Bloomberg Daybreak: June 29, 2022 - Hour 2 (Radio)

former socialite Glenne Maxwell was sentenced involving sexual abuse. Plus the former and current mayors of New York disagree on an assault claim. I'm Michael barn More ahead, I'm John stash Shard Sports another win for the Yankees, lopslided loss for the Mets of the Knicks may have found their pointyard.

That's all trained ahead on Bloomberg Daybreak on Bloomberg he liveing three on New York, Bloomberg on Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm Karen Moscow. US

stock index futures are extending their losses this morning. We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on bloomberg S and P futures down eight points now futures down thirty NASDAG futures down thirty eight and the ten year treasury down one thirty second. You have three point one seven percent yield on the two year three point one zero percent, and i X scrude oil

is up three tenths percent. Nathan, Karen. We'll have more on the markets in a minute, but first we want to catch up on some key primary election results from across the country. Let's begin here in New York, where we joined live by Bloomberg's Michael Bark. Good morning, Michael, Good morning, Nathan. And the Democratic gubernatorial primary was no contest, as Governor Kathy hokel one, going away with almost sixty

eight percent of the vote. Hocal, during her victory speech talked about the reason Supreme Court rulings are we gonna surrender? Are we gonna fight back? I know what I'm gonna do. I'm fighting back I'm fighting back against that. Governor. Huckle defeated Jamanni Williams, who got nineteen percent, and Tom Swasse with percent. Les Eldon won the GOP primary for governor with forty four percent of the vote. Are we ready

to fire Kathy Hucle please? Eldon beat Andrew Giuliani, the son of former New York Mayor Rudy Giuliani, who got three percent. Rob Asterreina got eighteen percent, and Harry Wilson received fift in New York. Michael Barr Bloomberg Day Break, Karen Nathan, all right, Michael, thank you. As some other key primary results of note, Republicans in Colorado rejected two candidates aligned with former President Trump. Tina Peters lost to Pam Anderson for a Secretary of State. Anderson had percent

of the vote. Ron Hanks lost a Senate nomination to John O'Day, who has often acknowledged that President Biden won the election. Oh Day had fifty four percent of votes. The meantime, Karen Too hardline conservatives came out winners last night. Lauren Bobert got sixty five percent of the vote in Colorado's third congressional district. She campaigned on the right to bear arms and disagrees with separation of church and state. In Illinois, Republican Mary Miller won her House seat primary

with fifty seven percent of the vote. Miller called the Supreme Court's decision on abortion quote a historic victory for white life. Her spokeswoman says she misspoke well, Nathan. We turned out to the nation's capital, where a former White House said is given the most dramatic testimony yet to the January six House Committee. Cassidy Hutchinson as a former assistant to then White House Chief of Staff Mark Meadows. She says the former president new armed people were at

his rally. He also demanded Secret Service removed metal detectors or mag's to let them in. Something to the effective. Take the acting mags away. They're not here to hurt me. Let them in. Let my people in. They can march the capital after the rallies are over. They can march from They can march from the Olys and Cassidy Hutchinson says former President Trump wanted to go to the capital with the demonstrators ahead of his Secret Service detail. Robert

Engel told him it wasn't safe. That's when Hutchinson says the President lashed out from inside is Limo. The President reached up towards the front of the vehicle to grab at the steering wheel. Mr Engel grabbed his arm said sir, you need to take your hand off the steering wheel. Now. Doubt is being cast on that account from Cassidy Hutchinson and a truth social post. Former President Trump said it did not happen, and several former aids said it's unlikely

he could have reached the steering wheel from the backseat. Oh, we have a major political development oversees this morning. Karen, Finland and Sweden have taken a major step on their way to NATO membership. Let's get more from Bloomberg's Maria today o who's covering the NATO meeting in Madrid. But it's a huge deal or the one of course, as you know, yesterday said he would agree to this new

membership for Sweden and Finland. So we are going to get their e two members from the thirty member Alliance by the end of the summit. And by the way, this should be very easy because a lot of the systems that they used already our native compatible. Bloomberg's Maria, it's a dale reporting from Madrid, says the membership process will still take many months, including ratification from NATO Allies parliaments. We turned out to the markets, Nathan, We're futures here

in the US are lower. This follows yesterday sell off, which saw all three major indexes tumble on renewed worries about economic growth. The hardest hit was the NASDACK following three percent, the S and P five hundred drop two percent. Victoria Green, as chief investment officer at G squared Private Wealth, I think we've got a little more to go, Like we're working for some confirmation. We're looking for something that

makes us feel better about the world. Um and I think right now we talk about it, it's very kind of simplictic. But don't fight the feed, and the feed is Hawkers and G squared Private Wealth. Victoria Green notes the latest economic reading spark yesterday sell off, a gauge of US consumer confidence fell to its lowest level in

more than a year. Well today, Karen all Eyes are on Central Banks FED Chair J Powell, ECB President Christine Lagarde and Bank of England Governor Andrew Bailey appeared together at the ECB's annual meeting in the Portuguese resort of CenTra. Bloomberg experiencing lackwise there and filed this report. Today day to the focus shifts to the broader economy. Participants, including FED governors, will discuss the global supply chain, pressures, international trade,

and inflation. No matter where you're sitting in the world, inflation is your number one concern, and Marcus want to know what's the economic price that central bankers are willing to pay to make sure inflation is under control in CenTra. I'm Francie Lakwa, Bloomberg Day Break, All right, friend, thanks, you want to stay tuned for today's big conversation with

the biggest names in central banking. Bloomberg's Fiancing Lakwa speaks with j Pal, Christine Lagard, Andrew Bailey, and Augustine Carston's live right here on Bloomberg Radio and on Bloomberg Television at nine am Wall Street Time and Incorporate News. Nathan Tesla has laid off about two workers on his Autopilot team and a facility in California. Bloomberg News has learned the majority of those let go we're hourly workers, and Disney has extended CEO Bob Chpex contract for three years.

He's battled controversy and a crippling pandemic at the same time. Shape as spearheaded Disney's transformation into a streaming powerhouse. Futures this morning or lower SMP futures down five points down, futures down three little changed Nowsday futures down twenties seven and a tenure treasury that'll change the yield three point one six percent. Straight to head your latest local headlines

plus a check of sports, and this is Bloomberg. Thank you, Karen, six oh seven on Wall Street, sixty six degrees in Central Park. Little change to the situation on the Gothels Bridge ramp to the New Jersey Turnpike. It is still closed. Peter Van's got details on that in a minute, but Michael bars here first with what else is going on in New York and around the world. Michael, thank you

very much, Nathan. While Governor Hukel and leez Elden will square off in the full other primary contests were settled in New York Democrat Anthony Dogato one for Lieutenant governor, with Delgado replaced former Lieutenant Governor Brian Benjamin, who was arrested on federal corruption charges. Meanwhile, Andrew Giuliani came up short in his run for the GOP nomination for governor. We need to make sure we lick our wounds tonight

and tomorrow. Let's get up and let's support the Republican nominee, Congressman LESE. Elden, and let's make him. Let's make him governor of the state of New York. Former Mayor Rudy Giuliani helped campaign for his son, but on Sunday, he claimed that he was assaulted by a heckler at a Staten Island supermarket. However, current Mayor Eric Adams suggested that Rudy Giuliani be investigated for filing a false police report. Adam says, when you look at the video, the guy

basically walked by and patted him on the back. I would if we didn't have the video, this person would have been accused with a serious crime when all he did was packed the guy on the back. He's a former mayor. I think he is responsible for a former mayor. Giuliani shot back, calling Adams an idiot. Giuliani, who was seventy eight, says he didn't file the report the city's police department did. Earlier, Giuliani said that he was hit

as if a boulder hit me. New York Democratic Congresswoman Alexandria o'cassio Cortez is reacting to shocking testimony from an aide to former White House Chief of Staff Mark Meadows, who testified before the January six panel. She spoke on the CBS Late Show with Stephen Golbert. They knew that what they were doing was wrong. At the very end of this hearing, you hear that Mark Meadows, the chief of Staff to the President himself, asked for a pardon

because he knew that he was breaking the law. Congresswoman o'cassio Cortez says those who sought partners should be expelled from the house. Former socialite Galain Maxwell was sentenced to twenty years in prison for her role in helping Jeffrey Epstein sexually abused underage girls. Meanwhile, R and B star R Kelly will be sentenced today in Brooklyn. He was

convicted of racketeering and accused of sexual misconduct. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven d journalists and analysts more than a hundred twenty countries. Michael Barren, this is Bloomber Nathan Okay, Michael, thank you, we're kind of It's a sixth cent on Wall Street. Time for the Bloomberg Sports Update with John stash Ower. All right, Nathan, is

the Yankees keep winning. The numbers become more staggering. Their record seventy five games in his fifty five and twenty it's the sixth best in baseball history. At least, it's one another game that didn't exactly crush the opponent, but to one victory over Oakland. The star was a guy who had been toiling in the miners almost all season. But twice now the Yanks have called on twenty six year old rookie JP Sears to come up from Scranton

and him two starts. He is not allowed to run Oz Travino RBI single first Anymorewin Gonzalez solo homer the second, the A's only run game with two outs in the nin thought play homes. He was still got able to get his thirteenth Say Day game today, and then the Yanks go on the road for ten. Houston Astros split that four game series with the Yankees State in New York beat the Mets nine to one. File Tucker three run Homer first and even off Carlos Carrasco, Jordan Alvarez

and Jury Gurry. I'll two run shots in the fifth. The Mets was shut out until the ninth. Does NBA rate and he kicks off tomorrow. Multiple reports the Knicks will land Jalen Brunson. Nicks just traded Alec Birks and new Lands Noel to Detroit to clear more salary cap space. Brunson opened eyes with a forty one point playoff game for Dallas. His father was recently hired to be a Knick's assistant and the son of Nick's president Leon Rose

is Brunson's agent. Ed Wimbledon, the return of Serena Williams did not last long, though her match took over three hours. She lost the third set tidebreaker the harmony. Ton then reflected a bit on her brilliant career the game. You know something that I never kind of set out to do um and then somehow I did it. Somehow I'm Serena and it's pretty awesome. Says She's going to play the US Open. John stash Award Bloomberg Sports Steven Okay, John, thank you. Right now. S and P futures are moving

a touch lower. They're down five points down, futures down six dance that futures down twenty five points as we await a very important conversation with three the most important central bankers in the world. Francine Lockwab Bloomberg joins us next from the ECB Forum in centrop. This is Bloomberg and Bloomberg day Break is brought to you by Hofstra University's Frank G's r School of Business, tough breaked online

NBA program with a real world foundation. Learn more at Hofstra dot e, d U slash go grad markets, headlines and breaking news twenty four hours a day, at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. This is a Bloomberg Business slash and I'm Camering Moscow. European stocks are dropping on renewed worries about economic growth. Is monetary policy Titans and much of the world to fight inflation. U Stock Index futures are also lower this morning.

After a tech led slide for the SMP five yesterday, we checked the markets every fifteen minutes throughout the trading day. On Bloomberg, I guess and P futures down about e points. Now futures they're little change. Nasday features down thirty six. The decks in Germany is down one point seven per cent. It continues to extend its to coins to ten. Your

treasury up one thirty second. You have three point was six percent, a yield on a two year three point nine percent nine Next, Screwed oil is up four tenths per cent or forty nine cents at a hundred ten dollars twenty six cents a barrel. Comics gold is down about two tenths per cent or two dollars eighty cents at eighteen eighteen fifty announced. The euro one point oh five to zero against the dollar, British pound one point to one six nine and the yen one thirty six

point four four. Bitcoin this morning lower down nine ten percent at twenty thousand and sixty dollars. And as a Bloomberg Business Flash, now here's Michael Barr with more on what's going on around the world. Muggle Karen, thank you

very much. A former White House aide portrait of violent and how to control Donald Trump in his presidency's final weeks, saying she was told that he reached for the steering wheel and lunged at a Secret Service agent to try to stop him from traveling to the Capitol to join the last year's insurrectionist mob on January six. Meanwhile, in a truth social post, former President Trump says it didn't happen.

A historic NATO someone is getting underway in Madrid. Finland and Sweden are expected to get their invitations to join the alliance amid a Russian aggression. In baseball, the Yankees beat the A's to one. The Mets lost, along with the Red Sox and Orioles, the Nationals and Giants. One Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Um,

Michael Barr and this is Bloomberg. Nathan all right, Michael, thank you. It is six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on the morning, where we're awaiting a very important conversation

with on a global monetary policy. Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde, and Bakon England Governor Andrew Bailey will share a stage later this morning at the ECB Forum on Central Banking in the resort city of CenTra, Portugal and joining us Now is someone else was going to be on the stage with these policy powerhouses.

Francine la Qua very own editor at large for Bloomberg News, co anchor of Bloomberg Surveillance Early edition on Bloomberg Television. Francine really appreciate the time, because I know you've been very busy with interviews of your own from the ECB Forum, but I'm really curious to get a glimpse at least of what's on your question list for Powell and company

this morning. Well, I think everything will be dominated, of course by inflation, and we're really trying to understand what the economic price that some of these central bankers are willing to pay to make sure that the inflation is under control. And I just stepped out from a panel on inflation. We Handlritt and Mestro on that and she just, you know, she mints to know what she basically at the US Federal Reserve is just at the beginning of

raising interest rates to control inflation. And what was extremely interesting for me was she started talking about assumptions on anchored inflation. Now. I had several conversations, for example, with the South African Reserve Bank governor and a couple DC Beginning Council members on TV earlier, and there's a different

perspective if you're an emerging market. So if you're an emerging markets you probably would have frontloaded this because you saw inflation coming, you saw out of the structural concerns out there, and you would have thought that actually the worst case scenario is that there's some kind of deflation. Right, So they think that dealing with inflation for monetary policy consential banks point of view is easier than dealing with what you know, the Bank of Japan, for example, has

to dealing with the last ten years. But then you listen to write Amester and she mentioned research and think that's more costly for policy makers to be wrong about inflation expectations being well anchored when they're not, as opposed to aronnings for assuming that they're rising when they're actually well anchored. And I think this goes to the debate

around the world. You know, how do we get to a wage spiral If people read about inflation, if they're worried about their cost of living, they're going to start asking for raises, and this is when central banks could actually use control. Yeah, it's very interesting to hear this debate moving forward when it comes to in lation expectations

potentially being anchored. When we think about the type of inflation that we're seeing in this global economy that's driven uh, not just by the after effects of the pandemic, but now a war in Ukraine and supply chain interruptions as well, and how much control do central banks have over those kinds of UH factors that are outside monetary supply. Yeah, and that's a million dollar question. I mean, if you look at the current inflation situation is definitely very challenging.

But again it's different if you're sitting in the UK, the Macau. England has the added challenge of Brexit. So many people left during COVID. Many people went back home to Europe and have not come back, so it's extremely difficult to fill jobs, which is why a lot of the rising inflation doesn't only come from airline tickets. Like we're seeing in Europe. But it comes from people saying, look, you want me to hire me, pay me more. And so that is a challenge that to bank in England

has that the FED doesn't. They have a whole other set of problems. Um, of course it's different in you know where we are in the cycle. Uh, there's been this huge scene in the US which she didn't have, which must contribute also to inflation expectations. And then I was thinking at imposement the peters In Institute and look, he was saying the ECB is probably maybe behind the curve, but their supply um shocks are really shooting these inflations.

I remember having conversations with Christine Laguard l September and October and they said, yes, there's an inflation problem in the less, Yes there's an infituation problem in the UK. But she didn't see him coming here in Europe. So you know, maybe it makes it easier because they need to hike less rates. But it also came a bit of a shock because of the word in Ukraine. UM, so you know she hadn't preempted that with any hikes

at all. Fascinating and we're looking forward to many more insights in just about two and a half hours or so, when Francine Lackroise conversation begins nine am While Street Time with the Chairman of the Federal Reserve, Jerome Powell, the President of the European Central Bank, Christine Leguard, Governor Andrew Bailey the Bank of England, and Augustine Carston's of the Bank for International Settlements all joining Francine this morning from

the ECB Forum in CenTra. Again. Our coverage kicks off nine am Wall Street Time right here on Bloomberg Radio. You can catch it as well on Bloomberg Television. Again Francine, as always, thanks for the time, and UH try to get a little rest once all this is over. It has been a very busy ECP Forum in Centrome. Looking ahead to the market open this morning, UH futures are adding to some of their losses. Now we have SMP futures now down seven points down, futures down nineteen NASDAC

futures are lower by thirty six points. Tenure Treasury is up one thirty second. The yield three point one six percent. The yield on the two year three point one zero percent. This red headline just across the Bloomberg terminal. The UK has sanctioned Vladimir potent In, former first Prime Minister of Russia, one of the Oligarchs. This is Bloomberg Bloomberg eleven three oh weather partly the mostly sunny mid eighties for hist today could hit ninety tomorrow, low nineties, maybe nine five

on a sunny and hot start to July. Right now sixty six in Central Park, broadcasting live from the Bloomberg Interactive Broker studio in New York. Bloomberg Living Free, Go to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the country. Sirius xm H had a one nine team and around the globe of Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning,

I'm Nathan Hager and I'm Karen Moscow. We are about three hours away from the open of US trading. Kind to the five things you need to know to start your day, Brought to you by Interactive Brokers. Interactive Brokers Global Analysts helps you find new global investment opportunities to diversify your portfolio and discover undervalued companies that may have greater growth potential. Try IBK our Global Analysts today at ibkr dot com slash g A. First, we take a

look at a primary election results in New York. Governor Kathy Hokel won the Democratic primary with almost sixty eight percent of the vote. She invoked a recent Supreme Court rulings in her victory speech, no matter what does the pretty part things they can do New Yorkers, you are protected protected from tin field weapons, were tecting, were good sealed weapons on our subways, in our schools and places like this. Governor Kathy Hukel defeated Jamanni Williams and Tom Swawsey.

Lee Zeldin won the GOP primary for governor with of the vote over Andrew Giuliani, the son of former Mayor Rudy Giuliani. Sather primaries have no Last night, Karen Republicans in Colorado rejected two candidates aligned to former President Trump. Tina Peters lost to Pam Anderson for Secretary of State. Anderson had forty three percent of the vote. Ron Hanks lost the Senate nomination to Joe O'Day he's often acknowledged.

President Biden one day had fifty four percent of votes. Meantime, Nathan Too hard line conservatives came out winners last night, and Lauren and Bobird got sixty percent of the vote in Colorado's third congressional district. And in Illinois, Republican Mary Miller won her House seat primary with fifty seven percent of the vote. She called overturning Roe v. Wade quote a historic victory for white life. Her spokesperson said she misspoke.

Turning overseas Karen, Finland and Sweden are closer to NATO membership. Turkey agreed to drop its objections to the nation's joining the alliance. Well and Market's nathan Us futures are lower this morning, as follows yesterday sell off, which saw all three major indexes tumble, but well as Fargo equity strategists

and A. Hans says, there are still positive signs. We're not particularly negative on base or financials, but in general, I think the cixlicality exposure of our portfolio should start picking really where to remove some of that and replace it with things that will have good growth, at least corporate earnings growth well as Fargos and A Hans said the economy could still be headed for a mile recession.

And later this morning, Karen fed Chair j pal ECB President Christine Lagarde, Bank for International Settlement CEO Augustine Carston's and Bank of England Governor Andrew Bailey speak at the second day of the e c V Forum in Portugal. Bloomberg's fancying Law in view All four live on Bloomberg Radio and Television at nine am Wall Street Time. And that's five things you need to know to start your day.

Brought to you by Interactive Brokers and straight Ahead. We have your local headlines, plus a checkup sports, and this is Bloomberg. Thanks Karen. Six thirty three on Wall Street, sixty seven degrees in Central Park. Still very slow on the Gothels Bridge ramp to the New Jersey Turnpike, though they're making progress. Details coming up in traffic First Michael Barr with what else is going on in New York and around the world. Michael, thank you very much, Nathan.

While Governor Hokel and Lee's held En will square off in the fall, other primary contests were settled in New York. Democrat Anthony Delgado one for lou Tenant governor, with Tuesday's election in New York covered statewide offices and state Assembly races, but primary elections for US House seats and the state Senate will be held August. Meanwhile, as we've mentioned, Andrew Giuliani came up short in his run for the GOP

nomination for governor. And I want to thank somebody who I love with all my heart, America's Mayor Rudy Giuliani. Former Mayor Rudy Giuliani helped campaign for his son, but on Sunday, he claimed that he was assaulted by a heckler at a Staten Island supermarket. However, current Mayor Eric Adams suggested that Rudy Giuliani be investigative for filing a

false police report. Adam says, when you look at the video, the guy basically walked by and patted him on the back, and that's when Giuliani shot back, he is an idiot because I didn't file a report. Can you imagine that he watched to prosecute me for filing a false report I didn't file. His police department filed the report. Juliani, who was seventy eight earlier said the backslap was as

if a boulder hit me. New York Democratic Congresswoman Alexandria Ocasio Cortez is reacting to shocking testimony from an aid to former White House Chief of Staff Mark Meadows, who testified before the January six penel. She spoke on the CBS Late Show with Stephen Colbert. I do believe that many of these individuals need to be prosecuted to the fullest extent of the law in order to establish and to prove to ourselves and to the world that there is rule of law in the United States of the

Congresswoman o'cascio Cortez. Former socialite GALAINN. Maxwell was sentenced the twenty years in prison for her role in helping Jeffrey Epstein sexually abused underage girls. Prosecutors say Epstein would have been unable to exploit girls as young as fourteen without the help of his longtime companion Maxwell. Maxwell addressed the court saying that her association with Epstein was the greatest regret of her life and that she hoped her conviction

would bring the victims some peace. R and b artists R Kelly faces sentencing today in Brooklyn Federal Court after he was convicted last year of racketeering. Prosecutors of as force sentence and excess of twenty five years. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty journalist and analysts more than a hundred twenty countries. Michael bar and this is Bloomberg, Nathan, Thank you, Michael, Almost six thirty six on Wall Street.

John Stash hours here at the Bloomberg Sports Updates. All right, Nathan. Even when the Yankees decided to give their starting pitchers an extra day off and call up a rookie from the minors, he excels. Twenty six year old JP Sears, once an eleventh round draft pick by Seattle in Preston spring training, made the team and then got sent down. And he's pitched to an e r A under two for Stranton and two Yankee starts he has not allowed to ron Yanks with two early runs that held up.

They topped Oakland two to one. Here's Aaron Boone on Sears. Huge step up outing by him. He's he's having a great season all round, and he's and he's done it every opportunity he's gotten up here, so great job by j P. Sers has made some Yankee history, wearing number ninety two. That's the highest ever warned by a starting pitcher. The Yanks bring their fifty five and twenty record into a day game today. The Mets never in edit City Field.

Houston got a Kyle Tufter a three ring homer first inning. They hit two more homers in the fifth, and the Astros one nine to one in Atlanta one and the Braves are not only four games behind. The Knicks have been searching for a quality point guard for a long time, and multiple reports they will sign Jalen Brunson away from Dallas, perhaps as early as tomorrow night, when free agency begins. Brunson's father once played for the Knicks, and Rick Brunson

was just hired as a Knicks assistant coach. Nicks just traded Alec Berks and Netherlands Noel to Detroit to clear more salary cap space. The Utah Jazz said to have their new coach, thirty four year old will Hardy, who's been an assistant in Boston before. That name was with San Antonio Serena. Williams ousted opening around at Wimbledon lost the third set tiebreaker on center court. Today it's the hard serving American John Isner taking on one time Wimbledon

champ Andy Murder. John Bloomberg Sports. Thanks John on Wall Street. Time to take a look at stock some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Createy Gupta is with us and look at this created starting off a pre market report with Tesla. I know it's such a rare occurrence, isn't And I'm really taking s l a focus. Is your taker here down about one point six percent. This comes actually off a Bloomberg scoop by very On, Ed Ludlow and Donna Hole.

Tesla laying off about two hundred autopilot workers. This is important that most of them are hourly. And remember this follows a lot of the conversation that Elon Musk had had about whether or not he was actually going to lay off about ten percent of his workforce, I believe is what he tweeted at one point. What was reported he then going back and said, well, actually, no, we're

not going to do ten percent. That's unreasonable. Uh. And of course this is also coming in the wake of the potential deal with Twitter, which is still on pause by the way, So essentially what happens with Tesla is all most seen as maybe a precursor, as a harbinger of some sorts of what might just happen with Twitter, at least when it comes to salaries and when it comes to hiring in the face of a potential recession risk. So that scooped t s l A down about one

point six percent. Let's stick with those ev makers here and look at Neo because Nio is your taker, down about seven point three percent. This comes after the short seller Grizzly Research published a report alleging that the electric car maker used battery sales to a related party to inflate revenue and boost net income margins. Of course, the company did reject those claims. Nevertheless, it is still doing the damage in the pre market this morning, and I

owe Nathan down seven. Now we're seeing some big damage in terms of the value price of a cruise line as we think about getting out of the pandemic, maybe taking a vacation this summer. Well, the concern here is that what if you get another massive demand shock, what if you get another variant, what if you have that recession risk, and that's exactly what Morgan Stanley analysts are warning about this morning when it comes to Carnival Cruise Line c c L is your Taker. Of course, there

is that rebound. What they're saying, well, the risks here are still quite high in terms of the macro economic shocks that you might get. That note seeking the stocks this morning down about eight point four percent, So well, of course, see if we do get that demand shock. But let's also talk about the tech story, because as we talked about demand, tech can kind of be a little bit of a haven. So can social media companies, even though they are kind of exposed to that cyclical nature,

to that demand story. And for that, let's look at Pinterest here. P I n s A is Your Taker is actually an upside story this morning up three point seven percent, Nathan. This comes as the company's co founder and CEO Ben Silverman hamps the reins to Google and PayPal veteran Bill Ready and they signed the social media

company will focus more on e commerce. That's a big deal when it comes to how a lot of these social media names, Twitter included can actually monetize some of their platform interesting to see a tech name moving higher when we've seen so many losses for the tech heavy NASTAC index over the last few days. Pret Guftamberg on TV Markets correspondent with us this morning in the pre market,

looking ahead to the open, Futures are moving lower. SMP futures down six point, STAFF futures down eighteen NASDAC futures down twenty eight points. The tenure treasury yield right now three point one six per cent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather sunshine at a high near eighty five today will wrap up the month of June with a high ner ninety degrees. Get even hotter

as we kick off July Friday. High and your right now sixty six in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at Hand at Bloomberg Quicktake. He's He's a Bloomberg business flash and I'm Karen Moscow. US stock index futures are moving lower this morning following yesterday's sell off, and we go to the first and breaking news dance for today's Marine Carl. Here's the Maloney Bill Good morning

and good morning, Karen. That's right. Modest losses in the U S futures right now at down futures down thirty four point, says apes drop eleven one, nest that futures are off by fifty the US ten year old at three point one six percent, Gold is little, chain oil trading higher, and Bitcoin is lower by one percent. Shanghai dropped one point four percent overnight, while up markets are firmly in the red this morning, led by two percent

losses in Germany. Back in the US on the Economic Frinday thirty U s q N A G d P and after the bellast night, Disney extended the contract of CEO Bob CHPEC for three years. Regarding earnings this morning, McCormick missed estimates. Also look for general mills and paychecks to report in the pre market. Another news mestrs says the Fed is just at the beginning of raising US rates, and JP Morgan cut earnings estimates across the board in

big text stocks. Wrapping things up, Altria was cut to underweight at Barkley's zero price cut to underperform over at keep w Live from the first breaking news sscom Bill Maloney k alright, Bill, thank you to hear live breaking news of your Bloomberg type squawk on your terminal, s U, U, A, w K and s A Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world.

Michael Karen, thank you very much. Explosive testimony and yesterday's hearing on the January six Attech on the Capitol, Former White House aide Cassidy Hutchinson testified that the former president wanted to join the crowd at the Capitol but was refused by his security. The tail NATO leaders a meeting in Madrid amid what Secretary General Yen Stoltenberg calls the most serious security crisis we faced since the Second World War.

Russia's invasion of Ukraine has shattered Europe's peace and driven NATO to pour troops and weapons into Eastern Europe. In baseball, the Yankees beat the A's to one. The Mets lost along with the Red Sox and Orioles. The Nationals and Giants won Global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalist man US countries. I'm Michael Barr and this

is Bloomberg Karron. Alright, Michael, thank you. Sixty nine on Wall Street returned to News and Science and Technology Now with a Bloomberg and j I T Stem Report, brought to you by New Jersey Institute of Technology and j I T is dedicated to bolstering support for female and minority students pursuing careers and high paying STEM industries. Learn more at n j I T dot E d U and now Here's what's making news and science, Technology, Engineering,

and MATH. US regulatory advisor say COVID shots from Fiser and Maderna should be updated to include components that target the highly transmissible omicron variant. That's the version of the virus that causes most of the world's cases. Members of the panel that advised the FDA voted nineteen to two Tuesday in favor of recommending adding an omicron specific element to the shots. The FDA does not have to follow

the recommendations, but it usually does. Chinese President Chijin Pang said the COVID zero policy is the most economic and effective for China, and the country is capable of its eaving the goal of stamping out infection. He made the comments supported by state media on a visit to Wilham, this city where the virus first emerged in late and the European Union is effectively heralding the end of the

era of internal combustion engines. EU members have endorsed a push to eliminate carbon emissions from new cars by environment ministers struck a deal after Italy, the home of Ferrari and Lamborghini supercars, gave up demands for a five year delay, and as a Bloomberg and j I t Stem report, Nathan all right, Karen, thank you. We are live from the Bloomberg Interactive Brokers studios where it's almost six fifty

one on Wall Street. Now it's time to check what's going on in d C. Some of the top stories in our nation's capital include that vivid testimony from a former White House aid about former President Trump's rage on January six, Jenny Thomas, the wife of Supreme Court Justice Clarence Thomas, declining to testify before the House January sixth Panel and Primary Elections attested former President Trump's hold on the GOP and abortion rights as an issue for primary voters.

Bloomberg Government reporter Emily Wilkins joins US Live this morning after the surprise hearing on Capitol Hill. Emily, it might be a little bit tough to pick out even one or two portions of Cassidy Hutchinson's testimony that stood out.

There was a lot that she had to say. It was Nathan and it was I think really the first time that we've heard in vivid detail a TikTok of what Trump uh did, said, and how he behaved on January six from someone who was very close to the president, both in terms of proximity and simply in terms of being in the room frequently with his chief of staff

Mark Meadows. Uh. One of the big things that that we heard yesterday, UM, was that Trump when he initially spoke at the rally that was closer to the White House in the Capitol, he was told that a number of people in the crowd had weapons, and he's Trump asked that mag Thompers be taken down, that the folks with weapons be led into the rally space, saying, quote, they're not here to hurt me. Um. And of course

that was a very very impactful testimony. Um. There's also Hudgenson also said at this point that there was a time where when Trump was told he wasn't taken to the camp, when he didn't want to go to the Capitol, when the Secret Service rather would not take him to the capital, that he actually lunched for the steering wheel of the vehicle tried to push past the Secret Service agents.

Although at this point we are now hearing from the Secret Service, and we're hearing reporting saying that these agents are refuting that account. So I think there's a lot of questions right now about exactly what's going to happen with this testimony. I think for some people, they're they're hearing the uh. Other individuals pushed back, but of course no one at this point has said they're going to swear an oath, sit down with the committe and say

it on the record. Um. And certainly yesterday's hearing ended with the chairman, Benny thomp said, inviting anyone who did have more information for the committee to come forward. And we've had heard some reaction as well from former President Trump. He posted quite a bit on his truth social platform saying that he denies that he lunged at the Secret Service agent from the limo. He says that Cassidy Hutchinson is a disgruntled former employee who applied for a job

in Florida and was turned down. What could that potentially mean in terms of her credibility her testimony being seen by voters. Well, I don't think it's very surprising that that Trump is trying to Trump and his allies are trying to discredit and downplay this testimony. Um. Certainly they know that these January six hearings have had a big impact. Uh. We have recording that Trump has been watching the hearings.

And just to be clear, it was Bloomberg that actually reported that Casey Hutchins said was one of several White House aids who are hoping to go tomorrow Lago with Trump. So that is that's that's that is our own reporting from from our White House really award winning fantastic White House team. UM. And I think it just sort of adds a question mark, uh into it. But at the

same point, it was such a vivid testimony, um. And it was such great detail, and it's been a part of these very well orchestrated hearings that have very much I had a mind to ensuring that Americans really have the full narrative of what happened not just on January six, but in the days leading up to it. So I

think we're gonna still see how it shakes out. Obviously, we have more hearings, at least two coming in July, and then we have the committee's report and the committee, if you'll remember, they were going to meet more this week, but they pushed it back because they were getting more new information. So we'll see what other twists and turns are ahead as more people speak to the committee, UH,

and they continue their work. Now, we did have one other twist and turn overnight when he got a late word that Supreme Court Justice Clarence Thomas's wife Jenny is declining an invitation to testify before the committee. Right, and remember that request came after email service from Trump's lawyer John Eastman UH and Jenny Thomas discussing UH efforts UM to potentially overturned the election. UH. This is, of course, UM more extensive than we previously knew about Jenny Thomas's involvement.

We knew that she had been texting Mark, the chief of staff, Mark Meadows about it, and initially UM Jompson had suggested sorry Thomas rather had suggested that she would be willing to testify in front of the committee, But we got a letter from her lawyer last night, uh, saying that she there's not enough reason for the committee to speak with her at this point, and there isn't a sufficient basis for them to speak with Jenny Thomas. UM.

Of course, we'll see what could happen next. The Committee does have other steps they take to try and compel someone to speak with them, but often that can lead to a lengthy legal process in the courts. Only about a minute left here, Emily, But what stands out to you from last night's primary results? So I think this was a really good night, uh if you are Trump. A number of his candidates who have been backed one major primaries. Uh. In Illinois, I think there's one of

the big states. Uh. You saw there for the governor's race, Trump's backed candidate UM beat out a more well known, better funded Republican in that primary. And also in a Illinois House race that pitted to sitting members to sitting Republicans of Congress against each other, the Trump backed candidate beat sort of the more established, slightly more mainstream candidate Bloomberg.

Government reporter Emily Wilkins. As always, thanks for keeping us up to speed on what's happening in d C. Read more about all these stories on Bloomberg dot com or on the Bloomberg terminal, and you can follow all the latest on Bloomberg Radio in Washington Bloomberg and one oh five point seven FM h D two. Looking ahead to the market, open futures are pointing to slightly more losses

after the sell off yesterday. We have SMP futures down now eight points, now futures down twenty nine, NASTAC fewer futures are lower by thirty eight points. Looking at the bonds, the tenure Treasury is up three thirty seconds, the yield three point one six percent, and the yield on the two year right now three point zero nine percent. Nime X screwed is up eight tenth percent, or eighty six cents at a hundred twelve dollar sixty two cents of barrel.

Of course, we're looking forward to that ECB Forum conversation nine am Wall Street Time. Francine Lockwax sits down with FED Chair J Powell, ECB President Christine Lagarde, and Bank of England Governor Andrew Bailey. That kicks off at nine am Wall Street Time. Bloomberg surveillance is next. This is Bloomberg