Bloomberg Daybreak: August 24, 2022 - Hour 2 (Radio)

has been six months since Russia invaded Ukraine. Plus guilty verdicts for two men accused of trying to kidnap Michigan's governor. I'm Michael Barr more ahead, I'm John Stas showerd sports a second straight Yankee Ford to two win over the Mets of the Subway series. Kevin Durant is staying with the Brooklyn Net. That's all s traded head on Bloomberg

day Break on Bloomberg. He live in Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XM one nineteen and around the world Old on Bloomberg Radio dot Com and buy the Bloomberg Business app. Good morning, I'm Nathan Hager and I'm Karen Moscow. US Nock Index futures are little

changed to lower this morning. We're coming up to six o one on Wall Street, and we check the market server fifteen minutes throughout the trading day on Bloomberg SPA. NOASDAG futures are little change. Down, futures down three D two and the ten year treasury little change. You'll three point oh four percent, Nathan. Okay, Karen. We'll have more on the markets in just a minute, but we want to get you caught first on some key primary results

across the country. Our team coverage begins in New York with Bloomberg's Michael Bark. Good morning, Michael, Good morning Nathan. In New York's key Congressional twelve district, Representative Jerry Nadler be Democratic Committee Chair Carolyn Maloney five to four percent, the two long time allies became opponents this year due to redistricting. Maloney spoke during your concession speech, I'm really sad that we no longer have a woman representing Manhattan

in Congress. Last night. Nadler, thank Maloney, and I will return to Congress with a mandate to fight for the causes so many of us know to be right. Nadler would face Republican Mike Zimbluskas In another key congressional race, Daniel Goldman one in the tenth district over a fellow Democrat. You line knew six to Goldman faces Republican Benny Hampden in November. In the seventeenth district, Sean Patrick Maloney, chair of the House Democrats campaign ARM one with sixty seven percent.

He will face Republican Michael Lawler, who got seventy six percent, and a special election in the nineteenth district to replace Democrat Antonio Delgado, who became New York's Lieutenant governor. Democrat Pat Ryan with beat Republican Mark Mulinaro, who got forty eight percent. The race was seen as a Lipnus test after the Supreme Court overturned abortion rights. More on other

New York races later. I'm Michael Barr now over to Bloomberg's Amy Morris with key results in Florida, Amy, thank you, Michael. Representative Charlie Chris has won the Democratic nomination for governor of Florida, beating out the state agriculture commissioner and more progressive Nikki Freed with nearly sixty of the vote. Chris, a former Republican governor himself, will challenge Republican incumbent Ron De Santis. If we work together stand up to this bully,

we will defeat him in November. Meanwhile, val Demings won the Democratic primary four Senate with more than eighty four percent of the vote, and she will challenge Republican Incoments editor Marco Rubio in Florida. In Washington, I'm Mammy Morris

Bloomberg Daybreak, Amy, thank you. But one other state held election yesterday in Oklahoma, trump back Congressman Mark Wayne Mullin defeated former Statehouse Speaker T. W. Shannon in a special runoff of the Senate seat now held by retiring Republican Jim Einhoff. Mullin will face former Democratic Congressman Kendra Horne in November. And we'll have much more in the primaries

throughout the morning. Karen, But another story we're following today, President Biden is expected to make his long awaited announcement on student debt relief. We get the latest from Bloomberg's and Baxter. It has been something the President has been planning for quite a while now, and the White House is keeping the cars very close to the vest. The President has been grappling with targeted relief while at the same time counteracting any fallout such as contributing to inflation.

Now advocates and allies expect expect a pause on loans for an additional four months through the end of the year, as well as some form of partial forgiveness. We should know today in San Francisco. I'm at Baxter Bloomberg Daybreak, right, and thank you. Now turn our attention to the Federal Reserves Annual Jackson Hole Economics Emposium. It starts tomorrow and

culminates with a speech from j Powell on Friday. Drew Mattis, chief market strategistic MetLife Investment Management, tells us, but he expects from the FED chair, It's a simple message. Rates are going to continue to move higher because inflation is still above where the Fed would like to see it. Um you know, in terms of how the market's going to take that, you know, I think the market is

pretty well expecting that. And the real question everyone's asked now it's kind of you know, how much negative news is the Fed need to see it before it changes that tune and MetLife Investment Management Dramatis says there's an increasing likelihood of recession, even if it's not showing up in the labor market yet. Well. Meanwhile, Karen, Minneapolis Fed President Neil cash Cary says, it's very clear the central Bank needs to tighten monetary policy with inflation this high.

I'm for me, I'm in the mode of we need to air on making sure we're getting inflation down and only relax when we see compelling evidence that inflation is well on its way back down to two Minneapolis Fed President Neil cash Cary. Please stick with Bloomberg for complete live coverage of the Jackson Hoole Symposium. Bloomberg Surveillance will be there starting tomorrow with Tom Keene, Lisa A. Brahmowitz, and Jonathan Farroll. So we turned to corporate news now, Nathan,

we're continuing to see major retailers struggle. Shares a north Strom down fourteen percent following its latest earnings report, and we get more live from Bloomberg's Red Need a Young. Good Morning, Ready Down, Good morning, Karen, investors initially saw Nordstrom as insulted by its affluent customer base, but its

outlook tells a different story. As the retailer's rack business slows on consumer demand and inventory build up, the department store operator is lowering its full year forecast just three months after raising its outlook earlier. This week, Macy's also cut its full year forecast, and now both retailers are moving aggressively to clear out inventory. Other high end US consumer companies such as Ralph Laurenda and as They Lauder,

have also trimmed forecasts. Live in New York, I'm remed a young Bloomberg Daybreak Reneda thanks on the flip side. Shares of bed, Bath and Beyond her up almost fifteen percent in early trading. The Wall Street journals reporting the home goods retailers selected a lender to provide financing as

it seeks to boost liquidity and pair down debt. And finally, Nathan Tributes are still pouring in this morning for Julian Robertson, the billionaire founder of Tiger Management, who has dined at the age of nine day, Robertson became one of his generation's most successful hench fund managers and a mentor to a wave of investors known as Tai Your Cubs. Robertsons started Tiger Management in nineteen eighty with just under nine

million dollars. By the late nineties, his funds had twenty two billion dollars in assets and annual returns averaging thirty again. Futures this morning are a little change straight. I had your latest local headlines plus a check of sports. This is Bloomberg. Thank you. Here in the six o seven on Wall Street where at seventy one degrees in Central Park. We've got a downtree in Yonker's North found Sawmill and McClean Avenue. Will tell you more in traffic First, Michael

Barr's got more primary results. Good morning, Michael, Good morning, Nathan. As mentioned, redistricting led to Jerry Nadler beating longtime ally Carolyn Maloney in New York's most watch congressional Democratic primary race. Bloomberg National political correspondent Gregor recording, there are in every after every redistricting cycle, after the maps get redrawn every decade, there are a number of these incumbent versus incumbent matchups, but I can't remember any ever that had been as

big as this one In other contests. In a Republican race in Western New York to replace GUP Representative Chris Jacobs, Nick Langworthy won the primary in New York's re drawn twenty third district. Langworthy, new York's Republican Party chair, beat Buffalo businessman Carl Palladinot eight percent. Palladino has said controversial comments, including that Adolf Hitler was the kind of leader we

need today because of visibility to rally crowds. Jacobs decided not to seek another term after backlash from his own party for voicing support for an assault weapons ban following a racist mass shooting in his hometown of Buffalo and May In Western New York, Republican Joe Simpolinski beat Democrat Max Delapia to serve out the rest of the year. In New York's twenty three district fifty three to forty seven percent is to replace GOP representative Tom Reid, resigned

after he was accused of sexual misconduct. It has been six months since the Russian invasion began in Ukrain. Yesterday, Russia called for an emergency meeting of the UN Security Council, voicing concerns over the situation at Ukraine's occupied nuclear power plant. There are major worries that a nuclear disaster could take place due to the fighting you went under Secretary Rosemary to Carlo. To paraphrase the Secretary General's blunt warning, any

potential damage to Zapparsia is suicidal. The uns Rosemary to Carlo. A jury returned guilty verdicts for two men accused of trying to carry out a kidnapping plot against Michigan Governor Gretchen Whitmer. Jury and Grand Rapids handed down the verdicts against Adam Fox and Barry Croft Jr. U S Attorney Andrew Burch. No public officials should have to contend with what Governor Whitmer contended with here all over elected officials, every one deserves to be able to live in safety,

not of fear. US Attorney Andrew Burge. Global News twenty four hours a day on here and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. And Michael bar and this is Bloomberg. Nathan, appreciate it, Michael, And now it's almost six ten on Wall Street Time and checking

with John stash Are for the Bloomberg Sports Upday. All right, Nathan, The Yankees went into Sunday's game just four and fourteen in August, no team in baseball had a worst record. They have, apparently right in the Ship beat the Blue Jay Sunday beat the Mets. Monday, Aaron Judge at the home run and last night at the stadium, that is hot. Let us far got oh what a judge and flo it went over the grab stand and way up in the bleachers. All right, there comes the judg forty eight times.

And how we've heard that on w f A and Yanks led tune nothing Mets time the game. Yanks went back ahead seventh inning. They won four to two Saint scores. Monday, thanks held on in the ninth as the Mets had the bases loaded. Both teams off tonight thanks to Marrow were in the West Coast trip in Oakland. The Mets will start a ten game home stand. They'll play Colorado the Atlanta Braves one again. Last night they've won thirteen and fifteen early two games behind the met But Kevina

rant saga is over? Or is it? The Nets announced KD has let go of his trade demands. So he's staying and Brooke then, but how about play out with his coach Steve Nash the rant A set. He was willing to stay only if the Nets, Spider Nat and the John manager Sean Marks, which the Nets that they would not do season over for the liberty loss of the site of Game three of the w NBA playoffs with Chicago, John sta worth Burg sports all right, John, thank you. SMP futures down down one point to future

is down twenty two, nastack futures down four points. A little changed across the board. The tenure treasury is up to thirty seconds, the yield three point zero three percent yield on the two year three to nine Nimex crude still higher, up one percent, ninety three cents to ninety four dollar sixty nine cents of barrel Comx gold little change, down thirty cents to seventeen sixty nine announced. The euro

just below parody against the dollar four. We'll get more on these markets next with liz An Saunders of Charles Schwab. This is Bloomberg Bloomberg eleven three oh weather, sunshine and highs in the upper eighties today sunny, very warm tomorrow. The Higher nine mostly sunny Friday, but could see a late day shower a storm with a high near ninety degrees. Right now seventy one in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com,

the Bloomberg Business Outland at Bloomberg Quick Tape. This is a Bloomberg business flash and I'm Karen Moscow and US stock index futures have been struggling for direction this morning as investors I guess the latest hankish noises from the Federal Reserve and mounting signs of a global economic slowdown. We checked the markets every fifteen minutes throughout the trading day on Bloomberg and again futures little change. The decks in Germany's down about two chants of upper sent ten.

Your treasury up to thirty seconds here three point oh three set the yield on a two year three point nine percent. My nex Scrude oil is up seven tenths per center, sixty six cents and ninety cents of barrel comics gold is it will change At seventeen sixty one fifty announced the euro point nine nine four six against the dollar British found one point one seven nine two

and the end one six point four one. Look at a bitcoin, it's down about seven tenths percent at twenty one thousand, three hundred dollars as a Bloomberg business flash. Now here's Michael Barr with Moore on what's going on around the world. Michael, thank you very much. Jaren. US Representative Charlie Chris has won the Democratic nomination for governor in Florida, putting him in position to challenge Republican incumbent governor around Descentis This fall, Chris defeated Nicki three, the

state agriculture commissioner, to thirty five percent. In New York's congressional primaries, redistricting led to Representative Jerry Nadler beating another powerful Democratic Committee Chair, Caroline Maloney fifty five to in a litmus test of the overturning of Roe V. Wade. Mccrat Pat Ryan won a special election in the nineteenth district to replace Democrat Antonio Delgado, who became New York's Lieutenant Governor. Ryan with fifty beat Republican Mark Molinaro, who

got eight percent. In baseball, the Yankees beat the Mats four two for two games, sweep with Series Red Sox Nationals, and he's lost the Orioles and Giants. One Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than journalist and analysts more than a hundred twenty countries, by Michael bar This is Bloomberg. Nathan all right, Michael, thank you. In his six nineteen on

Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we're very pleased to be joined now by liz Anne Saunders, chief investment strategist at Charles Schwab, on a morning where investors have a lot to mull over. Liz Anne, good morning, signs of deterioration in the economy and a lot more hawkish talk ahead of Jackson Hall. How do you advise your clients through all that? Well, the economic data has been for the most part abysmal.

The regional set surveys yes and peoplocal p M I yesterday has probably a lot of people on pins and needles regarding the I s M. Your five months in a row down in the l E I. I think that that does somewhat firmly excuse me a point to recession, but at this point I think recession or no recession is more of an academic debate. But there's no question that the economy has slowed. It's possible it could be rolling recessions across different segments of the economy at different times.

But with the market having UH at least some case of the S and P tried to to broach its tunter day moving average. That failed, so some technicians saw that as a sign some measures a sentiment it gotten a little bit fraughty. So we've been saying, is first of all, maintain your discipline. We were suggesting definitely fade the lower quality areas that had rallied things like the stocks down the profitability spectrum into no profitability, but lean

into the higher quality areas. So that's the approach we've been taking, at least for stock pickers, is to be very quality oriented. In terms of quality, does that mean things like megacap tech. We've seen a lot more of a focus there, particularly among hedge funds according to some analysts that that they're getting a lot more of a second look well megacap tech, that that's a descriptor for a group of large cap stocks. It doesn't automatically suggest quality.

So even if you look at at what I often call the Super seven, and I post a chart on this couple of times a week on on Twitter, the Big seven names wide wide divergence in terms of how they've been performing over the past year or so, in particular during this latest rally. And if you were to screen on a number of different factors around profitability or balance sheet or free cash flow, you would see a

big difference. So that that's the point about being factor based, as you're actually looking for certain characteristics as opposed to monolithically choosing either at the sector level or even a segment within a sector. I think this is the time you have to be discerning company by company, not be narrative based in terms of investing monolithically. Given the deterioration we've seen in the data, does Chairman Powell continue with

a hawkish tone in Jackson Hole on Friday? Well if I don't know, honestly, but that's certainly what everybody's going to be watching for it. I'd also be looking to see whether he pushes back on the recent loosening of financial conditions, and they've started to tighten a little bit very recently, but you would seem that loosening in financial conditions.

I would expect him maybe to at least subtly push back on this notion of a of a pivot, that that's less in the current narrative right now than it was a few weeks ago. But I always found the pivot argument to be odd in the sense that a pivot to the extent, you know, a FED watcher or market participant was viewing pivot as going from rate hikes to rate cuts. In my mind, the only condition under which the FED would so quickly move to a rate cutting mode would not just be a retreat and inflation.

I think that would damage their credibility. If they went to rate cutting simply because inflation has started to come down, that would only, I think, be preceded by a much more significant worsening in the economy than what we already have here, and or a much more significant worsening in the labor market. So a pause at some point as possible, but a pivot toor rate cuts that's a that's a pretty dower economic backdrop in our view. Only about thirty

seconds left here Louisianne. But what do you think the Fed needs to see to move toward that potential pause. Well, they have said they want to see a series of lower um inflation readings, and we have another CPI between now and the f MC meeting. Mester has called it several months um. But I also think it would have to be some deterioration in the labor market so that their dual mandate we're both in the spotlight, not just the inflation mandate, which is the current set of circumstances.

Thanks so much. Listen again, great having on with us this morning. Liz Anne Saunders, chief investment strategist at Charles Schwab. Stay with Bloomberg Radio. Full coverage of Jackson Hole with Bloomberg Surveillance. They're going to be there tomorrow morning when the symposium kicks off, and of course Chairman poll speech Friday ten am Wall Street Time. Keep it right here on Bloomberg Radio. We'll have it covered all for you right here. SMP future is now little change, so are

down futures and naz Dak futures. Ten. Your treasury is up one thirty second. The yield three point zero four percent yield on the two year three point to nine check bitcoin, why not down a half percent? One thousand faded sixty dollars. This is Bloomberg. Bloomberg eleven three oh weather sunshine oper eighties today, sunny Tomorrow, near ninety mostly sunny Friday, but could see a late day shower of

thunderstorm Friday. Shigh your ninety degrees right now, seventy one in Central Park, Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg e living freedon to Washington, d C, Bloomberg nine one to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM Chadle one nine and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak,

six thirty on Wall Street. Good morning, I'm Nathan Hacker and I'm Karen Mousk. Yeah, we are just about three hours away from the open of US trading. Time for the five things that you need to notice start your day. Bron to you by Interactive Brokers. Interactive Brokers charges Martin loan race from two point three percent to three point three percent. Their clients can also earn extra income by letting their fully paid shares of stock rate subject to change.

Learn more at ibk r dot com slash compare. First, a couple of key primary results from last night in New York. Representative Jerry Nadler one New York's congressional twelth and district. Over Ally, Caroline Maloney and Charlie christ will face Rhonda Santis in November after securing Florida's Democratic nomination for governor. Now, we'll bring you more primary results than a couple of minutes, Karen. But let's turn now to

the Fed's annual Jackson Whole Economic Symposium. It starts tomorrow and culminates with the speech from j Powell on Friday. Cities Mohammed Appabi tells us what he expects from the FED chair. I think we're expecting something to bekish. Clearly, what the Fed is telling us is very different to what market is expecting. And you know, the market is saying rate cuts in twenty three and the FED is

saying not yet. The City's Mohammed Appabie says he's not sure if we'll learn anything new from Powell this week, well ahead of Jackson Hole Nathan. Minneapolis Fed President Neil cash Cary is continuing as hawkish pivots, saying the Central Bank should tighten monetary policy. What inflation is or nine. We run the risk of un anchoring inflation expectations and leading to very bad outcomes that would cause us to have to be very aggressive vulcar esque to then re

anchor them. We definitely want to avoid allowing that situation to develop. Minneapolis Fed President Ail cash Cary said the Fed must reduced inflation at two percent. Please stick with Bloomberg this week for a live coverage of the Jackson Hole Symposium. Bloomberg Surveillance will be there beginning on Thursday, and the corporate news down Karen Shares of Nordstrom are down nearly fourteen percent following its latest earnings report. In

Bloomberg's Rnita Young has more live Ranita Nathan. Investors initially saw Nordstrom mass insulated by its affluent consumer base, but its outlook took a different story. As the retailer's rack business slows on lower demand and inventory build up. The department store operator is lowering its full year forecast just three months after raising its outlook. Earlier this week, Macy's also cut its full year forecast. Now both retailers are

moving aggressively to clear out inventory. Live in New York, I'm reneed a young Bloomberg day break, I ready to thanks. Send one other political note for following this morning is President Biden's long awaited announcement on student debt relief, which is expected later today. And that's the fine things that you need to notice start your day. Brought to you by Interactive Brokers. Again, futures this morning are little changed.

Straight ahead your latest local headlines, plus a check of sports, and this is Bloomberg, all right, Karen. Thanks on Wall Street seventy two degrees in Central Park on an accident southbound western spur of the New Jersey Turnpike, A eggs at fifteen W. More coming up in traffic. First, Michael Barr with more primary results. Michael, thank you very much. Nathan.

And as we mentioned, New York SKI Congressional twelfth district Representative Jerry Nadler beat another powerful Democratic Committee chair, Carola Maloney fifty five percent. Too. Long time allies became opponents this year due to redistricting in another key congressional race Daniel Goldman and one in the into the tenth district over a fellow Democrat, you Line Knew twenty six to twenty four percent. Goldman faces Republican Benny Hampden in November.

In the seventeenth district. Sean Patrick Maloney, chair of the House Democrats campaign arm one with sixties seven percent. He will face Republican Michael Lawler, who got seventy Pat Ryan, a Democratic county executive in New York's Hudson Valley, has won a special House election in the contest that was seen as a litmus test of the impact that the reason Supreme Court decision on abortion might have on the midterm elections. In a special election to replace Democrat Antonio Delgado,

who became New York's Lieutenant governor. Democrat Ryan with fifty beat Republican Mark Mulinaro, who got forty eight percent. Bloomberg National political correspondent Gregor recording New York is a good barometer of the heart of the Democratic Party is where we've seen, for example, Alexandria Casio Cortez a few years ago take on the number four Democrat in the House Representatives and beat him as a progressive and so it really is sort of looked at as a bellweather of

sort of the Democratic Party. Bloomberg's Gregor recording. It has been six months since the Russian invasion began in Ukraine. Yesterday, an emergency meeting of the U N Security Council voice concerns over the situation at Ukraine's occupied nuclear power plant. There are major worries that nuclear disaster could take place

due to the fighting. A jury and Grand Rapids Michigan return guilty verdicts for two men who are accused of trying to carry out a kidnapping plot against Governor Gretchen Whitmer. Defense attorneys for Adam Fox and Barry Croft Jr. Claimed that the FBI unfairly targeted their clients and that no

actual kidnapping would have materialized. However, the U S. Attorney Andrew Burge disagrees before it confirms this plot was very serious, very dangerous, opposed a threat not only to govern personally in her family, but also the innocent bystandards and the basic social were U S. Attorney Burge Global News twenty four hours a day on air end on Bloomberg quit Take powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael bar

This is Bloomberg, Nathan. Thank you, Michael. Almost six thirty six on Wall Street time for the Bloomberg Sports Update with John Stats show. All right, Nathan, the Subway series is over. The Mets beat the Yankees twice last month and Sendy Field. The Yanks just beat the Mets twice, and the Bronx clud Day play again in the World Series, second straight for to win for the Yanks and Aaron

Judge homerd in both. He's hit forty eight. He spaced Taiwan Walker eleven times in his career, and he's Homard off him four times. Judge later with an RBI single that came after one by the suddenly red hot Andrew Ben and Tendee that snapped at two two tie. In the seventh Andy Frankie Mantas had corn away his best start with the Yanks got to win. That came Clark Schmidt, just back up from the miners. Actually, Schmidt got to win.

He had a sixty pitch relief out in Wandee Parulta got the last out as the Mets had the bases loaded in the night, they stranded ten runners. The Mets saw their NL East lead shrinked the two games with red hot Atlanta one again. Arnie Moreno about the l A Angels in two thousand three, said to be considering selling them. The Nets say they are moving forward with Kevin Durant, who met with the team, came off his

trade demand the Liberty. We're looking for a w NBA playoff upset for Chicago with a late run to win the decisive game three. College Football News contract for seventy year old Alabama coaching legend Nick Saban eight years, near ninety four million dollars. John Statue or Bloomberg Sports, Thank you John, at six thirty seven on Wall Street Time Now to take a look at stock some of the

names moving in the pre market. For that, we're drawn by Bloomberg Radio and TV markets correspondent Pretty Gupta starting off with more evidence of woes in the retail sector. Creaty. Yeah, that story continues. It. What's interesting because it comes just hours after AC has said that well, actually their higher income clients are actually perhaps offsetting some of those inflationary

pressures they're feeling on. There are other kind of demographics that they serve Nords from, which of course we know certainly has that same kind of demographic shift to it. It caters to wealthier clients relative to say Target or Walmart for example. Well, it's saying that investors basically saw

that it's affluent consumer base. Well, it's actually not helping them in the way that perhaps Macy said that it would help their respective consumer based nordship shares jw N is your taker down about thirteen and a half percent in the pre market. It is tumbling after cutting their outlook for profit and for sales. Of course, this comes

down to that key I word, Nathan inflation. At the end of the day, they're also trimming their forecast for their earnings per share story any on a call with investors, they said they observed a clear slowdown at the end of June, particularly among their lower income customers. Now, this as crucial as we talk about dare I say it

the holiday season. I know it's only August, but a lot of these kind of companies are going to be looking kind of to the past or to the last couple of courts to say, how much do we need to stock up for the holiday? Season. We had Dana tells On, for example, over on Bloomer Television yesterday and she said, well, this could actually be a concern, and you create a little bit of a sticking point when it comes to the retail sector ahead of the holiday

season and break out the pumpkin spice lattes. Keeping it on the keeping it on the earnings story. We we also got some pretty positive earnings actually from a big tech name. We did into It I n T you is your Taker And for our international audience, into it is a platform that a lot of people use to kind of do their taxes. For example, those shares are at five point seven percent this morning. I NTU is

your Taker. This comes at the report fourth quarter results animals at the end of the day saying they're actually pretty positive on that full year three guidance. Piper Sandler, for example, is holding an overweight rating on the stock, says it has robust small businesses and self employed segment growth and that was their main driver for or fourth quarter beat. And finally we've got keep an eye on the Meme stock. Some interesting news for one of those absolutely,

I mean bed, bath and Beyond. And once again, Nathan, when I think Bed Bath and Beyond. I think of like the perfectly um folded towels of every color, which I later learned was a complete fake. You should look this up. It's as quite the image. B B B. Why is your ticker up about thirteen percent in the pre market? Is surging after a Wall Street Journal report on a potential financing deal. We know liquidity has been a real issue with this company. It's also been a

company that's been traded heavily among the retail crowd. But right now as they seek to boost that liquidity, perhaps getting a little bit of financing from this slender, maybe they can take down some of their debt issues, and that idea is at least serving the shares this morning, b b B. Why up about their team percent? Nathan? Interesting to think that a big bank could be coming in, not just retail investors, to the rescue for Bed Bath and Beyond. Thanks for this creating Always good having on

with us. Bloomberg Radio and TV Markets respondent Creety Goop Death looking ahead to the market, open futures, little change to the downside, SMP futures down a point down, futures down seventeen Nastack futures are lower by nine points ten. Your treasury is little change yield three point zero four per cent. More primary coverage coming up. This is Bloomberg Bloomberg eleven three oh weather. Sunshine today, upper eighties, will be sunny near ninety, Tomorrow mostly sunny Friday near ninety,

but we could see a late day shower thunderstorm. Right now seventy two and sunny in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktap's a Bloomberg Business flash and I'm fair in mostcow and futures are a little change to lower this morning. Let's go to the First Word breaking news desk for today's morning call. Here's Bill Maloney. Bill, good morning, Good morning, Karen.

That's right. US futures are quiet right now at death futures down nineteen points, sumees dropped one and as that futures are lower by nine The US ten year at three point oh four percent, Gold is little changed, Oil is trading higher, and bitcoin is down by point six percent. Hong Kong fell one percent overnight, while up and markets are also in the red this morning and back in the US on the Economic Frinday, thirty durable goods orders than at ten o'clock pending home sales after the Bellas

night in north Stroom cut it's full your outlook. Told Brothers reported a significant miss in orders, but into it beat estimates. In another news, bed Bath and Beyond is up thirteen percent pre market on a report they have reached a financing deal and wrapping things up. Metronic was cut to market perform over Red. Raymond James live from the First Breaking News desk on Bill Maloney. Karen, all right, Bill, thank you to here live breaking news of your Bloomberg

tipe squawk on your terminal SCU. You a w K and that's a Bloomberg business flash. Now here's Mico Barr with more on what's going on around the RAN. Thank you very much. US Representative Charlie Christ has won the Democratic nomination for governor in Florida, putting him in position the challenge Republican incumbent governor round descent as this fall.

Chris defeated Nicky Freed, the state agriculture commissioner, to thirty five in New York's congressional primaries Representative Jerry Nadler, beat another powerful Democratic Committee Chair, Carolyn Maloney, fifty five to twenty four percent. While the two worked as allies for the last thirty years, they became opponents this year due

to redistricting. In a litmus test of the overturning of R. V. Wade, Democrat Pat Ryan won a special election in the nineteenth district to replace Democrat Antonio Delgado, who became New York's Lieutenant Governor. Bryan with fifty two percent, beat Republican Mark Mulinaro, who got forty eight percent. In baseball, the Yankees beat the Mats Ford Too for a two game sweep with series the Red Sox Nationals, and Aid's lost the Orioles

and Giants. One Global Needs twenty four hours a day on air and on Blue Birke Quick Take, powered by more than seven hundred journalists analysts in more than twenty countries. I'm Michael barn This is Bloomberg. Navid Okay, Michael, thank you.

We are live from the Bloomberg Interactive Brokers studios where it's sixty nine on Wall Street Time now to check what's going on in d C, where some of the top stories include those primary results last night in New York and Florida, President Biden to unveil a student loan plan that allies where he won't be enough, and former President Donald Trump ordered to explain his demand for a third party document review of records seized from his home in wur A Lago, Florida. Let's see more in all

these stories now. Bloomberg Government reporter Emily Wilkins part of our team of Morning after primary election coverage. Emily, good morning. You look at some of the coverage from the Morning After political newsletters. It sounds like Democrats are feeling pretty good after what happened last night in New York. Oh. Yes, Democrats are feeling very good. And I'll point I'll tell you exactly why. It's because of New York's nineteenth district

special election. Remember that's the one to replace Antonio Delgado, who is now chosen to be the lieutenant governor. The race was really seen as a toss up, but it was seen as a bell weather as to how Democrats are going to be doing this year. In the district has voted for Obama and Trump and Biden all in different elections, and Democrats one it wasn't crazy close. I mean, it wasn't super far apart, but they got a good few percentage points. Then that's really given a lot of

them a boost for the November elections. You have a lot of folks who think that now things have been reset, that Democrats perhaps don't need to worry quite as much about losing the House, or if they do lose the House, it'll be by a pretty narrow margin and they'll still be able to have some impact in what laws Republicans do try and pass. And another key thing about this, Nathan, is that the abortion debate really was used um by

the Democrat up in New York snite teeth Brian. He he really focused in on that and used it as an issue. And I think now Democrats are going to see that it's an issue that has power. It has power to turn folks out for them, it has power to tip the fields. So yeah, Pat Ryan's defeat of Mark mulnaro is a huge thing for Democrats. There's other big races. You had Congresswoman Caroline um uh sorry, Congressman

Jerry Nadler beating Congresswoman Caroline Maloney. Both of them have served in Congress for more than thirty years, both powerful chairman. It was really a sort of a huge clash between the two of them. And you also saw Dan Goldman winning in New York's crowded tenth race. He beat out current incumbent Manda Jones, who moved down to the district because every district team. Uh. And you also saw Congressman Sean Patrick Maloney hold on to his seat. He won

against a a progressive challenger. Are there any themes to be gleaned from the results in Florida? You look at just the names, it looks like we're going to see a couple of big name matchups in the governor's race

and in Marco Rubio's fight to hold onto his Senate seat. Yeah. Absolutely, You've got really two huge race in Florida, Nathan, you hit the nail on the head with Charlie Criss going up against Rohn de Santis as well as Veil de Means, current congressman congresswoman from Florida who is now going to be challenging Marco Rubio. And you certainly have a number of just interesting house races there as well. Um as as far as just various matchups, Florida has been a

really interesting state to watch politically. I mean, it's gone from a bit of a toss up to one that certainly leans more red, but it does still have those uh patches of really strong Democratic support. Um and so I think it's going to be one that you're just gonna have to continue to watch from now all the

way until November. And in terms of the broader theme though the abortion issue, is that going to be something that supplants the economy because that is seems to be what Republicans are really pinning their hopes on the idea that they're going to do better about uh stewardship of the economy than Democrats have. It's hartally gonna depend about where you are and what and who you know, what, what sort of folks do you need to win, right?

I mean in a district that is a little bit more of a swing, Democrats are going to have to wind up figuring out ways to address the economy, particularly Democrats who are running in areas where they're more Republicans and Democrats. The thing about abortion as an issue for Democrats is that it's something that really helps turn out their base. So if you're in an area where you really need to say, hey, Democrats, you need to come to the polls if you, if enough of you, Calum

will be able to win. Then yes, that's a good place for a candidate to really dig in on the issue of Rowe versus Wade. But certainly imply inflation is still a problem. Gas prices have come back down, but grocery prices are still up there at rend prices, housing prices, and Democrats are going to have to address that. I think it's going to be down to individual candidates, though, to be the ones to try and figure out, Okay, how much do I need to talk about the economy,

how much do I need to talk about abortion? Than Certainly both of those will continue to be major issues from now until November. And another issue we're expecting to come up later today, of course, Emily, is student loans and the expected announcement from President Biden on where he's coming down on that. Yeah, this is something that a lot of Democrats have been urging Biden to do for

quite some time. It sounds like President Biden is going to be announcing for giving up to ten thousand dollars per borrower in student debt. Now that will be for absolutely everyone. He's going to cap the relief for those who make between a hundred thousand, two hundred fifty thousand dollars per year. And now a lot of progressives has said that this needs there needs to be more forgiveness.

They point to the fact that a lot of folks who carry really high student debtloads are minorities, black students, lower income students, and that Biden needs to consider them. At the same point, Biden is going to come under a lot of grief for for making a decision from the right, uh, saying that you know they've already accused any sort of student loan forgiveness is giving a bit of an unfair a damage to those who go on to college um, and to potentially having some impacts on

the economy. UM. So there's sorts of lots of debate around exactly how much should be forgiven, what should be forgiven, But one thing is for sure that this definitely would certainly help Biden with certain parts of the Democratic base. They've been asking for this for a while. UM. And even though some of them will say it's not enough, it is going to be imported to a lot of them out there, and we'll be watching for that announcement

later today. Thanks for this Bloomberg Government reporter Emily Wilkins, and you can read more about all these stories on Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg and one oh five point seven FM h D two Karen, Sorry, Nathan, thank you. At at six fifties six on Well Street, we turned to news and science and technology now with a Bloomberg and j I T Stam report. It is round to

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