains and flooding.

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Speaker 1: Plus New York Mayor Adams responds after more bus loads

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Speaker 1: of migrants arrived from Texas. I'm Michael Barr. More ahead,

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Speaker 1: I'm down stage shower and sports. The Yankees beat Maxters

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Speaker 1: are the mets of the Subway series that come from

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Speaker 1: Hive preseason win for the Jet. That's All's train ahead

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Speaker 1: on Bloomberg day Break on Bloomberg e Living three on

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM

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Speaker 1: one nineteen and around the world Old on Bloomberg Radio

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Speaker 1: dot Com and via the Bloomberg business Side. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow us dock in

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Speaker 1: Next Future is on the rise this morning. We're coming

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Speaker 1: up to six oh one on Wall Street. IM gonna

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Speaker 1: check the markets every fifteen minutes throughout the trading day

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Speaker 1: on Bloomberg. S and P futures up eleven points, STOUTH

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Speaker 1: futures up eighty three, Nasday Future is up thirty nine,

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Speaker 1: and the ten year Treasury that'll change you'll three point

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Speaker 1: one percent, Nathan Karen. Stocks are coming off their worst

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Speaker 1: one day drop in two months. S and P five

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Speaker 1: index fell two point one percent, the tech heavy NASAC

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Speaker 1: one hundred sank two point seven percent, and the blue

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Speaker 1: Ship down Jones Industrial Average lost sixty three points, or

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Speaker 1: one point nine percent. Seabreeze Partners president Doug Cast sees

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Speaker 1: more tough times ahead for equities. I think there's a

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Speaker 1: non trivial chance that the SMP early last year I

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Speaker 1: made a top for the balance of the year um

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Speaker 1: to me. After the recent what I described as a

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Speaker 1: position east rally. Risk has returned to risk assets as

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Speaker 1: the fundamental backdrop as eroding. Seabree's Partner's president, Doug Cast

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Speaker 1: made the comments on Bloomberg Surveillance. Catch the program on

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Speaker 1: Bloomberg Radio and television beginning at seven am. Wall Street Time, Well, Nathan,

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Speaker 1: The Wall Street sell ups built into Asia, with stocks

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Speaker 1: in Japan and Hong Kong following around one per cent.

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Speaker 1: We get the recount from Bloomberg's Juliette Sally and Singapore.

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Speaker 1: Good Morning, Juliet, Good Morning, Nathan, and Karen. The energy

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Speaker 1: sector was the only one in the green across the

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Speaker 1: m s CI Asia Pacific Index, as crude scaled nine,

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Speaker 1: a barrel lifted by the possibility of OPEPE plus output cuts.

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Speaker 1: Japanese travel stocks also rose amid a nick A news

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Speaker 1: report Japan is considering ending the requirement for negative COVID

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Speaker 1: nineteen tests for international arrivals. Stocks in Hong Kong and

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Speaker 1: China fell despite further steps to stabilize the property market,

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Speaker 1: and the one fluctuated but held near a thirteen year

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Speaker 1: low amid verbal intervention from authorities in Singapore. Juliette Sally,

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Speaker 1: Bloomberg debreak, Thanks Juliet. The drop in stocks around the

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Speaker 1: world comes as investors await signals on the path of

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Speaker 1: interest rate hikes at the federal Reserves Annual Jackson Hole

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Speaker 1: Economics Symposium later this week. Bloomberg Economics correspondent Michael McKee

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Speaker 1: is covering the highly anticipated event. What we'll see is

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Speaker 1: a lot of volatility this week is trying to people

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Speaker 1: try to read into various economic indicators whether there's good

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Speaker 1: news or bad news coming. But Paula's position hasn't changed

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Speaker 1: a whole lot, and nor has the Feds. They believe

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Speaker 1: they're going to have to keep raising rates to a

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Speaker 1: certain point and stay there for a while where the

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Speaker 1: market thinks that they'll raise rates a little more and

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Speaker 1: start cutting again. Bloomberg Michael McKee. While one noted Fed

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Speaker 1: watcher says the Central Bank should not cut rates again.

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Speaker 1: In fact, Stanford University economics professor John Taylor thinks rate

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Speaker 1: should double from here. I say five more. We should name.

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Speaker 1: That's that and that is not high by historical standard,

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Speaker 1: that's for sure, remember what it was in the seventies.

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Speaker 1: But it's it couldn't be higher. I wouldn't say, I

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Speaker 1: wouldn't say absolutely five. If inflation doesn't come down, then

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Speaker 1: it may have to be hired. But I think the

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Speaker 1: inflation will come down and we you can stick it

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Speaker 1: at a level like that. But let's get there first.

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Speaker 1: Timford Economics professor John Taylor says the FED should be

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Speaker 1: more communicative about where policy has to go. I Meanwhile,

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Speaker 1: Karen Hedge funds are unleashing record bets that the FED

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Speaker 1: will stick to its hawkish script at Jackson Hole. The

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Speaker 1: group has collectively placed a big short across the futures

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Speaker 1: for a key overnight rate that moves in line with

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Speaker 1: the Fed's benchmark. That position will benefit if FED share

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Speaker 1: j Powell effectively rules out a dovish pivot. Please stick

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Speaker 1: with Bloomberg for complete live coverage of the Jackson Hole Symposium.

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Speaker 1: Bloomberg Surveillance will be their beginning Thursday with Tom Keene,

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Speaker 1: Lisa Bramowitz, and Jonathan Pharaoh. I mean, now turn from

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Speaker 1: the Fed and the market's to some important political news

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Speaker 1: this morning. Nathan. It's an election day, with primaries in

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Speaker 1: New York and Florida and a runoff vote in Oklahoma.

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Speaker 1: Amy Morris says more on what to watch from our

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Speaker 1: Bloomberg newsroom in Washington. In New York, redistricting left too

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Speaker 1: Longtime House Democratic colleagues Carol and Maloney and Jerry Nadler

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Speaker 1: competing for the same seat in the nineteen district. Democrat

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Speaker 1: Pat Ryan is running against Republican Mark mullen Arrow to

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Speaker 1: fill this seat that Anthony Delgado vacated to become Lieutenant governor.

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Speaker 1: If Mullennaro defeats Ryan, that could be assigned for Democrats

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Speaker 1: in November. In Florida, as the pole stand now, Republican

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Speaker 1: incumbent Senator Marco Rubio will likely face Democratic Representative val

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Speaker 1: Demmings in November. Governor Rohnda Santis will face either former

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Speaker 1: of Governor Charlie Kristen November or Nicky Freed, who wants

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Speaker 1: to become Florida's first woman governor. In Oklahoma, the marquee

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Speaker 1: event will determine the candidates who vie for the unexpired

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Speaker 1: Senate seat of Republican Jim Inhoff, who plans to resign

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Speaker 1: in January. In Washington, I'm anymore as Bloomberg Daybreak right, Amy,

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Speaker 1: thank you. There are also new developments in the FBI

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Speaker 1: search of former President Donald Trump's home in mar Lago, Florida,

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Speaker 1: including reports of just how much classified material the former

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Speaker 1: president may have been holding onto. Bloomberg Z Baxter has

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Speaker 1: the latest Mr Trump says he wants a neutral third

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Speaker 1: party to look through the documents. In legally's a special master.

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Speaker 1: So this is the same judge considering whether to make

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Speaker 1: public portions of the documents seized by the FBI to

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Speaker 1: look at this now. The New York Times says the

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Speaker 1: government has recovered more than three hundred documents now with

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Speaker 1: classified marketings. It says one hundred fifty sensitive documents recovered

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Speaker 1: earlier May. And the d o J want to know

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Speaker 1: what Trump had taken from the White House in San Francisco.

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Speaker 1: I'm at Baxter Bloomberg Gay Break, all right, and thank you.

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Speaker 1: We are getting more evidence this morning of the toll

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Speaker 1: the pandemic has had on our lives, and we get

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Speaker 1: the latest line from Bloomberg's Rina Young. Good morning, Ridina,

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Speaker 1: Good morning, Karen. The CDC says life expectancy in New

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Speaker 1: York State dropped by three years in twenty It's the

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Speaker 1: biggest decline among all states during the first year of

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Speaker 1: the pandemic. New York State residents are expected to live

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Speaker 1: to just under seventy eight years old. That's the fifteenth

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Speaker 1: highest life expectancy in the US, a steep drop from

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Speaker 1: back in twenty nineteen, when New York State had the

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Speaker 1: third highest ranking. The CDC said last year that overall

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Speaker 1: you with life expectancy plunged by one point eight years

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Speaker 1: in twenty, the biggest drop since World War Two. Live

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Speaker 1: in New York, I'm reneed a young Bloomberg day break. Okay,

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Speaker 1: we need to thanks. SMP future is now up eight

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Speaker 1: points down, futures up sixty three. Nest Act futures are

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Speaker 1: higher by twenty seven points. The tenure Treasury is down

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Speaker 1: one thirty second, the yield three point zero one per cent.

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Speaker 1: Straight ahead your latest local headlines in the check off Sports.

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Speaker 1: This is Bloomberg six oh seven on Wall Street, seventy

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Speaker 1: two degrees in Central Park. Service suspended on the New

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Speaker 1: Jersey Transit Morris X six line between Dover and Summit.

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Speaker 1: We'll get to the details shortly. In traffic. First, Michael

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Speaker 1: Barr with what else is going on in New York

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Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.

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Speaker 1: More than one flights were canceled in the US yesterday.

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Speaker 1: Airports around New York City and in Texas were hit

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Speaker 1: the hardest, staffing shortages and severe whether we're blamed again. Meanwhile,

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Speaker 1: heavy rain fell in parts of the tri state area,

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Speaker 1: causing street flooding. Clean Up continues in New Jersey. In

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Speaker 1: the Dallas suburb of Mesquite, Vanny was pulled from a

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Speaker 1: vehicle after it was found in the receding Bonners and

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Speaker 1: East Texas. Severe weather force schools to close early, including

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Speaker 1: a suspected tornado. Smith County Constable Josh Joplin. We've had

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Speaker 1: several portable buildings that have been picked up and relocated,

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Speaker 1: Constable Joplin. New York City officials estimate over the weekend

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Speaker 1: about twenty hundred asylum seekers from Central and South America

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Speaker 1: have arrived by a bus from Texas. Mayor Eric Adams

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Speaker 1: is blaming Republican Governor Abbott, saying his refusal to let

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Speaker 1: New York officials know about potential numbers of migrants on

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Speaker 1: the buses is driving the city to a crisis level.

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Speaker 1: The governor of Texas is not giving any information at all,

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Speaker 1: no matter how much we try to coordinate. Crisis calls

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Speaker 1: on coordination, and he has been really, uh, just a

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Speaker 1: person who's mean spirited in the area of helping people

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Speaker 1: near times in a time of need. Mayor Adams says,

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Speaker 1: not coordinatings leaving local and state resources and nonprofit struggling.

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Speaker 1: New York Governor Kathy Hokel says the state is rolling

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Speaker 1: back new COVID right elations for this school year, including

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Speaker 1: allowing positive students to stay in class provided they were

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Speaker 1: a mask. Hocal is also urging employees in the state

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Speaker 1: to consider a return to the office as well. I mean,

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Speaker 1: there's a lot of heap, a lot of tourists, restaurants

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Speaker 1: are crowded up for coming back and join our social life,

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Speaker 1: and we'd love to see everybody back, going back in

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Speaker 1: their offices, at least on a hybrid situation. Governor Local

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Speaker 1: was promising monkeypox vaccines for New Yorker's Acting New York

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Speaker 1: Health Commissioner Dr Mary Bassett is promising that they will

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Speaker 1: ensure access for those at risk, including the LGBT two

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Speaker 1: community and communities of color. These data show that we

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Speaker 1: are right to be very concerned about equity and access

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Speaker 1: to vaccination. Dr Bassett says they're preparing to distribute the

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Speaker 1: promise one hundred ten thou doses from the Biden administration

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Speaker 1: Global News twenty four hours a day on air end

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Speaker 1: on Bloomberg Quick Take power by more than twenty seven

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Speaker 1: hundred journalists, analysts more than a hundred twenty countries, and

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Speaker 1: Michael bar this is Bloomberg. Thank you Michael. Coming up

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Speaker 1: to six ten on Wall Street time for the Bloomberg

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Speaker 1: Sports Update with John Stenshow and thanks Nathan, But have

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Speaker 1: an upset to start the two games Subway series in

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Speaker 1: the Bronx. The Mets certainly went in the hotter team

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Speaker 1: and with the better pitcher on the Mountaine, Max Scherz,

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Speaker 1: are out pitched by Domingo her Mom maybe the best

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Speaker 1: game of his career. I shut out through six innings,

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Speaker 1: Mets get on the board and the seven the drop

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Speaker 1: pop up was followed by a two run homer by

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Speaker 1: the Mets. Daniel Vogel back. That's all the Mets gotten

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Speaker 1: the Yankees one four to two. Aaron Judge with home

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Speaker 1: run number forty seven and in the longest homerless drought

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Speaker 1: of his season, and Andrew benn and Tendee, who had

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Speaker 1: the game winning home run Sunday, added two run scoring hits.

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Speaker 1: His manager Aaron Boom. He's such a good hitter, such

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Speaker 1: a good back to ball, controls the strikes on um

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Speaker 1: and and it feels like he's really starting to settle

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Speaker 1: in now and uh, you know he's come up big

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Speaker 1: forest last couple of days obviously, but but feel like

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Speaker 1: for the better part of the last week he's he's

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Speaker 1: starting to build that momentum boom. Tonight starts. Frankie Mantas

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Speaker 1: he has struggled at his first three starts with the

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Speaker 1: Yankster mess decided to give Jacob Graham some extra rest,

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Speaker 1: so it'll be Taiwan Walker going to them at Mattlive.

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Speaker 1: Big preseason come back by the Jets. They trailed Atlanta

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Speaker 1: sixteen to nothing. The rally to win twenty four to

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Speaker 1: sixteen touchdown pass by fourth spring QB Chris Stravelery then

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Speaker 1: engineered a long TV drive and the Jets that at

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Speaker 1: a fumble return for touchdown. The Giants got word the

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Speaker 1: knee injury suffering Sunday by rookie linebacker Cavan Thibodeau is

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Speaker 1: a sprained mcl out three to four weeks. That would

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Speaker 1: mean missing the first one or two regular season games.

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Speaker 1: Carolina Panthers say Baker Mayfield will be the Week one

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Speaker 1: starting QB, beating out Sam Donald. That the Panthers like Donald,

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Speaker 1: they wouldn't have traded for Mayfield. Tom Brady back with

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Speaker 1: Tampa Bay with a report that he spent the eleven

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Speaker 1: days away from training camp in the Bahamas. Get some

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Speaker 1: advantages when you're Tom Brady, John Stash, We're Bloomberg Sports, Okay, John,

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Speaker 1: thank you. SMP futures now up seven points, South futures

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Speaker 1: up fifty five, NASTAC futures up twenty five points. The

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Speaker 1: tenure treasury down one thirty second, the yield three point

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Speaker 1: zero two per cent. You're listening to Bloomberg at daybreak

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Speaker 1: Blomber eleven three O. Weather mix of sun and clouds,

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Speaker 1: maybe an afternoon shower, thunderstorm, going to say eighty five

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Speaker 1: degrees oper eighties tomorrow with sunshine mainly sunny Thursday with

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Speaker 1: a high near ninety right now seventy two in Central

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Speaker 1: Park markets, headlines and breaking news twenty four hours a

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Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and

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Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and

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Speaker 1: I'm Cameron Moscow. US stock index futures are aging higher

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Speaker 1: this morning ahead of the Jackson Holes Central Banker Symposium

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Speaker 1: later this week. In the morning, after US stocks plunged

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Speaker 1: the most in two months. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day on Bloomberg guess and

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Speaker 1: p futures of six points down, futures of forty four

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Speaker 1: nast day futures of nineteen the decks in Germany of

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Speaker 1: a tenth of bucker sent to your treasury down one

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Speaker 1: thirty second, you know, three point one percent they yield

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Speaker 1: on the two year three point three to per cent.

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Speaker 1: Night Max screwed oil is up one point eight percent

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Speaker 1: of a dollar sixty five at ninety two dollars one

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Speaker 1: center barrel coll Max school. That will change that. Seventeen

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Speaker 1: forty eight sixty announced the euro point nine nine one

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Speaker 1: six against the dollar. British found one point one seven

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Speaker 1: five five one thirty seven point four four. I'm looking

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Speaker 1: a big coin of one point percent to twenty one thousand,

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Speaker 1: three hundred seventy dollars. That's a Bloomberg business flash. Now

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Speaker 1: here's Michael Barr with more on what's going on around

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Speaker 1: the world. Michael Karen, thank you very much. Key primary

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Speaker 1: elections are in three states today. In New York, read

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Speaker 1: districting is forcing two top Democrats, Representative Carolyn Maloney and

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Speaker 1: Jerry Nattled a run against each other. In the nineteenth district,

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Speaker 1: Democrat Pat Ryan is up against Republican Mark Mullinaro. Democrats

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Speaker 1: holding Florida's biggest primary race will decide who will run

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Speaker 1: against incumbent Republican government Around the sentence, the races between

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Speaker 1: Nicki Freed and Democratic cong spin Charlie Christ, who was

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Speaker 1: once that state's Republican governor. Florida Republican incumbent Senator Marco

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Speaker 1: Rubio will likely face Democratic Representative Val Demmings in November.

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Speaker 1: In Oklahoma, candidates are viving for the Senate seat of

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Speaker 1: Republican Jim Inhoff. In baseball, the Yankees beat the match

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Speaker 1: four to the A's lost NFL preseason The Jets one

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Take, Power by more hundred journalists analysts

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Speaker 1: more than a hundred, twenty countries. Michael Barr and this

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Speaker 1: is Bloomberg. Nathan Michael, thank you at his sixth nineteen

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Speaker 1: on Wall Street live from the Bloomberg Interactive Broker Studios.

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Speaker 1: This is Bloomberg day Break, and we're joined now by

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Speaker 1: Drew Maddis, chief markets strategist at MetLife Investment Management. Coming

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Speaker 1: off two straight days of losses for stocks ahead of

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Speaker 1: the Jackson Whole symposium at the end of this week, Drew,

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Speaker 1: good morning. I wonder what message you're expecting to hear

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Speaker 1: from Chairman Powell and the rest of the FED speakers

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Speaker 1: in Wyoming later this week. Well, it's it's a simple message.

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Speaker 1: Rates are going to continue to move higher because inflation

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Speaker 1: is still above where the Fed would like to see it. Um.

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Speaker 1: You know, in terms of how the market's going to

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Speaker 1: take that, you know, I think the market is pretty

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Speaker 1: well expecting that, um. And the real question everyone's asking

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Speaker 1: now is kind of you know, how much negative news

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Speaker 1: is the Fed need to see before it changes that too?

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Speaker 1: So where do you see the market going off that message?

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Speaker 1: Is there more room for stocks to fall further if

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Speaker 1: the Fed sticks to that script? Well, there's I mean,

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Speaker 1: as the FED continues to hike interest rates and we

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Speaker 1: begin to and we continue to see economic weakness, uh,

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Speaker 1: you know, the markets aren't probably gonna like that all

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Speaker 1: that much because what they would like to see is

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Speaker 1: a soft landing. But what increasingly seems to be um,

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Speaker 1: you know, increasing in likelihood is a recession. You know,

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Speaker 1: there's a debate whether we're already in one. Now, we're

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Speaker 1: not in that camp, but certainly economic weakness is piling up,

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Speaker 1: even if you don't see it in the labor market yet. Well,

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Speaker 1: what do you think the FED needs to see, uh,

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Speaker 1: to move toward that more dovish pivot. Well, so that's

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Speaker 1: that's the you know, trillion dollar question. Do they need

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Speaker 1: to see lower inflation or do they just need to

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Speaker 1: see the economy weakening enough where they can expect lower

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Speaker 1: inflation in the future. I think what they're getting right

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Speaker 1: now is the you know, economic conditions deteriorating so we

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Speaker 1: can expect economic weakness in the future, um, rather than

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Speaker 1: kind of the improvement in inflation that they want to

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Speaker 1: see right now. Um. And so you know, what we're

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Speaker 1: gonna be looking for from pal is really an indication

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Speaker 1: of you know what, what are the you know, what

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Speaker 1: are the predictive indicators that he's looking at that would

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Speaker 1: tell him that maybe the Fed's already done enough. Do

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Speaker 1: you see any sign that the tightening of financial conditions,

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Speaker 1: the the downturns that we've seen in the market of

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Speaker 1: late could move the Fed in any way? Uh? Not yet,

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Speaker 1: not yet. So people are watching, you know, are going

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Speaker 1: to watch pal carefully for for that kind of for

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Speaker 1: that kind of information. You know, we've already seen weakness

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Speaker 1: in housing, which is you know, related to the FED

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Speaker 1: hiking interest rates. Um. And you know, we haven't seen

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Speaker 1: the labor market yet turnover, but we are seeing extraordinarily

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Speaker 1: weak productivity numbers which are hurting things like margins, which

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Speaker 1: tend to be predictive of hiring in the future. Uh.

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Speaker 1: And so I do think the case for an economic

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Speaker 1: slowdown is growing um. And you know, the open question remains,

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Speaker 1: you know, will the FED acknowledge that that slowdown is

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Speaker 1: coming or will they just continue to press ahead with

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Speaker 1: rate hikes and act like the economy is surging ahead.

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Speaker 1: Do you think the FED is willing to take the

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Speaker 1: the economy into a recession in order to get inflation

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Speaker 1: under control. I think they're willing to do it. The

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Speaker 1: question is, you know, should they be willing to do it?

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Speaker 1: I'm not really sure. You know, I still believe that

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Speaker 1: there's a supply chain component to the inflation numbers we're seeing.

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Speaker 1: UM And I still believe, you know, that some of

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Speaker 1: the data will actually be turning. So we you know,

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Speaker 1: we continue to expect that the peak and inflation will

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Speaker 1: be this year. Um. Now that being said, you know,

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Speaker 1: I hadn't anticipated inflation would stay this high for this long. Um.

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Speaker 1: But nevertheless, you know, I don't think I'm alone in

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Speaker 1: thinking that inflation is beginning to turn uh. And you know,

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Speaker 1: maybe instead of waiting for a clear, conclusive proof, UH,

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Speaker 1: you can dial back the speed of the rate hikes

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Speaker 1: in order to buy yourself a little more time to

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Speaker 1: evaluate the situation. Do you think the dial back happens

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Speaker 1: this year or does the Fed wait until next year?

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Speaker 1: You got about thirty seconds left here. Well, I think,

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Speaker 1: you know, I think that they should will slow the

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Speaker 1: pace of tightening. Uh. And then you know how quickly

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Speaker 1: they actually take it from seventy to fifty to zero.

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Speaker 1: Is is really kind of what people are fighting about

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Speaker 1: right now in my world. Thanks Dree, good having one

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Speaker 1: with us this morning. Drew Madis is chief market strategist

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Speaker 1: at MetLife Investment Management. And of course you will have

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Speaker 1: full coverage of the Jackson Whole symposium. Bloomberg Surveillance will

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Speaker 1: be there beginning on Thursday ahead of Chairman Powell's speech

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Speaker 1: ten am Wall Street time. On Friday, we will have

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Speaker 1: full coverage of it all for you here on Bloomberg Radio.

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Speaker 1: Right now, SMP futures are trimming some of their losses,

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Speaker 1: are trimming some of their gains. I should say at

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Speaker 1: this point, SMP futures are now two points, TOW futures

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Speaker 1: up twenty NASDAC futures up four points. That's a little

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Speaker 1: changed across the board in the futures markets. The tenure

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Speaker 1: Treasury is now down to thirty seconds the old three

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Speaker 1: point zero two percent yield on the two year three

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Speaker 1: point three three percent, and NIMEX crude is up one

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Speaker 1: right now nine the eight cents of barrel. You're listening

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Speaker 1: to Bloomberg day Break Bloomberg eleven three oh weather. Mix

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Speaker 1: of sun and clouds. Afternoon showers and storms possible today

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Speaker 1: with a high near eighty five degrees. We'll get up

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Speaker 1: to near ninety tomorrow and Thursday with sunshine. Right now

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Speaker 1: seventy two in Central Park, Broadcasting live from the Bloomberg

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Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living Freedom

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Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O

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Speaker 1: six one to San Francisco, Bloomberg nun six to the country.

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Speaker 1: Sirius XM to A one nine and around the globe,

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Speaker 1: the Bloomberg Business and Bloomberg Radio dot com. This is

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Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm

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Speaker 1: Nathan Hager and I'm Karen Moscow. We are just about

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Speaker 1: three hours away from the open of US trading time

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Speaker 1: to the five things so you need to notice. Start

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Speaker 1: your day to you by Interactive Brokers. Interactive Brokers Simple,

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Speaker 1: ib k R Global Trader app, deposit in your local

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Speaker 1: currency and trade stocks in the US, Europe and Asia.

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Speaker 1: Start your free trial at ibkr dot com, Slash Global

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00:21:12,640 --> 00:21:15,760
Speaker 1: Trader up first. Stocks are coming off their worst one

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Speaker 1: day drop in two months. The s n P five

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Speaker 1: hundred index fell two point one per cent. UBS Managing

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Speaker 1: Director Ally McCartney says with increased volatility, investors need to

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Speaker 1: be mindful of stock picks. Over the last number of years,

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Speaker 1: you've really been rewarded no matter what type of equity

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Speaker 1: you have. The concept of security selection and active management

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Speaker 1: is really something we're leaning into. Ellie McCartney with u

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Speaker 1: B says rising rates and inflation will create uncertainty and

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Speaker 1: equity markets. Investors will closely monitor the federal reserves Jackson

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Speaker 1: Whole Economics Imposium later this week Karen, where Cher J.

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Speaker 1: Powell will speak. Stanford University professor John Taylor says the

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Speaker 1: FED should not cut rates again if we let inflation

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Speaker 1: build up over time like in the seventies it was

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Speaker 1: seven years of fire inflation. If we nipping in the butt,

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Speaker 1: then you don't have to have these negative effects. Stanford

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Speaker 1: Economics professor John Taylor thinks the Fed should aim to

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Speaker 1: raise rates to five percent. Stick with Bloomberg for coverage

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Speaker 1: of the Jackson Hole Symposium. Bloomberg Surveillance will be their

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Speaker 1: beginning Thursday. Politics Now Nathan It's primary day in New York,

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Speaker 1: Florida and a runoff in Oklahoma. Longtime House Democratic colleagues

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Speaker 1: Caroline Murphy are, Caroline Maloney Rather and Jerry Nadler are

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Speaker 1: competing for the same seat in New York in the

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Speaker 1: nineteenth district to Democrat Pat Ryan is running against Republican

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Speaker 1: Mark Mullinaro. In Florida, Republican incumbent Senator Marco Rubio more

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Speaker 1: likely faced Democratic Representative Val Demming's in November. Republican Governor

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Speaker 1: Runda Stantis will finish either Former Governor Charlie Christ or

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Speaker 1: Nicky freed. Then we're getting more evidence scaring of the

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Speaker 1: toll of the pandemic has taken on our lives. Bloomberg's

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Speaker 1: ornitda Young joins us live at that story. Good morning Rinita,

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Speaker 1: Good morning Nathan. The CDC says life expectancy in New

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Speaker 1: York State dropped by three years in the biggest decline

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Speaker 1: among all states during the first year of the COVID

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Speaker 1: nineteen pandemic. New York State residents are expected to live

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Speaker 1: to just under seventy eight years old, the fifteenth highest

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Speaker 1: life expectancy in the US. In New York had the

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Speaker 1: third highest ranking, The CDC said last year. Overall US

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Speaker 1: life expectancy plunged by one point eight years in twenty twenty,

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Speaker 1: the biggest drop since World War Two. Live in New York.

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Speaker 1: I'm gonna need a young Bloomberg daybreak, all right, we

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Speaker 1: need to thank you. That's the five things you need

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Speaker 1: to know to start your day, brought to you by

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Speaker 1: Interactive Brokers and straight Ahead, your latest local headlines, plus

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Speaker 1: a check of sports, and this is Bloomberg. Thanks here

429
00:23:38,760 --> 00:23:41,040
Speaker 1: in sixty three on Wall Street, seventy two degrees in

430
00:23:41,119 --> 00:23:43,920
Speaker 1: Central Park, still dealing with the service suspension New Jersey

431
00:23:44,000 --> 00:23:47,080
Speaker 1: Transit morriss essex line between Dover and Summit. We'll tell

432
00:23:47,080 --> 00:23:49,560
Speaker 1: you more in traffic First Michael Barr with what else

433
00:23:49,640 --> 00:23:51,120
Speaker 1: is going on in New York and around the world.

434
00:23:51,160 --> 00:23:53,720
Speaker 1: Good morning, Michael, Good morning Nathan. More bus loads of

435
00:23:53,760 --> 00:23:57,960
Speaker 1: migrants arrived in New York City. Mayor Eric Adams estimates

436
00:23:57,960 --> 00:24:01,120
Speaker 1: over the weekend about hundred of side seekers from Central

437
00:24:01,119 --> 00:24:04,960
Speaker 1: and South America have arrived from Texas. Adams says it's

438
00:24:04,960 --> 00:24:07,320
Speaker 1: an obligation for the city to do what they can

439
00:24:07,520 --> 00:24:10,560
Speaker 1: to provide a roof over the hands of these families,

440
00:24:10,960 --> 00:24:14,760
Speaker 1: right to shelter. Whoever comes to this city. If it's

441
00:24:14,840 --> 00:24:18,960
Speaker 1: day one, we are legally and morally responsible for giving

442
00:24:19,000 --> 00:24:23,640
Speaker 1: them houses. Adams criticized Republican Texas Governor Abbot, saying he's

443
00:24:23,680 --> 00:24:27,639
Speaker 1: not coordinating with the city. With schools had to set

444
00:24:27,640 --> 00:24:30,359
Speaker 1: to resume in New York City in a number of weeks.

445
00:24:30,400 --> 00:24:33,320
Speaker 1: New York Governor Kathy Hoco talked about the state's new

446
00:24:33,320 --> 00:24:37,600
Speaker 1: COVID regulations for this school year. Local says schools will

447
00:24:37,640 --> 00:24:42,480
Speaker 1: ease up on several safety plans, including relaxing quarantine protocols

448
00:24:42,560 --> 00:24:47,760
Speaker 1: for class and no longer enforcing the Test to Stay program,

449
00:24:47,920 --> 00:24:50,800
Speaker 1: so no more tests to stay. What that means if

450
00:24:50,840 --> 00:24:54,159
Speaker 1: a classmate test positive for COVID and your child doesn't

451
00:24:54,200 --> 00:24:56,880
Speaker 1: have symptoms, your child can stay in school as long

452
00:24:56,920 --> 00:25:00,680
Speaker 1: as they would wear a mask under those circumstances were recommending. Meanwhile,

453
00:25:00,840 --> 00:25:03,320
Speaker 1: with New York State reporting more than a quarter of

454
00:25:03,359 --> 00:25:07,359
Speaker 1: all the US cases, a monkeypox governor Hocal promises monkeypox

455
00:25:07,440 --> 00:25:10,919
Speaker 1: vaccines and treatment for New Yorkers will remain a priority.

456
00:25:11,359 --> 00:25:14,760
Speaker 1: Most US adults thank gun violence is increasing nationwide and

457
00:25:14,840 --> 00:25:17,639
Speaker 1: want to see gun laws made stricter. That's according to

458
00:25:17,680 --> 00:25:20,440
Speaker 1: a poll from the University of Chicago Harris School of

459
00:25:20,520 --> 00:25:24,320
Speaker 1: Public Policy and the Associated Press Nork Center for Public

460
00:25:24,359 --> 00:25:28,840
Speaker 1: Affairs Research. About of Americans say gun laws should be stricter,

461
00:25:29,119 --> 00:25:32,800
Speaker 1: including about half of Republicans. The tri State areas cleaning

462
00:25:32,840 --> 00:25:35,439
Speaker 1: up after heavy rain fell in the area. Streets in

463
00:25:35,520 --> 00:25:39,080
Speaker 1: New Jersey were among those flooded out. The dangerous flood

464
00:25:39,080 --> 00:25:42,640
Speaker 1: conditions gripped parts of the Southwest and Texas and now

465
00:25:42,680 --> 00:25:47,160
Speaker 1: shifting to Louisiana and Mississippi. Mayor Rachel Moreno of Guindona,

466
00:25:47,240 --> 00:25:50,199
Speaker 1: Texas is thanking volunteers lending a hand Thank you for

467
00:25:50,240 --> 00:25:53,320
Speaker 1: everybody that's coming in helping us um assess in our

468
00:25:53,359 --> 00:25:56,159
Speaker 1: area and helping us try to get things cleaned up

469
00:25:56,640 --> 00:25:59,600
Speaker 1: in East Dallas. More than fifteen inches of rain flooded

470
00:25:59,640 --> 00:26:03,919
Speaker 1: streets and Holmes One woman died in Mesquite, Texas. Global

471
00:26:04,000 --> 00:26:06,359
Speaker 1: News twenty four hours a day on air and on

472
00:26:06,400 --> 00:26:09,560
Speaker 1: Bloomberg Quick Take Power by more than twenty seven hundred

473
00:26:09,600 --> 00:26:12,280
Speaker 1: journalists and analyists more than a hundred twenty countries. I'm

474
00:26:12,320 --> 00:26:15,280
Speaker 1: Michael Barr, and this is Bloomberg, Nathan. Thank you, Michael.

475
00:26:20,320 --> 00:26:22,800
Speaker 1: Five on Wall Street, John Stashire has the Bloomberg Sports

476
00:26:22,800 --> 00:26:24,919
Speaker 1: Something Rank, Dathan. The Mets have a better record than

477
00:26:24,920 --> 00:26:26,880
Speaker 1: the Yankees. They've been the far better team than past

478
00:26:26,920 --> 00:26:28,840
Speaker 1: month or so, but the Yanks did beat the Mets

479
00:26:28,920 --> 00:26:32,160
Speaker 1: for two subway series in the Bronx and Atlanta one

480
00:26:32,200 --> 00:26:34,720
Speaker 1: in Pittsburgh to all. The Yankees, despite their recent struggles,

481
00:26:34,720 --> 00:26:36,760
Speaker 1: still have an eight game lead in their division. The

482
00:26:36,800 --> 00:26:39,800
Speaker 1: Mets only three up on the Braves Yankee heroes last night.

483
00:26:40,000 --> 00:26:41,919
Speaker 1: The Mingo Arma and pitched out of the seventh. Then

484
00:26:41,960 --> 00:26:44,400
Speaker 1: he gave up only Warner and run solid relief work

485
00:26:44,440 --> 00:26:47,920
Speaker 1: after him by Ron Baronaccio and Jonathan Loaisaka Andrew ben

486
00:26:47,920 --> 00:26:50,160
Speaker 1: Attendee with a pair of run scoring hits and home

487
00:26:50,280 --> 00:26:53,280
Speaker 1: run number forty seven for Aaron Judge who hopes the

488
00:26:53,359 --> 00:26:55,320
Speaker 1: Yankees slump is over now. You can just feel a

489
00:26:55,359 --> 00:26:57,399
Speaker 1: little different energy in the dug out and you know,

490
00:26:58,119 --> 00:27:00,040
Speaker 1: healing throughout the at bass. You know, guys, just like

491
00:27:00,080 --> 00:27:01,879
Speaker 1: I said earlier, guys one through nine work in the

492
00:27:02,000 --> 00:27:05,560
Speaker 1: count um dinner and they can to you know, waited

493
00:27:05,560 --> 00:27:07,360
Speaker 1: out until you gotta Fisher drive. And you know when

494
00:27:07,359 --> 00:27:08,760
Speaker 1: you do that against one the best in the game,

495
00:27:09,160 --> 00:27:10,680
Speaker 1: and he'sally gonna get good results. You know, one of

496
00:27:10,680 --> 00:27:12,119
Speaker 1: the best of the game is Max Schers or the

497
00:27:12,160 --> 00:27:14,280
Speaker 1: Yanks beat him and don't have to face Jacob de

498
00:27:14,359 --> 00:27:17,080
Speaker 1: grand Metzer instead going to the Taiwan Walker. Tonight given

499
00:27:17,119 --> 00:27:19,320
Speaker 1: to grand extra rest Frankie Mantas on the mat for

500
00:27:19,359 --> 00:27:22,920
Speaker 1: the Yanks in fourteen. In these monthaz Is allowed fourteen runs.

501
00:27:22,960 --> 00:27:25,600
Speaker 1: He took the rotation spot of Jordan Montgomery, who was

502
00:27:25,640 --> 00:27:28,920
Speaker 1: traded in St. Louis. Last night, Montgomery and Chicago through

503
00:27:28,960 --> 00:27:32,280
Speaker 1: a complete game, one hit shutout for the Cardinals. His

504
00:27:32,400 --> 00:27:34,760
Speaker 1: e r A was St. Louis Is zero point three

505
00:27:34,840 --> 00:27:38,000
Speaker 1: five has with all preseason games. It was reserves on

506
00:27:38,040 --> 00:27:40,520
Speaker 1: the field at the end, but the Jets reserves engineered

507
00:27:40,560 --> 00:27:43,159
Speaker 1: a big comeback from sixteen down they beat the Falcons

508
00:27:43,800 --> 00:27:46,680
Speaker 1: to sixteen. The knee injury the Giants rookie linebacker Cavon

509
00:27:46,720 --> 00:27:49,399
Speaker 1: Thibodeaux was a spring mcl thibode would likely missed the

510
00:27:49,440 --> 00:27:51,840
Speaker 1: start of the regular season. New team has emerged in

511
00:27:51,880 --> 00:27:54,760
Speaker 1: the Kevin Durant trade to op the Memphis Grizzlies, who

512
00:27:54,760 --> 00:27:57,320
Speaker 1: do have young players and multiple draft picks to offer

513
00:27:57,440 --> 00:28:01,120
Speaker 1: for the next John Stash went Bloomberg Sports. Okay, John,

514
00:28:01,160 --> 00:28:03,119
Speaker 1: thank you. It is six thirty seven on Wall Street.

515
00:28:03,119 --> 00:28:04,440
Speaker 1: Time to take a look at stocks, some of the

516
00:28:04,520 --> 00:28:06,760
Speaker 1: names moving in the pre market with Bloomberg Radio and

517
00:28:06,800 --> 00:28:10,360
Speaker 1: TV Markets correspondent Credy Gufta. Credy, I know, we got

518
00:28:10,440 --> 00:28:13,520
Speaker 1: some earnings from one of the pandemic winners and it

519
00:28:13,600 --> 00:28:18,040
Speaker 1: looks like the pandemic is moving on. For Zoom Video,

520
00:28:18,400 --> 00:28:20,240
Speaker 1: it really is, and so is some of that perhaps

521
00:28:20,280 --> 00:28:23,000
Speaker 1: the tail when that we were hoping it would help

522
00:28:23,119 --> 00:28:26,680
Speaker 1: U cattle poll to Zoom into a post pandemic era,

523
00:28:26,800 --> 00:28:29,760
Speaker 1: but nevertheless, Zoom shares ZM is your taker down about

524
00:28:29,800 --> 00:28:32,720
Speaker 1: twelve percent of ship twelve percent in the pre market.

525
00:28:32,760 --> 00:28:34,560
Speaker 1: This of course comes after, like you said, Nathan, they

526
00:28:34,600 --> 00:28:36,439
Speaker 1: did come out with their earnings and they end up

527
00:28:36,440 --> 00:28:40,360
Speaker 1: cutting their full year forecasts, analysts noting that the decline

528
00:28:40,640 --> 00:28:44,000
Speaker 1: and it's online segment offset strength and its phone and

529
00:28:44,160 --> 00:28:47,960
Speaker 1: enterprise businesses. So once again becoming cross platform not necessarily

530
00:28:48,400 --> 00:28:51,560
Speaker 1: helping to that extent, not enough to certainly to help

531
00:28:51,600 --> 00:28:53,760
Speaker 1: rescue some of their earnings. Pictures, So Zoom Video to

532
00:28:53,800 --> 00:28:55,960
Speaker 1: your point, one of the pandemic winners, which we should

533
00:28:56,080 --> 00:28:57,800
Speaker 1: note if you actually folks, I know we're on radio,

534
00:28:57,800 --> 00:28:59,000
Speaker 1: but if you have to look at a full year

535
00:28:59,080 --> 00:29:01,600
Speaker 1: chart for example, or two three year chart, it is

536
00:29:01,680 --> 00:29:04,520
Speaker 1: quite literally a round trip stock chart, which is kind

537
00:29:04,520 --> 00:29:07,000
Speaker 1: of interesting. So anyway, ZM is your taker down about

538
00:29:07,200 --> 00:29:09,320
Speaker 1: just shy of twelve. But Nathan is not the only

539
00:29:09,400 --> 00:29:12,920
Speaker 1: earning story um overnight. Paulo Alto Networks is the other

540
00:29:12,960 --> 00:29:14,440
Speaker 1: one you want to keep an eye on. P A

541
00:29:14,680 --> 00:29:18,200
Speaker 1: and W is your ticker. Shares are up eight point

542
00:29:18,360 --> 00:29:21,240
Speaker 1: six percent in the pre market. Now, this is a

543
00:29:21,280 --> 00:29:24,640
Speaker 1: cybersecurity company that we know has been getting a lot

544
00:29:24,680 --> 00:29:28,360
Speaker 1: of momentum post the war in Ukraine. The idea here

545
00:29:28,360 --> 00:29:32,280
Speaker 1: being that Russia uses cyber technology for a lot of

546
00:29:32,320 --> 00:29:35,320
Speaker 1: their kind of war efforts, things like hacking for example,

547
00:29:35,360 --> 00:29:38,400
Speaker 1: which Russia does have an expertise and relative to the

548
00:29:38,400 --> 00:29:40,280
Speaker 1: rest of the world. So you do have a lot

549
00:29:40,320 --> 00:29:43,880
Speaker 1: of companies, for example, think your cloud companies, Apple, Microsoft,

550
00:29:44,160 --> 00:29:46,800
Speaker 1: A lot of your big cap names actually looking to

551
00:29:46,920 --> 00:29:51,360
Speaker 1: invest in their cybersecurity uh specifically and the beneficiaries of that.

552
00:29:51,360 --> 00:29:53,760
Speaker 1: Our companies like Paulo Alto Networks, p A and W.

553
00:29:54,560 --> 00:29:56,719
Speaker 1: This time though they're talking about their earning story. They

554
00:29:56,840 --> 00:29:59,840
Speaker 1: did Resport report fiscal fourth quarter results. They beat x

555
00:30:00,000 --> 00:30:02,400
Speaker 1: actations and on top of that the cherry on top

556
00:30:02,440 --> 00:30:04,560
Speaker 1: of a pretty good Sunday, they gave a full year

557
00:30:04,600 --> 00:30:07,280
Speaker 1: forecast that was ahead of the analyst consensus. Is all

558
00:30:07,320 --> 00:30:10,560
Speaker 1: about that forward guidance. Analysts extremely positive on the strong

559
00:30:10,600 --> 00:30:14,400
Speaker 1: billings and quote prudent forecast for that company. Now, I

560
00:30:14,400 --> 00:30:16,840
Speaker 1: know you've been watching Meme stock so the last few days,

561
00:30:16,920 --> 00:30:19,720
Speaker 1: what's the latest there? We gotta check on bed Bath

562
00:30:19,760 --> 00:30:22,880
Speaker 1: and beyond b b B. Why is your taker shares

563
00:30:22,880 --> 00:30:25,280
Speaker 1: are up six point six percent in the pre market

564
00:30:25,600 --> 00:30:28,240
Speaker 1: is actually ending three days of losses. Now, remember the

565
00:30:28,360 --> 00:30:30,239
Speaker 1: entire market is kind of turning around. A little bit

566
00:30:30,240 --> 00:30:33,120
Speaker 1: futures not seeing that much conviction, but underneath the hood

567
00:30:33,360 --> 00:30:36,440
Speaker 1: some pretty strong reactions on these individual names. Nevertheless, you

568
00:30:36,480 --> 00:30:39,480
Speaker 1: are perhaps seeing retail traders back in it as you

569
00:30:39,560 --> 00:30:42,560
Speaker 1: see the pre market move in this particular stock. The question, though,

570
00:30:42,600 --> 00:30:44,880
Speaker 1: is how much of this is on low volume. Remember,

571
00:30:45,080 --> 00:30:47,760
Speaker 1: the market isn't trading on that much more. We begin

572
00:30:47,840 --> 00:30:49,600
Speaker 1: with as all eyes are on Jackson Hole at the

573
00:30:49,680 --> 00:30:52,280
Speaker 1: end of the week. Indeed, Bloomberg Radio on TV markets

574
00:30:52,280 --> 00:30:55,720
Speaker 1: correspondent Credi Gupta with us this morning looking at stocks

575
00:30:55,760 --> 00:30:58,880
Speaker 1: ahead of the open. As Crety said, not a whole

576
00:30:58,920 --> 00:31:01,360
Speaker 1: lot of conviction. We've got SMP futures up at ten

577
00:31:01,520 --> 00:31:05,320
Speaker 1: percent of four points, style futures of forty two NAS

578
00:31:05,360 --> 00:31:08,960
Speaker 1: deck futures are higher by seventeen points. The tenure Treasury

579
00:31:09,040 --> 00:31:12,520
Speaker 1: is down one thirty second yield three point zero two percent,

580
00:31:12,640 --> 00:31:14,440
Speaker 1: and the yield on the two year right now three

581
00:31:14,480 --> 00:31:22,880
Speaker 1: point three two. You're listening to Bloomberg Daybreak Bloomberg eleven

582
00:31:22,920 --> 00:31:25,480
Speaker 1: three oh weather, sun and clouds, maybe an afternoon shower,

583
00:31:25,560 --> 00:31:28,239
Speaker 1: thunderstorm going up to the eighty five degrees upright these

584
00:31:28,280 --> 00:31:32,320
Speaker 1: with sunshine tomorrow. Pioneer ninety on Thursday right now seventy

585
00:31:32,320 --> 00:31:39,880
Speaker 1: two in Central Park markets. Headlines and breaking news twenty

586
00:31:39,880 --> 00:31:42,680
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg

587
00:31:42,760 --> 00:31:46,280
Speaker 1: Business apt and at Bloomberg Quick Tape. He's a Bloomberg

588
00:31:46,400 --> 00:31:55,160
Speaker 1: Business Flash and I'm Karen Moscow. Future is on the rise.

589
00:31:55,240 --> 00:31:57,160
Speaker 1: This morning, we got to the first Word breaking news

590
00:31:57,200 --> 00:32:01,600
Speaker 1: desk for today's morning call. Here's Bill Maloney. Bill, good morning, Hey,

591
00:32:01,600 --> 00:32:03,920
Speaker 1: Good morning, Karen. That's right. Modest games in the US

592
00:32:03,960 --> 00:32:06,600
Speaker 1: futures FP yesterday sell off, with death futures up seventy

593
00:32:06,600 --> 00:32:09,840
Speaker 1: four points, SYSIPES Game ten and NASDAIC futures are higher

594
00:32:09,960 --> 00:32:12,800
Speaker 1: by thirty five the US ten year old at three

595
00:32:12,840 --> 00:32:16,160
Speaker 1: point two percent. Gold is little change, Oil is climbing,

596
00:32:16,160 --> 00:32:19,520
Speaker 1: and Bitcoin trading higher by one point three percent. Japan

597
00:32:19,640 --> 00:32:22,239
Speaker 1: dropped one point two percent overnight, while up markets are

598
00:32:22,320 --> 00:32:24,520
Speaker 1: quiet this morning. And back in the US on the

599
00:32:24,560 --> 00:32:26,960
Speaker 1: economic front, at night U S P M I S

600
00:32:27,160 --> 00:32:30,000
Speaker 1: and at ten o'clock new home sales after de Bells night,

601
00:32:30,080 --> 00:32:33,320
Speaker 1: Zoom Video cut its sales forecast, and regarding earnings this morning,

602
00:32:33,560 --> 00:32:36,480
Speaker 1: Metronic beat estimates and look for Dick Sporting and Macy's

603
00:32:36,560 --> 00:32:39,120
Speaker 1: to a report in the pre market rabbing things up,

604
00:32:39,160 --> 00:32:41,920
Speaker 1: Denny's was raised to outperform from neutral. Over at wet

605
00:32:42,000 --> 00:32:45,200
Speaker 1: Bush Live from the first to breaking news Descomb, Bill Maloney,

606
00:32:45,240 --> 00:32:47,479
Speaker 1: Ker Gray, Bill, thank you and to hear live breaking

607
00:32:47,520 --> 00:32:50,560
Speaker 1: news over your Bloomberg Time Squawk on your terminal squ

608
00:32:50,720 --> 00:32:53,040
Speaker 1: a w u K and that's a Bloomberg business flash.

609
00:32:53,040 --> 00:32:55,160
Speaker 1: Now here's Michael Barrow with more on what's going on

610
00:32:55,240 --> 00:32:57,640
Speaker 1: around the world. Michael Karen, thank you very much. Key

611
00:32:57,680 --> 00:33:01,640
Speaker 1: primary elections take place today and New York, Florida and Oklahoma.

612
00:33:01,760 --> 00:33:05,520
Speaker 1: More on the primary straight ahead. Lawyers for former President

613
00:33:05,560 --> 00:33:08,480
Speaker 1: Trump have asked a federal judge to prevent the FBI

614
00:33:08,920 --> 00:33:12,720
Speaker 1: from continuing to review documents recovered from his Florida state

615
00:33:13,120 --> 00:33:17,200
Speaker 1: until a neutral special master can be appointed. It comes

616
00:33:17,240 --> 00:33:19,680
Speaker 1: as The New York Times reports more than three hundred

617
00:33:19,840 --> 00:33:23,640
Speaker 1: classified documents were found at maur Lago. In baseball, the

618
00:33:23,720 --> 00:33:27,040
Speaker 1: Yankees beat the Mets four to the A's lost in

619
00:33:27,200 --> 00:33:30,960
Speaker 1: NFL preseason the Jets one Global News twenty four hours

620
00:33:30,960 --> 00:33:34,240
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

621
00:33:34,240 --> 00:33:38,120
Speaker 1: more than journalists and analysts more than a hundred twenty countries.

622
00:33:38,480 --> 00:33:41,400
Speaker 1: Michael bar and this is Bloomberg. Karen Right, Michael Barr,

623
00:33:41,480 --> 00:33:43,960
Speaker 1: thank you. It is sixt on Wall Street. We turned

624
00:33:43,960 --> 00:33:46,640
Speaker 1: to news and science and technology now with a Bloomberg

625
00:33:46,800 --> 00:33:49,240
Speaker 1: n j I T Stammerport brought to you by New

626
00:33:49,280 --> 00:33:52,800
Speaker 1: Jersey Institute of Technology. N j I T makes industry

627
00:33:52,800 --> 00:33:55,680
Speaker 1: ready engineers in more than twenty fields. If it's engineering

628
00:33:55,800 --> 00:33:58,160
Speaker 1: is at nj I T. Learn more at nj I

629
00:33:58,240 --> 00:34:00,560
Speaker 1: T dot E d U And here's just making news

630
00:34:00,640 --> 00:34:04,880
Speaker 1: and science, technology, engineering, and math. Life expectancy in New

631
00:34:04,960 --> 00:34:08,400
Speaker 1: York plummeted by three years in The CDC said that

632
00:34:08,480 --> 00:34:10,800
Speaker 1: was the biggest decline among all states in the first

633
00:34:10,840 --> 00:34:13,759
Speaker 1: year of the COVID pandemic. Residents of New York are

634
00:34:13,760 --> 00:34:16,960
Speaker 1: expected to live to just under seventy eight, the fifteenth

635
00:34:17,000 --> 00:34:21,160
Speaker 1: highest life expectancy in the country. Overall, US life expectancy

636
00:34:21,200 --> 00:34:23,960
Speaker 1: plunged by one point eight years in twenty the biggest

637
00:34:24,040 --> 00:34:27,960
Speaker 1: drops since World War Two. Zoom Video Communications continues to

638
00:34:28,000 --> 00:34:31,200
Speaker 1: have trouble transitioning from an essential COVID era tool to

639
00:34:31,239 --> 00:34:34,759
Speaker 1: an enterprise business platform. The software maker is cutting its

640
00:34:34,760 --> 00:34:38,239
Speaker 1: annual revenue forecast, saying it's losing your sales from consumers

641
00:34:38,239 --> 00:34:42,200
Speaker 1: and small business faster than anticipated, and applehol plans to

642
00:34:42,239 --> 00:34:45,560
Speaker 1: begin making the iPhone fourteen in India about two months

643
00:34:45,560 --> 00:34:48,560
Speaker 1: after the product's initial release out of China. That narrows

644
00:34:48,560 --> 00:34:50,879
Speaker 1: the gap between the two countries, but it doesn't close

645
00:34:50,920 --> 00:34:54,239
Speaker 1: it completely as some had anticipated. Apple has been trying

646
00:34:54,239 --> 00:34:57,560
Speaker 1: to diversify its supply chain, but the company's high standards

647
00:34:57,560 --> 00:35:00,640
Speaker 1: for secrecy complicated its efforts in India. Uh. That's a

648
00:35:00,680 --> 00:35:04,120
Speaker 1: Bloomberg and j I T. Stemp report. Nathan, Thanks Karen.

649
00:35:04,120 --> 00:35:06,600
Speaker 1: We're live from the Bloomberg Interactive Brokers studios, where it

650
00:35:06,680 --> 00:35:08,839
Speaker 1: is six fifty on Wall Street Time Now to check

651
00:35:08,840 --> 00:35:10,799
Speaker 1: what's going on in d C. Some of the top

652
00:35:10,840 --> 00:35:13,839
Speaker 1: stories in our nation's capital include primary elections in New

653
00:35:13,920 --> 00:35:17,520
Speaker 1: York and Florida, President Trump, the former president, suing for

654
00:35:17,600 --> 00:35:20,880
Speaker 1: a neutral review of SEES documents of mar Lago, the

655
00:35:20,960 --> 00:35:24,319
Speaker 1: US seeing progress in a revived around nuclear deal, and

656
00:35:24,400 --> 00:35:26,920
Speaker 1: Anthony Faucci making plans to resign after more than a

657
00:35:26,920 --> 00:35:29,880
Speaker 1: half century in government. Let's bring back Joe Matthew now,

658
00:35:29,880 --> 00:35:34,080
Speaker 1: our Washington correspondent, host of Bloomberg Radios, Sound on and Uh,

659
00:35:34,200 --> 00:35:38,399
Speaker 1: It's an unfortunate circumstance when it comes to redistricting Joe

660
00:35:38,480 --> 00:35:42,359
Speaker 1: Matthew because in the least one race, whoever wins at

661
00:35:42,400 --> 00:35:46,400
Speaker 1: least one congressman, a longtime congress person will lose. Well,

662
00:35:46,400 --> 00:35:49,000
Speaker 1: that is correct, and this is why we're all in

663
00:35:49,080 --> 00:35:50,960
Speaker 1: a New York state of mind here. It's not a

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00:35:51,040 --> 00:35:54,680
Speaker 1: national race, but it's one that is very compelling because

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00:35:54,800 --> 00:35:58,600
Speaker 1: they are former allies, I guess former from now on

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00:35:58,840 --> 00:36:02,720
Speaker 1: and and long time senior members of the Democratic leadership

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00:36:02,760 --> 00:36:05,440
Speaker 1: in the House. We're talking about Jerry Nadler, chair of

668
00:36:05,520 --> 00:36:11,080
Speaker 1: the Judiciary Committee Upper West Side against Caroline Maloney, representative

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00:36:11,400 --> 00:36:14,920
Speaker 1: from the Upper East Side, who chairs the Oversight Committee,

670
00:36:15,000 --> 00:36:18,120
Speaker 1: very powerful position, the first woman to have that job,

671
00:36:18,239 --> 00:36:20,520
Speaker 1: as a matter of fact, who has been using the

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00:36:20,600 --> 00:36:23,760
Speaker 1: line and in advertising and in messaging. You cannot send

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00:36:23,800 --> 00:36:26,680
Speaker 1: a man to do a woman's job. So these are

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00:36:26,719 --> 00:36:30,080
Speaker 1: two individuals who were elected at the same time Ino

675
00:36:30,160 --> 00:36:33,040
Speaker 1: Rose into the leadership together, have worked together, and I'll

676
00:36:33,040 --> 00:36:37,200
Speaker 1: find themselves staring across Central Park in what has become

677
00:36:37,560 --> 00:36:40,520
Speaker 1: a bit of a bitter campaign. Yeah, and it's interesting

678
00:36:40,600 --> 00:36:44,240
Speaker 1: because you talked to, or you least listen to these

679
00:36:44,320 --> 00:36:48,000
Speaker 1: candidates in debate saying they didn't want to compete against

680
00:36:48,080 --> 00:36:50,600
Speaker 1: each other. But this is the circumstance you find yourself

681
00:36:50,680 --> 00:36:55,480
Speaker 1: into sometimes every ten years, where oftentimes UH sitting members

682
00:36:55,520 --> 00:36:57,719
Speaker 1: of Congress will find themselves competing against That's true, and

683
00:36:57,760 --> 00:36:59,879
Speaker 1: neither of them wanted to move to another district here

684
00:37:00,080 --> 00:37:03,080
Speaker 1: to to potentially run. So yeah, it's it's been an

685
00:37:03,080 --> 00:37:07,759
Speaker 1: interesting process. It's it's considered that, you know, Jerry Nadler's race,

686
00:37:08,200 --> 00:37:10,439
Speaker 1: it's his to lose. He's endorsed by the New York

687
00:37:10,440 --> 00:37:14,360
Speaker 1: Times editorial board and by Senator Chuck Schumer that really

688
00:37:14,400 --> 00:37:18,080
Speaker 1: helped his bona fides and and pushed him higher in

689
00:37:18,440 --> 00:37:21,120
Speaker 1: UH in polling. He's spent a lot of time criticizing

690
00:37:21,200 --> 00:37:24,759
Speaker 1: Carolyn Maloney's votes for the Iraq war and against the

691
00:37:24,800 --> 00:37:28,480
Speaker 1: Iran nuclear deal, where Maloney has been saying, look look

692
00:37:28,520 --> 00:37:32,040
Speaker 1: at my history working for women's equality. Uh, there's only

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00:37:32,080 --> 00:37:34,320
Speaker 1: one of me, and I am the first woman to

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00:37:34,320 --> 00:37:37,880
Speaker 1: to chair the Oversight Committee. You need me in office.

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00:37:37,880 --> 00:37:41,440
Speaker 1: They're both delivering very compelling messages to New Yorkers, but

696
00:37:41,480 --> 00:37:44,000
Speaker 1: it does seem that Nadler's got the numbers. And speaking

697
00:37:44,000 --> 00:37:46,000
Speaker 1: of chairs, Joe, we have the head of the Democrats

698
00:37:46,080 --> 00:37:50,160
Speaker 1: Congressional campaign arm in New York facing a primary challenge

699
00:37:50,200 --> 00:37:53,680
Speaker 1: from a progressive backed candidate. That's true, and it becomes

700
00:37:53,680 --> 00:37:56,719
Speaker 1: a little bit of a proxy between the establishment and

701
00:37:56,760 --> 00:37:59,120
Speaker 1: the progressive wing of the Democratic Party. You're talking about

702
00:37:59,160 --> 00:38:02,960
Speaker 1: Representative Sean Hatrick Maloney. Uh, not necessarily a household name,

703
00:38:02,960 --> 00:38:06,640
Speaker 1: but a very important member again of the House Democratic

704
00:38:06,680 --> 00:38:10,120
Speaker 1: leadership as he leads the Democratic Campaign Committee in the House.

705
00:38:10,160 --> 00:38:13,720
Speaker 1: It's his job to get Democrats elected. Uh. He's backed

706
00:38:13,719 --> 00:38:16,880
Speaker 1: by Nancy Pelosi, i e Establishment, but is running against

707
00:38:16,920 --> 00:38:19,439
Speaker 1: the state Senator by the name of Alessandra Biaggi, who's

708
00:38:19,480 --> 00:38:23,480
Speaker 1: backed by Alexandria Cassio Cortez. And we find ourselves here

709
00:38:23,520 --> 00:38:26,920
Speaker 1: once again in a battle between Pelosi and the center

710
00:38:26,960 --> 00:38:29,800
Speaker 1: and the Speaker's Rostram and a member of the squad

711
00:38:29,840 --> 00:38:32,560
Speaker 1: pushing a different candidate here, Sean Patrick Maloney has spent

712
00:38:32,640 --> 00:38:34,440
Speaker 1: a lot of time like trying to raise money for

713
00:38:34,560 --> 00:38:37,439
Speaker 1: Democrats get them elected, and it'll be interesting to see

714
00:38:37,440 --> 00:38:41,920
Speaker 1: how he plays. And we also have primary elections in Florida.

715
00:38:41,920 --> 00:38:45,120
Speaker 1: We're gonna find out which Democrat Joe is gonna challenge

716
00:38:45,239 --> 00:38:47,319
Speaker 1: Ron De Santist for governor. Yeah, and you've heard of

717
00:38:47,320 --> 00:38:49,479
Speaker 1: at least one of them remember Charlie christ the former

718
00:38:49,560 --> 00:38:52,200
Speaker 1: governor he had the job, is a representative now and

719
00:38:52,520 --> 00:38:55,839
Speaker 1: is backed by kind of once again the establishment Democratic

720
00:38:55,880 --> 00:38:58,880
Speaker 1: Party as he runs against Nicki Freed, the Commissioner of

721
00:38:58,880 --> 00:39:02,640
Speaker 1: Agriculture in Florida. Uh. They the winner here will face

722
00:39:02,719 --> 00:39:04,680
Speaker 1: Ron de Santis, and that's gonna be a real uphill

723
00:39:04,719 --> 00:39:07,440
Speaker 1: battle for Democrats. He's incredibly popular, not only in Florida

724
00:39:07,480 --> 00:39:09,040
Speaker 1: but across the country, which is why he has been

725
00:39:09,280 --> 00:39:12,359
Speaker 1: raising money for Republicans on the campaign trail the last

726
00:39:12,400 --> 00:39:14,080
Speaker 1: couple of weeks. Nathan, what are the some of the

727
00:39:14,120 --> 00:39:17,680
Speaker 1: big congressional races you're watching in Florida? Well, you know,

728
00:39:17,760 --> 00:39:20,799
Speaker 1: it's it's interesting that they're actually not getting a lot

729
00:39:20,840 --> 00:39:23,080
Speaker 1: of talk with the one that we're really watching here

730
00:39:23,200 --> 00:39:26,840
Speaker 1: with regard to the balance of power in Washington is

731
00:39:26,880 --> 00:39:30,680
Speaker 1: who will face Marco Rubio? Representative Val Demming's uh is

732
00:39:30,719 --> 00:39:33,560
Speaker 1: the front runner has raised an enormous amount of money,

733
00:39:33,600 --> 00:39:36,080
Speaker 1: and Marco Rubio was not considered to be, you know,

734
00:39:36,520 --> 00:39:40,279
Speaker 1: in threat until very recently this conversation has started to say,

735
00:39:40,280 --> 00:39:41,960
Speaker 1: wait a minute, what's going on here in this race?

736
00:39:42,160 --> 00:39:45,319
Speaker 1: Forty eight million dollars for a Senate race is a

737
00:39:45,320 --> 00:39:49,120
Speaker 1: big deal for Val Demming's uh, Ricardo Dela Fuente, Brian

738
00:39:49,200 --> 00:39:52,120
Speaker 1: Rush and William Sanchez also running. So it's it's a

739
00:39:52,120 --> 00:39:54,600
Speaker 1: little bit of a crowded field, and Marco Rubio is

740
00:39:54,640 --> 00:39:57,000
Speaker 1: gonna be watching this pretty closely tonight. Of course, the

741
00:39:57,040 --> 00:39:59,520
Speaker 1: other big political story we've been watching in Florida as

742
00:39:59,520 --> 00:40:02,359
Speaker 1: the fb I search at Mara A Lago. We've got

743
00:40:02,360 --> 00:40:05,960
Speaker 1: a number of major developments there this morning. Yeah, the

744
00:40:06,080 --> 00:40:08,880
Speaker 1: numbers really seem to be the news here. Um. You know,

745
00:40:08,920 --> 00:40:10,640
Speaker 1: there's been so many questions about why the d o

746
00:40:10,719 --> 00:40:12,880
Speaker 1: J chose to pursue a search warrant to begin with.

747
00:40:12,920 --> 00:40:15,359
Speaker 1: Now we're getting a better sense of the scale of

748
00:40:15,440 --> 00:40:17,640
Speaker 1: this whole thing, As The New York Times reports, the

749
00:40:17,760 --> 00:40:22,120
Speaker 1: National Archives actually found more than one hundred fifty classified

750
00:40:22,160 --> 00:40:25,560
Speaker 1: documents in the first batch of material recovered from marl

751
00:40:25,600 --> 00:40:29,200
Speaker 1: Lago back in January. They included, apparently documents from the

752
00:40:29,280 --> 00:40:31,759
Speaker 1: c i A and the n s A, which is

753
00:40:31,920 --> 00:40:35,680
Speaker 1: very very important distinction considering the many levels of of

754
00:40:35,840 --> 00:40:39,319
Speaker 1: security clearances. Uh. The sensitive nature of what they found though,

755
00:40:39,480 --> 00:40:42,359
Speaker 1: and and Donald Trump's resistance to calls to turn over

756
00:40:42,400 --> 00:40:46,680
Speaker 1: more material is why the Archives apparently referred the matter

757
00:40:46,719 --> 00:40:49,000
Speaker 1: to the d o J to begin with that set

758
00:40:49,080 --> 00:40:52,000
Speaker 1: off the you know, the process of getting the search warrant.

759
00:40:52,280 --> 00:40:55,600
Speaker 1: Investigators also seeking access access to surveillance video from mar

760
00:40:55,600 --> 00:40:56,880
Speaker 1: A Lago. They want to see who was going in

761
00:40:56,920 --> 00:40:58,640
Speaker 1: and out of those rooms, who had access to the

762
00:40:59,560 --> 00:41:03,200
Speaker 1: rooms were documents were stored. And to your point, it's

763
00:41:03,239 --> 00:41:05,560
Speaker 1: not the only headline. Donald Trump is asking the court

764
00:41:05,560 --> 00:41:09,560
Speaker 1: and at all point an independent Special Master as it's called,

765
00:41:09,560 --> 00:41:12,520
Speaker 1: to review the materials that were seized on the grounds

766
00:41:12,520 --> 00:41:16,440
Speaker 1: that some could be protected by attorney client privilege. Uh.

767
00:41:16,560 --> 00:41:19,239
Speaker 1: The legal analysts we're speaking with, though Nathan, say this

768
00:41:19,320 --> 00:41:21,000
Speaker 1: may not go very far. The d o J has

769
00:41:21,040 --> 00:41:23,359
Speaker 1: likely already begun going through these documents, and they have

770
00:41:23,560 --> 00:41:26,600
Speaker 1: a special team, a filter team or a taint team

771
00:41:26,600 --> 00:41:30,880
Speaker 1: as they're known, that goes through and removes privileged material

772
00:41:30,920 --> 00:41:33,800
Speaker 1: before prosecutors get to see it. So this may be

773
00:41:34,360 --> 00:41:36,640
Speaker 1: a stalling tactic, a delaying tactic, but it may not

774
00:41:36,680 --> 00:41:41,000
Speaker 1: really change the trajectory of this case. Very interesting and

775
00:41:41,320 --> 00:41:44,560
Speaker 1: plenty of fodder for you to go through on sound

776
00:41:44,640 --> 00:41:47,719
Speaker 1: on later this afternoon, five pm Wall Street Time. You

777
00:41:47,719 --> 00:41:51,279
Speaker 1: can hear it every afternoon right here on Bloomberg Radio

778
00:41:51,280 --> 00:41:54,520
Speaker 1: Bloomberg Washington correspondent Joe Matthew. As always, thanks for being

779
00:41:54,520 --> 00:41:56,440
Speaker 1: with us on this Tuesday morning. You can read more

780
00:41:56,440 --> 00:41:58,440
Speaker 1: about these stories on Bloomberg dot com or on the

781
00:41:58,440 --> 00:42:01,399
Speaker 1: Bloomberg Terminal. Bloomberg nighty nine one one oh five point

782
00:42:01,480 --> 00:42:03,799
Speaker 1: seven FM h D two is the signal to hear

783
00:42:03,840 --> 00:42:07,800
Speaker 1: Bloomberg Radio in Washington. Just getting some headlines crossing the

784
00:42:07,800 --> 00:42:12,640
Speaker 1: Bloomberg terminal. Earnings coming out from Macy's, the department store

785
00:42:12,680 --> 00:42:17,200
Speaker 1: giant is cutting its outlook for the fiscal year. We'll

786
00:42:17,239 --> 00:42:19,360
Speaker 1: be keeping an eye on those shares for you a

787
00:42:19,480 --> 00:42:22,960
Speaker 1: Macy's shares throughout the morning here on Bloomberg Radio. Looking

788
00:42:22,960 --> 00:42:25,640
Speaker 1: ahead to the market. Open futures are moving a bit

789
00:42:25,760 --> 00:42:28,480
Speaker 1: higher now. We've got SMP futures up six points, staff

790
00:42:28,480 --> 00:42:32,080
Speaker 1: futures up fifty, NASTACK futures are higher by twenty one

791
00:42:32,120 --> 00:42:34,680
Speaker 1: points ten. Your treasury little change. The yield three point

792
00:42:34,760 --> 00:42:36,719
Speaker 1: zero one percent. The yield on the two year right

793
00:42:36,719 --> 00:42:40,760
Speaker 1: now three point three two percent. Bloomberg Surveillance is next

794
00:42:40,840 --> 00:42:44,400
Speaker 1: with Tom Keene, Jonathan Farrell, and Lisa abram Witz for

795
00:42:44,480 --> 00:42:47,600
Speaker 1: Karen Moscow. I'm Nathan Hagar. This is Bloomberg