Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, July eleven two. Coming up this hour,
Speaker 1: Twitter shares plunge after Elon must ends his takeover bid.
Speaker 1: Now the future of Twitter appears to be headed for
Speaker 1: a courtroom. Bank earnings and a key inflation report grabbed
Speaker 1: the spotlight on Wall Street this week, and the race
Speaker 1: to succeed Boris Johnson as UK Prime Minister heats up.
Speaker 1: Steve Bennon's attorneys saying he is now willing to testify
Speaker 1: before the January sixth House Committee plus Senate ma Geority
Speaker 1: Leader Schumer asked covid, I'm Michael blomen more ahead, I'm
Speaker 1: on Stagon Sports the Yankees for the second night in
Speaker 1: the road. Blue Lee lost to the Red Sox in Boston.
Speaker 1: The Mets were shut out. They visit the Braves tonight.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg
Speaker 1: eleven Free on New York Bloomberg ninety nine one, Washington,
Speaker 1: d C Bloomberg one oh six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world on Bloomberg Radio dot com and via the Bloomberg Business.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. When
Speaker 1: US dot in next, Futures are moving lower this morning.
Speaker 1: We're coming up to FACO one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Right now, US and futures are down
Speaker 1: twenty six points down, futures down two and NASTAG futures down.
Speaker 1: In the ten year treasury at five thirty seconds, you
Speaker 1: have three point oh five percent, and they yield on
Speaker 1: the two year three point oh seven per cent. Nathan, Karen,
Speaker 1: We're keeping an eye on Twitter shares this morning. They
Speaker 1: are down six and three quarters percent in early trading
Speaker 1: as the showdown between Elon Musk and the social media
Speaker 1: company appears headed for court. Let's get the latest live
Speaker 1: from Bloomberg's Rnita Young. Good morning, Granita, Good morning Nathan.
Speaker 1: Even though Elon Musk is backing out of the forty
Speaker 1: four billion dollar deal to buy Twitter, after all, he
Speaker 1: can't just walk away without a court case, and Twitter
Speaker 1: has lawyered up in a race to sue Musk to
Speaker 1: follow through on his end of the agreement, Bloomberg sources
Speaker 1: say of filing could come as soon as early this week. Now.
Speaker 1: If the judge rules against Musk, he could be forced
Speaker 1: to pay Twitter shareholders fifty four dollars and twenty cents
Speaker 1: a share. But a ruling in his favor would let
Speaker 1: Musk walk, although he probably have to pay a one
Speaker 1: billion dollar breakup fee. And there's still also the prospect
Speaker 1: that both sides could reach a settlement where Musk still
Speaker 1: makes the acquisition, but potentially at a lower price. Live
Speaker 1: in New York, I'm rened a young Bloomberg Daybreak, all right,
Speaker 1: rened to thank you about the Twitter news is also
Speaker 1: impacting another stock this morning. Shares of Digital World acquisition
Speaker 1: are up more than twenty four percent on heavy volume
Speaker 1: and early trading. Digital World the company emerging with former
Speaker 1: President Trump's Trump Media and Technology Group, which owns his
Speaker 1: Truth social platform. Well, stocks overall are lower this morning, Karen,
Speaker 1: as we begin a new trading week in Asia, Overnight,
Speaker 1: a resurgence of COVID flare ups led to a drop
Speaker 1: of almost three percent for Hong Kong's Hang Sent Index.
Speaker 1: Let's get the recap from Bloomberg day Break Asia anchor
Speaker 1: Bran Curtis, most Asian benchmark slid COVID cases in Shanghai
Speaker 1: arising as the city faces more mass testing. In Macau,
Speaker 1: authority shut down casinos and other businesses for a week.
Speaker 1: As a result, casino shares took a big hit. Tokyo,
Speaker 1: though was a bright spot after the ruling coalition won
Speaker 1: a stronger majority in the upper house election. The end
Speaker 1: was the weakest. Major currency traders see the election result
Speaker 1: as an endorsement of Japan's ultra easy monetary policy. In
Speaker 1: Hong Kong, Brian Curtis, Bloomberg day Break, Brian, thank you
Speaker 1: back here in the US. We have conflicting calls this morning,
Speaker 1: and whether the reason stock rally will continue. Morgan Stanley
Speaker 1: Chief US equity strategist Mike Wilson says it won't. He
Speaker 1: thinks the surge in the dollar will be a headwind
Speaker 1: for corporate profits. On the flip side, City Group strategists
Speaker 1: say stocks are likely to rally in the second half
Speaker 1: as corporate earnings remain resilient to searching inflation and slowing
Speaker 1: economic growth. The S and P five hundred is up
Speaker 1: about six per set since it's mid June. Low well
Speaker 1: speaking of earning screen reporting season gets underway this week
Speaker 1: as we hear from the country's biggest banks. More on
Speaker 1: that from Bloomberg's Charlie Pellett. The question on everyone's mind
Speaker 1: is is a recession coming? On? What clues will the
Speaker 1: latest batch of earnings reports provide. Scott croner To is
Speaker 1: a strategist at City Group Global Markets. What we're expecting
Speaker 1: to see is a follow through of the earning the
Speaker 1: nurse we got in Q one, so we're looking for
Speaker 1: mid single digit EARNIE shows for the SMP in total.
Speaker 1: We think we'll make the Q two expectations. Certainly C
Speaker 1: suites will express caution regarding the second half outlook. Wall
Speaker 1: Street Banks leadoff second quarter earnings JP. Morgan Chase and
Speaker 1: Morgan Stanley report Thursday, City Group and Wells Fargo on
Speaker 1: Friday in New York. Charlie Pellett Bloomberg Day Break, All right, Charlie,
Speaker 1: thank you all. On the economic front this week, it's
Speaker 1: all about inflation, with readings coming on consumer and producer prices.
Speaker 1: We get a preview from Bloomberg's Vinnie down ju Dice.
Speaker 1: June's household inflation probably ran close to nine percent based
Speaker 1: on Wall Street forecast. That's taking a toll. Bloomberg econonamics
Speaker 1: is average hourly earnings have been shrinking for more than
Speaker 1: a year when taking inflation into account. Look for that
Speaker 1: trying to drag on with the household inflation rate projected
Speaker 1: to run at or above seven percent through year end.
Speaker 1: We'll get the consumer price index Wednesday, as well as
Speaker 1: data on producer prices Thursday and import prices Friday. Benny
Speaker 1: Delta s Bloombergday Break. All right, Benny, thanks, And when
Speaker 1: it comes to tackling inflation, the Biden administrations thinking about
Speaker 1: lowering tariffs on Chinese imports is one way to provide relief.
Speaker 1: President Biden says he is still holding discussions on the idea.
Speaker 1: Commerce Secretary Gina Raimondo expects a decision from the President shortly.
Speaker 1: If he decides to lift certain tariffs, it will be
Speaker 1: because he knows he has to think about doing everything
Speaker 1: he possibly can to provide any relief to consumers. Secretary
Speaker 1: Ramando made that comment on NBC's Meet the Press heard
Speaker 1: Sundays on Bloomberg Radio, and stay tuned for more from
Speaker 1: the Commerce secretary later today. Gina Ramondo said it's down
Speaker 1: with Bloomberg Radio and Television for an interview in the
Speaker 1: eleven AM Eastern hour. Well in Europe this week, Nathan,
Speaker 1: the race is heating up to succeed Boris Johnson as
Speaker 1: British Prime Minister. Let's go live to London and get
Speaker 1: the latest at the Bloomberg's un parts. Good morning you,
Speaker 1: Good morning Karden, Nathan. Just days after Boss Johnson was
Speaker 1: pushed into resigning, there are now eleven candidates to succeed
Speaker 1: him as Conservative Party leader. Liz Trust, the Foreign Secretary,
Speaker 1: is the latest ends of the race. She's making tax
Speaker 1: cuts the hearts of her campaign. Lomakers were expected to
Speaker 1: begin voting later this week. As the field is narrow
Speaker 1: to the final two candidates, one of them will become
Speaker 1: the UK's next Prime minister. In London, I'm you in
Speaker 1: parts between BOK Daybreak, Okay you and thanks. Let's stay
Speaker 1: in Europe where natural gas prices are falling today. That's
Speaker 1: after Canada said it would return a stranded turbine for
Speaker 1: the nord Stream pipeline between Russia and Germany that could
Speaker 1: potentially increase flows, which have been limited since last month.
Speaker 1: The nord Stream pipeline between Russia and Germany is currently
Speaker 1: undergoing routine maintenance at the same time the war in
Speaker 1: ukry in his sparking concerns that maybe Moscow will not
Speaker 1: open the pipeline back up after the work. SMP future
Speaker 1: is now down twenty one points. Now futures down a
Speaker 1: hundred fifty three NASTAC futures are lowered by eighty four points.
Speaker 1: The tenure treasury is up five thirty seconds for a
Speaker 1: yield close to three point zero six percent. Your latest
Speaker 1: local headlines into check of sports. Next, this is Bloomberg
Speaker 1: and it's now five oh seven on Wall Street where
Speaker 1: sixties seven degrees in Central Park already a problem if
Speaker 1: you're heading to the Kennedy Airport. There's an accident on
Speaker 1: the westbound Belt Parkway across Babel of Our details coming
Speaker 1: up in Traffic. First, Michael Barr with more on what's
Speaker 1: going on in New York and around the world. Good morning,
Speaker 1: MI Call, Good morning Nathan. Donald. Trump's one time adviser,
Speaker 1: Steve Bannon, has agreed to testify to the House committee
Speaker 1: investigating last year's storming of the US Capitol. It comes
Speaker 1: after former President Trump says he waived executive privilege even
Speaker 1: though Bannon was a private citizen at the time of
Speaker 1: the Capitol riot. Trump portrays the inquiry is biased and
Speaker 1: one side it. Loyola Law University professor Lorie Levinson says,
Speaker 1: though the value of Bannon's testimony remains to be determined,
Speaker 1: the real problem is that I'm not sure that they
Speaker 1: can trust Bannon at all. It is clear that he
Speaker 1: and Trump still considered themselves best friends, and that if
Speaker 1: Bannon comes in front of the committee, it is very
Speaker 1: unclear what he would say that would help their investigation.
Speaker 1: But isn't just designed to help Trump. Loyola Law professor
Speaker 1: Lourie Levinson says Bennon was facing two criminal accounts of
Speaker 1: contempt of Congress for refusing to comply with the committee's subpoena.
Speaker 1: The car pooling discount is over at the George Washington
Speaker 1: Bridge the g w B when cash less tolls over
Speaker 1: the weekend. Normally, it was a sixteen dollar fee one
Speaker 1: way to get across the bridge from New Jersey to
Speaker 1: New York, but drivers who had a car pool discount
Speaker 1: plan on their easy passes paid only seven fifty with
Speaker 1: three or more people in the vehicle. Officials hope going
Speaker 1: cash less at the g w B will mean a
Speaker 1: faster commute into the city. New York City is debuting
Speaker 1: a fleet of cars mounted with air quality sensors in
Speaker 1: the Bronx and Manhattan this week. The plan is to
Speaker 1: address air pollution. Japanese Prime Minister Fumio Kashda has met
Speaker 1: with U S Secretary of State Anthony B. Lincoln. He
Speaker 1: delivered condolences from President Biden and the United States over
Speaker 1: the assassination of former leadershian Zoabe and reassurances of a
Speaker 1: strong bid lateral alliance. I thought it was just important
Speaker 1: to show our solidarity with our friend Japan and the
Speaker 1: Japanese people in this difficult time. Secretary Lincoln says the
Speaker 1: US and Japan are more than allies, We're friends. Senate
Speaker 1: Majority Leader Chuck Schumer's office says he tested positive for
Speaker 1: COVID nineteen. Schumer spokesman says the Senator is experiencing mild symptoms.
Speaker 1: The statement said Schumer is fully vaccinated and double boosted.
Speaker 1: Schumer says he will quarantine this week and work remotely
Speaker 1: as he recovers global news twenty four hours a day
Speaker 1: on air and on Bloomberg quick Take, powered by more
Speaker 1: that seven hundred journalists, analysts more than a hundred twenty countries.
Speaker 1: Michael Bard, this is Bloomberg, Nathan, Thank you. Michael came
Speaker 1: into five ten on Wall Street time for the Bloomberg
Speaker 1: Sports Update. Good morning, John Senshi, All right, Good morning Nathan.
Speaker 1: Twenty four hours after the rare occurrence of a Yankees
Speaker 1: blown lead, it happened again. Yanks lead the Residence four nothing,
Speaker 1: later six two socks for the last nine runs and
Speaker 1: one eleven six to gain a split of the four
Speaker 1: game series in Boston. A J. D. Martinez home run
Speaker 1: fifth inning off Jamison ti On tied the game at six.
Speaker 1: A Trevor Story three run double off Miguel Castro in
Speaker 1: the seventh put it away. Yanks got home runs and
Speaker 1: defeat from Giant Carlo Stans didn't get another from Matt Carpenter,
Speaker 1: but hurt by a couple of hours plus two catchable
Speaker 1: pop ups. The dj Lemi who failed to grab Yanks
Speaker 1: are off tonight. Mets tonight begin their biggest series of
Speaker 1: the season in Atlanta. Max Scherzer opposes the Braves, Max Freed.
Speaker 1: Mets couldn't score over ten innings, blost to the Marlins
Speaker 1: to nothing. Atlanta one of the ninth inning. The Mets League,
Speaker 1: once ten and a half games, now one and a half.
Speaker 1: Four Mets named to play the next BIGS All Star
Speaker 1: Game in l a Edwin Diaz, Peterlonzo, Jeff McNeil, and
Speaker 1: Sterling Marque. Four Yankees were named Garrett Cole, Estor Cortez,
Speaker 1: Clay Holmes, and Jose Chavino. Aaron, Judge and Stanton had
Speaker 1: already been being as starters. The year began for Novak
Speaker 1: Djokovitz when he went to Australia and wasn't allowed to
Speaker 1: play and due to being unvaccinated, he lost at the
Speaker 1: French but he just won Wimbledon for the fourth grade time.
Speaker 1: I don't take anything for granted. I'm very blessed to
Speaker 1: be in this position, and especially considering everything that that
Speaker 1: happened this year. At the beginning of the year, I
Speaker 1: just didn't feel emotionated a good place for for several months,
Speaker 1: and I was kind of trying to find the serenity
Speaker 1: and uh, you know, the balance on and off the
Speaker 1: court and uh and and get get myself in a
Speaker 1: position to fight for a big trophy. Zokovitz, now with
Speaker 1: twenty one career Grand Slam titles won more than Roger Federer,
Speaker 1: won fewer than Raphael the Dow, John Stasha Howard, Bloomberg
Speaker 1: Sports Thanks John SMP futures down twenty Dow futures down
Speaker 1: a hundred forty. Nasdaq futures are lowered by eighty two
Speaker 1: points tenure Treasury yield three point zero six per cent.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, sunshine and
Speaker 1: a high your eighty five today, chance draftnion showers or
Speaker 1: thundershowers tomorrow going up to near ninety. It will be
Speaker 1: mostly sunny near ninety on Wednesday right now seven in
Speaker 1: Central Park Markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business Outland
Speaker 1: at Bloomberg Quick Take. This is a Bloomberg business lash
Speaker 1: and I'm Cameron. Moscow and European stocks are dropping along
Speaker 1: with US stock index futures as traders await the keys
Speaker 1: second quarter earning season for indications on how companies are
Speaker 1: weathering the inflation storm, the dollars jumping, bonds gaining. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg SNP futures down nineteen points this morning, down
Speaker 1: futures and a hundred twenty eight and NASTAG futures down
Speaker 1: seventy nine. The docks in Germany's down seven tenths of
Speaker 1: a percent. Ten Your treasury at five thirty seconds, you
Speaker 1: have three point oh five percent, a yield on the
Speaker 1: two year three point oh six percent. Nine x Scrude
Speaker 1: oil is down one downe about one percent on a
Speaker 1: dollar eleven at a hundred three dollars sixty five cents
Speaker 1: a barrel. COMEX school down three tenths per cent or
Speaker 1: five dollars forty cents at seventeen thirty six nine ounce,
Speaker 1: the euro one pot one seven against the dollar British
Speaker 1: bound one point one nine six six and the end
Speaker 1: at one thirties seven. And Bitcoin this morning lower down
Speaker 1: about two percent at twenty thousand, five hundred sixty dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Muchael, Good morning,
Speaker 1: Good morning, Karen. Dozens of Ukrainian emergency workers are trying
Speaker 1: to pull people out of the rubble after a Russian
Speaker 1: rocket attacked and smashed into three apartment buildings in eastern Ukraine.
Speaker 1: At least eighteen people were killed. Former Trump wind out
Speaker 1: strategis Steve Bennon says he is now willing to testify
Speaker 1: before the House Committee investigate think the January sixth sold
Speaker 1: on the Capitol. Bennon's attorney says his client is willing
Speaker 1: to cooperate because the former president has rescinded his claim
Speaker 1: of executive privilege, even though Bennon was a private citizen
Speaker 1: at the time of the riot. In baseball, the Yankees
Speaker 1: lost to the Red Sox eleven six. The Mets lost
Speaker 1: along with the Nationals and A's. The Orioles won their
Speaker 1: eighth straight. The Giants won Global Needs twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Takes, powered
Speaker 1: by more than twenty seven hundred journalists and analyists more
Speaker 1: than a hundred twenty countries. Michael bar This is Bloomberg.
Speaker 1: Thanks Michael. It's five nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. We
Speaker 1: want to get back to our top story this morning.
Speaker 1: The saga over Elon must bid to buy Twitter is
Speaker 1: now headed to chord with the world's richest man now
Speaker 1: trying to walk away from the forty four billion dollar deal.
Speaker 1: From what We're joined by Alex Webb, Bloomberg Quick Take
Speaker 1: anchor and tech columnists for Bloomberg Opinion. Alex, good morning.
Speaker 1: This has been quite the saga to watch. Let's talk
Speaker 1: about how both sides got to this point and the
Speaker 1: dispute over bots on Twitter. It's certainly it's are is
Speaker 1: certainly the right word. There's been increasing volume from Ellen
Speaker 1: over the past few months since the two long since
Speaker 1: the deal was agreed, that he thinks that there are
Speaker 1: Twitter has more bots than its reporting. Twitter says that
Speaker 1: less than five percent of its users are bots, and
Speaker 1: Elon seems to think it's a lot more. That he
Speaker 1: hasn't quite provided the evidence as to why. Now. I
Speaker 1: think there may be a discrepancy here between the amount
Speaker 1: of engagement the Elon sees on his own accounts and
Speaker 1: he sees a lot of bot engagement and how many bots?
Speaker 1: How how many Twitter users Twitter reports as active users? Right?
Speaker 1: So when Twitter says it has eighty million daily active users,
Speaker 1: it probably doesn't include bots in those numbers, right, And
Speaker 1: so that's the maybe there are accounts using Twitter every day.
Speaker 1: I'm making that number up. We don't know women that
Speaker 1: might be, and maybe half of those are boats for
Speaker 1: argument's sake, so that might be where we're seeing the disparity. Now,
Speaker 1: that's interesting that you point out that perhaps Elon Musk
Speaker 1: is looking at his own Twitter account as opposed to
Speaker 1: the fire hose of data that Twitter says it has
Speaker 1: handed over to Elon Musk, something that that the that
Speaker 1: Musk had been asking for. I mean, what is his
Speaker 1: focus here? Well, that kind of gets to another the issue,
Speaker 1: namely that is this really about the bots or is
Speaker 1: it about the fact that tech stocks and social media
Speaker 1: stocks in particular are down a lot since that deal
Speaker 1: was announced, and so there's a lot of expectations. You know,
Speaker 1: some analysts saying that if the deal completely falls apart,
Speaker 1: they see a bottom for the stock at twenty three dollars.
Speaker 1: That's considerably less than half of the four dollars twenty
Speaker 1: which he agreed to take it private. So, you know,
Speaker 1: is this really to do with bots or is it
Speaker 1: just Elo going, God, I'm over paying for this deal
Speaker 1: and therefore I need to find a way of backing
Speaker 1: out of it. There's a heavy suspicion that it's the latter,
Speaker 1: and right now in the pre market, Twitter is trading
Speaker 1: at about thirty four fifty, which obviously the fifty four
Speaker 1: twenty offer is a huge premium still even if Twitter
Speaker 1: hasn't reached bottom. Here with the possibility and the likelihood
Speaker 1: now that this dispute is headed to court in Delaware,
Speaker 1: what's the burden of proof? Elon seems to think that
Speaker 1: Twitter is going to have to provide the the the
Speaker 1: number of bots he's been tweeting memes saying to the case.
Speaker 1: Ultimately he needs to prove that they're wrong, not the
Speaker 1: other way around. And generally these the Delaware Delaware courts
Speaker 1: tend to um sit on the side that if a
Speaker 1: deal has been agreed, a deal has to be completed.
Speaker 1: The case that a lot of people have been pointing
Speaker 1: towards and um is kind of important in the case
Speaker 1: law is about twenty five years ago, around the turn
Speaker 1: of the millennium, UH, there was a deal in the
Speaker 1: meat industry whereby Tyson Foods agreed to acquiet then rival
Speaker 1: I P b Um for about three and a half
Speaker 1: or three point two billion dollars. And in the meantime
Speaker 1: between the deal being agreed and incompleted, there was a downturn,
Speaker 1: and so the value of the company declined as well,
Speaker 1: so Tyson tried to back out of the deal. They
Speaker 1: were forced to complete it. Now three point two billions
Speaker 1: clearly far different scale from forty four billion. We weren't
Speaker 1: even really sure that Elon definitely had the financing lined up,
Speaker 1: So that is another layer of complication. Um in some
Speaker 1: cases it arrives at a settlement, but the burden of
Speaker 1: proof seems to be on Elon about at the last
Speaker 1: minute here, Alex, what is the likelihood that all this
Speaker 1: is just a negotiating tactic on Elon must part in
Speaker 1: this does end up in a settlement. I mean, I
Speaker 1: don't know. We don't know what's in the Elon's mind.
Speaker 1: Guessing what Elon's thinking is a very difficult thing to do.
Speaker 1: If it's not a negotiating tactic. I think it is
Speaker 1: certainly an element to back out. There's a high challenge.
Speaker 1: It's an element. It's an effort to back out because
Speaker 1: the prices change, right, it's and he looks like he's
Speaker 1: overpaying at this stage. So whatether that means he would
Speaker 1: come back to the table if he was able to
Speaker 1: back out and and an agree at lower price. I'm
Speaker 1: not sure that's the case given the kind of the
Speaker 1: face that he's lost in recent months. And again, Twitter
Speaker 1: shares dropping by about six and a quarter percent for
Speaker 1: a value about thirty four fifty a share in the
Speaker 1: pre market as we watch this battle potentially head now
Speaker 1: to court in Delaware. Alex Webb, Bloomberg Opinion, tech columnists
Speaker 1: and anchor on Bloomberg Quicktake. As always, thanks for the
Speaker 1: insights as we continue to watch the saga unfold. Right now,
Speaker 1: SMP futures are down twenty point, staff futures down a
Speaker 1: hundred thirty six. NASDAC futures are lower by eighty four points.
Speaker 1: Tenure treasury up six thirty seconds, the yield three point
Speaker 1: zero five percent, and the yield on the two year
Speaker 1: almost three point zero seven percent. Still invert Jian between
Speaker 1: twos and tense. You're listening to the Bloomberg Day Break
Speaker 1: Bloomberg eleven three oh weather. Sunshine with a high near
Speaker 1: eighty five today. It's gonna be mostly sunny tomorrow, but
Speaker 1: could see an afternoon shower thundershower tomorrow on Wednesday. Both
Speaker 1: days near ninety degrees. Right now sixty seven in Central
Speaker 1: Park broadcasting live from the Bloomberg Interactive Broker Studio in
Speaker 1: New York. Bloomberg E living free to Washington, d C,
Speaker 1: Bloomberg nine one to Boston, Bloomberg one oh six, one
Speaker 1: to San Francisco, Bloomberg sixty to the country, Sirius XM
Speaker 1: to A one nineteen and around the globe to Bloomberg
Speaker 1: Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hager and I'm caring Moscow or just about four hours
Speaker 1: away from the open of US training. Let's get you
Speaker 1: have to day on the news you need to know
Speaker 1: at this hour, and we begin at the latest. On Twitter,
Speaker 1: Twitter shares are down more than six and a half
Speaker 1: percent in early training. Is the show down between Elon
Speaker 1: Musk and a social media company appears to be headed
Speaker 1: to court Bloomberg's or need a young joins us live
Speaker 1: at the latest, or need a good morning, Good morning Karen.
Speaker 1: Even though Elon Musk is backing out of the forty
Speaker 1: four billion dollar deal to buy Twitter, after all, he
Speaker 1: can't just walk away without a court case, and Twitter
Speaker 1: has lawyered up in a race to sue Musk to
Speaker 1: follow through Bloomberg. Sources say a filing could come as
Speaker 1: soon as early this week. Now, if the judge rules
Speaker 1: against Musk, he could be forced to pay Twitter shareholders
Speaker 1: fifty four dollars and twenty cents a share. But a
Speaker 1: ruling in his favor would let Musk walk, although he
Speaker 1: probably have to pay a one billion dollar breakup fee,
Speaker 1: and there's also the prospect that both sides could reach
Speaker 1: a settlement. Live in New York, I'm gonna need a
Speaker 1: young Bloomberg daybreak. We need to thank you. Turning to
Speaker 1: markets now, stocks are lower to begin a new training week,
Speaker 1: and the recent rally in US equities could be short lived.
Speaker 1: That's according to Morgan Stanley chief US equity strategist Mike Wilson.
Speaker 1: He is one of Wall Street's biggest bears. Wilson adds
Speaker 1: the surgeon the dollar will be a headwind for corporate profits.
Speaker 1: Well Nathan. Speaking of corporate earnings, it's a big week
Speaker 1: for big banks JP, Morgan, Morgan Stanley, City and Wells
Speaker 1: Fargo all reports second quarter earnings late in the week.
Speaker 1: Will also get important inflation data this week. The latest
Speaker 1: Consumer Price Index data will come and Wednesday, and producer
Speaker 1: prices out Thursday. And when it comes to tackling inflation, Karen,
Speaker 1: the Biden administration is still thinking about lowering tariffs on
Speaker 1: Chinese imports to provide relief. Commerce Secretary Gina Rimando expects
Speaker 1: a decision from the President shortly. He's gonna do it
Speaker 1: in a thoughtful way that is strategic and also most important,
Speaker 1: most important to him and to all of us, is
Speaker 1: without hurting American workers. Secretary Rimando made that comment on
Speaker 1: NBC's Meet the Press, heard Sundays on Bloomberg Radio. Will
Speaker 1: speak live with Commerce Secretary Rimando later this morning on
Speaker 1: Bloomberg Radio and Television. Catch that conversation in the eleven
Speaker 1: a m. Eastern hour. Nathan President Biden plans to speak
Speaker 1: with Chinese leader Shesan Ping in the coming week. Secretary
Speaker 1: of State Anthony blinkln laid the groundwork for the call
Speaker 1: over the weekend in a conversation with the Chinese Foreign
Speaker 1: Minister Mr. Chinese stocks caring they had their worst stand
Speaker 1: about a month. A slew of issues, including COVID flare
Speaker 1: ups led to a drop of almost three percent for
Speaker 1: Hong Kong's Hang Sang Index. S and P futures are
Speaker 1: lower down twenty two points and DOWN futures down a
Speaker 1: hundred fifty and NASDAG futures down two. Straight ahead your
Speaker 1: latest local headlines, plus a check of sports. And this
Speaker 1: is Bloomberg. Thank you Caring. It's five thirty three on
Speaker 1: Wall Street where at sixty seven degrees in Central Park.
Speaker 1: We're dealing with a new accident this morning northbound FDR
Speaker 1: Drive at seventy nine. Details coming up in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Michael, thank you, Nathan. Speaking
Speaker 1: of traffic, how's your commute so far this morning? Heading
Speaker 1: city bound over the George Washington Bridge. The g WB
Speaker 1: went cashless tolls over the weekend. The good news is
Speaker 1: that official sop that will mean a smoother commute from
Speaker 1: New Jersey into New York. The bad news means that's
Speaker 1: the end of the car pooling fee. Normally it costs
Speaker 1: sixteen dollars one way to get across the bridge. However,
Speaker 1: drivers who had a car pool discount plan on their
Speaker 1: easy passes paid about half of that if they had
Speaker 1: three or more people in their vehicle. Former advisor to
Speaker 1: former President Trump Steve mannen as change course and is
Speaker 1: now saying he will cooperate with the January sixth committee. However,
Speaker 1: Loyola Law University professor Lori Levinson says the value of
Speaker 1: Bannon's testimony remains to be determined in terms of what
Speaker 1: he would say to the committee. I think the only
Speaker 1: thing that is clear is that he continues to be
Speaker 1: allied with Donald Trump, and so I'm not sure the
Speaker 1: committee would particularly trust what he's going to have to say,
Speaker 1: even if Bannon is willing now to appear before the committee.
Speaker 1: Loyola Law professor Lorie Levinson. Meanwhile, Republican Committee member Adam
Speaker 1: Kinzinger says this week's hearing will likely focus on the
Speaker 1: president's action the day of January six But we want
Speaker 1: to show the American people is what was the president
Speaker 1: doing during that time? The rest of the country knew
Speaker 1: that there was an insurrection. The president obviously had to
Speaker 1: have known there was an insurrection, So where was he?
Speaker 1: What was he doing? Representative Kinzinger spoke on ABC's This Week,
Speaker 1: which can be here at Sundays on Bloomberg. Japanese Prime
Speaker 1: Minister Fumio Kashita has met with the US has top
Speaker 1: diplomat who delivered condolences over the assassination of former leaders
Speaker 1: Shinzo Abe and reassurances of a strong bilateral alliance. The
Speaker 1: U S Secretary of State Antony Blinkoln in Japan gave
Speaker 1: Kashida a letter from President Joe Biden to Abe's family.
Speaker 1: I shared with our Japanese colleagues the sense of lost,
Speaker 1: the sense of shock that we all feel, the American
Speaker 1: people feel at this horrific tragedy and killing. Secretary Blanket
Speaker 1: sent him Majority leader Chuck Schumer tested positive for COVID
Speaker 1: mild symptoms, according to a spokesman. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take
Speaker 1: power by more than journalists, analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg, natholn Okay, Michael,
Speaker 1: thanks five on Wall Street time for the Bloomberg Sports
Speaker 1: Update with John Stown Shower. Thanks Nathan. Yankees first visit
Speaker 1: the season to Boston started well. They won the first
Speaker 1: two games Saturday, they had leads in the eighth and
Speaker 1: ten thinnings, and last night the twice had a four
Speaker 1: rue leads. The Red Sox with two come from behind victories,
Speaker 1: they get a split of the four game series. The
Speaker 1: Sox went from down six to two to an eleven
Speaker 1: six victory, and while the Yankees still have that sizeable
Speaker 1: fourteen game leads, there is concerned over Jamison tai On.
Speaker 1: He's allowed twenty runs of his last four starts. His
Speaker 1: manager is Aaron Boom. The mistakes are are hurting him. Um,
Speaker 1: you know, we gotta you know, that's what we gotta
Speaker 1: work to correct, you know, making sure when we do
Speaker 1: make a mistake that it's you know, not into an
Speaker 1: area where it's getting slug that's really hurting him because
Speaker 1: I thought tonight is stuff. I thought tonight through the
Speaker 1: ball really well. Not the only problem last Nights and
Speaker 1: sketchy defense. Ganks failed to score in the last five
Speaker 1: plus Sennings. Mets didn't score at all in the game,
Speaker 1: without a single extra base hit by either team. The
Speaker 1: Marlins won too nothing and tena Names of pitchers duel
Speaker 1: between Sandy all Contra and Taiwan Walker. I'll Contra just
Speaker 1: named an All Star. Walker could have made a case
Speaker 1: for making it. He did not. Four Mets were named
Speaker 1: All Stars. Edwin Diaz, Peter Alonzo, Jeff McNeil, and Starley Marte.
Speaker 1: Four Yankees named Garrett Cole, Nestor Cortez, Clay Holmes, and
Speaker 1: Jose Trevino, Aaron Judge and John Carlos. Stanton has already
Speaker 1: been named as starters of the National League team for
Speaker 1: next week's game in l A. Will have brothers in
Speaker 1: the starting lineup. Cubs catcher Wilson co Rris and his
Speaker 1: brother William, who plays with the Dodgers, will be the
Speaker 1: d h Novak. Jocobs, just after winning Wimbledon for the
Speaker 1: seventh time, said he does not expect to be allowed
Speaker 1: to come to New York for the US Open since
Speaker 1: he is unvaccinated. Said it would take an easy of
Speaker 1: restrictions or a medical exemption. John Stash Award Bloomberg Sports
Speaker 1: Nathan Okay, John thanks five thirty seven on Wall Street.
Speaker 1: Now time for the Tri State Business Report with Bloomberg's
Speaker 1: head Cory twelve. New Jersey hospitals will get one hundred
Speaker 1: twenty nine million dollars through the budget deal crafted in
Speaker 1: late June by Governor Phil Murphy and top lawmakers, and
Speaker 1: j Spotlight says it's not clear how projects were picked
Speaker 1: for funding. Much of its reportedly destined for hospitals in
Speaker 1: democratic legislative districts. Before the American Dream super Mall in
Speaker 1: New Jersey can get help with payments, the state's Economic
Speaker 1: Development Authority must approve documents certifying expenditures by the developer
Speaker 1: Triple five Group, But three weeks before the debts to
Speaker 1: be paid, e d A still has not approved a
Speaker 1: cost statement. D t O Law has opened an office
Speaker 1: in New York City on Broadway Center. The Business Journal says.
Speaker 1: The law firm with offices in l A and San Francisco,
Speaker 1: says the New York City office will be staffed by
Speaker 1: Alison Kenner, formerly an assistant U S Attorney for the
Speaker 1: Eastern District of Pennsylvania. That your Bloomberg Trying State Business Report.
Speaker 1: I'm Ed Corey on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London into
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Podascan
Speaker 1: on k X in Los Angeles. We're talking about a
Speaker 1: decent opening for the New Thor movie improving Disney's uneven
Speaker 1: movie release record for this year. I'm Connahow on ktr
Speaker 1: H in Houston. Texans are asked to conserve energy on
Speaker 1: sports and temperatures. I'm Gina Servetti in for w c
Speaker 1: c O in Minneapolis. I'm talking about some of the
Speaker 1: locally based companies reporting their earnings this week, including United Health.
Speaker 1: I'm Stephen Carl and Bloomberg D a B Digital Radio
Speaker 1: in London. We've been reporting on fears around Russian gas
Speaker 1: supplies as the nord Stream pipeline shuts down for maintenance.
Speaker 1: I'm d Cory on w w J in Detroit. I'm
Speaker 1: reporting Forward Is had to recall one hundred thousand hybrid vehicles.
Speaker 1: And those are some of the stories our twenty seven
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following comming to areas from Bloomberg Opinion. Where have
Speaker 1: people gone all electric? Not the places you'd expect. I'm
Speaker 1: Justin Fox, a columnist for Bloomberg Opinion in hopes of
Speaker 1: curtailing the emissions that cause global warming. Dozens of local
Speaker 1: governments on the coasts have banned natural gas so cups
Speaker 1: for new construction. In response, twenty state legislatures, mostly in
Speaker 1: the middle of the country, have banned local authorities from
Speaker 1: banning natural gas loo cups. But where are people most
Speaker 1: likely to have gas free homes now? In states that
Speaker 1: are banning gas hookup bands? Mainly in one of them, Florida,
Speaker 1: seventy seven percent of homes are all electric in hookup
Speaker 1: band hotbeds New York. In California, the all electric shares
Speaker 1: are just seven and eight percent. Politicians in New York
Speaker 1: and California are making such a big deal about home
Speaker 1: electrification in part because they have so far to go,
Speaker 1: and at least some of the bann the band states
Speaker 1: electrification is already here. I'm justin Fox. For more opinion,
Speaker 1: please go to Bloomberg dot com, slid Opinion or O
Speaker 1: P I n go on the Bloomberg terminal. This has
Speaker 1: been Bloomberg Opinion. Listen from Bloomberg opinion, editorials and commentaries
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n go. SMP futures down twenty
Speaker 1: one point, staff futures down a hundred forty nastak futures
Speaker 1: are lower by eighty eight points. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather sunshine mid eighties today, chance for
Speaker 1: an afternoon shower thundershower tomorrow with the high near nineties.
Speaker 1: It will be mostly sunny and hot for Wednesday, going
Speaker 1: back up near ninety degrees right now sixty seven markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, bloo Bloomberg Business Outland, at Bloomberg Quicktape's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. European stocks
Speaker 1: dropping this morning along with US stock intext futures as
Speaker 1: traders await the key second quarter earning season for indications
Speaker 1: on how companies are weathering the inflation storm. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg U S and P future is down twenty two
Speaker 1: points down, futures down a hundred thirty nine nosday futures
Speaker 1: down ninety The decks in Germany's down seven tenths of
Speaker 1: upper cent. The ten year treasury of five thirty seconds
Speaker 1: held three point oh six percent yal done a two
Speaker 1: year three point oh seven percent di nex screwde oil
Speaker 1: is down to and a third percent on two dollars
Speaker 1: forty seven cents and a hundred two dollars thirty six
Speaker 1: cents of barrel and bitcoin this morning downward than two
Speaker 1: percent to twenty thousand, five ten dollars. That's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael Karen, thank you very much.
Speaker 1: Japanese from minister Fumio Ka has called for party unity
Speaker 1: to achieve the unfinished goals of assassinated former leader Shinzo Abe,
Speaker 1: including strengthening the military. It comes as Kashida's ruling block
Speaker 1: secured more seats in parliaments upper House in elections yesterday.
Speaker 1: Also today, US Secretary of State Anthony Lincoln met with
Speaker 1: Kashita to all for his condolences. President Biden says he
Speaker 1: is considering declaring a public health emergency to free up
Speaker 1: federal resources to promote abortion access. In baseball, the Yankees
Speaker 1: lost to the Red Sox eleven six. The Mets have
Speaker 1: lost along with the Nationals and A's. The Orioles won
Speaker 1: their eight straight. The Giants want global news twenty four
Speaker 1: hours a day. On air and on Bloomberg Quicktike, powered
Speaker 1: by more than twenty seven hundred journalists and analysts, are
Speaker 1: more than a hundred twenty countries. Michael bar this is
Speaker 1: Bloomberg Nick. Thanks Michael. It's five forty eight on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak. Is We're gonna get ready to kick off
Speaker 1: a very busy week for investors. Were joined this morning
Speaker 1: by Ross Mayfield, investment strategy analyst at Baird and Company. Ross,
Speaker 1: good morning. Obviously I want to get your thoughts on
Speaker 1: this market, but I wonder if you have anything to
Speaker 1: add to this ongoing Elon Musk Twitter buy out saga
Speaker 1: now apparently headed to court. Where do you see this
Speaker 1: thing going? You know, I don't know if I have
Speaker 1: a time to add to had such a focus of
Speaker 1: the discourse, but it seems like a lose lose at
Speaker 1: this point, right. I mean, they're gonna they're gonna, you know,
Speaker 1: take this to the courts and it's gonna probably get
Speaker 1: muddy and messy, and it just feels like this isn't
Speaker 1: what Twitter wants, this isn't what Elon wants, and so
Speaker 1: we kind of headed to you know, a messy, messy
Speaker 1: break up from here, is Twitter headed lower? From here,
Speaker 1: there's some people talking about a bottom well below thirty
Speaker 1: a share. Well, look, I mean, I think part of
Speaker 1: this has to be right. In the initial stages of this,
Speaker 1: tech stocks were in one place, and then along the
Speaker 1: course of this you know kind of courtship and offers,
Speaker 1: tech stocks continued to plumb it. So, you know, without
Speaker 1: this to uh, you know, put a floor under Twitter's price,
Speaker 1: I think there's potential just to catch up with the
Speaker 1: rest of the kind of the tech route and growth
Speaker 1: throughout that we've seen across the first half of the year.
Speaker 1: So um, I'm not sure, but it wouldn't surprise me
Speaker 1: if it if it kind of caught down to some
Speaker 1: of the other tech weakness, and we're looking at more
Speaker 1: signs of that tech round potentially continue doing here. With
Speaker 1: Nasdaq futures leading declines this morning, as I mentioned, it
Speaker 1: is a very busy week for investors, with the focus
Speaker 1: now going to second quarter earnings and of course inflation,
Speaker 1: recession worries at the foreign we're kind of hearing dueling
Speaker 1: views on where this market goes from here. Ross Mike
Speaker 1: Wilson over Morgan Stanley is thinking that a stronger dollar
Speaker 1: could be a headwinds for earnings, while a city group
Speaker 1: is thinking that corporate profits could hold up to the
Speaker 1: inflation concerns that an economic slowdown. Where do you see
Speaker 1: this market right now? Yeah, I think, I mean, I
Speaker 1: think this earning season will show you know, tepid strength,
Speaker 1: modest strength, and it will be more about um forward guidance,
Speaker 1: what companies are seeing on the cost side of things,
Speaker 1: how they're how they're viewing the consumer picture in particular.
Speaker 1: Um So I think this actual earnings could be a
Speaker 1: bit anticlimactic, but the guidance peace and then what soull
Speaker 1: side analysts doing response as far as re visions to say,
Speaker 1: estimates will be important. Um you know, FFX as a
Speaker 1: headwind and f FX will uh you know, probably probably
Speaker 1: weigh on the bottom line, but it's hard to ever
Speaker 1: get you know, to too overly concerned with what the
Speaker 1: swings and currencies actually weigh on, uh on earnings. More
Speaker 1: to me, it's about the cost inflation, wage inflation, and
Speaker 1: then how companies who are seeing that consumer spending in
Speaker 1: real time think that the consumer is holding up in
Speaker 1: the face of a lot of pressure. What's your expectation
Speaker 1: on how companies are going to lay out those concerns.
Speaker 1: I think what we'll see is um probably not the
Speaker 1: worst case scenario, which is heading towards kind of a deepercession,
Speaker 1: and probably not the best case scenario, which right now
Speaker 1: I think three earnings are still pegged for the S
Speaker 1: and T at close to two and fifty dollars a share,
Speaker 1: which would be about growth uh next year. That's that's
Speaker 1: pretty inconsistent with even a mild economic slowdown, which almost
Speaker 1: seems like a certainty given what the set is doing
Speaker 1: where inflation still is. So, I think earnings revisions need
Speaker 1: to come in. I think estimates need to come down.
Speaker 1: But I do think that the consumer strength and the
Speaker 1: corporate strength to date will provide kind of a cushion
Speaker 1: um that that we can take solace in heading into
Speaker 1: h heading into so somewhere in the middle. Um, but
Speaker 1: certainly expectations need to come in. Only about thirty seconds
Speaker 1: left here ross we get inflation data as well this week.
Speaker 1: Are you seeing any signs of peak inflation? Yeah? Sure,
Speaker 1: I mean industrial medals, uh, you know, break evens are
Speaker 1: coming in. Uh, yields to come in quite a bit um,
Speaker 1: you know, gasoline prices, so so we're seeing plenty of
Speaker 1: signs of it. The bigger issue to me is wage inflation.
Speaker 1: We got a lot of data last week that said
Speaker 1: the job market is still quite strong, and that's obviously
Speaker 1: a very sticky form of inflation. So we need to
Speaker 1: see some peasing of pressure on that front to really
Speaker 1: get continue. Thanks for ros, good to have you on
Speaker 1: with us this morning. Ross Mayfield, investment strategy analyst at
Speaker 1: Baird and Company, Karen. Then it is five three on
Speaker 1: Wall Street. It's time for the Bloomberg Law Report, brought
Speaker 1: to you buy American Arbitration Association. Business disputes are inevitable.
Speaker 1: Brasilve faster with the American Arbitration Association, the global leader
Speaker 1: in alternative dispute resolution for over ninety years. More at
Speaker 1: a dr dot org. That's gift of the legal stories
Speaker 1: we are watching this morning from Bloomberg's Joan Donnegher. Mr.
Speaker 1: Creme Court's decision overturning the right to an abortion opens
Speaker 1: the door from more conflict over travel for an abortion.
Speaker 1: Three law professors tell Bloomberg Law the right to travel
Speaker 1: like the right to privacy, isn't mentioned explicitly in the Constitution,
Speaker 1: so the High Court will have to design that Texas
Speaker 1: state lawmakers planted target law firms with civil and criminal
Speaker 1: sanctions that have promised to cover travel expenses for workers
Speaker 1: to obtain abortions in other states. And the Justice Department
Speaker 1: is asking a federal court to pause booze Allen Hamilton's
Speaker 1: deal to my ever watch a defense technology firm, Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg market intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, John, thanks Now
Speaker 1: another ego story where watching the Supreme Court finished a
Speaker 1: tumultuous term in which the conservative majority wiped away the
Speaker 1: constitutional right to abortion, expanded gun rights, up end of
Speaker 1: the law of church and state, and limited the federal
Speaker 1: government's ability to combat climate change. It was a term
Speaker 1: that exposed dissension among the justices as the Conservatives exercised
Speaker 1: more power over the lives of Americans. For more, Bloomberg
Speaker 1: student Grosso speaks the constitutional law expert Stephen Vladdock, a
Speaker 1: professor at the University of Texas Law School. In many
Speaker 1: of these cases, the court would say, well, this is
Speaker 1: up to Congress or Congress has to say this more exactly,
Speaker 1: knowing that Congress has gridlocked and is not going to
Speaker 1: address this. Is the Court now more powerful than the
Speaker 1: other branches? More powerful than it should be? So the
Speaker 1: first I don't know how anyone considers the Supreme Court
Speaker 1: today has power the life of which I don't think
Speaker 1: it's at at any point in history. And someone that's
Speaker 1: because of power that the Court has claimed for itself.
Speaker 1: But we ought to be Franks, and that's because we
Speaker 1: are in a period of political deadlock in Washington. Is
Speaker 1: it more powerful than it should be? I mean again,
Speaker 1: I think it's worth stressed him that in the federalist right,
Speaker 1: Madison's argument for why the people of New York ratify
Speaker 1: the Constitution with the power separated the way they were
Speaker 1: was that ambition ought to be made to counteract ambition.
Speaker 1: The branches should be made to check each other. And
Speaker 1: I think what we're seeing is a Supreme Court that's
Speaker 1: not worried about being checked by any foot. And that's
Speaker 1: easy for folks who like what the current Supreme Court
Speaker 1: is doing to not be all that troubled by. But
Speaker 1: in the long term, I don't know how it's healthy
Speaker 1: for our system when the Court is basically claiming the
Speaker 1: power for itself, not just to decide where a right
Speaker 1: started it's always been its power, but to decide what
Speaker 1: Congress must have meant in statutes that wrote a long
Speaker 1: time ago, the long term of this country and its history.
Speaker 1: I don't know how we're all better off being run
Speaker 1: by five or six on elected justices versus you know,
Speaker 1: fivety six elected politicians. The justices don't even seem to
Speaker 1: be trying to present a united front anymore. Only of
Speaker 1: cases were unanimous. That's the lowest rate since Coodus Plug
Speaker 1: began compiling statistics two decades ago. You know, usually at
Speaker 1: the end of the term we say, well, it wasn't
Speaker 1: as divisive as we thought, But now we look at
Speaker 1: these numbers and it was. Listen, I think there's a
Speaker 1: reason why conservatves are celebrating the scernment progressed or to cry.
Speaker 1: I mean, this was as dominant a term for one
Speaker 1: side of the political aisle in American politics as we've seen, really, frankly,
Speaker 1: in as long as I can remember. And I don't
Speaker 1: think that by itself as an indictment of the court.
Speaker 1: I mean I think the problem is it's about the
Speaker 1: cases the justices are taking. It's about the length they're
Speaker 1: going to decide these issues. It's about the inconsistent rationales
Speaker 1: they're relying upon. It's about the fubrists inflecting some of
Speaker 1: the decisions, and frankly, it's about the complete black of
Speaker 1: effort to suggest that the other size positions are reasonable
Speaker 1: or work taking seriously. And in that regard, I think
Speaker 1: the best themis can be said about the Supreme Court
Speaker 1: term is that the Supreme Court is doing its best
Speaker 1: to look like the country. We ought to expect more
Speaker 1: from the Court and it ought to be above that.
Speaker 1: And as Stephen Vladdick, a professor at the University of
Speaker 1: Texas Law School, speaking with Bloomberg student Grosso. Catch more
Speaker 1: of that interview, plus analysis of the latest legal news
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading the
Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b law Go.
Speaker 1: Futures are lower this morning. SMP futures down twenty four
Speaker 1: points down. Futures down a hundred fifty eight, NASTAG futures
Speaker 1: down one hundred one and still ahead. On Bloomberg Daybreak,
Speaker 1: we have a check on the business headlines and all
Speaker 1: the news you need to start your day, and we
Speaker 1: continue to watch shares a Twitter, which you're down about
Speaker 1: seven percent right now. And this is Bloomberg.