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Speaker 1: News when you want it With Bloomberg News Now, I'm

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Speaker 1: Doug Krisner. The mood in financial markets is risk off

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Speaker 1: after the downgrade of the US credit rating by Moody's

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Speaker 1: last Friday, after the New York close, moody strip the

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Speaker 1: US government of its top credit rating, cutting it to

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Speaker 1: double A one from triple A. Moody cited the failure

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Speaker 1: of successive administrations to deal with rising US debt and deficits.

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Speaker 1: Right now, the dollar is weaker and US equity index

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Speaker 1: futures are trading lower. Here is Bloomberg m Live strategist

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Speaker 1: Mary Nicola.

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Speaker 2: We're within breach of the S and P five hundred,

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Speaker 2: reaching its all time high. That momentum is going to

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Speaker 2: be questioned. So this Cell America trade is going to

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Speaker 2: come back to haunt US stocks, US treasuries and of

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Speaker 2: course the dollar as well.

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Speaker 1: That is Bloomberg's Mary Nicola. Meantime, US Treasury Secretary Scott

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Speaker 1: Bessant is downplaying concerns over the US government debt and

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Speaker 1: the inflationary impact of tariffs. On Sunday, Besson said the

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Speaker 1: Trump administration is determined to lower federal spending and grow

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Speaker 1: the economy. Here is Beson speaking to NBC's Meet the Press.

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Speaker 3: We didn't get here in the past one hundred days.

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Speaker 3: It's the Biden administration and this spending that we have

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Speaker 3: seen over the past four years. We inherited six point

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Speaker 3: seven percent deficit to GDP, the highest when we weren't a recession,

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Speaker 3: not in the war, and we are determined to bring

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Speaker 3: the spending down and grow the economy.

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Speaker 1: That is Treasury Secretary Scott Besson, speaking to NBC's Meet

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Speaker 1: the Press. He also discussed trade talks with China, saying

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Speaker 1: a mechanism is in place for continued talks, and Besson

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Speaker 1: also said that tariffs may be imposed unilaterally on other

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Speaker 1: countries that don't negotiate in good faith. Former President Joe

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Speaker 1: Biden has been diagnosed with an aggressive form of prostate cancer.

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Speaker 1: This diagnosis was made on Friday when doctors found a

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Speaker 1: small nodule on mister Biden's prostate that required further evaluation.

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Speaker 4: A short while ago, on.

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Speaker 1: Truth Social President Trump wrote that he and First Lady

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Speaker 1: Milania Trump wished the former president of fast and successful recovery.

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Speaker 1: New Jersey Transit and its locomotive engineers have reached an

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Speaker 1: agreement on a new contract. This pact ends a three

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Speaker 1: day transit strike that disrupted trained services for thousands of writers.

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Speaker 1: Here is New Jersey Governor Phil Murphy.

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Speaker 5: Starting Tuesday, May twentieth, NJ Transit will once again provide

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Speaker 5: rail service to the more than one hundred thousand writers

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Speaker 5: who depend on it every single day.

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Speaker 1: That is New Jersey Governor Phil Murphy. Now, this deal

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Speaker 1: ends the first railroad strike for the transit system in

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Speaker 1: more than forty years. Vice President JD. Vance held talks

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Speaker 1: with Ukrainian President Volodimir Zelenski in Rome on Sunday. The

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Speaker 1: two were joined by US Secretary of State Marco Rubio

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Speaker 1: and a top Zelenski aide at the US Ambassador's residence

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Speaker 1: in Rome. Now, this meeting comes ahead of President Trump's

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Speaker 1: call with Russia President Vladimir Putin today. White House Special

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Speaker 1: en Voice Steve Whitcoff spoke to ABC's this week.

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Speaker 6: We have to get to a ceasefire. That's the President's position,

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Speaker 6: and we all agree with that position. And most importantly,

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Speaker 6: we have to get to a final peace deal. And

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Speaker 6: the President has a force of personality that is unmatched.

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Speaker 1: White House Special Envoice Steve Whitcoff, speaking earlier to ABC's

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Speaker 1: This week certainly will be a busy week for earnings.

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Speaker 1: A number of high profile retailers are scheduled to report.

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Speaker 1: We have a preview from Bloomberg's Charlie Pellett.

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Speaker 4: Target and Home Depot will be among the names set

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Speaker 4: to report shrinking same store sales as TARA fueled economic

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Speaker 4: anxiety fans a consumer pullback. Aaron Kennon is the CEO

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Speaker 4: of Clear Harbor Asset Management.

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Speaker 7: We yes Q one earnings were somewhat robust, but there

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Speaker 7: is a lot of pull forward. We think maybe some

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Speaker 7: deceleration in the back half of the year, but still

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Speaker 7: positive earnings going forward.

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Speaker 4: This week, well, so'll be hearing from retailers Low's and TJX,

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Speaker 4: along with analog devices Into It and Palo Alto Networks

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Speaker 4: in New York. Charlie Bloomberg Radio.

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Speaker 1: We go to sports next, where Scottish Scheffler won the

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Speaker 1: PGA Championship.

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Speaker 6: One last look at the hole for Scheffler.

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Speaker 1: The potter is back and threw on its way.

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Speaker 4: He's missed it, but that's okay. He'll go around the

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Speaker 4: hole collect himself.

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Speaker 6: The King the Call conquers the Queen City at Quail Hollow,

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Speaker 6: Scotty Sheffler is a PGA champion.

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Speaker 1: That call from Westwood one Sports heard live on Bloomberg Radio.

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Speaker 1: Scheffler wrapped up the tournament hitting eleven under par, and

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Speaker 1: the win marks Scheffler's first PGA championship and his third

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Speaker 1: major title. And that is news when you want it

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

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Speaker 1: Bloomberg