Bloomberg Daybreak: October 7, 2022 - Hour 2 (Radio)

New York State's new gun law. Plus an n y p D cruiser crashes onto a sidewalk in during ten People on Michael barr More I'm John Stay Show, where the Colts meet the Broncos it over time. The Medicine Padres begin their wild Card playoff series tonight at City Field.

That's All's tradinghead on Bloomberg Daybreak on Bloomberg Eliving Free on New York, Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nine Team and around the world on Bloomberg Radio dot Com and via the Bloomberg business Side and Good Morning I'm Kared Moscow, I'm Nathan Hagar. Bloomberg Daybreak is brought to you by B and Y Melon's Pershing.

Learn why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at Pershing dot Com and US futures are a little change this morning. It's six o one on Wall Street and we checked the markets every fifteen minutes throughout the trading day on bloomberg S and p futures. That will change this morning now futures

up sixty two and ASDAC futures down twenty nine. And this data check brought to you by SEI, built on advanced technologies and fifty years of innovation. SEI offers asset managers a comprehensive and flexible operations outsourcing platform. Go to se i C dot com slash Managers. Karen, let's begin with talk from the Fed. Central Bankers are coming out in full force to talk down expectations of a turn

to more dubbish policy. We heard hawkish comments from no less than five officials yesterday include Minneapolis Fed President Neil cash Cary until I see some evidence that underlying inflation has solidly peaked and is hopefully headed back down. I'm not ready to declare pause. Minneapolis FED President Neil cash Cary says he expects losses and failures around the global

economy as we transition to a higher interest rate environment. Likewise, FED Governor Christopher Waller says he sees no sign of a FED pivot either this or next year. I anticipate additional rate hikes into early next year, and I'll be watching the data carefully to decide the appropriate pace of tightening as we continue to move into more and more restrictive territory. FED Governor Christopher Waller emphasized the need to

find inflation. We heard similar remarks from Cleveland Fed chief Ler and Amester FED Governor Lisa Cook, and Chicago's Charles Evans yesterday. Oh, we take a look at markets now, Nathan and US dock index futures are a little change. The hawk ish FED talk and some weak earnings from shipmakers are hitting sentiment. And Jessica Biemer's portfolio manager with Easterly Investment Partners, I think we all have to understand, uh um, We're only going to get early hints of

the Fed's full impact. A lot of the efforts that they've put out There obviously huge increasures in the interest rate, but that that takes time to work its way through the economy and certainly on the jobs numbers that we're going to see. Jessica Beamer with Easterly Investment Partners says that

policy could start hitting earnings in the coming months. Job's report is the key event on the agenda today, Karen, we get the employment figures for September at eight thirty a m. Wall Street time, and here the preview is Bloomberg Economics correspondent Michael McKee. Employment is one of the Fed's two mandates, and this Job's report will be one of the key numbers as policymakers decide on a rate

hike next month. What they'd like to see is job growth in the neighborhood of the Bloomberg consensus, which would suggest the economy is slowing but not crashing. Unemployment is also key. No change is expected, but historically a jump in the jobless for it is a sign of recession ahead. Stronger job creation or lower unemployment would suggest the Fed will push interest rates higher for longer disappointing investors. A consensus like report would turn attention to next week's consumer

price index, a final decision point for the Fed. Michael McKay Bloomberg Daybreak. Thanks stick with us all morning for live coverage of the September jobs report, plus a conversation with Marty Walsh. Should we speak with the US Labor Secretary? Coming up in the nine am hour on Bloomberg Radio and Television. Nathan returned to Oil now, and we're seeing crude hand for its biggest weekly gain since March, after

sliding on concerns over a global slowdown. Oil is rallied since Opek announced plans for a large production cut and checking prices right now and I make screwed. Oil is up nine tens of a percent at eighty nine dollars twenty one cents of barrel. Brent is up eight tens of up presented ninety five dollars seventeen cents. Now, let's gets the latest on Elon Musk and Twitter, Karen, there

is uncertainty creeping into Musk's plans to buy the company. Afterward, his offers contingent on a thirteen billion dollar debt financing Bloomberg's at Ludlow has more the concern is that Musque has this twelve point five billion dollars of debt split between a six point five billions all alone, three billion

of un secured, three billion of security bonds. There's also revolving credit line in their times have changed since that deal and that package was agreed in April, and so I guess the concern in the background is the viability of that debt, Bloomberg said. Ludlow says the judges halting the court case to allow the deal to close. She says if the transaction isn't done by five pm ocs overy,

new trial dates will be set for November. Now shares a Twitter rosen lie trading yesterday right now they are a little changed and see him a corporate news now, Nathan. We're seeing possible signs of a bigger downturn in tech. Chipmakers are warning of slowing demand, Samsung and a m D reporting earnings within hours of each other that widely

missed estimates. The numbers come after Micron technology slash spending and output in hopes of stabilizing plunging prices, and Amazon's abandoning its home delivery robot Karen just the latest cut to its experimental projects. Bloomberg's Charlie Pellett has that story. It is the latest signed that the e commerce giant is starting to wind down experimental projects amidst slowing sales growth. According to a source, work on Scout, an autonomous machine

launched about three years ago, has already been halted. An Amazon spokesperson said the Scout team was being disbanded and would be offered new jobs in the organization. A source says about four hundred people were working on the project globally in New York. Charlie pelt Bloomberg Daybreak Right, Charlie, thanks, let's not politics now, and the conflict in Ukraine. President Biden weighed in on the war at a fundraiser in New York, expressing concern of our Vladimir Putin's threats to

use nuclear weapons. Biden called the threats real and says the US is trying to find an off ramp for Putin. Biden warrants that if Putin deployed nuclear weapons, it could lead to armageddon now. The President's also making announcements back here at Home Care, and earlier in the day, he announced a pardon for any American convicted of simple marijuana possession under the law. Too many lives have been upended because of our failed approach to marijuana. It's time that

we right these wrong. President Biden's all surging governors to issue similar partons for state offenses involving marijuana. Sp futures are down one point right now. DAL futures are up forty two. Nastack futures are down forty two points ten. Your treasuries down four thirty seconds, you know three four Imex screwed up nine tenths percent at one barrel bitcoin right around twenty thous dollars. Straight ahead your latest local

headlines in the check of sports. This is Bloomberg and it is now six so seven on Wall Street, sixty one degrees in Central Park. It is having both ways of the white Stone Bridge with an accident. Queen's bound details count 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. Authorities in New York City State, ten people were injured, including two young children, when a police cruiser collided with another vehicle and crashed onto a sidebook. It happened yesterday afternoon in the Bronx at Westchester and who Avenues. NYPD Chief of Patrol Jeffrey Madre has said the patrol car was responding to a call and trying to get around a vehicle at an intersection when the

crash happened. The officers crossed over the double yellow to go around the vehicle, but the vehicle made a left hand term, at which point the department vehicle and a sevil the civilian vehicle, they clicked each other. The m I p d. S. Jeffrey Madre says there are no major injuries. Officials in New York are looking at their next options after a federal judge struck down the stage

new law banning guns in certain public places. The law was created in response to a Supreme Court ruling striking down another New York law that restricted who could own a gun and extremist groupie. There is now the first plead guilty to seditious conspiracy in the January sixth attack. A senior member of the Proud Boys admitted to planning a violent assault on the Capitol days before the January

six insurrection. Jeremy Bertino has agreed to cooperate with federal investigators a gruesome crime on the Las Vegas Strip where police say eight people were stabbed in an unprovoked attack. At least two of the victims died. Las Vegas Metropolitan Police Deputy Chief James Labroschell that stabbing occurs quickly and the suspects subsequently goes a southbound on the sidewalk area and the staffs additional victims. H five victims there and um uh there was an additional victim on the south

side of sands. Also, Deputy Chief La Rochelle says a suspect is in custody. Human rights and democracy worldwide where at the heart of this year's Nobel Peace Prize. The winners are a jailed Belarus activists, Russian human rights organization and the Ukrainian Civil Liberties group. Barat Reese Anderson is the chair of the Norwegian Nobel Committee. Alvis B. Elliotsky was one of the initiators of the democracy movement that

emerged in Belarus in the mid nine eighties. Blatsky, the Russian group Memorial, and the Ukrainian organizations Center for Civil Liberties will share the prize. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven journalists and that listed more than twenty countries. Michael Bart, this is Bloomberg, Na. Michael, thanks almost sixth ten on Wall Street time for the

Bloomberg Sports Update with John Stas show. Thanks Day. It's the game the Mets did not want to play, did not think they were gonna have to play for most of the season, but they finished tied for first with Atlanta, who won the season series ten to nine. Unless the Braids sitting home today and the Mets getting ready to play Game one of the best of three Wild Cards series at City Field with San Diego Max Sers will be on the mountain for the Mets. You're just anxious

to get out there. You're anxious to go out there and compete. Uh, you know, everything's on the line, win or go home. Um, you know that's the id you have to have. You have to win. I mean, you get in the postseason and every day it feels like it must win that you know, must win game. Um, whether it's an elimination game or not. He always choked up part like we got t wins today. You Darvis starts with the Padres, who won the season series with the Mets sport to two. The geek tonight comes after

three day games started with Tampa Bay and Cleveland. The winner of that series then face is the Yankees. The Phillies play in St. Louis, Seattle is in Toronto, NFL, and Denver went to overtime. There were twelve punts, ten sacks, four interceptions and no touchdowns. Indianapolis kit core field goals. The Broncos had three. Indy held on at the end one twelve to nine to get its second one of the year. Denver dropped to two and three. Russell Wilson

has struggled with his new team. Landon Collins back with his old top team three time Pro Bowl safety while with the Giants, then signed as a free agent with Washington. Collins was unsigned and though he won't play Sunday, he did fly with his new teammates to London for Sunday's game with Green Bay preseason last night, Islanders beat the Devils five to two. Season starts next week and at Barkley's. Then Nets got blown out by the heat in Miami

one by twenty nine. John Stashi went Bloomberg Sports nuthan, thank you John. SMP future is now up one point sal features up sixty four now nastack Future still lower by thirty points ten. Your treasuries down three thirty seconds. Heal three point eight three percent ahead of September pay rolls, We've preview the jobs numbers. Next with Bloomberg's Michael McKee.

This is Bloomberg Bloomberg eleven three oh weather sunny pleasant today, high your seventy five degrees, Lots of sunshine tomorrow, but it's gonna be cooler, only near sixty. We'll get into the low sixties by Sunday. Right now sixty one in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland, at Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm Karen Moscow. US Dock Index futures, well they are. They've

been moving around a bit this morning. SMP futures were a little change and now they're lower again. Ahead of the latest payrolls or board. Investors will be looking for clues on the monetary policy path. If you check the markets every fifteen minutes. Throughout the trading day on Bloomberg, SNP futures down down about five points down. Futures remain higher up twenty three and nasdays futures are down fifty The decks in Germany is down a tenth of upper cent.

Ten year treasury down four thirty seconds. You have three point eight four percent the yield on the two year four point to seven percent. NIMEX screwed oil is of nine tenths of upper cent of seventy nine cents at eighty nine dollars, twenty four cents of barrel Comex school down a quarter percent or four dollars is seventeen sixteen eighty announce the euro point nine seven nine six against the dollar British found one point one to one and

again one forty four point nine too. And look at a bitcoin, it's down sixtensive percent at nineteen thousand, nine hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much, Darren. President Joe Biden says the risk of nuclear arma GEDTTON is at the highest level

since the nineteen sixty two Cuban missile crisis. President Biden's comments come as Russian officials speak of the possibility of using tactical nuclear weapons in the eight month invasion of Ukraine. A jailed Belarusian human rights advocate won the Nobel Peace Prize this year, along with two organizations that protect civil society in Russia and Ukraine. Alice being Latsky from Belarus Memorial of Russia and Ukraine Center for Civil Liberties were

awarded the prize today. In baseball, the Mats and the Padres start their wild card playoff series tonight. Thursday Night Football, the Colts beat the Broncos twelve nine in a game where no touchdowns were scored. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyists more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan, Thanks Michael, six nineteen on Wall Street Life from the

Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. As we keep score on this labor market, we get some very key numbers in just a couple hours. Here with the release of the September payrolls report. Ahead of that, we're joined this morning by Bloomberg Global Economics and Policy correspondent Michael McKee. Mike, good morning. Of course, the Fed is trying to soften this labor market. What kind of evidence of that softening are we expecting? Are we going to

get it this morning? Well, attention to the second question. First, I don't know. Um, we'll find out at a thirty, but what they're looking for is a slowdown in the pace of hiring, not collapse, but a slowdown in The bloomar consensus for two thousand jobs would meet that target. They do think it will take a little bit longer for the unemployment rate to start going up because there are so many job openings that people who lose their

jobs can find another job. One interesting thing to watch today will be whether we see any kind of similar move into the labor force. We got seven hundred and eight six thousand people who came into the labor force in August, which is an extraordinary number. Um. I don't think that will happen again, but if we do see that, that could push the unemployment rate lower. Now, because we have, of course seen some pretty up big upside surprises on

payrolls in the last couple of months. Here is that a possibility still that we could get an outsized payrolls number this morning. Definitely a possibility, and there is a feeling among some on Wall Street that that's what we're going to get. Uh. They see strength in in a lot of the numbers that go into your guests about what payrolls are going to be. That would probably scare the pants off the markets, though, because then they start with the theme of the FED higher for longer. It

depends on how much it is. We have seen payrolls come in higher than forecast for the past five months, but they have sequentially for the most part, been down in four of the five months. So if that continues, uh, then the Fed is happy even if it's a little bit above two fifty five. But if it's a lot we go well into the threes, then there is going to be concerned that the Fed's medicine isn't working yet. Now.

The medicine, of course, is to get inflation down, but of course the FED also has a dual mandata price stability and maximum employment. It's a tricky balance for this Federal Reserve to strike it is, and the hard part for the FED is this is a labor market that has been very tight and companies have still been looking

for workers. Now we're starting to see some of the job vacancies go away, and some companies are putting any hiring plans on hold, but there's still a lot of companies, particularly in leisure and hospitality, who haven't been able to fill all the jobs that they had coming out of the pandemic, who might still be looking to add workers. So there is a danger that we could see stronger than expected job growth, and that raises the possibility of

stronger than expected wage growth as well. Is that something else you're looking out for. That's something else we're watching. The FAT, of course, wants to see, uh the average hourly earnings on a year over year basis start to fall back a little bit, not because they don't want you to get paid, but they don't want to wage price spiral, and they think that the five percent level we're at five point two percent annually last month is unsustainable.

If you get to three percent, then that's a sustainable level, and it would fit with the level of inflation they're trying to get to. So they'll be watching that as well, and with labor markets still tight, it's very possible we see that exceeded. Now. We have, at least in an individual car company basis, heard a number of reports of layoffs coming in. Is that something that we could see play out in the data we've got about a minute left hand, Probably not so much. The number of companies

who uh layoff people every month is very large. We see a big churn in the labor force, it's the net number that matters, and we haven't seen huge layoffs. We've just seen some, as you say, individual companies letting people go. More companies have said perhaps that they're not going to add anybody, but not uh, not fire anybody. That's kind of the next stage of things, which we might not see until next year. Thanks, Mike'll let you

go get your wheaties. We know you'll be busy in the next couple hours here when those numbers come down eight thirty am. Wall Street Time, Bloomberg Global Economics and Policy correspondent Michael McKee will be back with us on Bloomberg Radio and Television to break down those numbers, and we will have analysis for you throughout the morning, including reaction from Labor Secretary Marty Wall. She's gonna join us in the nine am hour following the release of September payrolls.

Tune back in for that conversation here on Bloomberg Radio, or you can watch it as we say on Bloomberg Television. Looking ahead to the market open Mixed action SMP futures down five points, STOW futures up twenty two NASDAC Future is moving lower, down fifty one point in the tenure Treasury is down five thirty seconds, yield three point eight

four per cent. You're listening to Bloomberg Daybreak on this jobs Friday morning, Bloomberg eleven three oh weather, sunshine in a high near seventy five degrees to end this week, It's gonna be cooler, still sunny for the weekend. High near sixty tomorrow, low sixties on Sunday sixty one. Right now in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, to Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg

Business Flash and I'm Karen Moscows and key. Futures that will change this morning ahead of this September jobs or four. Let's go to the first word Breaking news dance for today's morning call, and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. You as futures are trading mixed right now, with our futures higher by thirty eight points. Like you said,

smp s are a little changed. Nastic futures are lower by thirty eight the US ten year to three point eight four percent, Gold is down three oil is climbing, and bigcoin is lower by half a percent. Hong Kong fell one and a half percent overnight, while up markets

are quiet this morning. And back in the US on the economic front at the thirty v September jobs report, and at ten o'clock, who sell inventories After develous night am DS preliminary earning spell short of expectations by more than a billion shares, It down five point five percent pre market, and on these credit sweet aims to buy back three billion worth of debt. Wrapping things up, Goodman Sachs was raised to outperform over at KBW Live from

the first Breaking News. That's scom Bill Maloney, Karen, all right, Bill, thanks, and here live breaking news over Bloomberg time, squawk on your terminal, s qu A w K and that's a Bloomberg business flash. Now here's Michael Barr with more un musk going on around the world. Michael Karen, thank you very much. President Joe Biden said the US is trying to find an off ramp for Russian President Vladimir Putin and buries his threats to use tactical nuclear weapons are

real and could lead to harmageddon. Biden made this comments at a fundraise you in New York City. This year's Nobel Peace Prize has been awarded to jail Belarus rights activists Alice Bielotski, the Russian group Memorial, and the Ukrainian Organization Center for Civil Liberties. In baseball, the Mets and the Padres start their wild Card playoff series tonight Thursday Night Football. The cold speat the broncost twelve nine in

the game where no touchdowns was scored. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Karen, right,

Michael Barr, thank you. It is sixty nine on Wall Street, and we turned to news and science and technology Now with the Bloomberg n j I T Stammer Report brought to you buy New Jersey Institute of Technology, whose n j II unit has joined with pharmaceutical giant Murk to establish the Murk Digital Sciences Studio to support drug discovery and development. More at n j I T dot Edu and here's just making news in science, technology, engineering, and math.

Strong winds carried extreme heat from the western US, Canada and the Atlantic Ocean over Greenland in September, bringing average temperatures more than eight degrees celsius above the thirty year average and causing record i smelt. Almost all of Greenland experience the highest average temperatures in any month of September, peaking in early September since records started in nineteen seventy nine.

Google will open its first data center in Japan next year as part of increasing investment in the world's third biggest economy. The new facility aims to accelerate the operation of Google tools and services, support economic activity and jobs, and connect Japan with the rest of the global economy. And Tesla will deliver its first semitrucks to Pepsi. It

comes five years after Elon Mush showed off prototypes. Test Lee will compete with other makers of battery powered big rigs, including relative newcomer Nicola and more established firms like Volvo. And that's the Bloomberg and j I t Stem report. Nathan, Thanks Karen, We're live from the Bloomberg Interactive Brokers studio.

Was worth six fifty on Wall Street Time not to check what's going on in d C. Some of the top stories in our nation's capital include President Biden's warnings of the threat of nuclear armageddon from Russia, the President issuing a blanket pardon for marijuana convictions, Democrats reeling over the OPEC plus decision that threatens their mid term outlook, and former President Donald Trump's superPAC now buying ads for

the first time. And key Senate raceist. Bloomberg Government reporter Emily Wilkins is here now for more on all of these stories. Emily, some very stark words on Russia last night from President Biden at that fundraiser. Yeah, Biden is really saying that he's trying to find what he's calling an off ramp for Putin. He's concerned about the Russian leaders discussion of these using nuclear weapons and is trying to find some way to de escalate that before it

gets to that point. Nathan, this is a little bit different than what we've heard in the past from the Obama sorry, from the Biden administration. We've heard National Security Advisor Jake Selivan say last week that Putin's common it's on nuclear weapons. Were just another similar comment in a long line of remarks he's made since February. But Biden seems to be taking the comments a little bit more seriously.

We've obviously obviously seen the Russian military struggle a lot in recent weeks, and we've seen and that could potentially lead to Puten looking re looking at that potential threat of nuclear weapons. It seems like it's something that that Biden is taking seriously. He's not taking off the table at this point. And it also raises real questions about exactly how the Russian War Russian Ukrainian War is going

to be ending at this point. The US has continued to pledge military assistance funding for Ukraine, but I think there's also a real question as to what exactly comes next and how this ends. Yeah, I want to get into that a little bit. What are some of the potential off ramps here, given that the war is intense to find that Ukraine is making this counter offensive here and continuing to get billions in aid for the US

and the NATO allies as well. I mean, the US does feel pretty good about how Ukreate is responding at

this point because of recent victories. We've seen them, note, pushing Russians out of territory that they were trying to annext making a lot of games in the country, and so I feel like there is a sense that things are turning in favor of the Ukrainians at this point, but of course Russia is still in the country, they are still using attacks, and they have a bit of a ways to go at this point until we see

any sort of resolution for this conflict. Another, of course, key thing to be watching is the sentiment within Russia. We have seen protests from the Russian people concerned about the military of the draft um how young men are being recruited for the army at this point, and so I think those are both really big factors to keep an eye on when we consider what the future of this conflict is. Of course, as geopolitics, continue to intensify.

We got this really interesting announcement, a big move from the president on marijuana policy. Yeah, Biden has taken some big steps on marijuana. This the Bills campaign promise for him to really address this issue. And what he's done is a couple of different things. The biggest one is that he's pardoned all federal offensive for simple possession of marijuana. So for the thousands who were charged with a federal crime, like convicted of a federal crime of simply just having

marijuana on their person. Uh, they are now federally pardoned. This impacts thousands of people, and Biden encourage governors to do the same for state level offenses. Uh. You know, Biden said in the statement that people of color have been disproportionately arrested, prosecuted, and convicted of crimes dealing with marijuana. Um, and that through this he's he's trying to really, uh

seek to address some of those inequalities in the law. Uh. He's also called on his Attorney general to review federal laws around marijuana. Now it's not fair how long that review is going to be or what could be the outcome of it, but certainly, Nathan, we've seen a number of states go ahead decriminalized marijuana, allow it for medical reasons, allowed for recreational reasons, and this seems to be the federal government kind of following the lead of so many states.

It's hard to ignore the timing of this announcement though, emily coming just a month before a mid term election. Should we talk about the politics of this move? I mean, we can absolutely talk about the politics of this vote. I mean, Biden said in his own statement that has had a large impact on people of color, on minorities. Those are groups that Democrats are very much trying to target ahead of the mid terms. They saw in twenty twenty that they couldn't take the Hispanic vote for granted.

The black vote, of course, is a key part of the Democratic block, and it's a mid term and so getting people to the polls, encouraging them to come out and to vote, that's going to be a big part of any victory that we see on election night. So certainly there there's a little bit with the with the timing that phraises an eyebrow and kind of has people asking, you know, how much of this is is political and

how much of this is actually policy? And We got some interesting timing as well on former President Donald Trump stepping in with money for the first time in some heavily contested Senate race. Isn't this mid term? Yeah, Trump is a prolific fundraiser, but he hasn't been quite as active financially with a lot of these very competitive races. And now we see him just a couple of weeks before the election starting to put his money where his mouth has been, backing candidates that he has endorsed in

Ohio and Pennsylvania. Of course, that's a doctor Oz in Pennsylvania who's reading for Senate, and then j D Vance in Ohio trumps book two point one million and advised um. It's, you know, kind of an overall drop in the bucket for for what we've seen going ahead and being spent um, but it's really making a plush and it comes at a time where Democrats are actually a little more likely to win the control all of the Senate. That's what we're seeing from a lot of projections, including a five

thirty eight UM. But of course at this point it's very close. It's still anyone's game, and we're seeing Republicans get an advantage, particularly in Pennsylvania. We had seen Democratic nominee John Futterman, we have a big lead. Now we're seeing doctor Oz cutting into that, really getting up on the air, really pushing the issue of crime. Uh and that seems to be working out in Republicans favor. And Pennsylvania is a is a very key state for Democrats.

It is their best opportunity to pick up a seat uh for the Senate UM and that they would need to do that, especially because they are defending seats in states like Georgia, uh and in Nevada. Yeah, election days getting closer. Thanks for this, Emily. As always, Bloomberg Government reporter Emily Wilkins with us in Washington. Read more about these stories on Bloomberg dot Com or on the Bloomberg Terminal. Listen to Bloomberg Radio in Washington Bloomberg one and one

oh five point seven FM HD two. You're gonna want to keep it right here for the release of September payrolls out at eight thirty am, Wall Street time and reaction from Labor Secretary Marty Wall She's gonna join us in the nine am hour right here on Bloomberg Radio and on Bloomberg Television. Head of the market open. SMP futures are down two points down futures are up thirty one.

Nasdaq futures are lower by forty four points. Bloomberg Surveillance is next to Tom Keene, Jonathan Faroe, and Lisa Abramowitz. For Karen Moscow. I'm Nathan Hagar. This is Bloomberg broadcasting live from the Bloomberg Interacted Broker's studio in New York. Bloomberg Living Freedom to Washington, d C, Bloomberg nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixteen to the country, Sirius XM to the one nine team, and around the globe the Bloomberg Business

apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow, and we are just about three hours away from the open of US trading. Time for the five things you need to notice start your day. Brought to you by Interactive Brokers i b k R. Event Trader offers a new way to trade futures. Use event contracts to trade your opinion on yes or no questions in key CME futures markets. Learn more at event

trader dot Interactive Brokers dot com. Up First, we heard hawkish comments from no less than five officials yesterday, including Minneapolis FED President Neil cash Cary. I fully expect that there are going to be some losses and they're going to be some failures around the global economy as we transition to a higher interest rate environment, and that's the nature of capitalism in Minneapolis, FED President Neil Cash car age as a central bank is quite a ways away

from pausing rate hikes. Likewise, Karen FED Governor Christopher Waller emphasized the need to bring down an inflation. I believe we have tools in place to address any financial stability concerns, and we should not be looking to monetary policy for this purpose. The focus of monetary policy needs to be on one day fighting inflation. Governor Chris Waller says the FED needs to continue to raise interest rates into next year.

We also heard hawkeys remarks from Cleveland FED Chief Florid Semester FED Governor Lisa Cook, and Chicago's Charles Evans Well. Taking a look at markets now, Nathan u Stock indise futures are lower following those comments, plus week earnings from Shipmakers. Jessica Beamer's portfolio manager with Easterly Investment Partners, interest rates have really been a dominant story since mid August and it's created some panic and equity markets is around housing

m and a financing, you know, rolling dead. I think people are really worried about kind of how those rates are going to affect individual companies, and Justin a Beamer with Easterly Investment Partners says we're only starting to get hints to the full impact of rate hikes. One of those could come today. Karen in the September Jobs Report

to at eight thirty am Wall Street Time. Stick with us for live coverage all morning, plus conversation with US Labor Secretary Marty Walsh live in the nine am hour on Bloomberg Radio and Television. And we have an update on Elon Musk and Twitter this morning. And Delaware judges halted the mid October court case against Musk to allow his deal to buy Twitter to close. And we have

three winners of this year's Nobel Peace Prize. Karen Alas b Alatsky from Belarus, a Russian human rights organization memorial, and the Ukrainian rights group Center for Civil Liberties have all won the Nobel Peace Prize. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers and SMP. Futures are lower this morning, down six points, straight ahead, your latest local headlines, plus a check of sports. And this is Bloomberg all right,

thanks Karen. It is six thirty three on Wall Street in Central Park. Still dealing with the lads and the white Stone Bridge at that acts, then heading into Queen's. Michael Barr has more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. An afternoon and the bronx turned into a frightening moment.

Authorities in New York City say ten people were injured, including two young children, when a police cruiser collided with another vehicle and crashed onto a sidewalk in My p D. Chief of Patrol Jeffrey Madre said the patrol car was responding to a call and trying to get around a vehicle at an intersection when the crash happened. There's an investigation unit. It's conducted investigation. They'll continue to talk to witnesses. They'll continue to find video, and they'll continue to piece

together exactly what happened here. The NYPDS Jeffrey Madre says there are no major injuries. A federal judge struck down New York State's new law banning guns in certain public areas. The law was created in response to a Supreme Court ruling striking down another New York law that restricted who could own a gun. Now, officials are concerned about guns being carried into crowded areas like Time Square. President Biden paid a visit to an IBM campus in Poughkeepsie, New York, yesterday.

He talked about semi conductor chips American Vinity chips. They powered Nassa's first Moon mission, the President Kennedy inspired here in America. President Biden also emphasized creating jobs in the US and lowering costs. Hunter Biden's legal team is slamming federal investigators and even accusing them of misconduct, writing it

as a felony to leak information. Several media outlets, including The Washington Post, reports federal agents believe they have enough evidence to charge President Biden's son with tax crimes and lying on the federal form when he bought a gun. Horrific scene on the Las Vegas Strip where police say eight people were stabbed in a string of allegedly unprovoked attacks. At least two of the victims were killed, six wounded,

including several and critical condition. Las Vegas Metropolitan Police Deputy Chief James la Rochelle it's just clearly a very tragic to understand, hard to comprehend murder investigation that deeply impact our community. Deputy Chief La Rochelle says a large knife has been recovered. A member of the Proud Boys has admitted his role in the Capitol attack. Jeremy Bertino in

North Carolina pleaded guilty to seditious conspiracy. Bertino has also agreed to cooperate and help federal agents with their investigation. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts more than one d twenty countries. Michael Byron, this is Bloomberg Nam. Thanks Michael. Almost six thirty six on Wall Street, John Stashire has a Bloomberg

Sports update, Thanks Nayan. The baseball post season begins today. The new format makes its debut. There used to be a single wild card game in each league. Now there are four best of three wild cards series. He put in the Mets and Padres and City Field, and Mets forced end of this series when they came up just word of winning the Vision. Pete Alonzo was asked about last weekend when they got swept in Atlanta. People look at the look at the Atlanta series, uh, and they

think that's the that was the determining factor. But to be honest with you, um, we we got swept by the Cubs like three weeks prior. So um, if we didn't get swept, if we had one more game or if you look at um, I don't know the sixties some other games were it was closed interest tonight, Max Scherzer, you Darvis sounds like the mess. If they win tonight,

we'll start Chris Bassett tomorrow night. Then they would have Jacob ground for either Game three Sunday or Game one next Tuesday in l A. If they lose tonight, they would start to Gron tomorrow. Yankees asked some decision to make on their roster for the a l D asked against either Cleveland or Tampa Bay. Aaron Boone hit to then Matt Carpenter, who's been out since he broke his foot in early August, ready to return, could be used

as the pinch hitter off the bench. Week five Underway Indianapolis one at Denver twelve to nine and overtime Colts QB Matt Ryan called this game a slog of a game at what on ten sacks for interceptions, no touchdowns. Giants in London get ready for the Packers Sunday morning, New York Time. Giants just signed safety Landon Collins, who in his first date with the Giants with three time pro bowler all the preseason, but the Nets Boston home to Miami by twenty nine. Islanders beat the Devil's. New

NHL season starts next three. Josh Dash, bloom Group Sports, Nathan all right, John, thank you. Six thirty seven on Wall Street. Time to take a look at stuck, some of the names moving in the pre market. Bloomberg Radio and TV Markets correspondent Pretty Gufta. We're continuing to keep an eye on what is happening between Twitter and Elon Musk. It looks like the buyout saga goes on still, Yeah, perpetually,

it seems it never quite ends. And what's interesting here is this came after during the afternoon actually yesterday, we got some news that the deal is set to be contingent on receiving thirteen billion dollars in debt financing. No, remember, we knew this that he was trying to have the

starting to have some of these financing issues. And one of the reasons that Twitter shares were lower yesterday actually was simply the idea that does that mean that his offer for Twitter as the entire company will drop below fifty to four dollars and twenty cents up per share of that being said, after that news, the idea that it's going to be contingent on the debt financing, which

already doesn't look too rosy. You saw the stock drop about ten percent this morning, though Nathan a little bit of whip saw the action, if that's the word here, You do have um the stock both negative and pausitive territory in the first couple of hours of pre market trading. Now is just sitting unchanged. So really keep an eye on Twitter shares t w t R A taker and of course we'll give you updates throughout the hour as well.

But Nathan, there's a sector that you have to keep an eye on and those chip stocks, because that's where you're seeing some real movement really contributing to what could happen on the macro level as well. So think about the likes of advanced micro devices and video Intel. This coming after Samsung and a m D both reported some pretty disappointing figures within just hours of each other. The

issue here is um, Nathan. I'm sure you've heard of DOW theory or or GM theory, the idea that the economy it's going to kind of take its um indication or extold economists will take their indication of how the economy is doing by how many cars Americans are buying, or how much gas they're spending or whatever. The new theory here is is chip theory, which is the amount of healthiness in the chip sector, just given our dependence on technology and how much everything UM really relies on chips.

So if these chip companies aren't doing well, then for a lot of people on a macro basis, that signals that there is a deteriorating climate here. So a m D is one example, down about five point six percent have Nvidia n B d A, the heavyweight down three point two percent, and of course Intel I NTC down about three percent as well. Nathan, No, in our last thirty seconds, CRE have to think investors in cannabis companies have to be feeling good after what the President had

to say yesterday. You know they initially did, because you did have a rally and some of those that cannabis company stocks. President Biden pardoning thousands of Americans for possession of marijuana and ordering a review of its legal status once again kind of feeling the hopes decriminalization. But this morning Nathan's turnaround story, Till Rate t l r Y down one and a half percent. Uh, and Chronos for example, c r o N down six tents of a percent.

So not a ton of green there, alright, green, very good, thank you, Bloomberg Radio and TV Markets correspondent, pretty grouped. Taking a look at stocks as a whole. Yeah, not a whole lot of green there either. SMP futures are down four points, staff futures touch higher, up nineteen NASDAC futures on the decline, though, down forty five points. You're listening to Bloomberg Daybreak, Bloomberg eleven three oh weather sunny and pleasant for one more day today, high in your

seventy five degrees. We'll stay sunny this weekend, but it's gonna be cooler tomorrow, only your sixty degrees low sixties for Sunday. Sixty one is our current temperature in Central Park