Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, The Bloomberg Business at and at Bloomberg Quick Tape Tree is a Bloomberg Business lash Nathan Hagar.
Futures are moving higher as we await July cp I. Let's head right over to the first Heard breaking news desk for today's morning call with Tatiana darry A. Good morning, Tatiana, Good morning, Nathan, Like you said, Futures quiet ahead of this a big inflation report today down futures of fifty five sp Mini is down seven well, nas jack up eighteen. Treasuries are slightly lower than US Tenure yields up half
a basis point to two spots seventy eight percent. Oil is down one and Bitcoin is holding just above twenty three thousand. On the economic front, today, NBA mortgage application at seven and the latest CPI print at eight thirty. In early trading this morning, Twitter is up four percent after Elon Musk said he sold in six point nine billion of Tesla shares in case he's forced to go
ahead with the acquisition. Tesla shares are up to regarding earnings, Coin based down seven after the company narrowed its users forecasting mr revenue estimates and plug power is down to after its numbers. In other news, Coldberg is acquiring fifty of the United States Infrastructure Corporation in a deal valuing the company at about four billion dollars and wrapping things up, see if Industries was raised to overweight from equal weight.
At Barclay's Live from the First Time Breaking News Desk. I'm Tatiana Darry and Nathan Okay. Tatiana, thanks to get live breaking news over your Bloomberg type squawk on the terminal s Q you a go, that's a Bloomberg business slash. Now, here's Michael Barr with more on what's going on around
the world. Michael, thank you very much. Nathan. Businessman Tim Michael's, endorsed by former President Trump, won the Republican Prian Mary for Wisconsin Governor Michaels will face DEMA credit Governor Tony Evers. Michael's defeated former Lieutenant Governor Rebecca Cliefish, who was endorsed by former VP Mike Pence. In Connecticut, Trump endorsed Leora Levy one her gop U S Senate primary with more than fifty percent of the vote in a three way race.
Levy will face Democratic incumbent Richard Blumenthal. In District four. Republican Jamie Stevenson beat Michael Goldstein with more than sixty of the vote. For US House seat, Stephen sim will run against Democratic incumbent Jim Himes and other primary racest Progressive Democrat Ilhan Omar beat out a challenger for her Minneapolis based House seat. In Vermont, Becca Blent could become
the first woman to represent state in Congress. In baseball, the Yankees lost the Mets, Nationals and Orioles one the Red Sox Giants, and aid's lost. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than dred journalist analysts more than a hundred twenty countries. Michael bar this is Bloomberg. Nathan all right, Michael, thank you. We are live from the Bloomberg Interactive Broker Studios. An Now it's time to turn to news in scientific technology.
The Bloomberg n g I T STEM Report is brought to you by New Jersey Institute of Technology, ranked to top fifty national public university by US News and World Report, top ten in the nation for engineering by Money dot com. Learn more at n j I T dot e DU now Here's what's making news and science, technology, engineering and math. Russia successfully launched in Iranian imaging satellite as the country's deepened strategic ties mid the war in Ukraine and uncertainty
over the fate of the Iranian Nuclear Deal. Satellite was fired into space from a spaceport in Kazakhstan that's operated by Moscow. Meanwhile, the Indian Space Research Organizations made an effort to launch satellites using a small satellite launch vehicle has failed. Satellites were placed in the wrong orbit and
we're no longer usable. According to the i s r OH chairman, India is working to develop a new generation rocket that can carry UH satellites into orbit to capitalize on the growing market in small commercial satellites and on high precision industry. Company, the maker of most of the world's iPhones, posted a profit that beat estimates as demand for its cloud products helped it whether supply chain snarls and sluggish smartphone demand. On High is also making a
play to expand into electric vehicles. That's the Bloomberg n j I T STEM Report. John all Right, Nathan and we are lying from the Bloomberg Interact Brokers studios, where it is now six fifty one on Wall Street Time down to check what's going on in d C. Among the top stories out of the nation's capital, the GOP cast Trump as victim, attacks the FBI and mid term rally cry Donald Trump will testify at our oath today.
The New York ages long running civil investigation. President Biden learned of the Trump raid from media reports, according to the White House, and the Trump tax returns must be given to a House panel. That's the latest court ruling. Corporations would pay more middle class lass under the U S tax bill. And the Wisconsin primary set up a
marquee battled for control of the Senate. Let sike of deeper diving into some of these stories this morning with Bloomberg Government reporter Emily Wilkins, who joins us now and good morning to you. Is the the while I was gonna say raid, but more accurately, the execution of the search warrant of Donald Trump's home yesterday? Is that energizing the Trump based at this point or even the former president himself. Well, we are really seeing Republicans unite around
the former president. After the search warrant was carried out at mar Lago, you had a number of folks who are floated as potential folks who might primary Trump in a Republican presidential nomination go ahead and support to support him, say that what happened was wrong, to call out the
FBI for what occurred. Um. At the same point, you do have a number of Republicans I think the most prominent would be Senate Minority Leader Mitch McConnell, who have basically said, look, we need to get to the bottom of which the search warrant was actually about. We need transparency as far as what they're looking for, why they are looking for it right now. From reporting from Bloomberg and others, this does seem to be related to documents that Trump took from the White House that should have
remained under federal protection. We actually uh number earlier this year. We had folks from the National Archives go down tomorrow Lago remove about fifteen boxes of documents. Manus in reporting from the Washington Post that additional boxes of information were taken. Of course, this is a different investigation than what we're seeing the Justice Department look at over January, six different
than the January six House panel also different. And then the New York Attorney General who's been looking at the former president um for his real estate. Okay, before we get to the next investigation, what is the White House saying? So at this point, the White House is kind of letting the investigation go forward. Uh. President by and you know he found first found out about this report via
media reports, as you mentioned. And Biden is really trying to take a very hands off approach share with what Attorney General Merrick Garland does. Biden's trying to say that, you know, Garland has the the ability and the authority and the space to do what he feels needs to be done, and the White House does not want to pressure him in any regard. Uh. There is another investigation, well, numerous investigations, the one that you mentioned with the New
York Attorney channel. Can you explain what's happening on that front today? Yeah, So this has been a long run and long running investigation into Trump's real estate dealings. There are allegations that Trump misstated the value of properties like his skyscraper and golf courses. Another there's already been some depositions taken. This has been a long ruting investigation at this point. But we know that Trump did post on a truth social media media today that he is going
to be questioned by New York Attorney General. Uh in this investor action. Okay, that's in person that supposed to take place today, I believe, right. Yes, Um, also a Cork ruling that goes against the former president on his
tax returns. Can you tell us more? Yeah? So the Houseways Means Committee has been trying to get a hold of Trump's tax returns since two thousand nineteen, and at this point, we finally got a federal Court of Appeals giving them the green light to do so, saying, yes, you under you know, current law and current authority, you are allowed to have these tax returns. And so the committee is expecting to get them, they said pretty quickly.
UM will learn more about what is in them at this point, as well as if there's going to be any sort of legislation that Congress does. I mean, there has been a president that presidents usually or candidates do disclose their taxes just for full transparency with the American people. But obviously that's not a law, that's not a requirement.
And so how Speaker Nancy Pelosi yesterday told me in a couple other reporters that she'll leave it to the committee, the Ways and Means Committee, to look into whether actual additional legislation is needed at this point, but expect to hear more revelations about that in the coming weeks. And finally, we'll have to do this one. About a minute or so, the uh, the tax bill, the US tax bill, corporations would pay more, middle class less. I didn't know there
was a middle class laft by the way. I mean, it's there are a lot of people, I think who would would share your sentiment. But basically this bill is showing that Democrats it's going to do a lot of what Democrats will actually push it for, um, that corporations are going to have to pay two hundred nineties six billion more in US taxes over the next decade, as well as middle income households could be seen some tax
cuts under this tax and climate bill. Remember this is a bill was initially the Build Back Better, It got really paired down. It passed the Senate last week, and the House is going to be taking a vote on Friday, where it's expected to pass and actually go to Biden's
dust to be signed into law. Expe to hear a lot about this Democrats talking about it come November on the campaign trail, and also expect Republicans to be talking about it as well, because there have been various reports coming out on this bill doing the analysis, and some of them have suggested that some folks could see an increase in taxes under this Who are who make less than four hundred thousand dollars a year? All right, thanks very much, Bloomberg, Simbly Wilkins. You can read more about
these stories Bloomberg dot com or the Bloomberg terminal. Also a reminder, you can follow all the latest Bloomberg Radio in Washington. That's Bloomberg and One on five point seven FM HD two. Now ahead of the cash open on Wall Street. Down futures there are up sixty eight points, that's up to tens of a percent, smp E Many Futures nine points higher right now, that's up to tents, and the nasdak E Many Futures thirty one points. That's a rise of about two tents of a percent. That
could all change at a thirty Well Street time. That's where we can get the US inflation print that could show the biggest low down since the April of twenty twenty of the headline at least decembating eight points seven percent last mom That is among the expectations you've been listening to do. Bloomberg Daybreak just ahead bloombergs of Amance broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Bloomberg Living Freedom to Washington, d C, Bloomberg On to Boston, Bloomberg one O six one to San Francisco, Bloomberg sixty to the country, Sirius XM to the one nine team, and around the globe the Bloomberg Business apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It is six thirty on Wall Street. Good morning, I'm John Tucker, Nathan Hager. We're about three hours away from the open of you as trading time for the five things you need to
notice start your day. Brought to you by Interactive Broker's Global Analysts helps you find new global investment opportunities, to diversify your portfolio and discover or valued companies that may have greater growth potential. Try I v K our Global Analysts today at I v k R dot com slash g A. We're just about two hours away from the release of this morning's inflation print. Economists predicted deceleration in consumer prices for July after a hotter than expected June rating.
Sylvia Jablonski is CEO at the Fine CTFs. Even if it surprises us to the downside, which will be positive for equities, I think we'll get a little rally off of something like that. It doesn't really change the picture in the short term in terms of what the FETE has to do to get to neutral. Sylvia jablonskia defined CTF, says the recent market pullback is presenting opportunity for long term investors. And this morning we're learning about the impact
of President Biden's Inflation Reduction Act. It's said to become law in the coming days. One major bank says the bill will hardly impact prices at all. Bloomberg's re Nata. John joins US Live Now with that story. Good morning with Nada, Good morning John. The Inflation Reduction Act is estimated to reduce the federal budget deficit by about three
hundred billion dollars or with the next decade. But JP Morgan Chase economists say the law will have almost no effect on the price growth that's currently running at the fastest pace in four decades. The nonpartisan Congressional Budget Office, the Committee for a Responsible Federal Budget, and the Penwharton Budget Model all agree that the legislation will have a minimal influence on inflation. Live in New York, I'm rennit
a Young Bloomberg Day Break, Okay, Nita. Thanks to corporate earnings Now, Disney releases quarterly results after the close today. In Bloomberg's Jeff Ballinger has a preview. Bloomberg Intelligence says the entertainment giant appears to be firing on almost all cylinders. Disney Plus is doing well. The consensus is that the streaming video service added nine point seven million subscribers during the quarter. The loss of the streaming rights to Indian
Premier League Cricket could force Disney to cut it. Subscriber targets demanded. Theme Parks has been strong that division may report an operating profit that exceeds consensus. Jeff Bollinger Bloomberg day Break, Jeff thanks to earnings and crypto disappointed at her coin Base posted a record's second quarter loss and lower than expanded revenue. Yesterday and this morning, John, we're
learning about another share sale by Elon Musk. He's unloaded another nearly seven billion dollars in Tesla stock, according to regulatory filings. Sale comes as must faces legal challenges in his bid to pull out of a deal to buy Twitter. That's the five things you need to know to start your day, brought to you by Interactive Brokers and straight Ahead will bring you local headlines and a check of sports.
This is Bloomberg alright, Thanks Nathan sixty three on Wall Street, and it's time to bring in Michael Bart and tell us what else is going on in New York and around the world, John, thank you very much. A deadly bus crash on the New Jersey Turnpike last night. Authorities say a double decker bus transporting passengers from New York to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the
State Police spoke to reporters. We are confirming right now one fatality and five serious injuries as results of the explosion. Sergeant Peel says the bus also hit a pickup truck. Former President Donald Trump will be questioned under oath today and the New York Attorney General's long running civil investigation
into his dealings as a real estate mogul. The White House as President Biden and AIDS were not giving the heads up on the FBI raid on former President Trump's Mara logo estate and learned about the search from news reports. White Nose Press Secretary Karine Jean Pierre. President Biden has been unequivocal since the campaign. He believes in the rule of law, in the independence of Justice Department of the Justice Department investigations. Meanwhile, Trump supporters are speaking out about
the search. House Minority Leader Kevin McCarthy, you should never use the Justice Department on a political whim like this, and I think that's the real question that we're looking at. House Minority Leader McCarthy called for oversight of the d O J. Primary elections were held in four states. Tim Michael's, by former President Trump, won the Wisconsin GOP gubernatorial nomination with of the votes over former Lieutenant Governor Rebecca Cliffish,
who was endorsed by former VP Mike Pence. Michael's thanked his supporters late last night. Since I was a young boy where I helped farmers bail Hay and pick Rocks. I know how to do a hard day's work, and the hard working people in Wisconsin deserve to have a leader who understands how hard they're working and will lead by example. Tom Michaels will face Democratic Governor Tony Evers. In Connecticut. Trump endorsed Leora Levy one her g op U S Senate primary with more than fifty percent of
the vote in a three way race. Levy will face Democratic incumbent Richard Bloomenthal. In District four. Republican Jamie Stevenson beat Michael Goldstein with more than sixty percent of the vote for a US out seat. Stevenson will run against Democratic can come at Jim Himes. New York City's m t A as a step closer the rolling out a concession pricing plan that would charge some mothers as much as twenty three dollars to ander Manhattan Central Business District.
The tolling scenario for the plan, the first for US city, was outlined in an environmental assessment report released today. Global News twenty four hours a day on air and on Bloomberg Quittake, powered by more than twenty seven hundred journalists and analyists more than a hundred twenty countries. Michael barn this is Bloomberg. John, alright, Michael, thank you. It's six thirty six on Wall Street. It's signed out for the
Bloomberg Sports Update. To answer that, here's John stats. All right, John had one nothing lost for the Yankees had happened this past Saturday in St. Louis. Last night in Seattle, the Mariners won one nothing in thirteen in names. Neither team could score despite the rule now where extra innings begin with the runner at second base. In both the tenth and eleven the Yanks killed their scoring Jan's first Andrew Bennettenni got picked off, and then Jose Travino got
thrown out between second and third. Aaron Boone was asked about base running blunders. Obviously, you know we're runs are are really tough to come by. Um, you know, it's been one of the real strength list team. So I don't want to lose our coggressiveness. But but obviously we gotta be a little smarter. Aarons wanted with a couple of hits in the thirteenth, thought Jonathan Lewisa ga in thirteen inns, the Yanks only had three hits. The Mets, with their six two win over the Reds and City Field,
now have a better record than the Yankees. Carlos Carrasco with his thirteenth win on runs for Francisco Lindora and Jeff McNeil. The Mets had won fourteen to the last sixteen. In the last four wins, they've only allowed a total of seven runs. The Rangers announced the new captain, twenty eight year old hard hitting defenseman Jacob true By, getting ready for his fourth season with the Blue Shirts. The Rangers have been without a captain since Ryan mcdonnald left
in two thousand eighteen. In golf, Cam Smith, the Aussie who won the Open Championship last month, is the latest to join the new Live Tour. Serena Williams will retire after the upcoming US Open in New York. She has forties. He's won twenty three majors. It's one shy of the record that really needs an asterisk because Margaret Court won many of hers at the time when pros didn't even
play in the major. Serena, without the doubt of the goat of women's Tennessey, said she's ready to move on to new things don't actual however, Bloomberg Sports John Jon thanks very much. It is now six thirty eight on Wall Spread, and that's time to take a look at starts some of the names that are moving to the pre market this morning. For that, we're joined by Bloomberg reporter Laura Right. Top red story has to do with Elon Musk, and of course that is moving shares of Tesla.
All has to do with Twitter. What's the latest, Yeah, both has on Twitter moving to the upside. That seems an aberration, as in recent times we've become used to an inverse correlation between the path Look. Musk has sold almost seven billion dollars of his Tesla shares. You could call this a form of damage limitation. Musk is preparing for the eventuality that he may have to buy Twitter.
We trying to get out of that deal. Twitter is rallying um and, in accordance to one analyst dive from Wedbush, because it seems that this deal is more likely Elon Musk may be forced to buy and the news in the crypto space this morning, what's that Yeah? Coin based down seven percent ahead of the bell look. It reported a record loss in the second quarter and revenue that
fell short of expectations. Coin bas has narrowed their projection for average monthly user transactions for the rest of this year. What analysts find concerning, though, is the decrease in retail trading. That said coin base has partnerships with heavyweights such as Meta and black Rock, which will take some time to take off. Well, what is car Lots, Well, this is an auto dealer and it's agreed to merge with Shift Technologies, a fellow car dealer. Car Lots is up twenty four
percent in pre market trading. This will be a stock for stock transaction and the streets, the geographic overlapp and the opportunity to unlock synergies with the new company. And finally, rob Lives that is yes, the Roadblocks is a children's and teenage GameMaker. Right now, it's down toward jeen percent. Neither do I had to look it out before, no nor a gameplayer myself, but basically it reported bookings that
missed analysts estimate another one bites the dust. You could argue we saw this with Nvidia earlier this week, which itself experienced a lack of demand for chips necessary for high quality PC gaming. Now that economies have reopened, cost of living is starting to bite. Seems that demand for gaming is decreasing. Okay, Laura, thanks, I appreciate Bloomberg reporter Laura right looking at starts as a whole, ahead of
the cash shop and not Walster. We have right now s and P futures, the evening futures downline points down futures there are up sixty four points that as they EMNY futures right now up thirty two points. Of course, all that could change after a thirty that's when we get the all important inflation print for the month of July. Uh And right now, as we look at treasuries, the inversion continues h fort seven negative forty seven basis point difference between twos and tans. The two's at the tenure
yield right now two point seven eight percent. You're listening to Bloomberg Day Break, the Bloomberg weather from meti Rama just Rob Carol at the Cobs day giving it a partial sun maybe a thunderstorm later has in the mid eighties. Tomorrow chance at Morgan showers than partly study high temperature about eighty five degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business and at Bloomberg Quick Take. This is a Bloomberg
Business lash. I'm Nathan Hagar. Futures are posting modest gains, incautious trading ahead of US inflation data, little shape investor expectations for further Federal Reserve interest rate hikes. We check the markets every fifteen minutes during the trading day. Bloomberg SMP futures are up eleven points. Staff futures are hired by seventy five. Nastic futures on the rise by thirty nine points. The tenure Treasury is now little change. The yield two point seven seven percent yield on the two
year three point two four percent. Nim X screwed is down one percent, down one cents eighty nine dollars fifty nine cents of Barrel Comic Gold is down a tenth percent, down two dollars ten cents. At eighteen ten twenty announced, the Euro is at one point zero two to eight against the dollar. The pound is at one point two zero nine one the end one thirty four point nine five. Bigcoin down about three tenths percent. Right around twenty three thousand.
That's the Bloomberg Business Flash. And now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Nathan Donald Trump's candidate of choice as one Wisconsin Republican nomination to take on Democratic Governor Tony Evers, Businessman Tim Michael's defeated former Lieutenant Governor Rebecca Cleefish,
backed by former VP Mind Pence. Former President Trump will be questioned under oath today and the New York Attorney General's long running civil investigate into his real estate dealings. And baseball, the Yankees lost to the Mariners one zip and thirteen innings. The Mets beat the Reds six to the Red Sox lost to the Braves nine seven, the
Nationals and Orioles one the Giants, and A's lost. Global news twenty four hours a day on air end on Bloomberg Quick Take power by more than twenty seven under journalists an analyists, more than dred twenty countries. Michael Barr, and this is Bloomberg, John, Michael, thank you. Six nineteen on Wall Street. We are on lying from the Bloomberg
Interact of Broker Studios. This is Bloomberg daybreak Johnny is now Morgan Stanley, Chief of US Economists, Ellen Zender Investors today focused on the key inflation report, the Consumer Price Index, out at eight thirty Wall Street Time. Let's get a preview right now. Ellen, always a pleasure to talk to you. Have we seen the peak? Uh? Yeah, it depends on which metric you follow, but hopefully know upside surprises in today's report. Of the course, that's the dorm of late
and uh. But yeah, year over year rates um should be coming down on the headline that includes food and energy, And of course that's easy to say because both food and energy prices have been falling. But we continue to remain very focused and the FED continues remain very focused on core inflation that strips out food and energy, and month over month, that rate should be slower this month in the previous month. Uh. And that's really that sequential
slowing that the Fed is going to be looking for. Uh. And I think if we get that, and I think it's still going to keep markets pretty balanced between will they go seventy paces points or fifty at their next meeting. Yeah, it's that the headline that the folks like me pay attention to. Because I pay less at the pump and pay less at the supermarket. But as you point out J. Powelling Company, they're focused more on the core UH and UH As far as the rate trajectory from here, you
do think it's lower the in terms of inflation. Yeah, I do think that what we'll see in today's numbers that at least on a sequential basis, that we that that the last print probably was the peak. But you know, John, there have been so many volatile components that have been so difficult to forecast. And you know, airline prices we've been hearing they've been coming down. Does that show up in this report? What happens with new and used motor
vehicle prices? Those have been the big swing factors. But I think what you want to drill into right away is what happens with rental prices. UM shelter is a big share of the core bucket of consumer inflation, and it is a problem, and it's something that tells you that it is a uh an element that tells you how types of labor market is UM and it tells you how difficult and sticky inflation is to come down.
So that's really where we should focus if we're thinking about individual components when that report comes out, UM is, shelter inflation is still a problem, and of course rental prices are in that and that's going to keep the FED on a on a hiking bias of course for quite some time. We're just trying to determine the end game. How far does the FED need to go? Not do they need to continue to hike, We'll put that right
back to you. How far do they need to go? Well, we think that they go at least uh to three point six to mid range of the Federal funds rate target at the end of this year. UM, and I think markets are world positioned for the Fed going uh much higher form where we are today. So that's roughly another hundred and twenty five basis points from where we are today and the FED funds right, So that's still
a steep path into the end of the year. Where we differ from market expectations is that we believe that the Fed will hold there for almost all before starting to cut rates in December. You where is the market believes that we're headed for some real trouble here, uh, and the Fen's going to have to start cutting rates shortly after they reach that that peak. I just believe inflation is going to stay high. I do believe that there is a real chance that we could have a
quote unquote soft landing. And so I don't think the Fed's going to need to start cutting right away after they reach that peak rate. The FED, of course has this dual mandate the price stability and full employment. Do they have to torpedo the jobs market to get what they want on the inflation front? Yeah? Well, Um, John, I like that word torpedo, but it certainly sounds ominous, doesn't it. Um, they do have to so this is in in nice economics and said speak right. They have
to create slack in the labor market. So torpedo sounds a little strong. But what does slack in the labor market mean. It means that the unemployment rate needs to rise the labor market is too tight. Uh. And so uh, certainly Friday's jobs report may look like the labor market was still tightening, not starting to loosen. Uh. And that's a problem for the said because you really can't bring inflation down unless you create slack in the economy, and
especially slack in the labor market. Uh. And we just haven't seen signs yet that the labor market is slowing from this toward pace of job games. How does productivity We've only got about twenty seconds left. How does productivity figure into this productivity? You want productivity to rise because it is a dampener on inflation um and productivity is so volatile right now because of the underlying data. But ultimately you want productivity to be high, uh, in order
to help bring inflation down. All right, Allen, always a pleasure, Thanks for being with us. We appreciate it. Allen Center, the chief of US account of US dead, Morgan Stanley. Again, we get that inflation report. The print right now at thirty who could show the biggest slowdown since April at least to the headline and ahead of the cash open on Wall Street. The down futures right now seventy two points hire SMP futures they're up ten. The next day
futures thirty three points hire. You're listening to Bloomberg day break at a Bloomberg weather for today for meteorologist Rob Carolin, clouds giving away to partial sun, chance of a thunderstorm, highs at the mid eighties Tomorrow morning showers that partly study highs about eight and find degrees live from the Bloomberg Interactive Broker Studios. This is Bloomberg day Break for Wednesday, August two. Coming up this hour. Trader is ready for
the latest reading on inflation. Elon Musk sells more Testla shares to prepare for the possible purchase of Twitter. The d o J is poised to sue Google over its digital ad dominance, and coin Bass slides after an earnings miss and dim forecast. The bus accident in New Jersey has left at least one person dead plus Former President Trump gives his deposition today in New York. I'm Michael Barr. More ahead, I'm John stash Ourn Spards another win for
the Red Hot Mats. The Yankees lost in Seattle. Wand En update in thirteen in eas That's all turned ahead on Bloomberg Daybreak on Bloomberg Eliven Free on New York Bloomberg ninety nine one, Washington d C Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco Syrius Exam one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business app. Good morning. I'm
John Tucker, I'm Nathan Hager. Bloomberg Daybreak is brought to you by b n y Melon's Pershing Learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at pershing dot Com. Futures are moving higher as we await July cp I at six on one on Wall Street, and we check the markets every fifteen minutes during the trading day. On Bloomberg, SMP futures
up nine points now, futures up fifty seven. NASTAC futures are highed by thirty three points. The ten your treasury is up one thirty second. The yield two point seven seven percent yield on the two year three point to four nime xcrude is down nine tenths per cent or eighty eight cents three cents of barrel. John Nathan All eyes are on this morning's inflation report. Economists predict a deceleration and consumer prices. They predict prices for July rose
at an annual rate of eight point seven percent. Let's get more from boom Berg's Michael McKee headline inflation is forecast to have eased in July, in large part because oil prices fell, bringing down the cost of gasoline. While perhaps helpful, it won't have much influence on FED thinking. That's because core inflation, stripping out energy and food, is expected to post another big increase. Rents in particular are seen accelerating, which boosts the home price component of CPI.
While many commodities have declined in price on futures markets, those drops likely haven't worked their way into retail prices yet. Also, another big drop in productivity during the second quarter means companies aren't recouping all their costs, including labor costs, which rose at a double digit pace from April through June. Michael McKee, Bloomberg Day Break, I'm Mike. Thanks. This morning, we're learning about the impact of President Biden's Inflation Reduction Act.
It is said to become law in the coming days. One major bank says the bill will hardly impact prices at all. Bloomberg. Granida Young joins us Live with that story. Good morning, Granida, Good morning Nathan. The Inflation Reduction Act is estimated to reduce the federal budget deficit by about three hundred billion dollars over the next decade, but JP Morgan Chase economists say the law will have almost no effect on the price growth that's currently running at the
fastest pace in four decades. The nonpartisan Congressional Budget Office, the Committee for a Responsible Federal Budget, and the Penwarton Budget Model all agree that the legislation will have a minimal influence on inflation. Live in New York, I'm Rnita Young Bloomberg dayper we needed thanks. Meantime, we're learning the Inflation Reduction Act will have tax implications for corporations in middle class Americans. Amy Morris has details from our Bloomberg
news room in Washington. Analysis by the Congressional Joint Committee on Taxation finds that corporations will pay nearly two hundred ninety six billion dollars more in federal taxes over the next decade, much of that from a new corporate minimum tax requiring billion dollar companies to pay a fifteen percent minimum. Households making less than one hundred thousand dollars will see net tax cuts through, mostly through Affordable Care Act premium subsidies.
Taxes for middle and low income households are largely unchanged. The bill is set for a vote in the House on Friday. In Washington, I'm anymore as Bloomberg day break, Okay, Amy, thank you. Let's turn our attention overseas now, where Europe is in the midst of a heat wave evaporating the region's rivers. A major waterway in Germany's drying up that could have major economic implications. Bloomberg's You and Potts joins us from London with the latest on Good Morning You
and Good Morning Nathan and John. The River Ryne is set to become effectively impossible to shipping later this week. The German government says the water able to drop below sixteen inches deep on Friday at a key point west of Frankfurt's as the region's drought continues. That level vessels that haul everything from diesel to coal will be unable to use the river. It's yes, another problem in Europe's worst energy crisis in decades. In London, I'm you and
Potspoon make day break, You and thanks. So let's turn to the markets now. We're earnings are waiting on semi conductor stocks. Micron Technology, the latest shipmaker to Warner of slowing demand. We've heard similar soundument from Nvidia, Intel, and a m D in recent days that caused the Philadelphia Semi Conductor Index to fall more than four percent yesterday. Learning is in the crypto space, you're disappointing as well.
John Shares of coin base or down almost eight percent this morning after the company posted a record second quarter loss and lower than expected revenue. Coin based chief operating officer Emily Choi discussed the results with Bloomberg exam Lee Chang. I think it was a rough quarter for most companies
in the crypto space. We obviously had some big episodic events that happened during the quarter, and so some of those asset prices shrunk, which then impacts things like the assets on platform and other numbers point they see Emily Chang speaking on Bloomberg Technology. Catch our daily Bloomberg Technology
podcast wherever you get your podcast. As Sticking with earnings, Disney set to report today after the bell Bloomberg Intelligence as the company expects to see subscriber growth for its Disney Plus streaming service, but the big questions whether management will walk back future subscriber guidance after losing streaming rights for the Indian Premier League we're learning this morning about
another share sale by Elon Musk. He has sold another nearly seven billion dollars in Testlas stock, according to regulatory filings. The sale comes as Must faces legal challenges in his bid to pull out of a deal to buy Twitter. Global Business editor mL O'Brien has more on the sale. Looks like he's looking to cash in on a substantial amount of stock. While it is at a decent level of eight hundred and fifty dollars a share right now, up from those loads reached in May just about six
hundred dollars. Bloomberg Exama O'Brien says Must could sell even more Tesla shares if he's forced to buy Twitter, and right now Tesla is up about two in the pre market and some big news from the search giant Google. Sources tell us the Justice Department preparing to sue Google as soon as next month. The move would cappy years of work building a case that the alphabet unit illegally
dominates the digital advertising market. The Justice Department declined to comment on further details, and ahead of the cash open on Wollsbury, we have futures in the green this morning. The down futures of fifty seven points. That's a rise of two tens smp E many futures of nine nas deck futures there were up thirty two points. This is Bloomberg deabria As. That's six seven on Wollsbury. Time to bring in Michael Barr to find out what else is going on to New York and on the world. John,
Thank you very much, sir. There was a deadly bus crash on the New Jersey Turnpike last night. Authorities say one person was killed and five people were seriously injured when a passenger bus from New York to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the State Police preliminary information indicates that at approximately six fifty three pm, a coach double decker bus overturn and came to rest on the entrance ramp to the service area. Sergeant Peel says
the bus also struck a pickup truck. Former President Donald Trump says he will be questioned under oath today in the New York Attorney General's long running civil investigation into his real estate dealings. The New York civil investigation involves allegations that Trump's company misstated the value of assets and misled lenders and tax authorities. FBI agents recently searched his Maura lago A state in Florida as part of an unrelated federal probe and whether he took classified records when
he left the White House. Trump supporters are reacting to the search. Republican Senator Ted Cruz of Texas. This raises serious questions again about the Biden administration politicizing and weaponizing law enforcement. I believe Congress should hold hearings, we should have subpoenas. White House Press Secretary Karine Jean Pierre. The President and the White House learned about this FBI search
from public reports. We learned just like the American public did yesterday, and we did not have advanced no it is of this activity. Karine Jean Pierre also urged China to reconsider escalating aggression. Meanwhile, China says well in Taiwan military drills and plans regular patrols. Businessman Tim Michaels, endorsed by Donald Trump, won the GOP primary for Wisconsin Governor. Michaels defeated former Lieutenant Governor Rebecca Cleefish, who had the
backing of former VP Mike Pence. Michaels would face current Democratic Governor Tony Evers in the fall. In Connecticut, another Trump and Doris candidate one her GOP primary. We are at Levy won the U. S Senate primary with more than fifty percent of the vote in a three way race. Levy will face Democratic incumbent Richard Bloomenthal, who ran unopposed, and District four's GOP primary. Jamie Stevenson beat Michael Goldsteam with more than sixty percent of the vote for a
US House seat. Stevenson will run against Democratic incumbent Jim Himes. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and analysts and more than a hundred twenty countries. I'm Michael bar This is Bloomberg, John Michael, thank you, And it's now six ten of Wall Street, this time for the Bloomberg Sports Update. And here's John stess Shower. Thanks John. Seattle Mariners manager Scott's Service called last night's game one
of the best he's ever seen. Certainly had great pitching, thirteen innings, only ten hits, the first game to be scoreless in the thirteen since they put in the new rule or extra things beginning with the runner of second base. After four hours, finally a run was scored. Why is it gets ready? Here's the stretch and now the O two on the way to turn swinging a light dried facing right field, US nothing a Yankee tyro the call.
Yankees wasting a Garret Cold Jam against the Seattle team that scored six runs off him in the first inning. Last week in New York. Cold battled with Luis Castillo, who made his third start in the last four weeks against the Yanks. The first one was with the Reds. He dominated them in all three of those starts. Yanks tried to acquire Casteal, he went to the Mariners instead. Speaking of the Reds, Mets feed him at City Field, six to two home runs for Francisco, then Door and
Jeff McNeil. Thirteenth win of the year for Carlos Carrasco. He's tied for the league lead. Mets have won fourteen and the last sixteen only one of those victories by one run, another by two. The other twelve wins all by at least three runs. Atlanta one in Boston and remains seven games behind. When Jets tackling Mackay, vecked and limped off the practice field Monday. Coach Rob Salah at first did not think it was a serious knee knee and dream. Then came the m R. I that revealed
it was, and the news yesterday it's season ending. Beckton hurt the same knee in last year's season opener, missed one as well. The Jets drafted Beckton with the eleventh overall pick. In John Stashwer Bloomberg Sports count all right, John, thanks head of the open on Wall Street. Down futures of sixty points, SMP immunum futures, they're up nine points right now, and then AzaC futures up thirty two. You are listening to Bloomberg day Break and just ahead, is
this the peak four inflation. We'll put that question to Allen Zenner, the chief of U S Economists at Morgan Stanley just ahead on Bloomberg day Break