Bloomberg Daybreak: August 5, 2022 - Hour 2 (Radio)

health emergency conspiracy. Theorist Alex Jones has been ordered to pay four point one billion dollars in the Sandy Hook case. I'm Michael Blaer. More Ahead, I'm John Stash and sports the Mets at four home runs beat the Braves and the start of the Big Five Game Series. The Yankees

play tonight in St. Louis. That's all straight Ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world Bloomberg Radio dot Com and via the Bloomberg Business Actor. Thank good morning. I'm Karen Moscow. I'm Nathan Hager Bloomberg Daybreak brought to you by b

n Y Melon's Pershing. We'll learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at Pershing dot Com and Futures are little change this morning six oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg, Guess and p and Nasdack Future is a

little change. Dal Future is higher up thirty nine and attend your treasury down to thirty seconds here at two point six nine per cent. Nathan Karen Global stocks are trading near two month high this morning. Ahead of the July jobs report. Economists, you're looking for a slowdown in the labor market. The median forecast is for a gain of tune and fifty thousand jobs. We get more from

Bloomberg Smichael McKee. Since it's backward looking July is change in US payrolls won't have much value for forecasters trying to predict recession. Companies are also reluctant to let go of workers, even if businesses starting to slow given the

current labor shortage. While a consensus print would be the lowest since the economy lost jobs in December, it would still be above the average of one thousand jobs created per month in the five years before the pandemic, and it would continue to reassure feed officials that rising interest rates aren't taking the economy yet. Michael McKey, Bloomberg Daybreak. All right, Michael, thank you. Another major story out of Washington. Senate Democrats are closer to passing their tax and Energy

bill Arizona. Is Kirston Cinema, one of the last holdouts on the deal, now says she's on board. Now's after Democrats took out a provision that would have narrowed a tax loophole for fund managers and added a new one percent tax on stock buybacks. But there's still one hurdle left, and as according to Jim Keshler, co founder of Third Way and former legislative policy director for Majority leader Chunk Schumer, the parliamentarian is looking at this bill. There's always things

that don't pass. Was called the bird bath. Some of the procedure or rules with rapid sliation, which means language will need to be tweeked. Third Way co founder Jim Kensler spoke with Our Washington corresponded Joe matthew On Bloomberg sound on the parliamentary and should rule on the bill today. Democrats could work into the weekend to vote on the measure tomorrow. We've seen new tensions between the U. S and China this morning, care and over how Speaker Nancy

Pelosi's trip to Taiwan. Beijing has announced sanctions against the speaker and her immediate family. It also says it's stopping climate talks with the US, along with any military dialogue and meetings with the Defense Department. Well, we have some major news on the health front this morning, Nathan, with the US declaring a federal emergency because of monkeypox. Researchers are trying to get some answers on how to combat

the disease, Bloomberg said. Baxter has the story. Health and Human Services says about sixty six undred cases nationwide, with researchers now asking questions like does a person who had a smallpox vaccine as a child have immunity? The head of the White House COVID Task Forces, dr Ash's Jack Smallpox monkey box very related to each other as viruses go, you would think that if you got vaccinated as a kid against small park, you would have protection. We don't

know yet. We're still looking at the data. We are seeing some older people still get infected. Meanwhile, as well as a federal government, more and more states are declaring states of emergency as well. In San Francisco, I'm at Baxter Bloomberg Gay break. All right, thanks, turning to corporate news this morning, shares of Tesla are a little changed in the pre market. The shareholders have approved a three for one stock split. Ed Ludlow has more from our

Bloomberg nine sixty news room in San Francisco. This stock split takes the shares to around three hundred dollars a share. Was first tweeted by Tesla in March, and then when this meeting was confirmed and scheduled with the agenda a month ago, we knew it was coming. And the thing that's missing for investors out there is we do not know more details about the date that this stock split

becomes effective. Of you've seen this before. There was a five for one stock split in August twenty really boosted the stop the logic, bring the price down, make it more accessible, and Tesla has a massive retail investor base, said Ludlow says this explit could give a lift to Tesla shares again. They're up nearly fifty percent from a late May Low Well, Nathan. One other note from Tesla shareholder meeting has Elon Musk giving his anecdotal view on

the economy. The Tesla CEO says he thinks the worst may be over when it comes to inflation. Most of our commodities, most of the things that going to Tesla, not all, but I don't know. More than half the prices are trending down in six months six months from now. That this could change obviously, but but the trend is down, which suggests that, uh, we're past peak inflation. Musk also reiterates that he expects a mild recession in the US

that could last about eighteen months. We got lots of stocks on the move this morning, Karen, Following a slew of earnings Like yesterday, shares of Lift are up almost eight percent. The company says rideshare volumes are on track to exceed pre COVID levels, as it reported the highest earnings in its history. The story from Bloomberg's Charlie Pellett, it's a sign that investment to stem a shortage of

drivers is paying off. Then he rose from a year earlier to nine ninety one million dollars, beating the nine hundred eighty six point seven million dollars street estimate. The quarter shows lift as approaching a full recovery from the pandemic, amid a broad based rebound in right hailing that also boosted rival Uber in the period in New York. Charlie

Pellett Bloomberg Daybreak. All right, Charlie, thank you. Well, let's get a look at some other stocks on our radar this morning, and Bloomberry's John Tucker joins us live with the latest. Don Good morning, Karen. The quarterly launsed door Dash worse than what analysts expected, but the company says it's food delivery business remains healthy and growth continues in the second quarter. Well, that's what investors lashed onto door

Dash shares jumping twelve percent this morning. Yelp reporting a profit and the last quarter boosting its full year, earning his guidance the online directors that strong advertising demand drove record net revenue. The shares jumped eighteen percent and Beyond Meat, slashing its revenue outlook for the full year. Shoppers are trading down for Mu's plant based food to cheaper animal proteins. Shares down over one percent this morning, Live in New York.

I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks X and p Futures are down one point down, futures up twenty five. Nastac features are lower by nineteen points. Straight ahead your latest local headlines and a check of sports. This is Bloomberg six oh seven on Wall Street, seventy nine degrees in Central Park. Still dealing with a crash northbound Major diagu in a Yankee Stadium. More coming up in traffic. First Michael Barr with more on what's going

on in New York and around the world. Michael, thank you very much. Nathan. The Tri State area will have another hot day. Bloomberg Meteorologies. Rob Caroline has the latest. Michael. Heat advisory remains in the fact for the Tri State area until eight pm this evening. We're back up into the nineties today with the humidity of feel like it's around the hundred. Only different today over yesterday is the

potential for some cooling showers and thunderstorms this afternoon. Not everyone will see them, but those folks who do could see some very heavy downpours and will remain warm through the up coming weekend. Michael rob thank you, sir. Donald Trump's lawyers are in talks with federal prosecutors over conversations the former president had with advisors and whether he'd be able to shield them from investigators of the January six

that sold on the Capitol. CNN reports it is the first indication the two sides are in direct talks as the federal probe accelerates. Texas jury ruled conspiracy theorist Alex Jones must pay more than four million dollars in defamation damages for falsely claiming the twelve Sandy Hooks school shooting was a hoax. While it was less than the one hundred fifty million dollars being sought, Council Mark Bangston was

happy with the verdict. It was my goal when I started on this case to get this family a multimillion dollar verdict for their pain and suffering, and I've already done that, plus additional money for the million dollars and sanction Jones, said, US Council Mark Hank Bangston says the jury returns today for the peanotive phase of the case. Meanwhile, the January six Committee has asked for texts from the infull Wars post a face off in Florida over abortion.

Governor Round de Santis says he's suspended Tampa's top prosecutor, but at Hillsborough County State Attorney Andrew Warren says he's an elected official just like the governor and is not going anywhere. At issue is Warren's decision not to criminalize abortions, which a new state law bands after fifteen weeks with some exceptions. Warren says the cord already as rule the

band violates Florida's constitutional right to privacy. However, the Santis said prosecutors cannot pick and choose which laws to enforce. You can exercise discretion and individual case, but that discretion has to be individualized in case specific. You can't just say you're not gonna do a certain offenses, Governor de Santis.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts, are more than a hundred twenty countries, Michael Barren, this is Bloomberg, Nathan. Thanks Michael. Count up to six ten on Wall Street time for the Bloomberg Sports Update with John stesshow thanks Nathan Big granted city field,

but have a playoff atmosphere. For the start of Mets frames five games in four days between the top two in the NL East, the Mets led five to nothing. They went on to win six to four, and then Elliet Atlanta by four and a half games. Four Matt home runs, Pee Alonso was twenty nine, Daniel vogelback his second in as many days, and another new Matt Tyler Naquin played his first home game of his new team home or twice. He even, I've been playing here for

four years. That's a good night. But um no, man, it's the very enjoyable the fans, you know, even from you know, warming up on the line made me feel um right at home. So even going off to the left just just to make me feel good. So it's uh, it's nice to feel that way and step into the box comfortable. Carlos Carasto got to win Edwin Diaz to save the first of his twenty four saves, where he pitched two in he'to indication him how big This series

is continues tonight double header tomorrow. Yankees are in St. Louis tonight, then tomorrow they'll face Jordan Montgomery, who will make his Cardinals debut against his old team. The NFL named Peter Harvey to hear its appeal of the Deshaun Watson six games suspension they wanted to be longer. Harvey is the former Attorney general for the State of New Jersey. Preseason football Hall of Fame game Can't Know High That's where Josh McDaniels grew up. He played high school games

in that stadium. Longtime Patriots assistant. He's now the head coach of the Raiders, who beat Jacksonville, who is now coached by ex Eagles coach Doug Peterson. Very few starters played. No Derek Carr, No Davante Adams now a Raider. No Trevor Lawrence. The Hall of Fame ceremonies take place tomorrow. Seven inductees and Canton, John Stashuallyward Bloomberg, Sports Nick Thanks John SMP future is little change now. DAL future is

up thirty five points. NaSTA futures are lower, down fourteen points. The tenure Treasury is down two thirty seconds, yield two point six nine percent to yield on the two year three point zero five percent. Ahead of July jobs. Will preview the numbers with Tom Porcelli, Senior US economist to RBC Capital Markets. This is Bloomberg Bloomberg eleven three oh

weather partly sunny today, chance for showers and storms. With a heat advisor and effect till eight tonight we get up to your ninety five degrees will be in the upper eighties tomorrow. Right now seventy nine in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, a Bloomberg Business outland at Bloomberg Quicktake. This is a Bloomberg business flash and I'm Karen Moscow. Stocks in Europe and US stock index futures are struggling

for direction. This morning is investors race for the monthly. US jobs are poor. That's likely to add to the recession debate. We checked the markets every fifteen minutes about the trading day on Bloomberg. Right now, SNP futures are a little changed. Our futures they're up thirty nes Day futures down twenty the decks. In Germany, it's down about to town about percent. Ten year Treasury down one thirty second yeld two point six nine percent, yield on the

two year three point five percent. Nimex screwed oil is down a quarter percent or twenty three cents at eighty eight dollars thirty one cents a barrel. Comex schoold is down a quarter percent or four dollars thirty cents at eighteen o two sixty announce and bit coin up two point eight percent at twenty three thousand one. As a Bloomberg business flash, now here's Michael Barr with more on

what's going on around the world. Michael Karen. China has announced sanctions on US House Speaker Nancy Pelosi and her immediate family members. It's over her recent trip to Taiwan. The Biden administration declared monkey pox of public health emergency. More than seven thousand cases have been detected in the US so far. A lightning strike just in front of the White House in Lafayette Square has critically injured four people. In baseball, the Mets beat the Brave six four, the

Red Sox lost to the Royals. The Nationals and Giants also Lost, The A's Beat the Angels, eight seven NFL Hall of Fame game, The Raiders Over the Jaguar. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael bar and this is Bloomberg. Nathan Alright, Michael, thank you. In his sixth nineteen on Wall Street Live from the

Bloomberg Interactive Broker Studios. This is Bloomberg day Break, which means we're just about two hours and ten minutes away from the release of the July payrolls report from the Labor Department. Ahead of that, we are joined live this morning by Tom Porcelli, Managing Director in chief US economist at RBC Capital Markets. Tom, it's great to speak with you this morning. We have seen signs ahead of the release of this overall report that we are getting some

cooling in the labor market. What do you expect we're gonna see when the data comes out at eight thirty this morning? Yeah, good morning. Um, Look, I think this actually could be another pretty decent number. I mean, we're north of consensus. We're looking for about three twenty thousand on the headline for private UM. You know, and and that would be I don't know what that is. You probably know this better than me. Fifty or more above consensus.

I think if you get a number like that, UM, I think what that does is it just sort of you know, it feeds this this narrative UM that's been put in place, but particularly starting on Monday, UM, when you had all these FED officials come out and basically unwind so much of of what Powell had said UM during the during his EFFI and C pressor, which is to say, hey, you know, look, we're not stopping the

cycle anytime soon. So I think you get another strong report, and I think that's certainly UM will lend itself to UM. You know, people sort of really pushing that idea even more. I would caution against that, because even though I were expecting a pretty strong number here, UM, the reality is, as you rightly highlight, there's already factors that are suggesting to us that things are going to cool down and

probably cool down pretty considerably going into your end. Well, why are you looking at the makes you think that we are going to get a stronger number than consensus? Because we did see some moderation in the jobless claims yesterday and some other signs of potentially wages as well. Yeah. No, I look, let me be very very in anyone who reasoned research no well knows this. Um. You know, we we go where the data take us. If there's a single month where our models are telling us it's going

to be a decent number, that's fine. UM. But as I'm sort of fond of saying like, I'm less interested in sort of any single month's number, I'm more interested in sort of the narrative. And the narrative is exactly what you highlight. UM. So I would discount the strong number, um, even if even if we're right and you get it, because what we're looking at our things like claims UM. And again I said this yesterday with Tom Keenan the team. UM, I think what you have to keep in mind is

we're up meaningfully from the lows. We're a hundred and six or six thousand UM as a low three months ago. UM, we're fifty UM from a claims perspective, that usually feeds into the into rising unemployed with a bit of a lag UM. So by the end of the year I mean we've said this many times. You could be staring at job losses. I mean, I don't think that that is um a stretch at all, Like we're not going on a limb by saying that. So uh And and

just one last point, because I think you're right. If the labor backdrop was as tight as people think, then why are wage pressures slowing down right now? And and just to be clear, it's not like they've gone from like, you know, six percent to five and a half percent. They've done from six percent to like two and a half percent, right Like, there's been a meaningful slowing in in wages if you look at it the right way, and if you look at the right measure of wages.

To write, average early earnings are an incomplete way of thinking about wage dynamics. You've got to look at average weekly earnings, which obviously includes the hours component um. And when you do that, you see that there's actually already been a pretty notable slowing. It sounds like you're on board with a lot of what we're hearing from FED speakers lately that they've still got a ways to go to keep hiking interest rates and keep getting inflation down.

Is is the payrolls report that we get part of what's feeding into that for you know, So let me just be clear, Um, that's not the right way of characterizing our stands. I don't think that they just have to keep on like haphazardly hiking rates here. I think if they want to get rates into a restrictive territory, I'm totally sympathetic to that, And in fact, I would have argued or I have argued that we should have

been there a long time ago. Um. But this notion that we're just supposed to just continue to hike rates aggressively, right, we like, without any like sort of real end in sight in the near term, I think that's foolish and I think the problem with that is it will drive us into a much deeper slowing than I think we have to have. Well, when do you think that you have fed well need to pivot away from rate hikes.

What's your call on that? We've got about a minute left here, Yeah, I mean I could be very quick on that. I think that they they're done by the end of the year, and then I think an easing cycle starts shortly thereafter. All Right, Tom Porcelly, the chief US Economists at RBC Capital Markets coming in ahead of consensus. The median forecast of economists survey by Bloomberg calls for two or fifty new jobs added in the month of July and an unemployment rate of three point six percent.

Tom and the team at RBC are going for three hundred thousand. We get the complete numbers eight thirty am, Wall Street Time time. Of course, we'll have full coverage for you here on Bloomberg Radio. Will get reaction as well from Labor Secretary Marty Walls shall be joining us here on Bloomberg Radio and television after the release of the July payrolls report. Tom again, thanks for your insights

ahead of the release of the data. Looking ahead to the market open this morning, we have SMP futures down two points down, futures up twenty five NASDAC future is lower by twenty three points. It's been pretty much little changed throughout the early morning session. Market's kind of been waiting c mode ahead of the payrolls release. Ten Your treasuries down one thirty second, the yield two point six nine percent. Yield on the two year right now three

point zero five percent. Nom X Scrude fell below ninety dollars in barrel still theree U down about a ten percent on the session. Comex gold is down four dollars eighty cents eighteen O two ten. Announced the euro one point zero two to eight against the dollar. The end is at one thirty three point zero three. You're listening to Bloomberg Dave Rake, Bloomberg eleven three oh weather heat advisory till eight tonight. We'll get up to your ninety five degrees with the chance for a shower storm uper

eighties tomorrow back in the low nineties on Sunday. Right now seventy nine in Central Park, broadcasting live from the Bloomberg the 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 N sixteen to the Country Sirius XM chto one nineteen and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Streak.

Good morning. I'm Nathan Hagar and I'm Karen Moscow and We're just about three hours away from the open of US trading. It's time for the five things you need to know to start your day. Bron to you buy Interactive Brokers, Interactive Brokers Simple, ib k are Global Trader app, deposit in your local currency and trade stocks in the US, Europe and Asia. Start your free trial at ibk r dot com slash Global Trader. First. US futures are little

change this morning. I have the July jobs report. The media and forecast is for again of two hundred fifty thousand jobs. That would be down from three hundred seventy two the prior month. They get more from Bloomberg's Michael McKee. The consensus forecast for job growth anticipates a bit of a labor market slowdown, but not necessarily because the economy is slowing. Companies are still reporting it's difficult to find workers, and economist surveyed by Bloomberg don't see any change in

the unemployment rate. If that's the case, the Fed can continue to prioritize the fight against inflation first, continuing raising interest rates. Michael McKee, Bloomberg Daybreak. I'm Mike, thanks for following another major story this morning. Out of Washington. Senate Democrats planned to vote as soon as tomorrow on their tax and energy spending bill. Arizona's Kirsten Cinemas says she

is on board after tweaks to its tax provisions. Jim Kessler, co founder Third Way, says, this does not have to be a Democrat's only bill. You know, I think if Republicans were being really honest in the Senate, if it was a secret ballot, I bet about fifteen or twenty Republicans would vote for this bill. Third Way co founder Jim Kessler spoke with our Washington correspondent Joe Matthew on Bloomberg sound On. Catch the show weekdays at five pm

Eastern on Bloomberg Radio. We're seeing new tensions between the US and China. Nathan over how Speaker and Nancy Pelosi's trip to Taiwan. Beijing is announced sanctions against the speaker and her immediate family. It also says it will stop climate change talks with the US, along with any military dialogue and meetings to the U s Defense Department. And Returning to corporate news this morning, Karen shares of Tesla are down nearly one percent in early trading that's after

shareholders have proved a three for one stock split. Well, Nathan, after a strong dely for stocks, some well known strategists say it's time to sell more. In this live report for the Bloomberg's John Tucker, John Bank, Karin Michael hartn At at Bank of America's his investors should fade the SMP five hundred. He maintains the bottom for the benchmark is below thirty six hundred, or percent below carred levels.

He points to data showing global equity phones that outflows of two point six billion dollars in the latest period. HSBC strategist mc kepner also warning of a sharp end of the rally, changing his stance on equities to maximum underweight and Karen, all right, John, thank you. That's the five things that you need to notice start your day. Brought to you by Interactive Broker straight Ahead, your latest local headlines plus the check of sports. This is Bloomberg.

Thanks on Wall Street. Seventy degrees in Central Park, still dealing with the crash northbound major dig in a Yankee Stadium. We'll get you more 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. Heat advisory remains in a fact for today and the Dry State area. Temperatures were hit ninety degrees in New York City and the humidity will broom sane. Experts say there

is an increased danger for heat stroke. Give outside for extended periods of time during plenty of fluids to stay hydrated. And Texas jury rule that conspiracy theorist Alex Jones has to pay more than four million dollars and convince the story damages to the parents of one of the first graders killed in the Sandy Hook massacre. Jones pushed his false claims on his Info Wars broadcast after shooting, which

left twenty six people dead, was a hoax. Plane of Attorney Mark Bankston says the verdict is just the beginning. We're not even done yet, and I'm already getting to tell my families. Yes, Mr Jones is going to transform your life with the money that we take from him. Plane of Attorney Mark Bankston says the jury returns today for the punitive phase of the trial. Hungarian Prime Minister Victor Urban addressed the Conservative Political Action Conference in Dallas Texas.

Orban called on the audience to unite with him against progressive liberals. We have seen what kind of future the globally s ruling cloths has to offer, but we have a different future in mine. The global is can all go to how I have come to Texas. Orbon is a close political alle of Russian President Vladimir Putin. Britney Grinder's w NBA teammates reacted to her sentence in a

Russian prison camp. Grinder's Phoenix Mercury teammates and opposing players held forty two seconds of silence before their game to show support for the basketball stars sentenced to nine years in a Russian prison camp. Forty two is the number of Grinder's Jersey Grinders coach Vanessa Nyeguard. I couldn't imagine being that situation, and she was so courageous and like continuing to be a good role model in so many ways of this impossible situation, and she showed great strength

and great humility. Coach Vanessa Nyeguard. Actor Kevin Space He was ordered to pay thirty one million dollars to the House of Currents production company for alleged sexual misconduct that got him booted from the popular Netflix series and up ended his career globally twenty four hours a day on here and on Bloomberg Quick Take powered by more than twenty seven hundred journalist and analysts are more than a hundred twenty countries. Michael Barr and this is Bloomberg Naked.

Thanks Michael. Follow six thirty six on Wall Street Time Now for the Bloomberg Sports Update with John stash Our. Nathan met nl East lead over Atlanta was once ten and a half games, It was cut down to a half game, and that was back up to four and a half. Four more games this weekend between the two at City Field and game tonight to tomorrow. Jacobi Grand pitches Sunday, mets Pete the phrase six four as new

met Tyler and Nick went omer twice. Daniel Vogel back and Pete Alonso also went yard twenty ninth to the year for Alonso. Carlos Carrasco got to win and chest in decision by Buck show Walter to let his all star closer Edwin Diez pitched the last two innings. He had never had a six out saved before in his career. And they say my name you know I think you maybe I can face the three two or three four was fasting and maybe like like I did in l a um, questing forth the model they offer you your

fail to row again, I'll say that's good. Gray told me, didn't go out and win the game. Yes, has been outstanding all season. He has struck out more than half the batters he has faced. Yankee started awaking serious and I didn't st Louis. They're only game and a half ahead of the Astros for best record in the American leagas Houston shutout Cleveland. Justin Verland or Loud only two hits. He's fifteen and three. Dodgers just played eight games with

the Giants and one all eight. Although Clayton Kershaw had to leave yesterday lower back pain. The X meat Noah synder Guard got the wind is Philly's debut. The Phillies have released X Yankee shortstop d D Gregorious. He was hitting just two tin with only one home run. The NFL, appealing in the decision to suspended Shawn Watson only six games for his sexual misconduct in the NFL name former

New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly, Watson turned down an NFL offer to have the suspension the twelve games. John stash Yellary Bloomberg Sports, Nathan all Right, John, thank you to six thirty seven on Wall Street. Time to take a look at stocks, some of the names moving in the pre market. Lots of shares to keep an eye on this morning for Bloomberg's Laura Right, considering the parade of earnings reports we've gotten this week, and Laura,

what a beat for Lift? Yeah, the U s Puel play right heating from out with second quarter results ahead of the bell, Lift is up almost eight percent. It was record earnings adjusted EBITDA of seventy nine million dollars for the quarter. That's fast a past the average analyst estimate. Look, this mirror is what we saw from Uber earlier this week as its competitors record growth booking, economic reopening clearly a tailwind along with a normalization of the driver shortage.

Interesting as well, considering Lift doesn't necessarily have the same kind of broad portfolio of services that Uber offers, but that's the only gig economy company that's doing well on earnings. Exact, the delivery fund, door dash up nearly twelve percent. Now in pre market training, it was a slight beat on revenue, but notably, customers place six million orders in the three

months ending June. That's record. Look, even with economic reopening and inflation eating into disposal incomes, we are all now habitual takeaway ethers. I can speak for myself, I know many others are also, So it's kind of how much that habit is ingrained within our spending habits. Yeah, and the speaking of discretionary spending, we're all keeping an eye on whether travel is starting to pick back up again,

whether people are getting outside. And you look at Expedia's earnings and that's sort of playing into the story that maybe a lot of people are sort of putting the pandemic behind them. Yeah, given as a Friday, we have to discuss our holiday bookings platform now for Expedient second quarter revenue beat estimates coming in its three point one billion U S dollars. There is so much pent up demand in the sector now Expedia expect bookings in the current quarter to be ahead of where they were in

twenty nine. If you remember earlier this week it was bookings that were the Achilles heel for Airbnb which projected stable bookings growth. That was what spooped the market. That said, it is still an unknown to what extent diminished disposal incomes will to tell customers, as well as all these scenes of chaos and flight cancelations at airports. So quite a few big movers in the pre market, even with

the broader market little changed. Thanks for this, Laura Good, having got with the Spoomberg's law right, keep an eye on stocks on the move in the pre market and ahead of the open ahead of July. Payrolls futures are little changed. We have SMP futures right now down two points, Style futures up twenty four. NASAC futures are lower by twenty two points. Tenure treasury is down to thirty seconds. The yield two point six nine percent yield on the two year three point zero five n I'm ex scruence

little changed, down eight cents, eight eight barrel. Comic skull down five dollars thirty eighteen sixty announced the Euro one point zero two to nine against the dollar. Bitcoin up three twenty three thousand, two hundred dollars. You're listening to Bloomberg day Break Bloomberg eleven three oh weather, sunshine today,

Heat advisory till eight tonight. Can't roll out a shower storm going up to your ninety five degrees uprights tomorrow, back in the low nineties Sunday right now seventy nine 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 at US dot Index. Future is a little change this morning as we await the July jobs are for it, we go to the first

sword breaking news dance for today's morning call. Here's Bill Maloney. Bill, good morning, Good morning, Cameron. That's right. US futures are quiet right now, with doubt futures hired by thirty points. Recipes are down to one, nest that futures decline by twenty. The US ten year old at two point seven percent, Gold is down four, Oil is little change, and Bitcoin trading higher by three percent. Shanghai rose one overnight, while

up markets are posting modest losses this morning. And back in the US on the economic front, like you said, the eight thirty, the July jobs report after the bell Ust Night Beyond Meat, cutted sales outlook, engine profit and sales beat estimates, and Block gross payment volume missed estimates. In other news, Tesla shareholders approved a three for one stock split and wrapping things up in Your Soul. Rand

was cut to hold over at Deutsche Bank. Kellogg was raised to neutral over at Piper Live from the first to breaking news descom Bill Maloney, Cam all right, Bill, thank you, and here live breaking news over your Bloomberg taps squawk on your terminal. SQ you a w u K, that's a Bloomberg business flash. Now here's Macho Barr with more on what's going on around the world. Michael Karen,

thank you very much. China said it would sanctioned House speaker Nancy Pelosi after she defied Beijing by becoming the highest ranking US politician to visit Taiwan in twenty five years. The measures are also on Pelosi's immediate family. Senate Democrats say they have reached an accord on changes to her tax legislation. It was on a Senator Kristen Cinema pivotal vote, says she is ready to move forward on the bill. In baseball, the Mets beat the Braves six four. The

Red Sox lost to the Royal seven three. The Nationals and Giants also lost. The A's beat the Angels eight seven. In the NFL Hall of Fame game last night, the Raiders over the Jaguars eleven. Global news twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts, are more than a hundred twenty countries. Michael Barr and this is Bloomberg, Karen Gray, Michael bar thank you. It is sixty nine

on Wall Street. We turned to news and science and technology now with the Bloomberg and j I T STEM Report. It has brought to you by New Jersey Institute of Technology, rank to top fifty national public university by US News and World Report, and a top ten of the nation for engineering by money dot Com. Learn more at n j I T dot edu. And here's just making news and science, technology, engineering, and math. US health officials have

declared monkeypox of public health emergency. That's a step that will free up funding, treatments and other services to fight the virus. The US leads the world with known cases, more than six thousand of them South Korea has joined the stampede to the Moon with the launch of a lunar orbiter that will scout out future landing spots. The satellite, launched by spake Sex, is taking a long roundabout path

that can serve fuel and will arrive in December. It's successful, it will join spacecraft from the US and India already operating around the Moon, and a Chinese rover exploring the Moon's far side. And Facebook pairent Meta Platforms has sold ten billion dollars in its first ever core brid bond deal. Meta had been one of few S and P five hundred companies without debt. The company stands on borrowing may

have shifted with the state of its business. Met it just posted its first quarterly revenue decline and as a Bloomberg and j A T Stem report. Nathan Karen, thank you. We are live from the Bloomberg Interactive Broker studios where it's six fifty on Wall Street. Time now to check what's going on in d C. Some of the top stories in our nation's capital include Democrats in the Senate agreeing on a revised tax and energy spending bill with

stock buybacks included. China announcing sanctions against Speaker Pelosi and other countermeasures against the US after the Speaker's trip to Taiwan, and lawyers for former President Trump reportedly in talks with

federal prosecutors over January six. Let's bring back Bloomberg government reporter Emily Wilkins with us from our Bloombergmanding on one studios in Washington, d C. So, Emily, when it comes to the Inflation Reduction Act, as it's known in the Senate, it sounds like the last Democratic holdout, Kirsten Cinema, may have gotten the changes she was looking for. She did, indeed, and she announced last night that she is going to

be a yes on this legislation. This is a huge win for the Biden administration, the huge win for Democrats. But it's not quite done yet. They do still have to go through that Senate parliamentary and make sure that everything they want to bring through the special Reconciliation process can be brought because it ain't just anything that can go.

They also have to survive what is known as a vote a rama, where Republicans will introduce many, many amendments over the course of In the past, these sins have been like forty hours trying to see if they can add some provisions to the bill that might ultimately kill it. However, Democrats are just very much ready to go forward on this one and to do what needs to be done. Remember, just a few weeks ago they didn't think they were

going to get anything from this package. And the fact that you then saw that Schumer Mansion agreement emerge and really Senator Kris and Cinema was was the last piece here. Yeah, there was a note yesterday from Gregg Vali at a GF Investments saying the bill is in deep trouble. What were the changes specifically on the town ex provisions that

the Senator Cinema achieved here. So the big thing, and we knew that this is going to be a problem for the Senator from the beginning, was this narrowing of the carried interest loophole. Uh. Senator Cinema has been very much against that. She wants to keep that that carried interest, the lower taxes on that in place for benefiting wealthy investors, and she didn't get that what the tradeoff was because that provision was supposed to help bring in revenue to

the US. They've now added a one percent new tax on corporate stock buybacks. And they've also done a couple of tweeks to that minimum tax on corporations, and that's going to try and benefit manufacturers. So those are sort of the key changes that we're looking at. Majority Leader Truck Schumer said this bill is still going to reduce the deficit by about three billion. We are looking for

additional details on that today. This deal is just announced late last night, but Senate Democrats are moving ahead with this. They've scheduled votes for Saturday on a procedural motion and they expect to work through the weekend. How much political capital is President Biden putting on pack passage of this bill, As you know, Emily, his approval ratings are very low. That's a really interesting question, Nathan. I mean, certainly this bill is something that Democrats are going to out as

a win. It is something they are going to talk about on the campaign trail. But it's interesting, remember they passed that major infrastructure bill last year. When I've talked with voters and and there's been studies and research or of bearing this out, a lot of Americans still don't

know that that bill was passed. They don't see any impacts on it of their daily lives, and so I think the real trick for Democrats here is it's going to have to be messaging because some of the provisions, like ones to lower drug prices, those aren't going to go into effect right away. You're not gonna wake up the day after this bill has passed and been like, oh wow, I'm now paying less for certain prescription drugs.

So this is going to be important. I think any sort of major legislation like this is important, particularly as you get close to an election year. But at the same point, I don't want us of over our estimate the impact Americans are going to feel, at least not immediately after this legislation would pass. Now let's turn to geopolitics now, because there's been a lot of developments just this morning following Speaker Pelosi's visit to Taiwan, China has

announced a number of countermeasures. Uh A lot here going on, Nathan Um. China has halted numerous discussions with the US on military, on climate, on immigration, on crime. They're continuing these massive military drills, these warships crossing Taiwan straight dividing line, and missile test and as we just noted a few minutes ago. They've sanctioned how Speaker Nancy Belosia as well as her family, making her the highest US official to

be sanctioned. One of the things that's really notable here, Nathan, because sometimes you look at these sanctions and you're like, well, you know, it's not going to impact the Speaker's day to day life necessarily. But the US declined to sanction the number three top Chinese official over his role in imposing the National Security Law in Hong Kong. So you saw the This is a little bit of an escalation

for China to put these sanctions into place. Um and certainly there's a lot of questions about how much this might continue. Yesterday, the Biden administration summoned China's ambassador to the White House to reiterate the Biden administration does not want a crisis in the region. UM. They want to keep the status quo. They don't want that to change. But now you're hearing Secretary of State Anthony B. Lincoln saying that they do believe China is trying to change

the status quo around Taiwan. Certainly, this is something we're going to be following very closely. And finally, Emily reports that former President Trump's lawyers are now talking with the Justice Department in their grand jury probe into January six. This is above and beyond the House January six committee, right right. Remember, there are a number of different investigations

going on, including this one by the Justice Department. This appears to be the first sign of talks between two sides, UM, as this probe has gone on, and a lot of the talks have evolved around whether Trump's going to be able to shield conversations he had while he was president, what the extent of that executive order is actually going to look like, and be Um, certainly there's there's a lot left Um in the Justice Department's investigation in the

Houses January six panel, a number of different groups looking into various aspects of what Trump and his campaign did in their attempt to overturn the elections. UM, And I think the fact that these conversations are are starting at this point shows how far into the investigation they are and kind of how real some of these threats have become. Uh to Trump and two people in his orbit, Yes,

he's thinking about announcing another run for president. He's very hinted that at very strongly over the last few months. Here Bloomberg Government reporter Emily Wilkins. As always, thanks for the update from Washington, d C. Get more on all these stories on Bloomberg dot com or on the Bloomberg terminal, And a reminder you can follow all the latest on Bloomberg Radio in Washington Bloomberg and one oh five point

seven f m HD two. Of course, the big investor focus out of Washington, d C is the Labor Department, the release of July payrolls coming up in just about an hour and a half. Ahead of that, SMP futures are down four points, staff futures up fourteen, NASDACK futures lower by thirty points. The tenure Treasury is down to thirty seconds, yield two point six nine percent yield on

the two year three point zero six percent. Nom X CREWD is down a half percent, down fifty one cents eight eight oh three gets you a barrel of West Texas Intermediate, and the Euro right now is at one point zero to three two against the dollar. Bitcoin twenty three thousand. Bloomberg Surveillance is next. Tom Keen, Jonathan Farrell, and Lisa Brown Woits take you the rest of the way for Karen Moscow. I'm Nathan Hager. This is Bloomberg.