B from the Bloomberg Interactive Burger Studios. This is Bloomberg day Break for Tuesday, AUGUSTO. Coming up this hour. US stocks entered the session coming off their biggest loss in two months. Traders are racing from our hawkish talk it that FETs Jackson Hall gathering. It's primary day with key races in New York and Florida heading the list, and life expectancy in New York plummets in the wake of COVID. Tri state area is cleaning up from heavy rains and flooding.
Plus New York Mayor Adams responds after more bus loads of migrants arrived from Texas. Michael Blarer more ahead, I'm John stas Star and sports. The Yankees beat Maxters are the Mets of the Subway series that come from behind preseason win for the Jets. That's all s train ahead
on Bloomberg day Break on Bloomberg. He Living Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius Exam one nine Team, and around the World Old on Bloomberg Radio dot Com and via the Bloomberg Business. Good morning. I'm Nathan Hagar and I'm Karen Moscow. US index futures are higher this morning. We're coming up to find the one on Wall Street, and we check the markets every
fifteen minutes throughout the trading day. On Bloomberg, SMP Future is up seven and a half points down Future is up fifty seven and nastay Future is up thirty. The ten year Treasury up one thirty second yell three point zero zero percent, and they yield on the two year three point three two percent, and n nex screwed oil is up one point four percent. Nathan well Karen. Stocks are coming off their worst one day drop in two months.
The SMP five hundred index fell two point one percent, the tech having Nasdaq one hundred sank two point seven percent, and the blue chip Dow Jones Industrial Average lost six hundred forty three points, or one point nine percent. Seabreeze Partners president Doug Cast sees more tough times ahead four equities. I think there's a non trivial chance at the SMP.
Early last year, I made a top for the balance of the year um to me after the recent when I described as a position based rally risk has returned to risk assets as the fundamental backdrop is eroding. Seabreeze Partners president Doug Cass made the comments on Bloomberg Surveillance Catch the program on Bloomberg Radio and Television beginning at seven am Wall Street Time, while Nathan the Wall Streets sell off spilled into Asia A stocks in Japan and
Hong Kong falling around one per cent. We get the recap from Bloomberg's Juliette Sally in Singapore. Good Morning, Juliet, Good Morning, Nathan and Karen. The energy sector was the only one in the green across the m s c I Asia Pacific INDEXUS crude scaled a barrel lifted by the possibility of OPEC plus output cuts. Japanese travel stocks also rose amid a NICA news report Japan is considering ending the requirement for negative COVID nineteen tests for international arrivals.
Stocks in Hong Kong and China fell despite further steps to stabilize the property market, and the one scituated but held near a thirteen year low amid verbal intervention from authorities in Singapore. Juliet Sally Bloomberg Day Break, My Juliette, Thanks for the dropping stocks around the world comes as investors await signals on the path of interest rate hikes at the Federal Reserves Annual Jackson Hole Economic Symposium later
this week. Bloomberg Economics correspondent Michael McKee is covering the highly anticipated event. What we'll see is a lot of volatility this week is trying to people try to read into various economic indicators whether there's good news or bad news coming. But Paula's position hasn't changed a whole lot,
and nor has the Feds. They believe they're going to have to keep raising rates to a certain point and stay there for a while, where the market thinks that they'll raise rates a little more and start cutting again. Bloomer's Michael McKee, one noted FED watcher, says the Central Bank should not cut rates again. In fact, Stanford University economics professor John Taylor thinks rates should double from here.
I say, movie should names and that is not high by historical under that's for sure, remember what it was in the seventies. But it's it couldn't be high. I wouldn't say, I wouldn't say absolutely five differ inflation doesn't come down, then it may have to be hired, but I think the inflation will come down and we can stick it at a level like that. But let's get there first. Stanford economics professor John Taylor says the FED should be more communicative about where policy has to go.
I mean, well, Karen Fedge ones are unleashing record bets the Fed will stick to its hawkish script at Jackson Hole. The group's collectively placed a big short across futures for a key overnight rate that moves in line with the FEDS benchmark. That position will benefit if Chair J. Powell effectively rules out a dovish pivot. Please stick with Bloomberg for complete live coverage of the Jackson Hole Symposium. Bloomberg Surveillance will be there beginning on Thursday with Tom Keene,
Lisa Abramowitz, and Jonathan Faroe. Well, Nathan, We now turn from the Fed and the markets to some important political news this morning. It's an election day, with primaries in New York and Florida and a runoff vote in Oklahoma. Maybe Morris says more on what to watch from our Bloomberg ninety nine one newsroom in Washington. In New York, redistricting left to longtime House Democratic colleagues Carol and Moloney
and Jerry Nadler competing for the same seat. In the nineteenth district, Democrat Pat Ryan is running against Republican Mark mullen Aro to fill the seat that Anthony Delgado vacated to become Lieutenant governor. If mullen Aro defeats Ryan, that could be assigned for Democrats in November. In Florida, as the pole stand now, Republican incumbent Senator Marco Rubio will
likely face Democratic Representative val Demmings in November. Governor Rhnda Santis will face either former Governor Charlie Kristen November or Nicky Freed, who wants to become Florida's first woman governor. In Oklahoma, the marquee event will determine the candidates who vie for the unexpired Senate seat of Republican Jim Inhoff,
who plans to resign in January. In Washington, i'm Amy Moore as Bloomberg Daybreak Amy Thanks are also new developments in the FBI search of former President Donald Trump's home in Marlano, Florida, including reports of just how much classified material he may have been holding onto, Bloomberg said back, sir, as the latest. Mr Trump says he wants a neutral third party to look through the documents. In legally is
a special master. So this is the same judge considering whether to make public portions of the documents seized by the FBI to look at this now. The New York Times says the government has recovered more than three hundred documents now with classified marketings. It says one hundred fifty sensitive documents recovered earlier made the d o J want to know what Trump had taken from the White House in San Francisco. I'm at Baxter Bloomberg Daybreak and thanks.
We are getting more evidence this morning at the toll of the pandemic has had on our lives, and we get the latest line from Bloomberg's Rnia Young. Good morning, Rainia, Good morning Karen. The CDC says life expectancy in New York State dropped by three years in It's the biggest decline among all states during the first year of the pandemic. New York State residents are expected to live to just under seventy eight years old. That's the fifteenth highest life
expectancy in the US. But a steep drop from back in twenty nineteen, when New York State had the third highest raking. The CDC said last year that overall US life expectancy plunged by one point eight years, in the biggest drop since World War Two. Live in New York. I'm rened a young Bloomberg day break. We need to thanks local headlines and the check of sports. Next, this is Bloomberg and it's now five oh seven on Wall Street seventy two degrees in Central Park. Got an accident
already mestbound Belt Parkway at Bay Parkway. We'll get to the details in traffic shortly, but first, Michael bars here with what else is going on in New York and around the world on this primary day morning. Michael, Good morning Nathan. More than a thousand flights were canceled in the US yesterday. Airports around New York City and in Texas were hit the hardest, staffing shortages and severe weather. We're blamed again. Meanwhile, heavy rain fell in parts of
the Tri state area, causing street flooding. In the Dallas suburb of Mesquite, vehicles had to navigate flooded roads. Authorities say a body was pulled from a vehicle aft or it was found in the receding waters in East Texas. Severe weather for schools to close early, including a suspected tornado. Smith County Constable Josh Jumplet. We've had several portable buildings
that have been picked up and relocated. Constable. New York City officials estimated over the weekend about hundred asylum seekers from Central Land South America have arrived by bus from Texas. Mayor Eric Adams is blaming Republican Governor Rabbit, saying his refusal to let New York officials know about potential numbers of migrants on the buses is driving the city to
a crisis level. The governor of Texas is not giving any information at all, no matter how much we tried to codinate crisis calls on coordination, and he has been really uh, just a person who's mean spirited in the area of helping people near times in a time of need. Mayor Adams says it is leaving local and state resources
and nonprofit struggling. New York Governor Cathey Hope calls as the state is rolling back new COVID regulations for this school year, including allowing positive students to stay in class, provided they wear a mask. Hocal is also urging employees in the state to consider a return to the office
as well. I mean, there's a lot of heap, a lot of tourists, restaurants are crowded, um people coming back and joining our social life, and we'd love to see everybody back, going back in their offices, at least on a hybrid situation. Governor Ocle is promising monkey Pops vaccines for New Yorkers. Acting New York Health Commissioner Dr Mary Bassett is promising that they will ensure access for those at risk, including the l g DTQ community and communities
of color. Uh. These data show that we are right to be very concerned about equity and access to vaccination. Dr Bassett says they're preparing to distribute the promise one hundred ten thou doses from the Biden administration. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than the hundred journalist and
antaalists and more than a hundred twenty countries. I'm Michael Barr, This is Bloomberg Nath Michael, thank you, coming up to five ten on Wall Street Time for the Bloomberg Sports Updated morning John Stanshowner and morney Nathan but of an upset to start the two games Subway series in the Bronx. The Mets went in certainly the hotter team with the better pitcher on the mount. Yet Max Scherzer out pitched by Domingo her Mom maybe the best game of his career,
shut out through six innings. Mets get on the board in the seventh. The drop pop up was followed by a two on homer by the Mets Daniel Vogel back. But that's all the Mets got Yankees one, four to two. Good relief pitching from Ron Marinaccio, Jonathan the White the Guy, Aaron Judge home run number forty seven, ending his longest home of list draft of the season, and Andrew Bennettendee, who had the game winning home run Sunday, had two
runs scoring hits. His manager is Aaron Boone's such a good hitter, such a good back to ball, controls the strike zone. Um, and it feels like he's really starting to settle in now. And uh, you know he's come up big forest last full of days obviously, but I feel like for the better part of the last week. He's starting to build that lovelettum Boon. Tonight starts Frankie Mantas. He has struggled in his first three starts with the Yankster. Mets decided to give Jacob Graham some extra rest, so
it'll be time one. Walker going to Deam had mettlive big preseason come back by the Jets. They trailed Atlanta sixteen to nothing. They rallied to win four to sixteen touchdown passed by fourth string QB Chris Stavulari. The engineered along t D Drive Jets added a fumble return to touchdown. The Giants got word the knee injury suffered Sunday by rookie linebacker Cavon Thibodeau was a spring to mcl out three to four weeks, which would mean missing the first
one or two regular season games. Carolina Panthers at Baker Mayfield will be the Week one starting quarterback. Hardly surprised that he beat out Sam Donald. Tom Brady back with the Tampa Bay Bucks, who are the report that he spent the eleven days away from training camp with his family and the Bahamas. You get some advantages when you're Tom Brady John sports so true, Thank you John. Future is moving higher on this Tuesday morning. Will check in
on this market and extra. Patrick Armstrong of plurimu Wald. This is Bloomberg Bloomberg eleven three oh weather. Mix of sun in clouds today, some afternoon showers and thunderstorms possible, going up to near eighty five degrees sunshine tomorrow, highs
near ninety and on Thursday as well. Right now seventy two in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quicktake's a Bloomberg Business lash and I'm Karen Moscow and US Dock Index futures are edging higher. Treasuries are well. Treasury prices are higher as well. Right now. That dollar is steady as markets remain on edge ahead of the Jackson Hole Central Banker Symposium later
this week. Futures on the SNP and NASTACK they were fluctuating before turning higher after US stocks plunge the most in two months yesterday. We checked them its every fifteen minutes throughout the trading day on Bloomberg. Right now it's in p futures are up seven points down. Future is at fifty six nasday Future is up twenty three. The decks in Germany is up a quarter percent. Ten year
Treasury now up one thirty second yield three percent. The yield on the two year three point three two percent. Non ex scrude oil is up one percent of a dollar sixty and ninety one dollar ninety six cents of barrel comics gold up three tenths per center five dollars at seventeen fifty three sixty announced. The euro is at point nine three three against the dollar. British found one point one seven six three and again one thirty seven point to six. Look at a big coin, it's up
one point two percent. It's a twenty one thousand and three hundred seventy dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Munchael, Good morning, Good morning, Karen. Lawyers for former President Trump have asked to federal judge to prevent the FBI from continuing to review documents recovered from his Florida state until a neutral special master can be appointed. It comes as the new York Times reports more than
three hundred classified documents were found at Mari Lango. Florida holds its primary elections today. Two Democrats are squaring off, hoping to face incumbent governor round the Santis State Agriculture Commissioner Nicky Freed and US Representative Charlie Christ, who was once governor himself as a Republican. New York also holds primaries today. In baseball, the Yankees beat the Mets four
to the A's lost in NFL preseason. The Gents one Global News twenty four hours a day on a or and on Bloomberg Quick Take, powered by more than hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan, Michael, thank you. It is five nineteen on Wall Street Live from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak, and we're very pleased to be joined this morning by Patrick Armstrong, chief investment officer at
PLUIMI Wealth. As we take a look at this market this morning, Patrick, good to have you with us. As Karen mentioned, we are starting to see futures move a touch high after two straight days of losses for US stocks coming onto the Jackson Whole symposium. Have markets fully priced in a hawkish tone from the Fed later on this week? Um, I think they've gotten rid of some of the speculative excesses that was priced in because of
everyone was expecting a FED pivot. Well, I don't know if everyone was expecting it, and the market seemed to be pricing in a Fed's pivot to really move to a dovish stance. I don't think we've heard that from any of the rhetoric of the FED members. Voting and non voting members are all saying at the most devilish, their data dependent, and the hawkish ones are calling for seventy five basis point hike at the next meeting. So it would be really surprising if we do get anything
dovish out of Powell. I think he's going to keep his options open. Um. I don't know if the markets pricing in something hawkish from him, but I think it's removed some of the excesses about the devilish pivot that's probably not going to happen. Do you think he's going to keep his options open? It sounds like you're not expecting any further clarity from Chairman Powell later on this week?
Is that what I'm hearing from you. I don't think he can give clarity because you've got another inflation print, You've got another jobs number coming out before feb or September twenty one, when they'll be making their next interest rate decisions. So he's got to keep his options open because if you have a shocking number on the downside or a really strong number like last time on the jobs, that's going to change his thinking. So he can't put
himself into a corner. I don't think this Friday. Now, what do you think the market reaction will be if that case holds? If the Chairman Peal does keep his options open and potentially give investors kind of room to decide where they're going to go, Yeah, well that's the way I think he'll do it. And I think investors have the natural bias on what they think is going to be happening in the coming months. If you are got a positive predisposition on where the economy is going,
you'll probably be wanting to buy risk. I don't see any strong economic numbers coming out of Europe, but the US does look much more resilient than Europe. The job market is still very strong. Half of companies are still saying they're having trouble filling job opening. So you can see scenarios where the US avoids a recession, whereas the economic numbers p M I that are coming out in Europe or showing Europe has already admired in a recession.
Does that mean that you think that stocks have further room to rally at this point? Have we seen the bottom from June? I'm not sure I would. If you push me on it, I'll say yes, I think that's about the lower we get to, but I wouldn't be surprised if we touch that again, um and retest the June lows. I do think there's pretty compelling value out there in some sectors. I would be buying a natural
gas producing stocks today. Oil and gas altogether makes sense, but if you can buy the stocks that are producing natural gas right now, they're incredibly cheap, putting a massive cash flow, and they give you a bit of a hedge against some of the stagflationary aspects that you see a big manufacturing slow down because of energy prices. So that where I'd be buying UM. I do think the
most expensive stocks are going to see continued downside. So the real innovation stocks that were priced for massive profit growth eventually that aren't generating any profits right now. I think as quantitative tightening really does begin in earnest in September, those kind of stocks probably will make new loads. Looking to take a more defensive stance. I think, what is what I'm hearing from you? Does that have you looking more at small cap versus large cap? I'm not really.
I just think energy is the place to be put in UM capital right now because incredibly cheap, massive casual generation, and it does give you a hedge against the worst aspects that come from the stagflation. And if you've got manufacturing exposure, if you have cyclical exposure, it's going to be the high energy prices that really choked those earnings off. So I think adding those stocks while they're so cheap right now make good sense to me. So not small cap.
That sector is really sticking out to me though. The last thirty seconds here, Patrick, what about treasury yields? Where do you see them going off the back of Jackson holl So, I think they'll probably grind higher by your end looking like three point three to three point five probably at most, because the US economy is stronger than Europe, but it is slowing. UM quantitative tightening is going to push up yields and inflation is going to remain persistent.
So I don't think Um Paul does get hawkish enough to really choke down inflation expectations. So I think it'll be a slow, steady grind hire and tenure yields. Really appreciate this, Patrick, Again, great having you on with us this morning. Patrick Armstrong, Chief Investment Officer at PLIMI Wealth, and a reminder to stay with Bloomberg Radio throughout Jackson Hole. Our coverage begins with Bloomberg Surveillance on Thursday ahead of Chairman Powell's speech ten am Wall Street time on Friday.
We will have it fully covered for you here on Bloomberg Radio. SMP futures right now up six point staff futures of fifty one, Nastack future is higher by twenty points, and the tenure little change. Right now. The yield read point zero one percent. This is Bloomberg Bloomberg eleven three oh weather mix of sun and clouds today may be some afternoon showers and thunderstorms eighty five for an afternoon high will be in the uper eighties tomorrow with sunshine
high your ninety on Thursday. Right now seventy two degrees. Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free to Washington, d C. Bloomberg to Boston, Bloomberg What Old six one to San Francisco, Bloomberg N sixty to the country Sirius XM Channel one nineteen and around the globe the Bloomberg Business APT and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on
Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow. We're just about four hours away from the open of US training. Let's get you up to date on the news you need to know at this hour. We'll bos are coming off their worst one day drop in two months. The S and P five index fell two point one per cent. UBS Managing Director Ali McCartney says, with increased volatility,
investors need to be mindful of stock picks. Over the last number of years, you've really been rewarded no matter what type of equity you had the concept of security selection and active management is really something we're leaning into. Ellie McCartney with UBS says rising rates and inflation will create uncertainty and equity markets well. The sell offs spilled into asiacaren, with stocks in Japan and Hong Kong both
falling around one percent. The global drop comes as investors await the Federal Reserves annual Jackson Hole Economic Symposium later this week, where chair j Powell will speak. Stanford University President John Taylor says the Fed should not cut rates again. If we let inflation build up over time like in the seventies it was seven years of fire inflation. If we nip it in the bud, then you don't have
to have these negative effects. Stanford Economics professor John Taylor thinks the Fed should aim to raise rates to five cent. Stick with Bloomberg for coverage of the Jackson Whole Symbosium. Bloomberg Surveillance will be there beginning Thursday. To politics Now, Nathan, It's primary day in New York, Florida and a runoff in Oklahoma. A longtime House Democratic colleagues Camerla Maloney and Jerry Nadler are competing for the same seat in New
York in the nineteenth district. Democrat Pat Ryan is running against Republican Mark Mullinaro and Florida Republican incumbent Senator Marco ruby O a luckily faced Democratic Representative Val Demming's In November, Republican Governor Rhonda Santis will faish either former governor Charlie christ or Nicky Freed. And This Morning Care and We're getting more evidence of the toll the pandemic has taken on our lives. Bloomberg's Rinda Young joins US Live with
that story. Good morning, Grenda, Good morning Nathan. The CDC's his life expectancy in New York State dropped by three years in twenty twenty, the biggest decline among all states during the first year of the COVID nineteen pandemic. New York State residents are expected to live to just under seventy eight years old, the fifteenth highest life expectancy in the US. In New York had the third highest ranking,
the CDC said last year. Overall US life expectancy plunged by one point eight years in twenty twenty, the biggest drop since World War Two. Live in New York. I'm rened a young Bloomberg day break iveryned to thank you. Futures this morning or high er, SNP futures up about six points down, Future is at forty seven and nasday futures at about nineteen and at ten year treasury that'll change.
You have three point one per cent straight ahead related latest local headlines plus a check of sports, and this is Bloomberg. Thanks haring. It's high thirty three on Wall Street, seventy three degrees in Central Park. Have a service suspension on the New Jersey Transit Morris XX line. We'll get to the details in traffic first. Michael Barr with what else is going on in New York end around the world. Michael, thank you very much, Nathan. More bus loads of migrants
arrived in New York City. Mayor Eric Adams estimates over the weekend about hundred asylum seekers from Central and South America have arrived from Texas. Adams says it's an obligation for the city to do what they can to provide a roof over the heads of these families, right to shelter whoever comes to the city. If it's day one, we are legally and morally responsible for giving them houses. Adams criticized Republican Texas Governor Abbott, saying he's not coordinating
with the city. With schools set to resume in the country's largest school district and a number of weeks, New York Governor Cafey Hocle says the state's new COVID regulations for this school year have changed. Hocal says schools will ease up on several safety plans, including relaxing quarantine protocols for class and no longer enforcing the test to Stay program,
So no more tests to stay. What that means if a classmate test positive for COVID and your child doesn't have symptoms, your child can stay in school as long as they would wear a mask under those circumstances were recommending. Governor Hocle promises monkey bocks, vaccines and treatment remains a priority in the state. About of US adults thank gun violence is increasing nationwide and want to see gun laws
made stricter. That's according to a poll from the University of Chicago Harris School of Public Policy and the Associated Press Nork Center for Public Affairs Research. The dangerous flood conditions gripping parts of the Southwest in Texas and now shifting to Louisiana and Mississippi. The storms already dumped historic amounts of rain in Arizona and North Texas. Mayor Rachel Moreno of Wendona, Texas is thanking volunteers, lending a hand.
Thank you for everybody that's coming in helping us um assess in our area and helping us try to get things cleaned up in East Analysts more than fifteen inches of rain flooded streets and homes. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries at Michael barr and this is Bloomberg, Nathan, Thank you, Michael wall Street. Time for
the Blue Brick Sports Upday with John Stenshaw. All right, Dathan, the Mets have a better record of the Yankees. They have been the far better team the past month or so, but the Yanks did beat the Mets for two of the Subway series in the Bronx and Atlanta one in Pittsburgh. So while the Yankees, despite their recent struggles, still have an eight game lead in their division. Mets are only
three up on the Braves. Yankee heroes last night, including Domingo her Mom, pitched into the seventh and he gave up only one er and run. Solid relief work after him by Ron Baronaccio and Jonathan Loaisa Andrew bennettsendy with a pair of run scoring hits and home run number forty seven for Aaron Judge, who hopes the Yankees slump is over there. You could just feel a little different energy and the dug out, you know, even throughout the
at bats. You know, guys just like I said earlier, guys one through nine working account um dinner and they can to, you know, wait it out. And so you gotta pitcher drive. And you know when you do that against one of the best in the game, and you're gonna get a good results. And one of the best of the game is Max Scherzer. Yanks beat him and they don't have to face Jacob to Graham the Metro instead going with Taiwan Walker a night giving to Groms
some extra rest. Frankie Montas on the mount for the Gangs, as with all preseason games, reserves on the field at the end of the Jets reserves engineered a big comeback from sixteen down. They beat the Falcons four to sixteen to the Jets win at MetLife the night after the Giants won their their game included a knee injury to rookie Cavon Thibodeaux that it first appeared to be series, then not so much the word yesterday It is a sprained mc L and Thibodeau will likely miss the start
of the regular season. A new team has emerged in the Kevin Durant trade talks, the Memphis Grizzlies, who have young players and multiple draft picks to offer to the next John Stash Bloomberg Splory Nick John thanks five thirty seven on Wall Street Time for the Tri State Business report with Bloomberg Stinis Pellegrini. Sachs is facing a trial date early next June in a long simmering gender bias case.
It's been twelve years since his closely watched case was filed, seventeen since the lead playing tiff first complained to the Equal Opportunity Employment Commission. The annual August scramble for New York City apartment is on Street Easy says to escape those sky high rents. Would be tenants are broadening searches to fire flooding places like South and East Brooklyn and Central Queens. If you're a working woman, you might be
best off in Connecticut. Wallet Hubs says the state has the lowest gender pay gap in the U S, women earning just three percent less than men. In New Jersey, the nineteenth wheed store has launched in Montclair. Assen Montclair is up and running and New York based movie Passes coming back. The nationwide subscription startup is relaunching on Labor Day with cheered pricing for monthlong subscriptions for movie theaters. The wait list for the beta subscription opens Thursday. And
that's the Bloomberg Chi State Business Report. I'm Denise Pellegrini. Okay, Denise, thank you. It's five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred of filiate radio stations around the world. I'm Steve chen chen Winds in New York. We're talking about cosmetics Giant RedLong telling of bankruptcy court judge had
stuck maybe worthless. I'm John Donneger telling kaf Baby listeners in Omaha the corn crop and Nebraska is so dry plants aren't producing ears of grain. Com Genus Servetti And for w w BBM in Chicago, I'm reporting that twenty local restaurants have been denied appeals in trying to get their insurance policies to cover pandemic related losses. I'm Stephen Carol and Bloomberg d a B Digital Radio in London. We've been reporting on the latest pm I survey showing
output contracting in the Eurozone in August. Those are some of the stories. Are hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Ukraine's president wants Western countries to ban Russian travelers in
hopes of boosting pressure against President Vladimir Putin. Such measures may seem appealing in light of po his invasion, but a blanket travel band would be the wrong response. The European Union has better and fairer tools. For example, if could focus on ending on du visa privileges for Russia's oligarchs and offers humanitarian visas to help opponents of the regime, It should also encourage a brain train of students and scientists, which would help erode Putin's ability to sustain his brutal
invasion and repression. Such measures will be more complicated and perhaps less satisfying than simply rejecting Russian entrance wholesale, but they'd be better for Europe and crucially, far more likely to hit Putin where it hurts. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope I
n go on the Bloomberg Terminal. This has been Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O P I n go SMP futures up four points right now, the future is up nastack future is up thirteen points. That's a gain of a tenth percent across the board. Ten Your treasury little change the yield three point zero
one per cent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather mix of sun and clouds, maybe some afternoon showers and thunderstorms today going up to near eighty five degrees uper eight the sunshine tomorrow sunny and you're ninety on Thursday. Right now seventy three and cloudy in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. She's a Bloomberg Business Flash
and I'm Cameron Moscow US dot in next. Futures are aging higher this morning ahead of the Jackson Holes Central Banker Symposium later this week, and the morning after US stocks plunged the most in two months. We checked the markets every fifteen minutes throughout the trading day on Bloomberg s and P Future is up about nine points down Future is up sixty nine and nowsday Future is up thirty.
The decks in Germany's up a quarter percent. The ten year treasury it'll change, you'll three point one percent yield on the two year three point three two percent. Nim mex screed oil is up one point eight percent of a dollar sixty six and ninety two dollars one cent of barrol Co makes gold up two tenths per cent or three dollars at seventeen fifty one forty announce. The Euro is point nine nine to two against the dollar, British pound one point one seven six seven, and a
yen at one thirty seven point three nine. Bitcoin this morning up one point four percent at twenty one thousand, four hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Key primary elections are in three states today. We'll have more on those coming
up shortly. Lawyers for former President Trump have asked the federal judge to be vent the FBI from continuing to review documents recovered from his Florida state until a neutral special master can be appointed. It comes as The New York Times reports more than three hundred classified documents were found at maur Lago. In baseball, the Yankees beat the Mats four to the A's lost in NFL preseason the Jets.
One Global News twenty four hours a day on are and on Bloomberg Quick Take, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan. Okay, Michael, thank you. We're coming up to five forty nine on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Breaking. Yeah, let's get more on this primary day with Joe Matthew are Bloomberg Washington correspondent, host of sound On here on
Bloomberg Radio. Joe, great to have you with us on primary day in New York and Florida. And of course, redistricting has made a couple of races in New York particularly interesting because after today, at least one longtime member of Congress is going to be a lame duck, at least one. We're watching this Nadler Maloney race. You think of it as Upper east Side versus Upper west Side to a senior committee chairs. These are long term members of the Democratic Party in the US House running against
each other. This is what happens when maps are read drawn. And I'm not sure they would have planned it this way, but here we are with Jerry Nadler, the chair of the Judiciary Committee Upper West Side, considered the front runner here, having been endorsed by The New York Times and by Senator Chuck Schumer. At least that's what the most recent
polling data has suggested. Representative Carolin Maloney, the chair of the Oversight Committee Upper East Side, has really turned this into an interesting contest here as Maloney tries to make the case for having a woman in this seat and to be acknowledged for the role that she has played. Interesting that we're seeing uh Congressman Nadler potentially as the
front runner here. You might wonder whether having two longtime members of cong Is competing against each other might give the challenger, Sarage Patel, room to sort of swim through the middle and make his way up there. I guess anything is possible. The polls have not suggested that's going to be the outcome, But of course we've woken up on a lot of Wednesday mornings with a surprise this
primary season. But yes, there's there is a third candidate here without the sort of party backing that the other to enjoy, and certainly Nadler with Chuck Schumer behind him, here, But you mentioned this is not the only possible incumbent that could be in trouble here, Representative Sean Patrick Maloney. This isn't the seventeenth district of New York. This is you know, not just an incumbent, but he leads the House Democratic Campaign Committee's backed by Nancy Pelosi, and it's
turned into a little bit of a proxy here. State Senator Alessandra Biaggi is backed by Alexandria Cassio Cortez. So it's kind of a progressive versus establishment race here as Sean Patrick Maloney fights to keep his career alive. Are we seeing any other races coming out here, Joe, where we could see more of that potential divide between the sort of mainline traditional Democratic Party and that progressive wing
that Alexandria Occasio Cortez embodies. Well, I, you know, in terms of the races in New York, I think that the special election that's happening in the nineteenth district, and this is Bizarres Hudson Valley, that you know, the winner of this will only have the seat for a couple of months because of the redistricting you mentioned that district will be dismantled at the end of the year. It opened up when Anthony Delgado became lieutenant governor. So you've
got a Democrat here, Pat Ryan. And I'm not going to suggest that this is a progressive versus establishment race, but Pat Ryan has really made this as a Democrat uh an issue of abortion rights, where the Republican here Mark Molinaro, also a county executive, has really taken the establishment Republican line on inflation UH to the voters here. So this is a bit of a proxy for the
general election. Joe Biden beat Donald Trump I one and a half percentage points in that district, but it is thought to be leaning Republican here, and the polls do not really establish a front runners. So there are a lot of questions about where this is gonna go. If if Democrats can keep the seat, it will be meaningful. If Republicans can flip the seat, then they might say, look, this is an indicator of where we're going here in
November with our chances to take the House. So that's one that we're watching closely that might not get as much attention. What are you watching in Florida, Joe, Well, Florida is interesting you know, look, we're the battle between Charlie Christ and Nikki Freed. Just to find out who's gonna run against Rhonda Santis is a little bit of uh an exercise. I won't say in futility, but very few expect the Rhonda Santis to be in trouble here. As the two Democrats try to duke it out, we're
also wondering is Marco Rubio in trouble. That's not something that's been part of the sort of electoral narrative here, but Representative Val Demmings Uh, the front runner here to run against Marco Rubio, has raised forty eight million dollars, which is remarkable and what is a four way primary here, Questions about what Marco Rubio might be facing in November, and of course, in the lead up to the primary in Florida, the big political story in Florida has been
the FBI search of former President Donald Trump's home at marl Lago. We've had a lot of developments there and I wonder whether that that search is gonna be part of what plays out in these primary races today. It's hard to say. When you know Rhonda Santis has actually you know, he's on running unopposed here, So it's really Democrats we're gonna be choosing, you know, who's gonna face Rhonda Santis in the fall, Who's gonna face Marco Rubio in the fall. I will note that Rhonda Santis has
been on a national fundraising tour. He was in Pennsylvania on Friday to stump for the Republican candidate for governor there. He was in Ohio to stump for j d Vance running for Senate. As he brings his message to a national audience and raises a lot of money, more than Donald Trump has at this point of the year, a lot of folks are wondering if this, of course, has everything to do with and we're wondering whether the Trump bomp from the Morrow logo search is gonna hold. But
we'll leave that for the next conversation next hour. Joe Matthew with us this morning on Bloomberg Daybreak. We're gonna have a lot more with Joe on Sound on for Sure this evening every weekday, five pm. Wall Street Time here on Bloomberg Radio. Karen A, right, Nathan, thank you. It is six fifty four on Wall Street. And now
a legal story. We're launching this morning, the Supreme Court will take up three oh three Creative versus A Lenis in its upcoming term, a case that Pits of Colorado stayed anti discrimination law meant to protect same sex couples against free speech rights. The case, which is similar to a eighteen dispute involving a bakery, is about a web designer who says she can't create wedding websites for same
sex couples because of her religious beliefs. For more, Bloomberg's Kimberly Robinson and Lydia Wheeler spoke with former federal judge Michael Connell. As I mentioned, this case is very similar to Masterpiece Cake Shop, which the Justice is decided in, but it differs in one really important way, and that's that this dispute is framed as one about free speech instead of religious liberty. What if any difference is that going to make this time around. Well, I think it
greatly simplifies and narrows the case. Because a free exercise claim might be brought by anyone whose beliefs prevent them working with Sam Sex's wedding. This as a speech case, this is combined just to people whose activities are expressive in nature, people are actually speaking, So it's a much narrow work case. This didn't start out as just a free speech case though. In the beginning, the web designer asked the justices to consider whether the state's anti discrimination
law violated her religious freedom. Um. But the Justice has actually changed the question they were asked to sign um and honed in exclusively on this speech right. So I'm curious how often do you see the court do something like that where they rewrite the question and what does that signal? So it doesn't happen very often. I mean,
this is not a unicorn. It happens from time to time, but this is somewhat unusual, and it indicates that the Court really wants to focus in on the speach claim, which, as I say, is narrower uh and and not the broader free exercise client m. So we've seen the Roberts Court under Chief Justice John Roberts issue ruling after ruling a pretty protective of religious rights, particularly the right to
freely exercise uh your religion. And that was so just this last term in cases involving educational funding and school prayer. I'm wondering does the Court's reframing of this case as one involving only speech signal that the Court is kind of shifting away from robustly protecting religious rights. Have we reached kind of the high water mark there? I don't think so. I don't think it indicates anything of the sword.
It indicates it's the facts of this case seem to map more clearly onto free speech doctrine than anything else. And as former federal judge Michael McConnell speaking with Bloomberg's Kimberly Robinson and Lydia Wheeler, it's more of that interview plus analysis of the latest legal news. By subscribing to the Bloomberg Law Podcast or downloading the show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and
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