Bloomberg Daybreak: September 13, 2022 - Hour 2 (Radio)

drowning her children at Coney Island Beach. Plus Senator Graham plans to introduce national abortion restrictions On Michael Blar More Ahead, I'm John Stash towards wards the Mets walk because the Yankees visit the Red Sox Tonight Monday Night Football Seattle, Top, Denver.

That's all trading ahead on Bloomberg day Break on Bloomberg eleven, Free on New York, Bloomberg on Washington, d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, San Francisco, Syrius X M one nine Team, and around the world. Old on Bloomberg Radio dot Com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar, and I'm Karen Moscow, US DOT in Next futures on the rise this morning.

We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughhou the trading day on Bloomberg. Right now, S and B futures are up about seventeen points. Gall futures have one seven A NAUNSDAG futures of forty five ten year treasury of eleven thirty seconds. You have three point three one percent and they yield on the two year three point five

two at NIME. Ex Scrude oil at eighty eight dollars eighty cents a barrel Nathan Karen For markets today, it is all about inflation, and we get the latest reading on US consumer prices at eight thirty am. Wall Street Time forecast call for inflation to ease, but Coral Institute Chief economist Megan Green says there is a risk prices go the other direction. Well, I think we'll see headline inflation coming down thanks to lower gas crisis, but in terms of core inflation we might see it take up

very moderately. Actually think the risks are on the downside. There's a possibility it could fall, but generally I think it will take up very moderately, and that's good news that it's increasing at a slower rate. But I don't think that the Fed can breathe a sigh of relief just yet. Megan Green and Coral says an energy crunch could push prices higher in the coming months. Economists surveyed by Bloomberg expect inflation for August to come in at

an annual rate of eight point one percent. Well, I had a better report, Nathan. The mood and equity markets is risk gone. Stalks in the Asia Pacific climbed overnight, and Bloomberg Juliette Sally joins us with the recap from Sydney, Australia. Good morning, Juliette, Good morning. Karen tech Stokes led the games, with Apple supplies rallying amid strong preorder data for the latest iPhones. South Korea has cast ME rose more than two and a half percent as investors played catch shop

after Monday's holiday. If He'll show you one weekend. Despite yet another strong fixed from the PBOC four in a row, the bias was below two hips slow for the first time in a week. M Life strategist highlighting this suggests that PBOC could be easing off slowly in its battering of you on bearish bits in Sidney. Juliette Sally Bloomberg Daybreak. All right, juliet thank you back here in the US.

A couple of corporate names we're watching this morning. Shares of Peloton are down about a half percent in early trading. That's afterwards. Chairman and co founder John Folly is stepping down from the company. His resignation takes effect Monday. And on the flip side, Nathan, we're seeing shares of Oracle gain. They are up almost two percent after earnings that were in line with estimate. Sales for Oracle jumped eighteen percent of the recent quarter thanks to strength and cloud computing.

Else Around Wall Street, Karen job cuts are in focus. Goldman Sachs is going ahead with its biggest round of cutback since the start of the pandemic. Sources say the bank plans to eliminate several hundred roles starting this month. Bloomberg's Valerie Titel says the cuts will be based on performance. They usually have an annual calling cycle, but I think what's notable about this one is that they are resuming

normal activity after the pandemic. This comes after some pretty steep declines and investment banking activities, notably I P O s and junk issuance, creating, you know, quite some conditions for some significant layoffs to begin post pandemic. Bloomberg's Valerie Titele says Goldman will use the cuts to weed out low performers. The move could signal a chill setting in across the finance industry as revenue slumps from record highs. Well, let's learn to boats. Turn to politics now, Dathan. We're

an investigation into the election is heating up. The Justice Department is ramping up its probe and the plot to overturn the presidential election, issuing dozens of subpoenas targeting campaign operatives and allies of former President Trump and Bloomberg's Amy Morris has details from our newsroom in Washington about forty news subpoenas were issued, the focus appearing to be the alleged scheme to have fake or alternate electors come to

Washington to delay the certification of Joe Biden as president. The New York Times reports the Justice Department also seized the phones from Trump's lawyer Boris Epstein and campaign strategist Mike Roman. The time says some of the new subpoenas focus on activities of the Save America Political Action Committee, which is the main political fundraising arm for Trump since he left office in Washington. I'm Amy Moore as Bloomberg Daybreak.

Thanks Amy, Let's turn our attention to Ukraine now. The country's asking for more weapons to build on its recent successor retaking territory from Russia. President vladimir's Lensky says forces have recaptured more than twenty three hundred square miles this month. Former Defense Secretary Leon Panetta says this could mark a turning point in the war. I would say it's both

pivotal and dangerous. It's pivotal because to have Ukraine conducting a strong offensive that's working is incredibly important to putting real pressure on both Putin and the Russians. It's dangerous because Putin, if he's boxed in, obviously will have to strike back. Former Defense Secretary Leon Panetta spoke with David Weston on Bloomberg's Balance of Power. Catch the program weekdays

at noon Eastern on Bloomberg Radio and Television. Plus the Balance of Power podcast on Apple, Spotify and anywhere else you get your podcasts. And finally Nathan to the UK, where ceremony is remembering Queen Elizabeth continue this week. Mourners in Scotland are paying respect to the queen this morning, and here with more is Bloomberg's Leanne Garrans. Thousands of people have been queuing through the night to see the

queen's coffin at St Charles Cathedral in Edinburgh. The Queen's coffin will rest in the cathedral until about five pm local time today before beginning the journey back to London. It will then be taken to Buckingham Palace and then to Westminster Hall, where the Queen will lie in state

for four days. A National Minutes silence will be held at eight pm on Sunday, the night before the Queen's funeral in Westminster Abbey, and Bloomberg's Leanne Garran's reporting from London will bring you live coverage of the Queen's funeral coming up on Monday. Right here on Bloomberg daybreak and ahead of the market open, Karen futures are moving higher, SMP futures are up sixteen point, STAW futures up six

NASTAC futures on the rise by forty six points. The tenure treasury is up eleven thirty seconds yield three point three one Nimex crudes highed by one percent or ninety cents at eighty eight dollars sixty seven cents a barrel. Straight ahead, your latest local headlines plus the check of sports. This is Bloomberg six oh seven on Wall Street where at seventy one degrees in Central Park. I got an accident in Westport. It's on the southbound Connecticut Turnpike. Eggs

at seventeen. 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, the mother of three children who were found dead at Coney Island Beach could be charged today. The thirty year old woman, who has not been identified, was questioned by the NYPD for about six hours before she was taken to a

hospital for a psychological evaluation. Yesterday, police found the bodies of seven year old Zachary Murdy, four year old la Llana, and three month old Oliver Bonderev. NYPD Chief of Department, Keith Corey says that Kenneth Corey I should say says that the thirty year old mother was found two miles down the boardwalk from her home in would appeared to be a catatonic state. She was wet, she was barefoot, um,

and she was not um communicative to the officers. The community was left in shock over the deaths of the children, even to somebody take them to somebody, police say. Family members claimed the mother confessed that she drowned her children, but she has not said anything directly to investigators. Republican Senator Lindsey Graham plans to introduce legislation to restrict abortion nationally. The South Carolina senator has scheduled an announcement at the

capitol for later today. Graham's action raises the profile of abortion rights as an issue for the midterm elections. A Connecticut jury us lately to begin hearing evidence today in a trial to decide how much money conspiracy theorist Alex Jones should pay relatives of the victims of the Sandy Hook Elementary School shooting for spreading a live massacre that

left twenty six people dead was a hoax. It is the second such trialpha Jones, who was ordered by a Texas jury last month to pay nearly fifty million dollars to the parents of one of the slain children. Negotiations between the unions representing railroad workers and management have stalled. This means some am track writers could experience delays and good cause the rebounding economy to lose momentum. The deadline for a deal is just after midnight Friday, and last

night's Emmys on NBC. HBO took home the top award for the sixth time in eight years, thanks to succession for Top Drama and the White Lotus for Best Limited Series. Apple's Ted Last So repeated as Best Comedy, and Buying Don Yoke made history as the first South Korean director to win for Best Drama for Squid Game since Kid Game. Footing nomination at the Emmy's people keep telling me like I made the history, But I don't think I made history by myself, because it was you who opened up

the doors for skid Game. Embody here tonight at the Dammy's Global News twenty four hours a day on Area on Bloomberg Quick Take power by more than seven hundred journalists analysts more than a hundred twenty countries. I'm Michael bar this is Bloomberg Naken. Thank you, Michael. Six ten on Wall Street. Time for the Bloomberg Sports Update with johns Tsh. All right, Nathan Mets back home from a road trip that saw the win two of three in Pittsburgh,

two or three in Miami. Now facing another subpar team, the Cubs, Chicago got the Chris Bassett pair of early home runs. Bassett gone on the fourth endy having allowed five runs. The Cubs won five to two, but Atlanta lost in San Francisco three to two. That's the Braves third loss in a row, and the Mets remain a game and a half ahead. Yankees and Red sax tonight in Boston Garett Cole on the Mountain. The two teams behind the Yanks met Toronto on a bobus Yette Eighthenny

in Homer top Tampa Bay three to two. So the Blue Jays now in the second place, five and a half games behind the Yanks, and the Rays trail by six. The first NFL Sunday saw three teams, Cleveland, Pittsburgh, and New Orleans all win games with last second field goals of over fifty yards. Last night in Seattle. Denver tried to win with a sixty four yard field goal, it

missed Seahawks one seventeen sixteen. The Broncos had time to try and get a first down, moved closer, but they elected to try that long kick, so Russell Wilson loses in his return to Seattle his first game with Denver. The Jets Sunday bring their thirteen game month of September, losing straight to Cleveland. Jets offense struggled in the loss of Baltimore, but coach Rob Sala feels it will improve those little errors on the offense. Was was having the

first half stop happening. It's going to be explosive, and then it carries out in the second half. You're you're just gonna feel it. Uh and and in a way it does just click where you're just stacking up there after day after day and um and it's really really cool when it does happen because it just absolutely pops off the table. Jet Sunday takes of the Browns team that just want its opener for the first time. It's in two thousand four. Giants got their first in two

thousand sixteen. This Sunday Day host Carolina, John Stash Howard, Bloomberg Sports, Nathan all Right, John, thanks, Futures moving higher ahead of inflation Ada that we'll talk about next with Bloomberg's Michael McKee. This is Bloomberg Bloomberg day Break, brought to you by the Jewish Communal Fund j CFS. Donor advised fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit

j c F n Y dot org. Markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business aland at Bloomberg Quicktape. He's a Bloomberg Business lash and I'm Karen Moscow and we did at this headline crossing the Bloomberg Buyer, also known as Bear in the US, quietly starting to search for a successor to chief executive officer of Werner Baumann, raising the prospect of an early departure this according to people familiar with

the matter. Futures, meanwhile, are on the rise this morning, with SMP futures of about nineteen points down futures of a hundred forty three, and NASDACK futures of fifty six ten year Treasury up ten thirty seconds year three point three one percent the yield, then the two year three

point five two percent. NIMEX screwed oil is up one point two percent of a dollar two at eighty eight dollars eighty cents of barrel comex schoold is down a tenth of a percent, down two dollars forty cents at seventy twenty announced the Euro one one six nine against the dollar, British pound one point one seven oh nine and the end one two point one seven And look at it bit coin this morning, little changed at twenty two thousand, three ninety dollars. And as a Bloomberg business flash.

Now here's Michael Barr with Moore on what's going on around the world. Michael Karen, thank you very much. The coffin of Queen Elizabeth the Second both had from Edinburgh, Scotland to London. The Queen will Lion state in Westminster Hall for four days in London. More than thirty people associated with former President Trump and efforts to influence the

election results have received federal grand jury subpoenas. Meanwhile, Trump and the Department of Justice agreed that Judge Raymond Deery would be a suitable choice for an outside special master to review the documents taken from Trump's Marrow Law go Home as part of an investigation into his handling of government records. In Monday Night football, the Seahawks upset the Broncos seventeen sixteen. In baseball, the Mets lost to the

Cubs five to The Giants. Won Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than hundred journalists and analysts more than a hundred twenty countries. Michael bar and this is Bloomberg. Nathan Okay, Michael, thanks at his six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and markets are looking for a clearer picture on where things

stand in the federal reserves fight against inflation. When we get the August consumer price index in just about two hours and ten minutes. Here ahead of that with us is Michael McKee, Bloomberg Economics and Policy correspondent. So Mike walk us through what economists we've surveyed are expecting we we are going to hear when those consumer prices come

down at eight thirty Wall Street Time. Well, the number that a lot of Americans will focus on its headline inflation, which is expected to go down a tenth of a percent, and that would drag me year over year rate down from eight and a half percent to eight point one percent.

Later this morning, President Biden has a speech some remarks on the economy and on the Inflation Reduction Act that they passed, and so no doubt he will be citing that the core rate, however, is expected to be up about three tents, which would be a reasonably small increase given what we've seen before, But because of base effects, the year over year rate goes up to five point one percent from four point nine. So on that basis,

it won't be quite as good news. The question that everybody who is in the economics profession and over the fete is going to be asking is not so much what the the numbers are, what the underlying inflation dynamics are, what's rising in price, what's falling in price? What does that tell us about what's going to happen in the future. Well, what our economists expecting when it comes to those underlying dynamics, Mike, what are some of the biggest drivers potentially we could

see for core inflation. Well, the good news side is we are expecting used car prices to fall. They've dropped significantly on a wholesale level, so the hope is that translates into the retail level as well. Apparel. There's been a story that retailers stocked up too much on clothing because so much of it was jammed up in the pipeline and then it came through, so they have to discount to get rid of some of their inventories. So

we might see some declines there. Of course, on the headline basis, gasoline prices, the big driver of inflation, has followed a lot. On the bad news side, housing prices are still going to be rising in the CPI because it takes a long time for housing prices in that index to change. You don't sell a house or buy a house every day the way you buy gasoline, and so the rise in home prices we've seen the last couple of years is still going to be with us.

And housing prices are going to be the biggest measure of the core because they are thirty percent of the CPI, and so that's a significant upward pressure. Yeah, given how much weight of housing prices do have on core inflation, does that sort of lower the possibility that we could see a downside surprise on core inflation. That's one reason a lot of people aren't expecting a downside surprise on

the core. Although there are a number of categories that fall under that dreaded t word transitory, you're not supposed to we're not supposed to say that we're supposed to retire it according to example, but things that could fall and aren't tracked closely enough to get a sense of where they are on a month to month basis, things like airfares and hotels. We know that the prices have gone down, but enough to make a difference. Uh, that's

a key question. One wild card is UH the seasonal impact of college is reopening, because there is a sense that tuition prices went up, and if that's the case, then that could put upward pressure on the core as well. One of the chances that we could see UH consumer price index that lowers the risk of a another jumbo

sized rate hike from the FED. I only asked that might because we've heard from so many FED speakers ahead of this reading that really seemed to be leaning into this idea that they're open to another seventy five basis point move. We got about a minute left here. They've been talking about that for quite some time. JAYL went to Jackson Hole and and suggested that, and then everybody who spoke after him up to the quiet period beginning last Saturday seemed to endorse the idea of a strong

rate move. The feeling is that if they're going to get to a restrict level just above the neutral rate, maybe four percent or a little below, they might as well do it quickly, get it over with, get there, and then wait and see what happens with the data. So that seems to be the plan. And I don't think anything that happens in the CPI report that's out today is going to change that. They'll watch for data

down the road. Thanks for this, Mike, great having on with us again this morning ahead of August cp I do out eight thirty am Wall Street time. Of course, we will have full coverage for you here on Bloomberg Radio. Michael McKee, Economics and Policy correspondent for Bloomberg Radio and Television.

Just reiterating the red headline across the Bloomberg terminal. A few minutes ago, Buyer a k A. Bayer, the drug maker, quietly starting a search for a successor to cel Werner Bauman, according to people familiar with the matter, raising the prospect that Bauman could leave before his contract expires in April. Buyer shares are higher by nearly two percent. In Frankfurt, SMP futures are higher by eighteen points. On Wall Street, You're listening to Bloomberg day Break Bloomberg eleven three oh

weather any showers and storms in by midday today. We'll get up to the low eighties this afternoon, sunshine, low eighties tomorrow, sunny, mid seventies on Thursday. Right now, seventy one in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free to Washington, d C, Bloomberg one to Boston, Bloomberg on A six one to San Francisco, Bloomberg N sixty to the country, Sirius XM Cho one nine teen and around the blooe

the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. Damn. It's six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. We are just about three hours away from the open of US trading. Time for the five things that you need to notice start your day. Brought to you by Interactive Brokers. Interactive Brokers Simple IBKR Global Trader app deposit in your local currency and trade stocks in the US, Europe and Asia.

Start your free trial at ibk r dot com Slash Global Trader. First, US futures are higher ahead of the latest data on inflation, we get a reading on US consumer prices for August at eight thirty am. Wall Street Time forecast call for inflation to ease to an annual rate of eight point one percent. Here with Moore as

Bloomberg Economics corresponded Michael McKee. Falling energy prices likely held down headline inflation in August, but higher costs for housing and education our forecast to have pushed core inflation higher. Beneficials have all but said they're locked in on a three quarters percentage point increase for interest rates next week. Higher core rate won't affect their thinking, but it will serve as a reminder the fight against inflation is far

from over. Michael McKee Bloomberg Daybreak, alright, Mike, thanks. Global stocks are slightly higher ahead of that CPI report. Stock in Europe and Asia are posting moderate gains. SMP futures are up about a half percent. Well elsewhere on Wall Street, Nathan John cuts are in focus this morning. Goldman's actually is going ahead with its biggest round of cutback since it started the pandemic. Sources tell us the bank plans

to eliminate several hundred roles starting this month. Bloombergh Sally Bagwell says the move cut signal a chill setting in across the industry. The other investment banks they faced similar challenges. They're battling inflation. They have also seen a slump in dealmaking in investment banking, and we understand that a lot of the cuts with Goldman Sex were in that division, and so we can expect that this sets the tone a little bit for broader Wall Street and that we

might start see other banks following suit. Bloomberg Sally Bagwell says the classic Goldman will be used to weed out low performers. Let's turn our attention to Ukraine now care in the country's asking for more weapons to build on its recent success retaking territory from Russia. President Vladimir's Lensky says for US is recaptured more than twenty hundred square

miles this month. Agregius, as a senior fellow at the Atlantic Council, I do believe the spells at turning point, and at this point we could suggest that either Russia is facing defeat or it's facing a stalemate. Agregius with the Atlantic Council says the area's Ukraine securing could give them a strategic advantage over Russia. And finally, in politics, this morning, Nathan, the Justice Department is ramping up its

probe into the plot to overturn the presidential election. The d o J is issuing about forty new subpoenas to campaign operatives and allies of former President Donald Trump. That's the five things that you need to notice start your day. Brought to you by Interactive Brokers. Thanks hearing sixty three on Wall Street seventy degrees in Central Park we got an overturned car and Crantford northbound Garden State Parkway by

exhib One thirty seven. We'll tell you more in traffic. First, Michael Barr with what else is going on in New York and around the world. Michael Nathan, thank you very much. The thirty year old mother who was accused of drowning or three young children at Coney Island Beach remains hospitalized under psychiatric evaluation this morning. She could face charges today. Yesterday, the bodies of seven year old Zachary Murdy, four year old La Lana, and three month old Oliver Bonderev were

found on the shore of the beach. The NYPD says the woman, who has not yet been identified, was found about ninety minutes soaking wet, nearly catatonic, and barefoot, about two miles down the boardwalk from the section of Coney Island where she lived. The community is reacting to the news. Zachary's school football coach, Alan McFarland says it's hard to believe Sally kid, a really good kid, always smiling on

the football field. Police a family members claim she confessed to the killings but has not said anything to authorities. Republican Senator Lindsey Graham of South Carolina will once again try to introduce legislation to restrict abortion nationally. Graham is scheduled an announcement for later today at the Capitol. The politically explosive debate is emerging as one of the central issues in the mid term allow campaign. The White House

is working to avert a rail workers strike. President Bladen has reached out to both rail road unions and the rail road companies. If a deal isn't made by Friday, it could lead to major rail disruptions. Amtrak already announced it will be suspending several anounts. Jason todek Is This comedy ted Lasso, aired on Apple, claimed the Top Comedy prize at last night's Emmy Awards. The show is about good and evil, and so that the show is about

like the truth and lies. This show is about all that stuff, but it's mostly about our response to those things, and your response to our show has been overwhelming. HBO Succession took home the Top Drama honor. Another HBO show, White Lotus, was named the Best Limited Series. Lee Jung j of Squid Game one Best Drama Actor. The Emmy's aired on NBC. The jazz World has lost a great. Ramsey Lewis, whose albums Sun God has reached number one

on the Billboard Top Soul Church, has died. Lewis has Other hits include the n Crowd, Hang On Sloopy, and Wade in the Water. His son says Lewis, who earned three Grammy Awards and seven Gold Records, died in the sleep in the Chicago home. In a seven Global News twenty four hours a day on airand on Bloomberg Quick Take, powered by more than seven hundred journalists and analysts more

than a hundred twenty countries. Michael bar this is Bloomberg, Nathan, Thank you Michael, coming up to six thirty six on Wall Street. John Stashour has the Bloomberg Sports Thanks Nathan. NFL Week one ended with Denver at Seattle, also Russell Wilson's first game with the Broncos against his old team. He had asked to get traded, That's why he got booed. W Wilson proved for three hundred forty yards, but twice in the second half, the Broncos fumbled at the Seattle

one yard line. Then they missed a long field goal in Seattle one seventeen sixty in the new Seahawks QB is Genos Smith, the former Jet and Giant. He played well, especially in the first half. Jets did not play well and the loss of the Ravens their thirteenth loss in the row and step member so plenty of critics, but Jets coach Rob Sala thinks he will have the last laugh.

I know what's gonna happen, and I'm and I'm taking where we're all taking receipts on all the people who continually mock and say that we ain't gonna do anything. I'm taking receipts and I'm gonna be more than happy to share him with all of y'all once all a sudden Jet Sunday visit Cleveland. The Browns just one at Carolina and the Panthers come in to play the one and no Giant. Sunday, Week three of the Giants played Dallas.

That's the big NFL injury at a week one. Dak Prescott already had surgery on an injured hand, expected to keep the Cowboys pub out six to eight weeks. At City Field, comes Meat the Mets five to two. Not a good outing for Chris Bassett gave up all five gone in the fourth inning. But Atlanta has suddenly lost three in a row. In the Mets day game and a half ahead, Yankees and Red Sox tonight in Boston. It's just the two game series. They'll play four times

next weekend in New York. Mike drout Homeward for the Angels seventh game in a row. He can tie the Major League record. Tonight, the Dodgers were told that if they won Sunday, they flinched the playoff. Birthday won, they celebrated, and then MLB informed them they made a mistake, so they celebrated again. And after a win last night in l A can clints the division. Tonight, John Stash were Bloomberg Sports Nathan Okay, John, thank you, six thirty seven on Wall Street Time to take a look at some

of the stock names moving in the pre market. Bloomberg Radio and TV Markets correspondent Crety Gupta is with us this morning watching a name that's moving with a leadership shake up on the way. Yeah, and one that I think a lot of people have some interest in. Peloton p t o N is your takers down about five tenths of one percent this morning. Some news overnight here their executive chairman and co founder John Foley is stepping

down from the fitness company. It's part of this massive leadership shake up at a time when Peloton is really trying to kind of stabilize a little bit. I remember, we've had a little bit of regulatory issues when it comes to uh, some of their safety. Oh it's we've had um. Peloton has also been seen declining users um as well as users for their app, but also declining

sales when it comes to just buying exercise equipment. A lot of the has to do with kind of the reopening post COVID, so some of the success they saw has not continued into two. That being said, City Analysts actually put out their hot take on this instead of the departure of the company's founders, including John Foley, completely organizational changes at Peloton and should improve its free cash

full picture. So their take here, Nathan, simply that they're kind of getting closer to where they want to be. Maybe an interesting contrarian perspective. They're given where the stock is going. But that's not the only one that's moving on restructuring, is it. No, it's not. And you know this is crucial because this is also a subscriber story similar to Peloton Rent the Runway. I imagine you're not a user of Rent the Runway, Nathan, I gotta check

it out. You really should are there are are there offerings for people of my persuasion. You know, I think there's a ballgown that I saw the other day that you rent the runway. R E n T is your ticker. Doubt about in the pre market, this one taking a really big hit here, reporting a rob and subscribers in their second quarter, and as Nathan was saying, also announcing

a restructuring of the company as well. Now, the earnings itself were fairly solid, Analysts did worry a little bit about some of the volatility when it comes to subscriber trends, some of them saying that there, well, there's a little bit of rebound in August and September some time. I was actually told perhaps getting prepared for wedding season, getting prepared for galaxeas and in the fall as well. So there is some of that. But at the end of

the day, it's that restructuring. Is that drop in overall subscribers that's worrying investors this morning. Maybe they can put some tuxedos on there, maybe, Uh, And we've got some interesting earnings this morning as well. Yeah, we'll wrap it up here with Oracle o r c LS. Your taker shares actually up one point seven percent. Some top line growth? Is it pretty strong here? Animal is very positive on

that company. However, the concern here is a drop an operating margin as well as some issues within the integration of the health record providers Sarner. Remember Oracle recently bought Cerner. Uh so that's where they're seeing some of those costs. All right, Bloombergradio on TV Markets correspondent Creety Gooped addressed to the nines as always, thanks for joining us. Looking ahead to the market open futures moving higher as we

await August. C p I, SMP futures up twenty two points now, futures up seventy four NASTAC futures are higher by sixty six points. You're listening to Bloomberg Daywright Bloomberg eleven three O. Weather any showers and storms and early today we'll get up to the low eighties, sunshine, low eighties tomorrow, sunny and cooler Thursday with a high near seventy five right now seventy degrees in Central Park. Markets headlines and breaking news twenty four hours a day at

Bloomberg dot Com. The Bloomberg Business and at Bloomberg Quick Tape is a Bloomberg Business Flash and I'm fared Moscow future is on the rise. This morning, we go to the First Word Breaking news desk for today's morning call, and here's talk to you on a dryer Tatiana. Good morning. The features are higher this morning, with all major averages pointing to gains of about half a percent, and treasuries are also rallying. The ten year yield down four basis

points to three spot a thirty two percent. Looking across a set, oil is up one percent and the dollar is weaker for a third day. On the economic front today, we have CPI data at eight thirty In early trading this morning, Ubs up one percent after planning to raise this dividend this year and likely exceed a buy back target, and fashion rental company Rent the Runway plunge after reporting

an unexpected drop in subscribers. Regarding earnings, Oracle is up to after its numbers, and in other news, analysts have slashed their oil forecast for the rest of the year mid recession concerns. Morgan Sally Ubs both secrewed fifteen dollars lower in the near term, and wrapping things up here, Adobe was cut to market perform at BMO. Lie from

the first and Breaking news desk. I'm Tatiana Darry all right, Cardiana, thank you and to hear life breaking news over your Bloomberg type squawk on your terminal squ a w K and that'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. A final farewell from Scotland to

their longest serving monarch. Stream of visitors believed to be a mile long lining up to pay their last respects as Queen Elizabeth the Second lies and rest in Edinburgh for twenty four hours. The Queen's coffin will later be taken to London to Lyons State for four days. Ukrainian troops continue to pile under lunding pressure on retreating Russian forces. They are seeking to hold on to their sudden momentum that has produced major territorial gains. Monday Night football, the

Seahawks upset the Broncos seventeen sixteen. In baseball, the Mats lost to the Cubs five to the Giants. One Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg caerraon all right, Michael Bart, thank you.

At A sixty nine on Wall Street. We turned to news and science and technology now with the Bloomberg n j I T STEM Report, brought to you by New Jersey Institute of Technology, ranked a top one hundred national university by US News and World Report and the number one public university in New Jersey by Forbes. What will you make at n j I T Learn more at n j I T dot E d U and here's

just making news and science, technology, engineering, and math. Today is a big day for the ongoing legal battle between Twitter and Elon Musk. Twitter Twitter whistle blower Peter Zako is expected to appear before the Senate Judiciary Committee and tell them that the company misled its board, investors and users about its security. A judge last week ruled that musk legal team can use Zenko's claim in his defense

to get out of his purchase of Twitter. The f a A will look into what caused blue origin to a boarder rocket launch yesterday, shortly after takeoff. The false start is the first major failure for the rocket company, owned by Jeff as O since transitioning to routine commercial flights. No passengers were on board, and Nintendo shares made their biggest jump since December after the video game console maker released a new family friendly game, Splatoon three, for their

popular Switch platform. Nintendo was hoping to continue the positive momentum through the end of the year, betting on new additions to the Pokemon franchise doing well in the holiday season. That's a Bloomberg and j I t Stem report. Nathan, I still miss Mario. Thank you, Karen. We're live from them. It was right. We're live from the Bloomberg Interactive Brokers studios.

We're coming up to six fifty one on Wall Street Time now to check what's going on in d C. Some of the top stories in our nation's capital include dozens of former Trump officials facing Justice Department subpoenas the Senate to investigate claims the former president used d j to investigate critics, and President Biden making a late pivot

to the economy. In remarks set for late to this afternoon, Let's bring back Joe Matthew Our Washington Core spotted host of sound on here on Bloomberg Radio to kind of sort out the latest developments in one, maybe a couple of the multiple investigations surrounding former President Donald Trump. Joe, good morning. What do we know about these subpoenas well? Dozens of them have gone out over the past couple of days here, and it really gives us a sense that the d o J is going deep on this.

When the Justice Department UH subpoena specifically campaign operatives, those who were part of the effort they say, uh, to overturn the presidential election. That that's what they're looking into here, Nathan as opposed to the investigation into documents at marl Lago. So we've got now tandem investigations coming out of the d o J. And this is a pretty broad view here based on what we're seeing the number of subpoenas that went out UH to individuals, including the former New

York City Police Commissioner Bernie Carrick. Uh. It's it's really pretty stunning here. The subpoenas specifically asked for information about fake electors. The idea of creating these slates of fake electors to resist the certification of Joe Biden as president is what they're looking into, according to the New York Times. And my goodness, it's another layer in this ongoing legal dispute here between Donald Trump and the government that never

seems to end. Now you mentioned the former New York City Police Commissioner Bernie Carrick, one of the people being uh issued with subpoena's here who else is being looked at? And what does this potentially say about where this investigation is going? You know, well, along with the subpoenas and this was, my goodness, half of the Trump campaign uh

has been getting a knock on the door here. It seems like from the d O J they sees the phones last week from a lawyer to Donald Trump and a former campaign strategist who actually directed election day operations for And at that point, if you uh follow the bouncing ball here, they were well underway year with their efforts even before the election to try to uh follow up on this concept of fake electors. So to consider

dozens of subpoenas telephones being seized. Uh, this is something that is clearly this morning larger than anyone realized yesterday. Are we getting any reaction Joe too, are from some of the people that have been handed these subpoenas. Uh, well, you know, yeah, there have been a couple of folks on Twitter, but there's there's been no uh to my

knowledge at least that I'm not on truth social right now. Uh, no bold reply from Donald Trump himself, although he's been of course talking for months and years about the d o j's weaponizing of uh, the or the the Biden administrations weaponizing of the d J in this case. Interesting, you mentioned weaponization of the d o J because now we're hearing that the Senate is going to be looking into claims that the former president himself did just that,

based on new revelations from a book coming out today. John, Yeah. Yeah, to think that we've got another book and that it's actually gotten the attention of Dick Durbin, the Senator from Illinois, who has sent a letter to Attorney General Merrick Garland about this, asking for information about these allegations that Donald Trump's Justice Department in fact demanded that critics of the president be prosecuted. And it brings us to the case

of Gregory Craig, who was prosecuted for political reasons. According to this report, Uh, they in fact he was accused of lying about work on behalf of the Ukrainian government, but in this in fact was acquitted. So it's yet another layer here. Whether this actually results in an investigation by another Senate committee here along with the Jene six Committee has yet to be seen. Sometimes in Washington we talk about hearings and investigations that never see the light

of day. Yeah, and hearings and investigations, as we say, kind of run tandem with each other. We'll leave that for now. Let's turn to what's happening at the White House today. Pretty interesting that President Biden is going to be talking about the economy, an issue that maybe just a couple of weeks ago might have looked like an Achilles seal for him. Well, and you could say that it still is. I mean, it depends on the CPI print this morning, which makes this kind of tricky timing.

But they are planning to do essentially a ceremonial signing and it comes with a couple of thousand people actually on the South law later for what they called the Inflation Reduction Acts. Republicans will tell you that it actually is going to worsen inflation. But this is the this is the bill that the President got done in a sort of last minute deal that was considered a very

big win and includes climate spending. Uh and and of course lower drug prices that the President says will lower inflation. But look, gas prices have been down for something like ninety days in a row, and that has sent the President's approval ratings higher. They say that they the strong job market, lower gas prices are adding up to an

economy that is rebounding stronger than almost any in history. Now, when you look at the other side of the coin here you listen to republic looens, you think that the economy is already in a recession, which may be heading into one, and that inflation is ruining the lives of families. Uh, that's not the story that you will hear today from the White House. Obviously, they seem to think that they've got some momentum here they want to seize on that

as they go into November. In our last minute here, Joe, we've heard from Republicans saying the Inflation Reduction Act maybe a misnomer. How could the president be looking to sort of turn the tables on that later today, Well you'll hear him talk about, you know, the the rebound, the strength and the job market as he likes to point out here, uh lower energy prices and billions of dollars

invested in infrastructure. And now hell as he'll point to this plan deficit reduction, which they say will lower inflation. So look, this may not be uh kitchen table talk. It's actually pretty high level economics that they're trying to transmit to voters between now and November. But we'll see how he does today. It's gonna it's gonna have the

feel of a celebration on the South lawn. Whether or not people get an economic lesson from it as another matter, And I will certainly be watching for bringing up dates throughout the day here on Bloomberg Radio, and much more on Sound On with Joe Matthew coming up today five pm. Wall Street Time, right here on Bloomberg Radio. Looking ahead to the market open, ahead of that inflation data coming out in just about an hour and a half. We're

seeing futures add to their gains right now. SMP futures are up twenty seven point, Staff futures up two hundred three, and NASTAC futures are higher by eighty points. The tenure Treasury is up eleven thirty seconds, the YELD three point three one percent YELD on the two year three point five to Niamex, crudes up by one point four at eighty eight dollars cents a barrel, and the Euro one point zero one seven eight against the dollar. Bloomberg surveillance

is straight ahead for Karen Moscow. I'm Nathan Hagar. This is Bloomberg