Bloomberg Daybreak: August 9, 2022 - Hour 2 (Radio)

Plus President Biden Vale's FEMA money for flood ravage residents in Kentucky. Michael Blarmer, More ahead, I'm John Stash Howard Sports. The Mets made at thirteen the last fifteen. They beat the Reds the Yankees into the five game losing street in Seattle. That's all straded ahead on Bloomberg Daybreak on Bloomberg eleven 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 on

Bloomberg Radio dot Com. I'm the Bloomberg Business app. Good Morning, I'm John Tucker. I'm Nathan Hagar. Futures are treading water this morning. We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes during the trading day. On Bloomberg, sp futures are up two points down, futures up forty six. Dance deck futures are lower by fifteen points. The tenure Treasury is down

eight thirty seconds. The yield two point seven eight percent yield on the two year three point to one percent. NIMEX screwed is down eight tenths percent, down seventy cents at ninety six cents of barrel Comics gold is little changed, up at ollar seventy at eighteen o six ninety announced, the euro one point zero to three eight against the dollar, British pound one point two one two four, and the yen is at one thirty four point seven eight, John

and Nathan. We're gonna have more on the markets in a minute, but first the bombshell overnight in the US politics, the MPI rating Donald Trump's Mara logo resort in Florida. We begin our team coverage with Amy Morris from our Bloomberg newsroom in Washington. The focus is unclassified documents the former president might have taken tomorrow lago from the White House when he left office. Trump's son Eric Trump told Fox News his father is being unfairly targeted. They don't

want Aunald Trump to run and win again. In The raid began in the morning and lasted until six in the evening. Trump was in New York City at the time and released a statement calling the raid prosecutorial misconduct. House Minority Leader Kevin McCarthy tweeted that Republicans will conduct immediate oversight of the Justice Department if they take control of the House in November. In Washington, I'm Ammy Morris

Bloomberg Daybreak. Heren reaction is pouring in this morning to the news and we continue our team coverage with Bloomberg Politics contributor Jeanie Schanzano. In this case, for a probable cause, they have to believe that crime was committed. A federal judge had to sign off on a warrant believing a crime was committed. And you have to imagine when in the balls the former president, what we're thinking about is even higher bar. In other words, the crime was committed repeatedly.

It may have included classified material. Bloomberg contributor Jeanie Schanzano calls this a major development. Donald Trump says FBI agents even broke into his safe. Sources tell us the location, even the existence of the safe or closely guarded secrets for the former resident, and the search comes as Mr Trump Preparis and other bid for the White House, and as the January six committee also probes his actions. Robert Min's a partner, Ed mcarter and English goals the investigation

shocking and unprecedented. The search warrant is really the nuclear bomb in the arsenal of prosecutors because it is so intrusive. It is not simply serving a subpoena and going through attorneys and producing records, literally showing up on your doorstep with a phalanx of federal agents who wi allow spend four or five hours going through your house. Robert minces Attorney General Merrick Garland was likely needed to sign off

on the rate. More of this developing story around the morning here on Bloomberg Radio, including analysis from Brown University's When They Schiller Washington corresponded, Joe Matthew, all right, let's turn back to markets now, John us futures are mixed after yesterday's up and down day on Wall Street. At one point, the SMP five was up one percent before pulled back on shipmaker and videos revenue miss that the

index closed little changed. David Deet's senior portfolio strategist at pe Pack Private Wealth, says everyone's waiting for tomorrow's inflation print. All eyes are gonna be on Wednesday's inflation report. If that's hot of it expected, expect to pull back, particularly monks on those megacap tech socks, and maybe a rotation back into some of those materials energy names which have

not participated as much in July. Ppack Private Wealth David Diet says investors are concerned the Fed will continue to raise rates after last Friday's strong jobs report and this morning session shares of Novavax down. That's after the drug makers slashed to its revenue forecast. The story from Bloomberg's Charlie Pellett It's COVID nineteen vaccine, which already trailed competitors

getting to market, failed to live up to expectations. Novavacs received about one point six billion dollars from the US government to develop its vaccine through the Operation Warp Speed program. The immunization uses a protein based technology that's similar to classic shots. Company officials had anticipated that the vaccine might appeal to those who have been hesitant to take shots made with newer technologies, but demand has not appeared strong

so far. In New York, Charlie Pellett Bloomberg Day Break, Thanks Charlie. As corporate earnings come in mixed, the debate over whether we're in a recession continues. Bloomberg's Rnita Young joins US Live with the latest call. Good morning, Rinita, Good morning Nathan. Our Investment Management CEO caafy Wood is the latest to declare US recession. She says that the Fed will have to start loosening its policy sometime next year.

We believe we're in a recession. Two consecutive quarters of real g D key declines is is the beginning of that definition. Three consecutive months of declines in meeting indicators, which we have now would suggest the same. Kathe Wood says she believes the economy will be coming out of a recession next year. She plans to keep her firm fully invested throughout the downturn in so called innovation companies which typically thrived during difficult times. Live in New York.

I'm Nita Young Blueberg Daybreak. Thanks for Nita, and finally some news from Boeing this morning. The company you sent to resume deliveries of its seven eight seven Dreamliner as soon as tomorrow. That's almost two years after they were disrupted by manufacturing flaws. The FAA says Boeing has made the necessary changes to ensure the plane now meets certification standards.

So I've got one more story for you, John. Micron Technology says it will use anticipated government grants and credits to help it invest forty billion dollars by the end of the decade to build out US semiconductor manufacturing capacity. Company expects to be into produced chips after says it will create as many as forty thousand jobs. Micron says the investments being funded with subsidies that thinks it will be awarded from the Chips in Science Act that just

passed on Capitol Hill. Straight ahead, we have your latest of local headlines, plus a check of sports. You're listening to Bloomberg day Break. Thanks Nathans so seven on Wall Street Games. Time to bring in Michael bar to find out what else is going on in New York and around the world. John, Thank you, sir. The bad news the heat wave continues in the Tri State area. The good news it ends tonight. Bloomberg Meeting Religios. Rob Caroline

has the latest. Good morning, Michael. We have a heat advisory and effect for the Tri State area until eight p m. This evening. The heat advisory though the last one of the week. It looks like temperatures are gonna cool off quite a bit as we head through the remainder of the week. Today we're up around ninety five. Tomorrow, it's eighty five and eighty five again on Thursday, then only eight five on Friday with much less humidity. So

we're definitely gonna be breaking the heat wave. Michael, thanks for Rob Khan. Ed is asking residents in parts of Brooklyn and Queens to curb their energy use as high heat sears New York City. The utility asked homes and businesses and the affected areas to refrain from using power hungry appliances, including washers, dryers, and microwaves until the crew

completes repairs. It also requested that residents only used one air conditioner President Biden extended help and the FEMA check book to flood soaked eastern Kentucky as he visited storm damaged areas. The President toured the water demolished neighborhoods, where he immediately issued federal disaster declarations so they could rebuild

from last week's deadly storms. After meeting with families impacted by the flooding and the town of Lost Creek, President Biden says he will be back to help them rebuild from the flooding. All Americans, everybody has an obligation to help. We have the capacity to do this. It's not like it's beyond our control. The President also each unity in

the response to the disaster. The Pentagon says it believe that as many as eighty thousand Russian troops have been killed or wounded and under six months of fighting in Ukraine. Under Secretary of Defense for Policy, Colin cull says it is pretty remarkable considering that the Russians have achieved none of Vladimir Putin's objectives at the beginning of the war. China has extended military drills near Taiwan's airspace and sees today Taiwan says China using war drills are planning a

future invasion. Beloved actress and singer Olivia Newton John has died. She was famous for hits like physical and You're the One that I Want from her breakout role in Greece. Olivia Newton John was seventy three Global News twenty four hours a day on air and on Bloomberg Quicktech, powered by more than twenty seven hundred journalists analysts more than a twenty countries. Michael bar this is Bloomberg, John, Michael, thank you, and now sixteen on Wall Street. That's time

for the Blueberg Sports Update. Here's John Star. Thanks Jo. When the Yankees were flying high first half of the season, they were relatively healthy nuts no longer than King, John Carlos Stantons on the injur list, it was police Steve Areno, Michael King done for the year. And last night in Seattle, Matt Carpenter foul the ball off his foot. It's a fracture that might end what's been a remarkable season for Carpenter. He had hit only seven home runs over his previous

two seasons. Join the Yankees in late May. His slugging percentage since then is the best of the Major Leagues Yankees beat the Mariners nine to four in five games. Wasn't treat Josh Donaldson with his best game as a Yank two doubles, a home run, drove in three. So did Andrew been Intende Aaron Judge with home run number forty four and Jamison t Young won seven ins, allowed only three hits. City Field Mets beat the Red So that's thirteen the last fifteen to run homer in the

first by Starling Marte. Mets put it away in the eighth pitch. Swere gonna drive eight two right back those at Kino under the track, here the fence reachers up here, Kata. It bounces office clove. If the score from second is Kata comes back. Deal around thirty hard take it for thirty. Stake one piece in with a triple. And that's how a five to one lad. That was the final w CBS to call the Dole make win triple. Chris Bassett worked eight innes, did not allow and Earn Roy Met's

now lead the Braves by seven. A key Jet has suffered an injury at training camps. Apple McKay Beckton heard his knee, same one that kept him out last season. He had an m R I further test. Today an eventful day of the Giants. Several fights broke out that does sometimes happen the training camp. Linebacker Take Crowder, center

John felice Fiano among those involved. Giants other preseason opener Thursday at New England, John Dash with Bloomberg Sports done all right, thanks John, And right now as we look at markets, they've turned mixed. The futures market down. Futures right now are eighteen points, sire s and p E many futures down just three points, and the Dansaic futures are lower by thirty eight points. Two year yield at three twenty one, the tenure right now at two seventy eight.

Mr is Bloomberg I. Just ahead, we will speak with Wendy Schiller, directman of the director of the Talmut Center for American Politics and Policy at Brown University, Analysis and Perspective. After the FBI executes a Trump search warrant, markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape. He's a Bloomberg Business lash, Nathan Hagar. Futures are mixed.

This morning, SMP futures down five point, staff futures up four NASTAC futures moving lower now down fifty seven points to drop a four tenths per cent. The ten year treasuries down nine thirty seconds, the yield two point seven nine percent, yield on the two year three point two percent. Nimex screwed is down to tenth percent, down fifteen cents ninety dollar sixty cents of barrel comex scold up two ten for center three dollars twenty cents at eighteen eight

thirty announced. The Euro one point zero two three five against the dollar, the en one thirty four point eight zero Bitcoin down two point six percent at twenty three thousand, four hundred dollars. That's a Bloomberg business flash. And now here's Michael Bart with more on what's going on around

the world. Mike, call Nathan, thank you very much. The FBI has searched former President Donald Trump's and Mara Lago estate as part of an investigation into whether he took classified records from the White Owls to his Florida residents. Trump says agents opened up a safe at his home and describes their work as an unannounced raid. Will have more on this story straight ahead. Teachers and staff returned

to work today at public schools in Yuvaldi, Texas. It follows the deadly mass shooting in May at rob Elementary School. In baseball, the Yankees beat the Mariners nine four, the Mets beat the Reds five one, the Nationals and A's lost. The Orioles and Giants won Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael,

thank you six nineteen Walster. We are lion from the

Bloomberg into Anto Broker Studios. This is Bloomberg Daybreak. As Michael mentioned, stunning development of a younggoing legal battles evolving former President Donald Trump a search warrant executed at the home of the former president with some perspective this morning, Wendy Shoulder, director of the Talvin Center for American Politics and Policy at Brown University, if I'm not mistaken, first time zever happened to a former president where a search

warrant was executed at the home of a former president. Wendy, your initial reaction, well, I mean, there's so many things to think about here. I think that clearly things are ramping up to figure out whether a case can be made against Donald Trump either for this, which is most of them, I say, an interfraction, but it's actually a criminal offense to remove classified documents from the government and particularly president. Everything has to go to the archives or

be clear through the archives. But also the January six Committee continues its work on what his behavior was on January six and whether he actively participated in essentially insurrection. So there's a two sort of two fronts here. Plus he's got you know, a criminal investigation uh in New York State, So there's a lot going on. Politically, this helps the Republicans mobilized voters for mid term two. Particularly

they're very very strong Trump supporting base. He's got a lot of people running for office across the country that he supported that won their primaries and not you know, governor of pet Venue who's actually testifying before January six here in today, Mostriano. So this can have a big effect as the FBI we know in the last couple of years, has had on elections, Uh, mid term, short term, good for the Republicans, um long term for Trump. For twenty four you gotta say it leans towards the bad

for Trump and good for people like LANDA. Santis or Christine Ome or Kim Reynolds, any of the other people who might be thinking about running. So why has this been why can this be used this political opportunity for Republicans? Can you dive a little deeper? Yes, I mean it's

a it's a it's a potential Della store. But you gotta lean towards the positive here in terms of mobilizing voters for the mid term, Republicans tend to get out mid terms up until twenty eighteen, more more consistently than Democrats. Their bases riled up. They've got an opposite party president. I mean, all all things count towards Republicans getting out

the door who want change in the government. Now, the Trump supporters who mayor men not have gotten out, for all the Republicans across the country, they'll get out because already Kevin McCarthy is promising if the Speaker, he'll investigate the Justice Department. So the stakes really just went up. I think for the stability of government. And it's really extraordinary to think about, as you say, the impact of a former president on the subsequent midterm elections of a

new president. This we haven't really seen. I mean, Clinton had reverb because of Monica Lewinsky going into two thousand's, but then they were September eleven, that tragedy and the wars, so things, you know, the subject changed. But now you know this is still going to be about Donald Trump two years later, about Donald Trump, and that's extraordinary. What will be behind his decision whether or not to run for president for Will they be legal reasons or political reasons? Well,

there's also financial reasons. He's raising a lot of money, which pays for some portion of his expenses because as long as he's campaigning and out there involved in politics, you know, um, the FBC has to decide about this. But he can use a lot of that money to support what he's doing. Uh, So you know that that helps him, uh and it keeps him out of jail if he actually wins. The question is will this become Trump fatigued for key Republican suburban voters across the country.

If the Republicans will like too much on Trump going into midwo and you've got also the question of abortion, gun violence, all the other things. In dolation guest prices, will voters decide they want over to focus on those things quality of life matters, not Donald Trump. And if enough of Bourbon voters do that, that could basically keep the Senate from going totally Republican or keep it sort

of in that tide state that it's it. So I think the House, I think this will help the Hops quite a bit, But for the Senate, it's unclear voters really want to hear Aboutald Trump for the next couple of months, either way negatively or positively. Could he he could be legally disqualified from running for president as well. Well, I don't think anything will stop him from running. Honestly, even if they say you can't win, he'll say, well,

elect me, will change the law. Elect Republicans, they'll change the law. Give him the Congress and they'll change the law. I mean, that could be the next step for Trump to ramp up his sort of hold on the Republican Party. You can't just say you're gonna investigate Mark Rlan. You have to actually promise to change the law. And that Biden won't sign that, but he can make members of converence go on the record saying we're going to change the law so former presidents can do whatever they want.

That's the kind of thing that will start to scare key suburban constituencies, particularly Independence and some Republicans about the prospect of a Republican control of the House and send it together so you know, down fire President, hold the line. But come twenty four, I don't think this overall benefits the Republican party. We saw it happen in twenty Trump

lost a lot of people defected from Trump. So this is a very risky proposition for the Republicans, but I think more so for twenty four than when they always a pleasure appreciated Professor Wendy Shilder, director of the Talvin Center for American Politics and Policy at Brown University. And as we look at the markets ahead of the cash open on Wall Street futures pairing some of the earlier gains.

In fact, we have a term mixed right now, the down futures of just five points right now, the smp E mini futures, they've gone down down six points right now, down about two tens percent. And the Nassat futures sixty four points lower. That is down half of percent. The tenure yield to seventy nine. Right now the two year at three negative forty three bases point in version of the curve. There, you're listening to Bloomberg and still ahead.

We'll continue with our top story that's stunning development of the ongoing legal battles involving former President Trump. Will check in with Bloomberg's Joe Matthew, broadcasting live from the Bloomberg Interacted Broker's studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine six to the country, Sirius XM two, the one nine T and around the globe,

the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak. He's six thirty on Wall Street. Good morning. I'm John Tucker. I'm Nathan Hager. We're about three hours away from the open of US trading. Time for the five things you need to know to start your day. Brought to you by Interactive Brokers Charging margin loan rates from two point three to three point. Their clients can also an extra income by lending their fully paid shares

of stock great subject to change. Learn more at ibkr dot com slash compare First. Former President Donald Trump says federal agents rated his residents at Mara Lago. It's part of an investigation into whether he took classified documents from the White House. We get analysis from Robert Mints, a partner ed m. Carter in English. It's absolutely shocking and completely unprecedented. This would require approval from the highest levels

of the Department of Justice. Merrick Garland, the Attorney General himself, would certainly have had to have been a part of this decision, and I've signed off on this before going to a federal judge. Attorney Robert Mint says the search warrant is quoth a nuclear bomb and the arsenal of prosecutors. The search stems from a National Archives request about the transfer of president of documents to Mara Lango. We get more for Bloomberg political contributor and former GOP strategist Rick Davis.

There is a penalty associated with violating this provision. It says that if you're convicted of violating this rule of holding these documents, especially top secret documents. You'll forfeit your office and be disqualified from holding any other office under the United States. Rick Davis says this investigation answer the former president's legal problems, which include a separate grand jury

proben efforts to overturn the twenty twenty election. Donald Trump, meantime, says he's being targeted to derail another run for the White House. Sam We'll have more on this developing story throughout the morning here on Bloomberg Radio. First, let's turn back to the markets. The US futures have turned to lake lower after yesterday's session, which saw the SMP five hundred give up a one percent gain to close little change, and shares of Novas Novovas down about early trading after

the drug makers slashed its revenue forecast. Bloomberg's Relata Young joins US Live with details. Good morning Rena, Good morning John. Novovacs exp exhales this year to be between two billion and two point three billion dollars. That's about half of the earlier estimate of four billion to five billion dollars for the year, and it's all because of its COVID nineteen vaccine, which already trailed competitors getting to market. It failed to live up to expectations. Demand for the vaccine

felt both in the U. S A globally. Novovax also reports second quarter loss is wider than analyst expectations. Life in New York. I'm Nita Young, Bloomberg day break. Okay, Nita, thank you, And that's the five things you need to notice start your day. Brought to you by Interactive Brokers, Local headlines of the check of Sports. Next, this is

Bloomberg Thanciate six thirty three on Wall Street. Now, let's bring in Michael Barnes to tell us what else is going on to New York hand around the world, John, Thank you very much. Sara Power Giant con ad as asking residents in parts of Brooklyn and Queen's to curb their energy use as high heat sears New York City. The utility reduced voltage by eight percent to protect equipment while cruise may gun specified repairs and several communities that

are home to about a hundred ninety thousand customers. The heat advisory is in place for the area until a PM tonight. The New York City Council will hold a special hearing today concerning the recent bus loads of asylum secrets from Texas. Mayor Eric Adams is asking for a federal help as Texas Governor Greg Abbot threatens to send more migrants, and so our goal is every asylum secret that comes to New York, We're going to get them shelter and support that they need. Mayor Adams has Abbot's

treatment of the migrants is inhumane. President Biden tour the devastation in eastern Kentucky, where at least thirties seven people were killed during flooding last week in Lost Creek. President Biden vowed to support Kentucky however long it takes to recover. I don't want any Kentucky telling me. You don't You don't have to do this for me. Oh yeah, we do. You're an American citizen. We never give up. We never stopped, We never bow, we never been. We just go forward

and mats of what to do here. The President is sending FEMA money for people to help rebuild. China has extended its schedule of military drills around Taiwan, Bloomberg said. Baxter reports. President Joe Biden says he is not worried, but is concerned. While spokesman Karine Jean Pierre says they can't continue the way they are. They are provocative, irresponsible, and raise the risk of miscalculation. And Under Secretary of Defense for Policy Colin Call says the US is not

going to pull back. What's important for US right now um is to make sure that Beijing understands that our forces in the region will continue to operate. Call says China should be very careful to protect against any miscalculations. In San Francisco, I'm at Baxter Bloomberg Gay Break. Many in Hollywood are mourning the loss of Grammy winning singer Olivia Newton John. She gave us many hits, including physical Pierre Greece co star at John Travolta post him on

Instagram Forever You're Danny, You're John. Olivia Newton John died after a long battle with breast cancer at age seventy three. The spokesperson for Ann Hah says the actress has now fallen into a coma and is in critical condition after her car crashed into a Los Angeles home. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven journalists and analysts more than a hundred twenty countries. Michael bar this

is Bloomberg. John, Michael, thank you, and it's now six thirty six on Wall Street. That's signing for the Bloomberg Sports Update. John all right, thanks John much. He did win for the Yankees. They had just gotten swept in St. Louis, had lost five and row only nine wins in twenty five games. But they won in Seattle nine to four. Josh Donaldson with a big night, four hits, two doubles, a home run he drove in three, Aaron Judge homer in the ninth that's number forty four, and Jamison Dion

went to eleven and two. But the wind was costly. Matt car Finder broke his left foot fouling a pitch off. It's obviously not ideal. I mean, you know, treaty, treaty disappointing. But you know, I'm my mindset is that this won't

be the end for me here this year. I mean, I'm hopeful that I can come back and contribute, and you know I haven't don't have a timeline yet, but um hopeful for the Sarpenter has been amazing since his debut in late May, bedding over three hundred fifteen home run Speaking of amazing, Mets made a thirteen the last fifteen in city Field, five one over Cincinnati before the

Reds got an out. The Mets led Ton uping on the Sterling Marte Homer, Chris Bassett sharp and eight innings, and the Mets lead in the NL East up to seven. At Jeffs Training, Cats Apple McKay Beckon reinjured the knee

that kept him at most of the last season. Several reports that Kevin Durant met with Josian told the owner of the Nets either trade me or fire coach Steve Nash and general manager Shawn Marks and Size already said he's not firing them, so the trade stops continue with Boston, Miami and Toronto seen is the most likely destinations for Durant, who was yet to start the four year, near two hundred million dollar contract that he agreed to a year ago.

It's not known why he wants Nash out. The feeling had always been kd was the one who wanted the Nets to hire him. John's actually at Bloomberg Sports. Done all right, John, thanks very much. It is now It's thirty seven on Wall Street. That means it's time to take a look at some of the stocks, some of the names that are moving in the pre market, and for that we're joined by Bloomberg Radio and TV Markets.

Corresponded Laura, right, Good are X of Santa Monica, California, the digital healthcare platform, and it is moving at the pre market this morning, Laura, it is on a chair up thirty eight percent. So basically, there was a dispute between the company that manages discounts that good our X customers get in Kroger and Kroger, which, as you know, is a very big retail chain. That meant that good our X customers could not get discounts on their drugs.

That was bad for good our X sales. Now there is a deal, so once again customers can receive discounts. This explains why the stock has popped. JP Morgan, however, say that the third quarter forecast was a little light, and obviously are concerned about an elevated subscriber churn. But right now the market loves what it hears, all right. Next up Novavaxx. The long term outlook is pretty good, but it pretty much ends there for this stock. What's

going on. Yeah, Novavacs down thirty one ahead of the bell. The drugmakers slashed its two revenue forecast to two point three billion dollars from five billion dollars previously. So Novavactress COVID nineteen vaccine has really failed to deliver on expectations in the US and low and middle income countries, and the COVID nineteen vaccine maker is said to be behind on updating its vaccine with new strains. But having up is this stock is known to experience huge intradaced swings,

especially after an earnings update. Okay, and the chip stacks, we have to end there with what's going on on that front? Yes, starting with M Video down almost three in the pre market. Now, this is the valuably valuable publicly traded chip maker. It's coarsely revenue missed projections by more than a billion dollars or why the industry reduction of personal computers and videos. Graphic chips are essential for high quality gaming, and this has been impacted by an

overall decrease in appetite for gaming. You know, we've seen decreases in sales from Xbox and PlayStation consoles due to return to work mandates. And squeezed consumer incomes for Micron that stock down four and a half per cent right now, they see their fourth quarter revenue apt or below the

low end of a previously given range. But there was an update that Micron Technology plans to invest forty billion dollars by the end of the decade to build what they call a leading edge memory manufacturing plant in the US. They will employ forty people to do this and they expect production to begin the second half of this decade. Laura,

what is the pleasure TV markets for? Responded Laura Ryan, thanks for joining us and looking at the stocks as a whole ahead of the open down futures that are five points right now, SMP evening futures down seven and then as futures seventy points lower. You're listening to Bloomberg Tape break and still ahead on Bloomberg, will check in with Joe Matthew, host Bloomberg's Sound Dog. We'll take a deeper look at the FBI search warrant. Executed Mari Lango.

This is Bloomberg Taye break Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business and at Bloomberg quick tape. This is a Bloomberg business flash, Nathan Hagar. Futures are starting to move a bit lower, led by the tech heavy NASDAC futures. Let's go live to the first root breaking used desk for today's morning call. Here's Tatiana Darya. Good morning, Tatiana, Good morning, Nathan. Like you said, future somewhat makes this

morning without future. So swinging between gays of losses now down two points, SMP down nine, and nas DUG down seventy two. Thes tenure yield is up four basis points to two spots seventy nine. Oil is down one, and Bitcoin is lower by three percent, falling below twenty four

thousand in early trading this morning. Micron leading semiconductor's lower after lowering its forecast, and Vidia, m D Qualcom are all down about two percent or more in the pre market, and Poundier Technology slips two percent after being cut to

sell at Deutsche Bank. On the economic front today, non farm pay, productivity and labor costs at eight thirty regarding earnings, Vaccine maker Nova Vax is down a thirty one percent after cutting its guidance, and genetic test maker twenty three and me down thirteen after its numbers and wrapping things up here tandem diabetics, what's cut too? Not just to underwait overweight at walls Fargo Live from the First Breaking

News Desk. I'm Tatiana, Darry and Nathan Okay. Tatiana, thank you to hear live breaking news over your Bloomberg type squawk on your terminal s q U A go. That's the Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael Nathan, thank you very much. Federal investigators searched the Florida residents of Donald Trump is part of an investigation into whether he took classified documents from the White House when he left office.

Trump was in New York City at the time of the search. More on this straight ahead. Taiwan's foreign ministers says China is using military drills to rehearse and invasion of the self governing island democracy. Meanwhile, Taiwan's military began its own live fire exercises and a show of readiness.

In baseball, the Yankees beat the Mariners nine four, the Mets beat the Reds five one, the Nationals and A's lost the Orioles and Giants one Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven journalist mantelist more than a hundred twenty countries on Michael Barr and This is Bloomberg, Nathan, Thanks Michael at sixty nine on Wall Street. Now, let's

turn the news in science and technology. The Bloomberg n j I T STEM Report is brought to you by New Jersey Institute of Technology, ranked to top fifty national public university by US News and World Report and top ten in the nation for engineering by money dot Com. Learn more at n j I T dot e d U. Here's what's making news and science, technology, engineering and math. A Russian rocket has successfully launched and Iranian satellite into orbit.

Iran has said the satellite, fitted with high resolution cameras, will be used for environmental monitoring and will remain fully under its control. Chinese e commerce giant Ali Baba Group let go of more than hundred employees in the last quarter, according to the company's latest filing. Ali Baba's cuts mirror widespread moves among global tech companies to rain in spending at a time of rising inflation, materials, costs, and political tensions.

Once the most valuable company in China, Ali Baba, has seen its market value tumble after Beijing launched sweeping crackdown on the private sector more than a year ago, and electric vehicle sales in China. Our forecast to hit a record six million this year as demand for cleaner cars surges. The increased forecast represents a doubling from last year's three million. Underscores the dramatic growth in demand for cleaner cars in China and the challenge for legacy automakers to adapt in

a market that is rapidly going green. That's the Bloomberg n j I t Stem Report, John Ally, thanks to Nathan. We are live in the Bloomberg Intrafter Broker studios where it is now sixty one Low Street. Time to check what's going on in d C. Of course, our top story this morning the FBI executing a search warrant at Donald Trump's Florida home. Also, we do have continuing primary elections are being held today. Let's take a deeper dive this morning with Joe Matthew, host Bloomberg's Sound On. Joe,

what are the implications of the FBI executing the search warrant. Well, I don't think we know. That's kind of the curious part of the story. We don't know what they were looking for, and we don't know what they took from the home following UH last January the removal of fifteen boxes of documents and other items UH that belonged to the National Archives, not the Donald Trump. This is something that's been going on for months. I think people are

more attuned to the January six related investigations. This is something that predates the committee hearings that we saw, Although there could be crossover here. The Department of Justice is simultaneously investigating Donald Trump's activities from the sixth of January. Look, those boxes back in January that that violated the Presidential Records Act belonged to the Archives. That's the way it works in this country. Included his so called love letters

with Kim john N, some gifts, various things. They clearly didn't find what they were looking for. This could be a single top secret, documented classified document. John. We just don't know the distinction between a subpoena for documents and an actual execution of a search warrant important because usually you would go to subpoena round. I mean, especially with

a former president. Uh, the the search warrant indicates something else. Yeah, like they were having trouble getting it from him, looked. Uh the president, the former president only gave those fifteen boxes back to the National Archives in January under the threat of legal action. Was it possible that d O J had reason to believe he was hiding something? That's the part we don't know here that would justify this

this warrant. But a couple of things about the warrant that was approved by a federal judge on a very specific matter. If you look at the way these are done here, you have to have, first of all, a very clear case of probable cause of criminality and in fact, specific evidence that you know is in the location that you were going to search. That's how you get to judge to sign off on this. So they clearly knew what they were going in for. We learned about it

from Donald Trump. The FBI was actually very quiet about this. The Secret Service facilitated the search. Donald Trump told us in a statement that they were in his house. But remember her Trump would have a copy of that warrant or at least somebody in the home at Marlago would have seen the warrants. So if Donald Trump wants to tell us right now what they were looking for, he probably could. This is there the possibility he could be

legally disqualified from running for president again. I think running is one thing as opposed to holding office. You know, he can he can go through the motions of running for anything he wants. Whether this some evidence of criminality would keep him from taking office as a different conversation, and we're just gonna have to learn a lot more about this. We earlier spoke to Wendy Schiller at Brown University, who says something interesting that all of this, in her opinion,

would actually energize the Republican base. Yeah, for the mid term as well as for the four election. I think that's clear. I mean, there are a lot of heads exploding on Twitter from last night going into this morning. Kevin McCarthy, the Republican leader in the House who may well be speaker following November, is promising investigations and hearings.

He told Merrik Garland, the Attorney General, on Twitter, to clear his calendar because they're going to create likely a select committee similar to the style in which the January six Committee has been put together to investigate the d O. J Marjorie Taylor Green among the Trump supporters tweeting defund the FBI or hearing that refrain Now, I'm sure it's a hashtag by now remembering that they called the January

sixth attack on the Capitol the FED direction. Uh So you know, look, this is going to deepen the mistrust that that conservatives have for federal law enforcement. There's no doubt about that. Uh. Even though we should also remind that Donald Trump picked Christopher Ray as FBI director after he fired James called me, this is a Trump FBI director in charge of this. Next great question. I'd love to hear from Merrick Garland today. I don't know if

we will. Jim Jordan was on TV last night asking Christopher Ray and the Attorney General Garland to testify before the House Judiciary Committee on Friday. I would not hold your breath to see that happened, but I do feel like a hundred days before the mid terms, it will probably be who the Department of Justice to tell us at some point what in the world they were looking for. Maybe what they found. The FBI has been known to leak, and so has the Trump universe, so we may find

this out earlier in a less official fashion. And I think I lost count. There are any number of investigations taking place. It's easy to least account. We've got the of course January six Committee in terms of actual law enforce when the d o J is investigating on a federal level the activities of Donald Trump on January six. There's another one in Fulton County, Georgia that is investigating and they've had depositions from many in Trump's orbit the

effort to overturn the election result. And then of course you've got one in New York, of course, where you are sitting about Donald Trump's financial dealings. All three could have tentacles that intertwined, but it's unclear they're ongoing. Now. Oh yeah, there are primary elections being held today. You're the one guy's gonna ask me about that today. I'm guessing for remarked and Wisconsin. Uh, well, you know, I'll

ask the broader question. What have we learned so far with the results that we've gotten in terms of the staying power of the influence of the former president. Well, they've been really mixed. Look he's he's had some big wins, he's had some big losses. You've look at you look at Georgia. Uh, it's not gone well for Trump and in fact, he's pretty much lost all the key races there that he tried to endorse. In influence, Arizona would

be the the opposite of that. He did quite well last week with raceist gubernatorial primary, Senate primary, and so forth. It's very difficult to draw trend lines. This has been a real noisy period in each state, and jurisdiction seems to have its own concern. It is still expected that Republicans will take the House. On the other hand, they may not take the Senate. We could have a split Congress following this November Joe always a pleasure. Joe Matthew

host Bloomberg Sound On. You can read more about these stories um Bloomberg dot Com or the Bloomberg termin And a reminder you can follow all the latest Bloomberg Radio in Washington Bloomberg ninety nine one at one oh five point seven FM HD two and ahead of the cash open on Wall Street. We have futures. They are up earlier, turning mixed, and now they are lower. All in the red DAL futures down only seven points, SMP E many futures nine points lower, and that as death futures right

now they are down seventies six points. As earning seasons continues. In the SMP five hundred, four hundred forty one of the four hundred ninety eight companies reporting so far, about sevent have delivered positive earnings surprises. I'm John Tucker for Nathan Hagar. Just ahead Bloomberg Surveillance with Tom Keene, Lisa Ramolitz and Jonathan Farrell. You've been listening to Bloomberg date Y