Bloomberg Daybreak: July 22, 2022 - Hour 1 (Radio)

I'll report this morning, Okay, Sapolio reported to New York and Congressman Lee Zelden attacked as a campaigns for governor. I'm John Tucker. Those stories straight ahead. I'm John Stashow Sports. The Yankees continued to struggle against the Astros, who had

a doubleheader sweep in. Used to that's all strained ahead on Bloomberg day Break 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, then Bloomberg Radio dot Com and via the Bloomberg Business app. Good morning, I'm Nathan Hagar, and I'm Karen Moscow and Ustock Index futures are moving lower

this morning. We are coming up to five oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, US and P futures are down about twelve points down, Future is down thirteen, nasdack futures down sixty nine, and the ten year treasury up eighteen thirty seconds yield two point eight zero percent. They yield on the two year three point oh five percent, and nine X screwed oil is

up four ten s percent. Nathan Karen, we begin with last night's primetime hearing of the House January sixth Committee. The panel laid out evidence that former President Donald Trump ignored please from AIDS, members of Congress, and even his own family to call off the violence at the Capitol. Former Deputy White House Press Secretary Sarah Matthews testified that

the President could have intervened at any time. There's a camera that is on in there at all times, and so if the President had wanted to make a statement um and address the American people, he could have been on camera almost instantly. Former White House age Sarah Matthews Committee member Adam Kinzinger says the former president didn't just fail to act on January six, he chose not to act.

It was only once the Vice president and the members of Congress were in secure locations and the officers defending the capital began to turn the tide that then President Trump engaged in the political theater of telling the mob to go home. Republican Congressman Adam Kinsinger. This was the committee's eighth public hearing, but it won't be the last. Vice Chair Liz Cheney says more evidence is coming in

and more live hearings will be held in September. And Nathan, we stay in Washington now in another major story centered on the White House, we're learning more about the condition of President Biden afterward that he's tested positive for COVID. So far, the White House says the President is fine, and we get more from Bloomberg's aid Baxter. President Biden says, symptoms are mild, doing well. We had a lot of work.

I'm going to continue to get it done. And White House spokes and when Karen and Jean Pierre, he told us this morning, had a running nose, he had a dry cough, um, he was a little bit fatigued. Uh, he did say he had restless sleep. He is unpacked ALVID now, the White House COVID A response team leader dr Ashis Jaw took the occasion to remind people that Mr Biden had been double vaxed and double boosted, which is why his symptoms appear to be mild. In San Francisco,

I'm at Baxter Bloomberg Daybreak. Alright, thank you, and we're seeing the White House shift the narrative on COVID from a health scare to something most vaccinated Americans can recover from. Chris Meekins is a healthcare policy analyst and managing director at Raymond James. Someone who is approaching eight, as the President is, would normally be at a much higher risk cutting up in Boo stood twice and now taking the

treatment that the government successfully made investments. Chris Meekins that Raymond James spoke with our Washington correspondent Joe Matthew on Bloomberg Sound On. You can catch the program weekdays that five pm Eastern on Bloomberg Radio. Well Nathan Chinese Media reports at President Shei Jan Peng has sent a message

to President Biden wishing him a quick recovery from COVID. Meantime, the President joins a rising national wave of infections dominated by a fast spreading new variant, and we get the latest line from Bloomberg's rand A Young, Good morning, Ranida, Good morning Karen. This new variant, known as B A point five, easily evades immune defenses, and COVID infections have been on the rise in the US. More than one

seventy thousand new cases were reported on July nine. That's more than six times higher than the level reported in April. Los Angeles is seeing so many positive cases that it's likely to bring back indoor mask mandates next week. In San Francisco, virus levels in waste water have climbed higher than this past winter, but although the hospitalization rate has also been inching up since April, it's still well below previous peaks. Live in New York, I'm rened a Young

Bloomberg daybreak. All right, Nita, thank you. Let's turn to the markets now. Futures are moving lower this morning, led by the NASDAC. This follows a disappointing earnings from Snap That stock is down nearly twenty nine percent in early trading. We get more from Bloomberg stud Prisoner blame a major slowdown in ad spending. The maker of the Snapchat app reported second quarter revenue of one point one one billion dollars. That is the weakest top line number for Snap as

a public company, and it missed estimates by forty million dollars. Now. In terms of the bottom line, Snap posted a net loss of four D twenty two million. That was eighty nine million more than estimates. Now given an uncertain outlook, snapped in an issue guidance for the current quarter except to say so far, revenue is about flat compared to last year. In New York Time, Duck Prisoner Bloomberg day break, All right, thank you about the Snap disappointment is taking

its toll on other social media stocks. In fact, about forty seven billion dollars has been wiped out this morning. Facebook parent Meta Platforms is down four point six percent. Google owner Alphabet is falling by two and a half percent, and the earnings continued to roll in today. Karen down members, American Express and Verizon report this morning. Bloomberg's Jeff Bellinger

reports Twitter opens its books before the markets open. Twitter executives have not scheduled the customary post earnings conference call with analysts and reporters that will add importance to the company's news release. The social media platform will no doubt have something to say about its legal effort to force Eelon Mosk to honor his forty four billion dollar agreement to buy Twitter. It will also want to drive home the point that the company remains engaged with its users

and committed to growth. Jeff Bellinger, Bloomberg Daybreak, A right, Jeff, thank you well. Over the past week, we've seen firms from big tech to big banks pull back on hiring plans, but it looks like Bank of America is bucking that trend. CEO Brian moynihan tells us he is keeping original hiring plans in place. We don't have any plans to make any major adjustments because, frankly, we have those plans to adjust our head count at all times. It's a constant

planning process in our companies. How do we use the human capital that that great team we have even more effectively and efficiently. Bank of America CEO Brian moynahan also tells Our David Weston that he does not think inflation has peaked yet and as straight ahead. We have your latest local headlines, plus the check of sports, and this is Bloomberg. Thanks Karen. Five oh seven on Wall Street. Eighty degrees in Central Park with the heat advisory and

effect through the weekend. Big problems headed to JFK this morning. The eastbound Belt parkways closed in two locations. Say more in traffic. First John Tucker with more on what's going on in New York and around the world Morning, John and Nathan. New York health officials have reported a polio case for the first time in the US in nearly a decade. The story this morning from Bloomberg's Charlie Bellett. Officials haven't offered details on who the Rockland County resident is,

whether the person was vaccinated, or their current condition. State officials say it appears the person had a vack scene derived strain of the virus, perhaps from someone who got live vaccine available in other countries but not the US and spread it. Polio was once one of the nation's most feared diseases, with annual outbreaks causing thousands of cases of paralysis, many of them in children. In New York.

Charlie Pellett Bloomberg Debreak, the Republican hoping to unseat New York's governor this fall, was rushed and grabbed while on stage last night by an armed man. Congressman Lee Zelden was in the middle of a campaign speech in Fairport. State assembly Member Marjorie Burns was there. She says the man grabbed Zelden and they both went down. He was armed with metal knuckles, and the metal knuckles had attached to it knives that were shaped like cat's ears. Zeldon

wasn't seriously hurt and later continued his onstage speech. A third party auditor will reveal the New York State government's response to COVID nineteen, including efforts the administration of former Governor Andrew Cuombo to downplay the number of deaths of nursing home residents. Critics have said the current governor, Kathy Hoko, waited too long to launch the probe. Two teams fooling around of the water pretending to be sharks got a

painful dose of the real thing. On Long Island, sixteen year old Max Haanes was bitten on the foot Wednesday evening on Fire Island. I just started paddling in. I was like, James, you better follow me. He's one of reported six people bitten by sharks in the area over the past three weeks. He's expanded to be okay now that you on Secretary Channel do to oversee the signing a deal that would allow Ukraine to resume its grain shipments to the Black Sea in Russia to export grain

and fertilizers. The agreement expanted to be signed today would have to standoff that has threatened world food security. Global News twenty four hours a day on air and Bloomberg Quick Day, powered by more than twenty seven journalists and analysts and more than one twenty countries. I'm John Tucker, theseis Berg Nason. Thank you John. Coming up to five ten on Wall Street time for the Bloomberg Sports Update.

Good morning, John Sash. The only way of the Yankees will see the Houston Astros again this season is if they both make it to the American League Championship Series. The two teams far and away the two best in the a L, and while the Yanks still have the better record, it's now by only two and a half games. In The Astros dominated the regular season series. They went five and two that included a no hitter in the

Bronx and the two Yankee wins. They're only leads where when they walked the games off double Letter and Houston. The opener was the close one Yanks trail to one. With two outs of the ninth inning, they sent up I k f As a pinch hitter. The O one from Nerris grounded to the left side back casings Field picks coming home. He will store Piner whoever comes through to tie this game at two in the Cup with the Astros score but two outs to the bottom the

ninth to win three two. Then they took the nightcap seven five, only that close because of an oar and Judge three run homer. The ninth is thirty four. The Yankees team batting average in the seven games versus the Astros one fifty one met sos. The Padres to night Max Schers are opposing you Darvish and fort st Lucy Jacob You grown through five innings sixty pitches a simulated game, but still no word on when he'll make his Mets

season debut. This report that Scott Boris, the agent to Wan Soto, has told teams that the team Soto wants to be traded to the Mets whether Washington agrees would be willing to trade him to a division foe could be another Matters training camp gets set to begin. The Arizona Cardinals have a deal with start quarterback Kyler Murray

five years, two hundred and thirty million dollars. John Stashward, Bloomberg Sports, Nathan Thanks, John SMP futures down nine point staff futures up three NASTAC futures are down sixty four points ten. Your treasury is up eighteen thirty seconds. Deal two point eight zero percent yield on the two year right now three point zero four per cent. You're listening to Bloomberg Day Break Bloomberg eleven three O Weather, the

Heat Advisory and Effect till eight p m. Sunday. Low nineties today, mid nineties tomorrow, could hit a hundred by Sunday. We finally get a break on Tuesday. Right now eighty degrees. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at

Bloomberg Quicktape. He's a Bloomberg Business Flash, and I'm Karen Moscow and European as stocks swinging to gains from losses, joining a global equity rebound as investors look to second quarter earning season to gauge how companies are weathering the impact of surging prices. Fonds in the dollar rising, SNP futures are lower. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, S and P futures are down seven points. Now futures are a

little changed, and nasday future is down fifties six. The decks in Germany's up half percent. The ten year treasury of nineteen thirty seconds held two point eight zero percent. They yield on the two year three point zero four percent. Nine X Screwed oil is little changed at ninety six dollars thirty nine cents of barrel. Comic school that a quarter percent or four dollars fifty cents is seventeen thirty

five eighty announce. The euro one point zero one five seven against the dollar British bound one point one nine five nine, and the yen is at one thirty seven point four to and Bitcoin this morning is higher, up one point four percent at twenty three pound four hundred forty eight dollars. And today we get earnings from companies including American Express and Twitter. That's a Bloomberg business flash. Now here's John Tucker with more unless going on around

the world. John, good Morning and Care of the House. January six Committee laid down the nearly minute by minute case last night that former President Trump allowed the violence of the capital to unfold despite place from his closest inner circle to call it off and con see the election. Here's Committee Vice Cheer Liz Cheney. Donald Trump made a purposeful choice to violate his oath of office, to ignore the ongoing violence against law enforcement, to threaten our constitutional order.

There is no way to excuse that behavior. It was indefensible. Vice Cheer Cheney says there will be more public hearings in September, with more evidence and witnesses still coming forward. Sports Baseball back following the All Star Game, the Yankees get swept by the Astros and a double header. They split a twin bill with the Tigers. The Giants fall to the Dodgers. Six Global News twenty four hours a day on airund on Bloomberg Quicktake Power by more than

twenty seven hundred journalists and analysts. It more than one and twenty countries. I'm John Tucker, This is Bloomberg. Nathan, all right, John, thank you. It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and let's get more now. When we heard last night from the January six Committee as second prime time hearing, eighth overall, Joe Matthews with us this morning,

our Washington correspondent, host of Sound On here on Bloomberg Radio. Joe, I think maybe one of the key takeaway lines, perhaps from one of the committee members, was that former President Trump not only failed to act, he chose not to act. Yeah.

That was Adam Kinsinger, one of the two Republicans along with Liz Cheney, who we just heard on the panel, and and he helped to walk us through what what he described as the TikTok and that one eighty seven minutes in which then President Donald Trump basically watched television. As we understand, there was there was a gap in in in exactly the recording of exactly what happened in that three plus hours, and the President for the most part was in the dining room just off the Oval

Office watching television. The White House photographer was not allowed in the room. And he made a series of telephone calls to individuals, including Rudy Giuliani, but none to law enforcement to help quell the riot that was happening on the other end of Pennsylvania Avenue. Yeah. Interesting that you point out that the president didn't want potentially photographers in the room with him, and of course there was a lot of evidence that callogg's were pretty much empty. Uh

during that time. Almost sounds as though the January six Committee is alluding to the possibility of a cover up of what the President was doing that day. Well, whether you want to use that word or not, that you're you're going in the right direction here, Nathan. And we know, of course that there are great concerns about what happened to the communications among the Secret Service who we're working

that day. There's one text message left from that entire experience. Uh. They're blaming this on a reboot of the phone system, but of course there could be a lot more involved in this. Is as Benny Thompson said last night, the chair of this committee, the damn is breaking. They're hearing from so many new witnesses and seeing so much evidence at this point now with regard to what you're describing that.

I suspect we'll see more hearings as we get into September. Yeah, as Liz Cheney said that we would see more hearings in September. What further evidence could we get as this summer rolls on? Here? Of course, we've got the contempt of Congress hearing continuing with former why Trump advisor Steve Bannon as well. That's true, and and there's UH the

matter of witness tampering. I actually thought we might hear more about this last night, recalling the previous UH hearing in which Liz Cheney made clear that Donald Trump attempted to contact tried to call one of the witnesses that the committee was in touch with. They forwarded that to the Department of Justice UH with with real concerns that this could in fact be a greater case involving witness tampering along with sedition and some of the other charges

that we've heard about. But this is gonna be up to Merrick Garland now. The Department of Justice, of course, is conducting its own investigation, and we don't know, Nathan, when we'll get a final report from the committee. This idea of having further hearings with more evidence does kind

of throw the timeline up in the air here. If Republicans win the majority in the House, as many expect in November, they could they could simply liquidate if if you will, dissolve this this amittee and then turn around and investigate the investigators. And I raises the question, of course, of whether this final report, if it does come out, comes closer to the November election and a mid term.

Is there some thinking in the committee, Joe, that there's a possibility that they want this January six conversation to be part of the conversation that voters have with themselves

as they had to the polls. I'm sure the committee members would yes, But there's also been concerned among Democrats that this could be just reek of politics if it gets too close to November, and they wanted this to be wrapped up a little bit earlier so they could then take that final report and talk about it as opposed to this being an open case when the polls are open. Uh if if you can think about it that way. But look, we're going to get an interim report.

We have heard that much. That will likely come soon. But then the can is still open here. We don't know exactly where the committee is gonna be going or the d O J as we head into November. Joe Matthew are Washington correspondent with us this morning after the

time time January six, hearing. We're gonna check back in with Joe later here on Bloomberg Daybreak for more on the committee's proceedings as well, of course, as a President Biden uh now facing COVID, isolating in the White House, continuing to work, but the White House sort of using his case, perhaps as a symbol of how to tackle the pandemic, with vaccinations and prophylactics now part of the mix. Joe, thanks as always. SMP futures right now down eight points down,

futures up eight points. Nasdaq futures are lower by sixty two points right now, the tenure Treasury surging this morning, up twenty thirty seconds, the yield now two point eight zero percent, and the yield on the two year right now three point zero three percent. Nim X screw little changed right now up six cents nineties six dollars forty one cents of Veraril bitcoin just shy of twenty three thousand,

five hundred. Stay with us. You are listening to Bloomberg Dave Bloomberg eleven three oh weather heat Advisory till eight Sunday night. We're gonna be in the low nineties today, mid nineties tomorrow, could hit a hundred by Sunday. Right

now eighty degrees in Central Park. Broadcasting live from the Bloomberg Interacted Broker Studio in New York, Bloomberg Living Free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine six to the country, Sirius XM Chado one nineteen and around the globe to Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's five thirty on Wall Street. Good morning. I'm Karen Moscow, I'm Nathan Hagar. We're just about four

hours away from the open of US trading. Let's sketch up to date on the news you need to know at this hour. The January six Committee laid out a nearly minute by minute case last night that former President Donald Trump ignored the pleas of his inner circle and allowed the violence to unfold at the Capitol last year. Here's Committee Democrat Elaine Laurian. President Trump did not then and does not now have the character or courage to say to the American people what his own people know

to be true. He is responsible for the attack on the Capitol on January six. Demcrad Elane Lauria is speaking at last night's hearing, which won't be the last. Committee Vice chair List Cheney says there will be more in September as evidence and witnesses continue to roll in. Well, another major story we're following this morning, Nathan out of Washington,

involves President Biden testing positive for COVID. So far, the President says symptoms are mild, even double vaccinated, double boosted, symptoms are mild and uh and I really appreciate your creative concern. And President Biden is a bit fatigued and has other mild symptoms, according to White House Press Secretary Karine Jean Pierre, Chinese President Jinping has sent the message to President Biden carring wishing him a quick recovery. That's

according to Chinese media. The president joins a rising national COVID wave dominated by a new variant. Bloomberg's Grenita Young joins US Live with markod Morning, Granita, Good morning, Nathan. This variant, known as be a point five easily evades immune defenses. In the US, more than one hundred seventy thousand new cases were reported on July nine. That's more than six times higher than the level reported back in April. Meantime,

Los Angeles considers bringing back indoor mask mandates. In San Francisco, virus levels in wastewater have climbed higher than this past winter, but although the hospitalization rate has also been inching up since April, it's still well below previous peaks. Live in New York, I'm Renia Young Bloomberg, daybreak, All right, ready to thank you all. Turning to the markets now nowday

futures are lower following disappointing earnings from a Snap. That stock is down almost twenty nine per cent this morning. Others social media stocks you're taking a hit as well. Facebook parent Meta Platforms is down four and a half percent, and Google owner Alphabet is down two point seven and the earnings continue to roll in today, Karen down members.

American Express and Verizon are scheduled to report this morning, and Twitter opens its books before the market open, and futures again lower s and p futures down twelve points, down features down nineteen, nastag futures down sixty seven, and the ten year treasury up eighteen thirty seconds yield two point eight zero percent. Sure to head your latest local headliness, A check of sports and this is Bloomberg Thanks on Wall Street. Eighty degrees in Central Park two closures on

the eastbound belt Parkway. John Tucker has more on what's going on in New York and around the world. John and Congress. When Lee z elder, the Republican candidate for governor of New York, was attacked at a campaign of outside Rochester by a man with a pointed weapon who dragged them to the ground before being subdued. Zelden was naughty injured, he continued with his campaign speech and also thank those who ran to his aid, simply grabbing his

risk until all these great could do anything stuffed. The event in Monroe County was the first stomp of a planned weekend bust tour across upstate New York to informally kicked off his general election campaign. KASA New York Airports, prompting Senators to call for an investigation into the business

practices of airlines. That story this morning from Bloomberg's Lisa Mateo, New York's Kirsten Jilla Brand, along with two other senators, sent a letter to the Transportation Department and the Federal Trade Commission urging the agencies to investigate whether airlines are knowingly engaging in unfair or deceptive business practices by offering

flights that they know are logistically impossible to execute. US air carriers have struggled to manage to and with three point two percent of flights canceled and delayed during the first five months of the year. Gillibrand says more flights were canceled in June this year than in any other previous June. Lisa Mateo Bloomberg Radio. An unvaccinated young adult from New York recently contracted polio. It's the first US case in nearly a decade. Officials say the patient that

lives in Rockland County, had developed paralysis. The person is no longer deemed to be contagious, and the US's second largest pork complex struggling to process cargo even with expanded gate hours. The Port of New York and New Jersey has seen terminals expand operations into the evening on weekends. Despite the push, less than four percent of cargo is

being moved on Saturdays each week. Global News twenty four hours a day on Aerona, Bloomberg Quicktake power by more than journalists and analysts in more than one twenty countries. I'm John Tucker. This he is Bloomberg, Nathan. Thank you, John all Street. Time for the Bloomberg Sports UF Day with John Stenshow next day, the Houston Astros kids tinue to be a Yankee nemesis. Three postseason series wins, and even as the Yanks are enjoying this terrific regular season,

they really struggled against the Astros. In seven games, They've hadded just one fifty one and the Yankees never led at any point of the seven games, except for a couple of games they won when their first leads came with the walk offs. They never led the double header and used in the Astros one three to two with a run on the bottom the ninth, just after the Yankster tied the game with two outs at the top, and then Houston teed off on Domingo her Mom, who

made his season debut back from a shoulder injury. He gave up five runs. The Astros won seven five yourd and Albarez and Alex Pregman, both Homeward combined for five rbuys Aaron Judge and at three run Homer the ninth, but the game ended with Matt Carpenter heading into a double play. You're Yaron Boone sucks anytime you lose, When you lose a couple in a day, I think we did that earlier in the year with the white sauce. Maybe,

so tough day for us. Um Kill gave herself a chance there in the end with time run at the plate, um big boys coming, so um you know we got to get over it. Only two and a half games out of the Astros for best record. Yanks plate tonight in Baltimore, and while the Orioles are still in last place, they've won eleven or last thirteen to get to five

d Matzos the Padres. Max Jerzy will start Jacob Degram and what may have been his last time on the mat before actually pitching for the Mets through sixty pitches in a simulated game. New contracts for Arizona Cardinals quarterback Kyler Murray will make forty six million a year and for Kirby Smart just coach Georgia the national championship. He's now signed through one John Stashward Bloomberg Sports. John thank you seven on Wall Street time for the Tri State

Business Report. Here's Bloomberg's when did you Land? The overall rental market in the US may be slowing, but don't tell that to anyone trying to get a place. In Jersey City, New Jersey, it ranked second on the list of markets with the biggest annual rent increases. According to rent dot com, a one bedroom apartment averages over forty four hundred dollars, an increase of more than fifty compared to last year. Number one on the list is Austin, Texas, where the rent has gone up more than one to

over thirty two hundred dollars a month. Rising inflation is causing demand to increase at food pantries. News twelve New Jersey reports pantries are becoming a main source of food for some families, rather than just supplemental aid. Some are coming multiple times in a month to get supplies. Pantries are asking for donations to keep up with the increased demand, and time is running out. In Connecticut for families to apply for the state's child tax rebate. The deadline is

in a week and a half. Families get up to seven hundred and fifty dollars. That's the Bloomberg Tri State Business Report. I'm ready to let all right, Wendy, thank you five On Wall Street, Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Potus k X

in Wall So Angeles. We're talking about how higher costs are weighing on toymaker Mattel Were need Donaho On kt r H in Houston. GAP is expanding its easy partnership with Kanye West to bring in new customers. I'm Gina Servetti and for k CBS in San Francisco, I'm reporting that some global utilities are starting to offer rewards for consumers who conserve energy. Matteo and on WBZ in Boston, I'll be reporting on why it could be b y O C bring your own cup on your next light.

Who we need to let on w T A M in Cleveland on reporting on the increased demand at food country. Those are some of the stories our twenty hundred Bloomberg journalists and analyst you're working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Global food prices were already lofty before grain producing Russia invaded wheat exporting Ukraine to make

matters worse. Fertilized of prices have more than tripled in recent years, due in no small part to Russia's dominance of the market. Farmers from Brazil to Burundi are paying a steep price. Many have been forced to cut back on nutrients. Others are leaving fields fallow. The world's top priority should be to ease the supply crunch and avoid significant damage to the next harvest. That means pushing for states such as China to remove barriers on fertilizer exports.

Existing support programs such as the Africa Fertilizer Financing Mechanism should also be expanded. Ukraine has demonstrated that the global food supply is more precarious than many had thought. It's a warning sign that the world can't ignore. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope

I N go on the Bloomberg terminal. This has been Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at opie I N SMP futures down twelve point, staff futures down twenty eight NASTAC futures are lower by sixty nine points. The tenure treasury is up twenty thirty seconds. The yield two point eight zero per cent. This is Bloomberg. Bloomberg eleven three oh Whether the heat advisory remains in effect

till eight o'clock Sunday night. Low nineties today, mid nineties, Tomorrow could see a hundred by Sunday. Right now eighty 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 and European is stock swinging to gains from losses, joining a global equity rebound as investors look to second quarter earning season to gauge

how companies are weathering. The impact is searching prices, bonds and the dollar rising. NASTAG futures are lower this morning, weighed down by snaps poor results. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now isn't P futures are down twelve points down, features down twenty and NASTAG futures are down sixty seven. The docks in Germany is up about two tens of a percent. Ten year Treasury up nineteen thirty seconds, held two point

eight zero percent. The yield on the two year three point oh three percent. Non max screwed oil is down eight ten percent or seventy eight cents at ninety five dollars fifty nine cents of barrel comes gold up half percent or nine dollars ten cents at seventeen forty forty announce The euro one point one five against the dollar, British bound one point one nine five three and again one thirty seven point three four and Bitcoin this morning of one and a half percent at twenty three thousand,

four hundred seventy dollars well shares of Snap We're down more than twenty eight percent this morning after the company reported disappointing sales hrt by a major slowdown in as spending and rising competition for dwindling market dollars or marketing dollars rather shares. The Meta platforms and alphabet are also falling. Meta down four point four alphabets down two point nine percent.

Today we get earning from Twitter as well as an American express and private sector activity in the euro Area unexpectedly shrank for the first time since the pandemic lockdowns of early one survey of purchasing manager's bas and p Global dropped to a seventeen month low in July. That's a Bloomberg business flash. Now here's John Tucker with more on what's going on around the world. John and Karen.

The House January six Committee letting out nearly minute by minute case last night, but former President Trump allowed the violence of the capital unfold despite please from his closest inner circle to call it off and conceive the election. Here's Committee vins cheerless Cheney Donald Trump made a purposeful choice to violate his oath of office, to ignore the ongoing violence against law enforcement, to threaten our constitutional order.

There is no way to excuse that behavior. It was indefensible. Vice Cher Liz Cheney says there will be more public hearings in September, with more evidence and witnesses still coming forward. White House officials expressing confidence that President Biden, who is seventy nine years old, will avoid the worst of the disease COVID nineteen after testing positive thanks to vaccines and a therapeutic drug largely unavailable before he took office. And

Ian Bloomberg. Sports baseball is back following the All Star Game. The Yankees get swift for the Astros and a double headerd a split twin bill with the Tigers. The Giants folded the Dodgers nine to six. Global News twenty four hours a day on aeron Bloomberg Quicktake, This is Bloomberg. May okay, John, thank you. It's five fifty on Wall Street Live in the Bloomberg Interactive Broker Studios. This is

Bloomberg Day Break. Let's turn back to January six, after last night's primetime hearing, Alex Holder filmed the last TV interview that former President Donald Trump gave in the Maine House. His documentary in the build up to the storming of the Capital, gave exclusive access to the President's inner circle, so much so that the January six when he has subpoenaed a hundred hours of holders raw footage, Alex Holder tells Bloomberg's Leanne Garrenson Tom Mackenzie about his experience of

the President in the dying days of his administration. Trump actually believed came to believe the lie that he had started back in twenty which is that, yeah, if there was a chance he wouldn't win, delegitimizing the vote was a technique that he was playing, and I think back in twenty sixteen he knew it was, you know, a lie.

He would probably argue that it was more a joke, but the idea of of making people think that the election and the results didn't didn't matter, didn't count, was something that he'd been playing with for few years earlier. When it came to sort of reality that he clearly lost the twenty election, he then started to really push

this this point. And when I interviewed him a month after the election and so it was the last interview that Trump ever gave in the White House was on the fourth or fifth of December in the White House. And he's still a president of the United States. And this is after his attorney general, after everybody really around him except some of the loony's were we're saying that

there's absolutely no evidence to support his positions. And then they had lost all of their court cases, including cases by Republican judges that he had in fact appointed, had all dismissed all of these lawsuits about the election, and it was quite clear that that President Biden by the

time President Led Biden had won. And so he and he still maintained this position where he was not only just saying how Biden didn't get eighty million votes, he was coming up with remedies essentially to his situation, I what needs to happen to ensure he in fact wins.

And he starts going on about Georgia and how the election officials there were cowards and stupid, these Republican officials to not open up the the balance to check signatures and and and it's coming up with all sorts of conspiratory ideas and then start denigrating the judicial system, and I think, yeah, Trump has this ability to passionate, and he does, and he there was no doubt in my mind that he absolutely believes in what he was saying, which is the obviously no way of defense, and and

and and the fact is actually terrifying that there's no way of being able to rationalize with him. And Bill bar staid in his testimony that Trump was a man that was detached from reality. This is the president of the United States with all the power and the apparatus that surrounds the president of the United States, which I saw. I mean, the guy with the nuclear football was standing outside the room when I was interviewing the President of the United States, telling me what needs to happen is

we need to find quote brave judges. I mean, this is America. This is not you know, a country where it's not governed by like the rule of law and democracy, right. I mean George Washington's painting is looking down at Trump whilst I'm interviewing him, and he's coming out with these anti democratic ideas. It's absolutely remarkable at horrifying. But he when you tell centify many people that and it's coming from the incumbent President and the guy they voted for

that their votes in't count. What what does anyone expect it's going to happen next? I mean it's going to be absolute fiasco and and incredibly dangerous. And that was documentary filmmaker Alex Holder speaking with Bloomberg's Leanne Gern's and Tom Mackenzie Karen Nathan. It is five fifty three on Wall Street. Time to the Bloomberg Law Report. Let's get to the legal stories were watching this morning with Bloomberg's

Jeff Bellinger. Two standard setting organizations released draft criteria defining reduced levels of hazardous chemicals that would be allowed in electronics. The organizations are ready to receive comments. The House Education and Labor Committee will consider legislation to compel the Federal Workers Safety Agency to complete a heat stress regulation to

help protect workers. A Swedish music label is suing meta platforms, charging the hundreds of copyrighted tracks appear on Facebook and Instagram. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Right, Jeff, thank you, And

now another legal story we're watching this morning. The Supreme Court's shadow dockets seems to be gaining ground on the regular docket, with the Court issuing more emergency orders than opinions in cases that were fully briefed and argued for more. June Grauso spoke with University of Texas law professor Stephen Fletic.

Part of it is that the Court is doing more and more significant stuff on the shadow Dockted, I think more of it is that, you know, folks are paying attention to it, to a later to be never before, And you know, the Court, for all the headlines and dramas around him the most recent terms, actually deciding a fewer cases on the merits docket at any point since

the Civil War. So you know, when you have a flurry of significant rulings coming down through these unsigned, often unexplained orders, you know, I think it's no surprise that folks are paying a lot more attention to that part of the Supreme Court's work. Since August of one, the justices have issued sixty six emergency orders compared to sixty merits opinions. So does something seem off there or are these really emergencies? Twenty nine were related to COVID Rules

fifteen to executions. Well, and I think I think it's worth stressing that the denominator there is not necessarily telling us how often the courts intervened. I mean, so far this term, by my kind of I think the Court has granted sixteen emergency applications. That's on rough paste for where we've been the last couple of years, which is twenty to twenty four per term. But even that's up

dramatically over you know, prior years June. I think part of what's going on is, you know, there have been obviously a whole bunch of external causes for um increased emergency delegation. You know, part of it is that because the Court is actually granted more of these applications, because more and more of these efforts are succeeding. You know, lawyers are acting as lawyers act. Lawyers are going to try to remember the application in context in which they

previously would not have. And so I think we're just generally seeing an increasingly active shadow docket, be getting an increasingly active shadow docket where the more the justices seem willing to you know, intervene early in cases to disrupt the status quo um through these unsigned and usually unexplained orders, the more the parties have can ask them to. I think that's why we're seeing, you know, the shadow doctor really start to compete with the merits docket in overall volumes.

And that's even Athletic, a law professor at the University at Texas, speaking at Bloomberg's You and Grow So catch Where are that? Interview plus analysis of the latest legal news. By subscribing to the Bloomberg Law Podcast or downloading this show at Bloomberg dot com Slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b law Go.

Futures this morning moving lower, M S and P future is down ten points down, futures down four and now is DAG Futures down to sixty four weighed down by snap this morning. Ten year treasury of seventeen thirty seconds yelled two point eight one percent. They yield on the two year three point oh three percent, and I make screwed. Oil is down half percent or forty nine cents at ninety six cents of barrel still ahead on Bloomberg Day Break and check on the business headlines and all the

news you need to start your day. And this is Bloomberg.