Bloomberg Daybreak: August 31, 2022 - Hour 2 (Radio)

P futures they're up about four points down. Futures are little change. NASDAG futures are higher by fifty seven. The decks in Germany is down six tenths of upper cent ten year treasury down twelve thirty seconds. You know, three point one four percent yield on the two year three point four eight percent. Nine x Scrude oil is down three point four percent on three dollars thirteen cents at

eighty eight dollars fifty one cents of barrel. Comic schoold is down about eight tens of upper cent or thirteen dollars thirty cents is seventy three announced the euro is at against the dollar. British found one point one six to five and the one thirty eight point eight three bitcoin this morning of one and a half percent a twenty thousand, two hundred eighty dollars and as 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. The Department of Justice says White House records held in a storage room at Donald Trump's Florida home may have been concealed or removed before an FBI June search for plassified documents. The d O jays the JAS possible attempts to obstruct the investigation. Former Soviet president Michaal Goberchoff died at a Moscow hospital under gorbach Off, the Berlin Wall crumbled.

Michael Garbachoff was ninety one. In tennis, Serena Williams hits the court tonight for her second round in the US Open. In baseball, the Yankees beat the Angels seven four. Errand Judge hit his fifty first homer. The MAT's lost to the Dodgers for three. The A's beat the Nationals ten six. The rat Sox Orioles and giants lost Global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts

more than twenty countries. I'm Michael barn This is Bloomberg. Nathan alright, Michael, thank you at his sixth nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and Tom Porcelli joins us now chief US Economist at RBC Capital Markets. As we march closer to an August payrolls report and the December September decision from the Federal Open Markets Committee, Tom, good morning. We have all these signs, some signs at least that inflation

is easing a bit. At the same time, we have further signs of a continued tight labor market. What's the challenge for the Fed? Well, good morning, Good to be with you as always. Look, I think that for for the Fed, I I think it's not um, it's not having the blinders on, right. I mean, you know, let's be honest, they had them on last year. Um they um,

they really only focused on labor at the expense of inflation. Um, I hope that you know it's not This is not a replay of of last year, where this year there would be more focused on um inflation at the expense of of labor. I mean, one of the great things about the FED is that they actually do have a dual mandate, right. I mean, it's sort of a unique thing in in among central banks. And I think that

really gives them so much latitude. And make no mistake, I mean, right now, it is supposed to be about inflation. I think Pale actually did a great job, um during his his Jackson Hole uh speech, where you know, he said all the right things. Right, he's supposed to say, it's all about inflation right now that you know, we're going to keep at it until inflation starts to improve, and etcetera, etcetera. He was he was supposed to say

all those things. In fact, I think for people waiting for him to say something different than that, Um, you know, he's gonna be the last one to say it, right, He's gonna say it when it's app is to everyone. Um and and and I'm sympathetic to that. Um. But having said all of that, you know, we have the luxury right as economist and analyst and strategists, of of being able to sort of look a little further out and say, hey, look, we think that inflation is probably

going to slow down. UM. We think labor backdrop is going to slow down. Um. And as a result, you know, we don't see this hiking cycle going on from meaningfully, meaningfully longer. He can't say that, So I think everyone should just sort of set up their expectations correctly around what he, you know, sort of will and will not say um. And what he will continue to say is that, um, there's a lot of a lot of work to do.

Given what he has said, what does that mean that the Fed is going to do when they come down to that decision in September? Is it too soon to call it? Given all the rest of the data the needs to come down between that and now, nothing is

ever too soon to call. So I would say his, Look, Look, what I would say is right now, our expectations that they're going to do fifty Um, if you get a blowout payroll report, if you get a blowout c P I, then yes, I think that you know, the the the odds or the risk that they do seventy five will certainly, um, um grow. But it's it's funny. You know, the FED is fond of saying that their data dependent. UM, I think that, you know, this might be a very hyper

attentive data dependency period right right here, right now. I think I think two reports are really going to dictate. Do you think we're going to get a blowout payrolls on Friday? You know, I do. I do think it could be a pretty decent one. Actually, Um, I think consensus is three hundred on left. I look at my Bloomberg screen. Um, you know, we we think you could easily have a four handle um on on payrolls. So

you know, all things are relative to expectations. It would obviously be quite a bit slower versus the you know four hundred in near thirty thousand jobs that we printed last month. Um, but you know, all things are almost always relative to expectations. So I think the I think the consensus a little light right here. And one about wages. I mean that's a big concern for the FED as well, whether we could be heading into a wage price spiral

that feeds into inflation expectations. Yeah, it's a it's a totally great question and a fair one. And and so what I would say is, look, um, I think that there's countless ways of looking at inflation. UM, there's countless ways of calculating it, and there's countless literally measures of inflation. I think the best measure of inflation right now is average weekly earnings is better than average hourly earnings. Right average only earnings are an incomplete measure. Average weekly earnings

include hours UM. And the thing that I think some people are missing is that hours are actually slowing um. And so average weekly earnings as a result, have have also slowed. Uh. And if you look at it on a six months annualized basis, which which you know, we think is probably the fairest way of of looking at it, it's slowed down. UM. So it is slowing, it's moving in the right direction. UM. You know, has it slowed enough?

That's that's for the FED to UM. I guess debate thoroughly, but there's no question that that wage wage pressures are slowing. Now going to be a really interesting look at where the labor market stands now when we get those August numbers this Friday. Tom Porcelli, as always great to see with you, Tom Porcelli, is chief US economist at RBC Capital Markets. Looking ahead to the final market open of August, futures are fluctuating still. SMP futures back up a bit,

now up five points. Dow futures are lower down nine. That's little changed actually. Nasdaq futures uh adding on to some of their games now they're up sixty nine points. That's a gain of more than a half percent of the tech heavy NASDAC futures. A ten year treasury right

now is down eleven thirty seconds. The yield three point one four Nimex crude continues to slump down three point four percent at eighty eight dollars forty eight cents for a barrel of West Texas Intermediate crewde This is Bloomberg Bloomberg eleven three oh weather sunshine less hume at mid eighties today low eighties to start off September Friday's high near eighty degrees with lots of sunshine Right now seventy degrees and clear in Central Park. Broadcasting live from the

Bloomberg Interactive Broker Studio in New York. Bloomberg e Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixt to the Country, Serious xm jent A one nine Tea 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 Hager and I'm Karen Moscow. We are just about three hours away from the open of US trading.

It's time to five things that you need to notice. Start your day, Bronti you by Interactive Brokers. Interactive Brokers charges margin loan rates from two point three percent to three point three percent. Their clients can also earn extra income by learning their fully paid shares of stock rates. Something to change. Learn more at ibker dot com. Slash compare.

The first US stocks to begin to session trading at a one month low has fed fears for sist Amanda and Gotti is chief investment officer at p n C. I said management group. To the extent that the Fed stays the course here, I think that the market can live with it. In air quotes, relative to some of the fears that are looming larger out there, I think the market is already priced for the path that's the head.

To the extent that the dot plot changes meaningfully in the terminal rate moves higher from where we are, that's going to be a challenge for markets. P NCSA Management Chief Investment Officer Amanda Gotti says she's not making any meaningful changes to her portfolio yet. Yesterday, Karen three regional FED chiefs reiterated Chair J. Powell's intention to bring down inflation, including Richmond FED President Thomas Barkin. He cautioned that the

path to cool prices make it bumpy. The pace of when we get back to our target, which is two percent, is uncertain, but as a result our commitment to bring inflation down, which hopefully you welcome, leads to worries about a recession. Richmond FED President Thomas Barkin spoke yesterday in

West Virginia. Well overseas, Nathan, You're area inflation accelerated to another all time high nine point one percent from a year ago, as a European Central Bank considers a jumbo interest rate hike when it meets next week, and in the UK, shot price inflation increased a five point one percent in August. On Wall Street, Karen Goldman, Sachs and Morgan Stanley are removing pandemic hurdles to fully return staff to offices. Bloomberg's Charlie Pellett has more on Goldman's aggressive push.

Beginning next week, employees outside of New York can be back in the office regardless of vaccination status, with no requirement to participate in regular testing or war face coverings. According to a memo sent to staff, the bank diseased covid era measures, citing new US Centers for disease control guidelines as well as improved treatments and wide availability of testing.

Goldman says that in New York City, employees with an approved medical or religious exemption to the city's vaccine mandate ken enter offices with no testing or face coverings in New York. Charlie Pellet Bloomberg Day Break, All right, Charlie, thanks, and in a political note that justice to Burman said the records hounded former President Donald Trump Smorrow Lago home appeared to have been moved before the FBI tried to get them in June, raising allegations of obstruction of justice.

That's the five things that you need to know to start your day. Brought to you by Interacted brokers. Thank you, Karen six thirty three on Wall Street, seventy degrees in Central Park. Now seeing forty five minute delays getting through the Lincoln Tunnel because the car's broken down inside. More coming up in traffic first, Michael bars here. Did you feel it? Michael, Oh, Yes, I felt it. I felt that traffic jam, and I've felt the two earthquakes as well.

According to the U S Geological Survey, to hit northern New Jersey yesterday, the first to two point three magnitude earthquake was just about four pm, six miles northwest of Morris Plains at one point seven magnitude. After shock was then reported shortly after six thirty pm, also in Morris County. Migrants crossing into El Paso have been arriving at welcome centers set up by outreach organizations looking to assist the

homeless population there. Recently, in the state of Texas started bussing migrants to places like Chicago and New York City. The buses provided an opportunity for the migrants to get to where they wanted to go. Now it appears they have stopped. John Martin, the deputy director of the Opportunity Center, said until now it had been working out well, So with a hundred percent confidence, I can tell you this is their choice, this is their desire, and this is

the direction they want to go. Senate Director John Martin spoke to ABC affiliate k v I An Calgora Chaw, the leader of the Soviet Union, whose attempts to shake up as country's political and economic system led to the collapse of the communist superpower and the end of the

Cold War, has died Fordham journalism Professor Beth Noble. I think he will be looked back upon as someone who ended up doing great things for the world by bringing down the USSR, by ending the Cold War, and by bring democracy to millions of people in the former Soviet block. Professor Beth Noble was also the CBS News Moscow bureau chief. Gorbachoff's death followed a severe and prolonged illness. Mihail Gorbachoff

was ninety one. A team of international nuclear inspectors is heading to the Nuclear Power Plan amid fighting in southern Ukraine and international concern of a potential accident or radiation leak. President Biden outlined is new Safer America program at Wilkes University in Pennsylvania, but gun violence on the rise in the US. President Biden said, this is the time to spend money on local law enforcement. It's based on a simple notion when it comes to public safety. To this station,

the answer is not defund the police. It's fund the police, Fund the police. Among the people in attendance or Biden's speech were gun safety advocates. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than twenty countries. Michael bar this is Bloomberg native. Thank you, Michael Allow sixty six on Wall Street, John stash Awris

got the Bloomberg Sports Update, all right, Nathan. It was sixty one years ago that Roger Barris at sixty one home runs a hundred thirty games into that season. Marris was at fifty one hundred and thirty games into this season. Aaron Judge has hit fifty one another one in add on three run shot to right field fourth inning. Judges come off his longest home run draft of the season

to hit five in the last eight games. Yankees beat the Angels seven to four, as Andrew been attending and Anthony Rizzo also homeward over the first two Winn's Jamison Dionne took a line drive off his arm, had to leave in the third inning X rays where negative the bullpen went the rest of the way. Garrett Cole starts tonight at City Field. Dodgers scored seventh inning to win four to three. That's their ninetieth win of the season.

So you'll have Jacob de Graham at city Field tonight, and then across the boardwalk will be Serena Williams US Open record crowd of twenty nine thousand on hand Monday to see Surrey then and they may top it. Tonight it's her second round match. Let's try to upset the second seed in that count divide. Retirement is coming either tonight or later the tournament. So Serena was asked about future plans. I don't see myself not a part of tennis. I don't know how I'm going to be a part

of tennis um as of right now. I just don't know how. But I just feel like we've come too far together to just not have anything to do with it. Venus Williams hardly plays anymore. She did play yesterday lost. The sisters are playing doubles together. They'll play a first round match tomorrow. Also losing in the singles, Women's defending champ mL Right Akando and two time Open champion Soccer

was beaten by Daniel Collins. Men's winners included the Spaniards seated second and third, Raphael the daw and the nineteen year old Carlos outcarage and statue that with Bloembord Sports Stephen Okay, John, thank you the six thirty seven on Wall Street. Time to take a look at stock some of the names moving in the pre market as we get ready for the final day of trading in this

down month of August. We check in live with Bloomberg Radio and TV Markets correspondent Create Create been watching the future is kind of waiver all morning long, but underneath there's some big individual movers this morning. Absolutely let's start off with I think the major story that we are going to this week, which is the job story pay rolls of course coming on Friday of the ADP number with a new methodology change talking about jobs and pay coming out today and in that you're seeing it on

the corporate level as well. Snapchat is where I'm going with this. S n a P is your taker. They're cutting their workforce by twenty percent starting today. This is significant. It comes after they have about six hundred and six thousand, five hundred employees excuse me, makes about hundred people. S n a P Shares down about six percent on that news.

The idea here being that if big tech companies and social media companies like Snap that are extremely exposed to the business cycle and the economic cycle, if they are bracing for a pretty deep downturn to the point that they do have to cut their workforce by then what does that say about the rest of the economy and

that company specifically. Remember, a lot of these social media companies UM are very reliant on business investment, and a lot of these job losses or job cuts are actually happening in the part of the business that works on kind of small niche application software of their company. So that's something you really want to keep an eye on, Nathan. And in line with that same thought thinking process is

HP as well. UM we talk. I like to talk a lot about recession stories and talk about consumer spending there I like to look at it from a business investment point of view. Once again, when the big corporate players start to cut back, that's when you should be concerned. HP, for example, really falls under that category. Uh, And I should say HP as well as a better way to look at that HP enterprises. It's kind of a two Uh.

The two takers are are listed separately. HP is is the taker you want to look at this morning, because those shares are down one point one per cent. This comes after they're cutting their sales forecast siting lower PC demand. Think about it, if you are a major business and you are concerned about a recession or concerned about hiring, do you really need to start buying more and more PCs, buying more and more and more equipment right now? The answer is not as much as before. And that of

course is weighing on the shares. Nathan and finally creating. We've been waiting for this regulatory filing from Bedbeth and Beyond. It looks like the stock is plummeting now on the back of that. It really is. We are, of course waiting us still on the details of that strategic update. Re Member liquidity is a major story when it comes to Bed Bath and Beyond. They did shut a file the filings as well, But once again it doesn't look

like there isn't much changes to that story. We're gonna keep you a price of all those developments throughout the day. Nathan Alright, Bloomberg Radio and TV Markets correspondent, Creaty Group. They will be checking back with her, Yeah, throughout the day as we do get set for the final trading day of this month. Looking ahead to the market open right now, futures are in the green. SMP futures up nine points. So are Dow futures NASDAC futures leading the

gains right now, up eighty seven points. That's a gain of seven tenths of one per cent. This is Bloomberg, Bloomberg eleven three oh weather. Finally, we're not going to see many gains as far as the temperatures go. Get ready for very pleasant highs in the load of mid eighties as we round out the rest of this week. Right now, seventy in Central Park, live from the Bloomberg Interactive Berger Studios. This is Bloomberg day Break for Wednesday,

August one, Coming up this hour. Stocks entered the day trading at a one month low. More BEEDE officials hammer home the message of bringing down inflation, Goldman and Morgan Stanley E's COVID rules so workers can return to the office, and new developments involving the search of Donald Trump's Florida home, former Soviet leader Michael Grober, Jonathans died, plus the ground moved in New Jersey. I'm Michael barn More on the earthquake Ahead. I'm John stand In Sports Another errand Judge

all Ron. The Yankees won the Mets loss Arena. Williams plays tonight at the US Open. That's Ols Train ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XAM one nine team and around the world on Bloomberg Radio, dot Com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm Karen Moscow and US Dock Indise futures are

lower this morning. We're coming up to six o one on Wall Street. I'm gonna check the markets every fifteen minutes throughout the trading day on Bloomberg s and P Futures down about four points down, futures down sixty two. Nastay, futures are higher, they're up about twenty four and the tenure treasury down fourteen thirty seconds. You have three point one five percent. Nathan, all right, Karen, thank you. But the market is beginning this session trading at a one

month flow as FED fears continue to persist. Three regional FED presidents yesterday reiterated Chair J. Powell's intention to bring down inflation. Amanda A. Gotti is chief investment office her at p n C Asset Management Group. I actually think that we're going to start to see more confirmation and

evidence of inflation rolling over. And while the Fed, you know, only has a few data points to go on here so far, I think the market has already adjusted on the equity side in terms of evaluations, but also on the bond market side in terms of you know, futures, probability of rate hikes, and where interest rates have moved to p n C ST managements. Amanda god He says she is not making any meaningful changes right now to

her portfolio. Well, Nathan Richmond. FED President Thomas Barkin is one of the central bank officials beating the drum to stop inflation. He found the FED would not flinch in its Effortsical Prices cautioned it might not be a smooth process. We're committed to getting inflation under control, and there's a path to get there. A recession is obviously a risk

in the process. Um, I'll just say for context, nobody ever canceled the business cycle, So the when you say there's a risk ski recession, it doesn't have to be like a two recession. Richmond FED President Thomas Barkin made the comments in West Virginia yesterday. Wall Street is worried that the Fed's aggressive battle against inflation will lead to hire, unemployment, and recession. Karen. This morning, we get the first read on August jobs with the a d P Report. Let's

get a preview from Bloomberg's Michael McKee. ADP returns from its months long hiatus with updated methodology and a range of wage data, and avow it's not supposed to be a forecast of the government's monthly payroll report. The revamp report, developed with the Stanford Digital Economy Lab, will feature the monthly change in private employment as well as weekly payrolls

data for the preceding month. Median annual growth by industry, company size, region, gender, and age will also now be available. While there is a median projection for this month's report, given the changes, several Wall Street economists haven't submitted estimates for this month. Michael McKie, Bloomberg Daybreak, All right, Mike, thank you well. Overseas your area, inflation accelerated to another time high, as the European Central Bank considers a jumbo

interest rate high when it meets next week. Consumer prices jumped nine point one percent from a year ago, and in the UK, shop price inflation increased to five point one percent in August. The price of food grows even more nine point three percent. In Asia, Karen China's factory activity contracted in August for a second straight month. Bloomberg Daybreak Asia anchor Brian Curtis has more. From Hong Kong, the official p m I rose to forty nine point

four from forty nine in July. The economy has been hit by power routages, the crisis in the property market, and multiple COVID outbreaks. The reading was slightly higher than the estimate of forty nine point two, but still in contraction mode. Meantime, the non manufacturing gauge fell to fifty two point six from fifty three point eight. The main takeaway this economy is still losing speed in Hong Kong. Brian Curtis, Bloomberg Daybreak, A right, Brian, thank you back

here at home. New allegations of obstruction of justice may be added to former President Trump's legal woes. Details from Boomberry, Jamie Morrison, or news room in Washington. The Justice Department has responded to former President Trump's request for a special master review of documents he kept at his home in Florida. Investigators suggest Trump may have tried to obstruct the investigation. The d o J says the records that were held in a storage room at maral Lago appear to have

been moved before the FBI search in June. As far as appointing a third party to review those documents, the government said that was not only unnecessary, it would only serve to delay the ongoing investigation. The judge has directed Trump to respond to the d o J filing by tonight in Washington. I'm Amy Morris, Bloomberg Daybreak. Thanks Amy on Wall Street. Two of the most prominent investment banks are removing some of the final hurdles to a full

return to office following the pandemic. More from Bloomberg's Doug Prisner, Goldman, Saxon, Morgan Stanley will ease some of their remaining COVID nineteen protocols after the Labor Day weekend. Goldman will allow employees outside New York to enter offices regardless of vaccination status, with no mandate to participate in regular testing or to wear face coverings. Last week, Morgan Stanley told it's New York staff as of September five, it's ending test and

control measures. Anyone who test positive should still isolate for at least five days, then wear a mask for five more. In New York, I'm dick prisoner, Bloomberg daybreak. All right, dog, thank you. Let's take a look now at some stocks moving in early trading. Shares of is Chewy or down eleven and a half percent. The online pet supply retail irisk at its revenue outlook and says customer growth is slowed.

Bloomberg Shirley Pillett has more. In a letter to shareholders, Chewy said sales in the current fiscal year will total no more than ten billion dollars. As customers pulled back on discretionary goods such as toys and treats. That is down from a previous forecast of as much as ten point four billion dollars. Chewy is contending with a broad based fall and demand for discretionary items as American consumer shifts spending to food and other essentials amid soaring inflation

in New York. Charlie Pellett, Bloomberg Daybreak, Thanks Charlie. Shares of hp OR down six and three quarters percent. The company reported quarterly sales that missed estimates and reduced its annual profit forecast on falling demand for personal computers and printers, and shares of snapdown seven and a half percent. Virgus reporting the social media company is planning to lay off around twenty percent of it's nearly six thousand and five

for employees. The stock is down about eighty percent so far this year as the company is faced to slowdown in advertisers spending again. US and P futures are lower to little change. This morning, straight a haad your latest local headlines plus a check of sports, and this is Bloomberg. Thankscaren six O seven on Wall Streets seventy degrees in Central Park at a car fire East found l I E at Exsit forty three. We'll get the update in traffic shortly. First Michael Barr with what else is going

on in New York and around the world. Good morning, Michael, Good morning Nathan. The earth moved in New Jersey last evening. According to the U S Geological Survey, two earthquakes in northern New Jersey. The first to two point three magnitude earthquake was just before five pm, about six miles northwest of Morris. Plans at one point seven magnitude. After shock was then reported shortly after six thirty pm, also in Morris County. The last earthquake in New Jersey was in Freehold,

In recorded at a three point one magnitude. One Texas official says migrants crossing into El Paso want to come to New York City. El Paso has been housing asylum seekers there welcome centers there to assist the homeless population. Texas has been bussing migrants from the Opportunity Center to where they want to go. Speaking at ABC s k v I A and El Paso, John Martin, the deputy director of the center, says up until now it has

been working out well. I've never seen individuals run so quickly to take a shower so that they could get on a bus. They'll be able to go to where they wanted to go, Martin says, though it appears to have stopped a bus schedule to leave Monday from the Center was postponed. Former Soviet president Michaeligorbachof has died. Russian news reports say it happened at the Central Clinical Hospital, where he was undergoing unspecified treatments after a long illness.

Michaeligorvichof was ninety one. Texas is announcing the first confirmed fatality from monkeypox in the US. Dr Jennifer mcquisten says the patient had other underlying health conditions. It's important to focus that we have mitigation letters in place to prevent monkey pox. Get vaccinated, if you're sick, go to a doctor, get tested, and if you have severe illness, there are

treatments that are available. Dr mcquisten says. Though only a handful of monkeypox fatalities have been reported globally, President Biden announced his Safer America program. He proclaimed in Wilkesbury, Pennsylvania, the nation had to fund the police, then criticized GOP

members of Congress for not supporting his plan. Yes, what, every single Republican member of Congress, every single one in this state, every single one voted again to support the law enforcement and talk about how much they love it. They voted against the funding President by Global Names twenty four hours a day on a or and on Bloomberg Quick Take, powered by more than twenty seven journalists and analyists more than a hundred twenty countries. Michael bar this

is Bloomberg, Nathin. Thanks Michael. Almost six ten on Ball Street. Time for the Bloomberg Sports Update. Here's John Stenshown. All right, Nathan, As we get ready to flip the calendar to September, Yankee fans like to see their teams play well as they get ready for October. But for half, the bigger story will be a daily washs to see how many home runs they're star player ends up with. He came up in Anaheim fourth inning, two men, one two hit. Well,

it's all right, Aaron Judge has done it again. Not more fifty one for Judge. He's tied away from Roger Morris. It's a three run shot and the Yankees have opened up it's seven shoop two on w F and earlier Yankee home runs of Anthony Rizzo his thirty Andrew benn in tendy. Yanks ended a three game slide. They beat the Angels seven to four, with six Yankee relievers combining

to pitch the last seven eighties. The Mets schedule is gonna get a lot easier, but there's nothing easier right now about playing the Dodgers, who won four three in city field. The Dodgers have won twenty six of their last thirty two games. They are fifty two games over five hundred. Starling Marte and Mark Kenna. Homer And lost for the Mets two days after he won thirty for thirty eight against the Jets, the Giants cut third string quarterback Davis Webb, electing to go with only two qobs.

The Jets kept white out Denzel Mims on the roster. He had recently asked for a trade. Raphael the Dal's first US Open match in two thousand nineteen. He wont to improved the sixteen and old lifetime in the opening round forty two year old Venus Williams. Her first Open was in nineteen nineties seven. She played and lost. Unlike Serena, Venus does not say anything about retirements. She hardly plays these days. Her rankings over fifteen hundred. Serena is retiring

to tonight could be her swan song. She takes on the second seed and net John Station were Bloomberg Sports Nathan, thank you john S. And p Future is right now little changed. Dal Future is down forty one points. Nastac Futures adding to some of their games now forty three points higher. The Tenure Treasury is down fourteen thirty seconds,

yield three point one five percent. This is Bloomberg Bloomberg eleven three oh weather, sunny less, humid, mid eighties today, will get up to the low eighties as we start off September tomorrow. Sunshine high near eighty on Friday right now seventy degrees 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. He's a Bloomberg Business Flash and I'm Karen Moscow whis and

Futures showing a little more strength. Now we go to the first word breaking news dash for today's morning call, and here's Bill Maloney, Bill, good morning, and good morning, Karen. Modest gains in the U S futures right now with doubt you just hired by a point. S APS gained seven will NASA futures are up by seventy five. The US ten year old at three point one four percent, Gold is down twelve, oil is sinking, and bitcoin is

trading higher by one point five percent. Japan rose one point one percent overnight, while Europ of markets are in the red this morning. And back in the US on the economic front, at ADP Employment Change and at Chicago p m I after the bells night, HP cut its

profit forecast on falling PC and printer demand. And another news bed Beth and Beyond is plunging twenty percent pre market after a shelf filing, rabbing things up Robin who was downgraded to underweight over at Barkley's Live from the First Picking News doskcom Bill Maloney, Ker, Harry, Bill, thank you to hear live breaking news over your Bloomberg type squawk on your termin I'll escue you a w K

and 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 for much. The Justice Department says classified documents were likely concealed and removed from former President Donald Trump's Mara Lago estate as part of an effort to obstruct the federal investigation into the discovery of the government records.

The court finally, Last Night shows the FBI also seized more than one hundred classified records during its August eighth search. Twenty five years ago. Today, Princess Diana died. She was killed in the car crash in Paris. And tennis Serena Williams hits the court tonight for her second round in the US Open. In baseball, the Yankees beat the Angels seven four. Eron Judge hit his fifty first homer. The

Mets lost to the Dodgers for three. The A's beat the Nationals ten six, The Red Sox, Orioles and Giants lost. Global news twenty four hours a day on air and on Bloomberg Quick Date, powered by more than twenty seven hundred journalists and analyists more than a hundred twenty countries.

I'm Michael bar this is Bloomberg. Karen. All right, Michael, thank you at on Wall Street and we turned to news and science and take knowlogy now with the Bloomberg n j I T Stem Report, it has brought to you buy New Jersey Institute of Technology and j I T is dedicated to bols during support for female and minority students pursuing careers and high paying STEM industries. Learn more at n j I T DOT E d U and here's what's making news in science, Technology, engineering and math.

It's the biggest two year decline in US life expectancy in almost a century, and it's being blamed on the COVID pandemic. Life expectancy foul by almost a year in twenty one after decline of one point eight years in The pandemic has been directly responsible for more than one

million American depths. Meanwhile, the US government anticipates that it will stop purchasing and providing COVID nineteen shots as soon as January due to a lack of funds that will leave Americans to obtain vaccines through insurers or pay for them out of pocket. And to a Wall Street's most prominent investment banks are removing some of the final hurdles

to fully returning to offices following the pandemic. Coleman Sachs, which led Wall Streets return to Manhattan to hours by pushing employees to resume regular commutes last year, and Morgan Stanley both told staff that they will ease some of their remaining COVID nineteen mitigation efforts after the Labor Day weekend. That's a Bloomberg and j I t Stem report. Nathan all right, Karen, thank you. We are live from the

Bloomberg Interactive Broker Studios. Where to six fifty on Wall Street Time now to check what's going on in BC. Some of the top stories in our nation's capital include the Justice Department accusing former President Donald Trump of potentially attempting obstruction of justice, said marl Lago, President Biden blasting Republican attacks on the FBI and a speech on safety and policing. And Washington reacts to the death of former

Soviet leader Mikhail Gorbatchov. Bloomberg Government Congressional reporter Jack Fitzpatrick is back with us now, so give us the latest, Jack on this late night filing from the Justice Department, apparently in response to former President Trump's request for an

independent review of all those classified documents taken from his home. Yes, the news here is the d o J said there's some indication that the former president the people around him may have tried to hide some of the documents they found. Is a little bit of a kind of an extensive

timeline here. There's a back and forth with the National Archives and the FBI actually visited maral Lago in June ahead of that August eighth search warrant, and they were told by Trump's lawyers after that June meeting that they had handed over all the relevant documents. That clearly was not true. Uh. The the overarching issue beyond that also is that the Trump lawyers have called for a special

master to review the information around this. The FBI d o J has said that could interrupted interfere with their investigation. So there's a debate over the amount of transparency and whether to bring in an outside person to to have

a role in reviewing all of this. But the the assertion here from d o J is that the former president had effectively told them he handed everything over, and they ultimately found about twice as much as had been indicated by the former president's lawyers when they actually got that search warrant, and there was some evidence that there

was dishonesty and an attempt to cover things up. Is there a possibility then that we could see from the Justice Department more than just talk of obstruction of justice, but an actual indictment. Well, we don't have any anything official now, but that that is uh, sort of the

implication of all of this. They're they're raising a serious legal allegation that they were investigating this and the people around former President Trump, potentially all the way to former President Trump, were dishonest with the FBI about the amount of information they gave over uh. And that raises the possibility of obstruction of justice. We don't know how the d o J is going to go forward with this, uh, you know, in in Washington, this really raises the specter

of a bit of a constitutional crisis. Uh uh, And they are trying to be careful about how they go forward with this. But yes, the things they're describing here, if the allegations are true, that that would be illegal to uh to withhold that information in the midst of an FBI investigation. What does this mean for Republicans support for the former president, which they've shown a lot of up to now. Yeah, it has not gone away. Republicans

have essentially played a game of wait and see. There is absolutely a sense that there's another shoe to drop, there's more information that could come out, and the initial pushback uh and insistence that this must have been declassified, it must be really nothing, uh that has waned And there's I think Republican lawmakers have been pretty quiet on this lately, as the every development seems to indicate that

there will be another development. So it's not that they have turned against former President Trump, but it's it's pretty quiet here in Washington with regard to Republicans standing firmly behind him. But it sounds a little bit like President Biden is getting a little bit louder on this issue, particularly in some of his comments about support for the FBI and uh, you know the attacks that many Republicans have leveled against the FBI in the wake of the

maral Lago search. Yes, that was a major focus of his speech yesterday in Pennsylvania, playing up the candidacy's key candidacies for the gubernatorial race, the Senate race, a swing district race there in Pennsylvania, talking about how you cannot support law enforcement or claim to support law enforcement and want to defund the f B I. Uh, he kind

of tied this issue in with January six. This was a significant focus on the campaign trail in a high stakes area, high stakes series of races, where Biden really went out of his way to focus on on the Mara a Lago search on January six, and really I think broadly on Trump's role in the Republican Party and in our last minute or so here, Jack, I'm sure there's gonna be an outpouring of reaction in Washington following the passing of Mikhail Gorbachev, the last leader of the

former Soviet Union. Yes, and there have been a number of statements that have come out in the West quite positive. President Biden put out a statement describing Gorbachev as a rare leader with the imagination to see a different future. Really overwhelmingly complementary from Western leaders, including President Biden. Obviously,

his legacy is very diff print in Russia. Uh. He attempted to continue to have a political career and had a very unsuccessful presidential campaign after the fall of the Soviet Union. So you know, the response from Russian officials, including potentially Putin, would be very interesting to see. But people like President Biden and others in the West have put out a really an outpouring of complementary reminiscences of

Gorbachev's career. Thanks for this, Jack, great having you on with us as always, Bloomberg Government Congressional reporter Jack Fitzpatrick joining us from our Bloomberg studios in Washington, d C. Read more about all these stories on Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington. You can do that by tuning into Bloomberg and one oh five point seven FM HD two. Looking ahead to the market open, we're starting to see some traction in

the futures contracts. SMP futures right now up eleven points. Dow futures have turned just a touch higher. We'll call it little change to hire with a gain of twenty four points. NASDAC futures adding to their gains right now up ninety points for a gain of seven tenths of one percent. The tenure Treasury is down ten thirty seconds, the yield three point one four percent. Yield on the

two year three point four eight percent. NIMEX screwed still moving lower, but off its session lows down two point eight percent at eighty nine dollars nine cents of barrel comes. Gold is down eight tenths percent seventy eight announced. The euro point nine nine seven nine against the dollar. The n is at one thirty eight point seven six. Bitcoin back above twenty thousand, trading at twenty thousand, three hundred dollars. Bloomberg Surveillance is next. Tom Keen, Jonathan Farrell, and Lisa

abramoids for Karen Moscow. I'm Nathan Hager. This is Bloomberg