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

signs off on new COVID booster Shops. I'm Michael bar what we're ahead. I'm John Stashoward Sports, the Mets, me at the Dodgers, the Yankee for Get a Big Series tonight at Tampa Bay, and Serena Williams Place tonight at the US Open. That's all's training. Head on Bloomberg day Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x M one nine Team and around

the world Old on Bloomberg Radio dot Com. The Bloomberg business shop. Good Friday morning. I'm Any Morris and I'm Karen Moscow and US dot indext Futures are little change this morning. We are coming after six one on Wall Street, and we check the markets every fifteen minutes throughout the

trading day on Bloomberg and again, futures little change. The decks in Germany's up one and a half percent, a ten year treasury down two thirty seconds, the yield at three point to six percent, and they yield on the two year three point five zero percent. Now I'm ex screwed oil up two point two percent, up a dollar ninety four and eighty eight dollars fifty five cents a barrel, Amy, Karen. We begin some with some stability in the equity markets

this morning. We close out the trading week. The SMP five hundred and Dow Jones Industrial Average both snapped four day losing streaks yesterday. Still, we are in a traditionally tough period for stocks. The SNP has average declines of six and seven tenths of percent for August and September over the past twenty five years. Liz Young is head of investment Strategy. It's so far going into the end

of August, and now we've started September. Next week, everybody sort of comes back into the fold, and that's when I would expect volatility to pick back up again. We're certainly not out of the woods. I don't think that we're going to get out of a trading range for a while and until we at least hear that installation has cooled so far, Liz Young puts the odds at recession next year. Meantime, any global bonds have slumped into

their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment grade corporate bonds has fallen more than twenty percent from its peak last year. My officials from the US to Europe have hammered home the importance of higher interest rates, building on the hawkish message from Fed Chier J. Powell at the Jackson Hole Symposium last week. The direction of today's bond and equity markets may be determined in about two and

a half hour. That is, when we get the US jobs report for August. Economists forecast a gain of two thousand jobs. We get a preview now from Bloomberg's Michael McKean. The jobs data are something of a one way bet for Wall Street. If the number is surprisingly high, as it was last month, it probably locks in a FED rate hike of seventy five basis points at the next meeting. A weaker than expected report won't necessarily guarantee only a fifty basis point move. A big increase in consumer prices.

Data yet to come could change views. After financial conditions loosened in August, payrolls may give a little more clarity on how much impact the FEDS tightening has already had watched the changes in the unemployment and participation rates and in the number of people who lost their jobs during the month. Michael McKee Bloomberg Daybreak. All right, Thank you, Mike, and please stick with Bloomberg Radio and Television all morning for full coverage of the August jobs report. Then joined

us at five Wall Street Time. We'll speak live with Labor Secretary Marty Walsh. Well investors, look for US slowdown in jobs. Any inflation is still friend and center for the Fed. Atlanta FED President Raphael Bostake says the US Central Banks campaign to cool inflation is still not complete. He told students at Georgia Tech. The current piece of inflation was a long way from the feds two percent goal. Another major story we're following this morning, President Biden taking

aim at Donald Trump and so called Maga Republicans. Last night and a prime time address, the President urged Americans to reject any Trump backed candidate in the November midterm elections. Too much of what's happening in our country today is not normal. Donald Trump and the magor Republicans represented extremism

that threatens the very foundations of our republic. As President Biden takes aim at Donald Trump's ideology, House Minority Leader Kevin McCarthy is calling on Biden to apologize for invoking fascism when describing the former president and the past two years, Joe Biden has launched an assault on the soul of America. McCarthy made his remarks before President Biden's speech, so once the potential impact from President Biden's primetime speech amy while politics.

Bloomberg Politics contributor Rick Davis says the President is trying to create a wedge between mainstream Republicans and those who embrace the make America Great Again ideology. This kind of, you know, sort of setting up the wedge, you know, independence.

Don't be drawn into that Republican party. These are run by MAGA and what he's trying to do is compably go that pent he got in the general election two years ago, and he needs that to show up on the midterms and Bloombery Politics contributor Rick Davis said President Biden traditionally tends to avoid wedge politics, as seen by his bipartisan legislative accomplishments over the past few months. So let's turn now from politics to corporate America, where we

have a couple of changes in the c suite. Starbucks has named wreck At Ben Keyser chief executive Laxman Narrasman to be its next CEO. Narrasman is a veteran of the consumer industry and joins Starbucks next month. Longtime leader Howard Schultz will stay in charge and Narirasment will fully take over next to April. Meantime, Amy Shell has shortlisted candidates to succeed CEO Ben Van Burden. He's preparing to step down in twenty three after almost a decade at

the oil giant. Writer says. Candidates include wild Swan, the company's head of integrated Gas and Renewables, as well as Hybrid Vigavino, the head of downstream refining operations. Now, let's check out some stocks on the move this morning. Shares of Broadcom are up more than two percent. The chip maker gave us strong sales forecast for the current quarter. The outlook suggests Broadcom is sidestepping a broader decline in

chip demand, at least for now. Other suppliers, including a Video, Intel and Micron Technology have predicted a steep sales slow down, and share to Lulu Lemon are up almost ten percent, the maker of athletic attire, raising its full year outlook. The company seeks to double its sales by six by selling more goods to men and expanding Lulu Lemon's footprint abroad. Straight ahead, we have your latest local headlines, plus a check of sports, and this is Bloomberg. Thank you. Karen

At six o seven on Wall Street. Let's bring in Michael bar to find out what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. Breaking news of brutal accident over night on the Palisades Parkway. Police say a passenger van crashed and killed four people and injured eight others. It is still closed between exits two and one. More details coming

up in our next traffic report. A stiff sentence was handed down for a former New York City police officer convicted of brutally assaulting a Capitol Police officer during the January sixth attack. Thomas Webster faces ten years in prison. It is the law youngest prison sentenced to date for

January sixth defendant. Lawyers for the Justice Department and former President Trump faced off in a Florida courtroom over whether there should be a special master assigned to review top secret documents the FBI c s last month at Trump's Mara Lago estate. The judge did not issue an immediate ruling. You and inspectors have brave the cross fire of Ukraine and Russian forces to get inside Europe's largest nuclear plant.

The long away to visit to the Russian occupied facility comes as one of its reactors was shut down temporarily due to the fighting. Raphael Grocy is leading the International Atomic Energy Agency team inspecting the plant. I have just competed a first tour of the key areas that we wanted to see. In his first approach to the whole facility, the I a e A s. Raphael Grocy COVID booster shots that target the most common new variants of the virus should become available in the US with in days.

The Centers for Disease Control and Prevention signed off on the rollouts of updated vaccines. Dr David AGAs these are the first time there's been a change to the COVID nineteen vaccines since they were launched in December of and the hope is this booster, which includes the B A four and B A five spike protein as well as the original ul Hunt spike protein, will cause a broader immune response to enable protection from the current variants in the United States as well as future variants. Dr Agis

spoke to CBS. The boosters will be made by Fizer and rival Molderna. A man was arrested in Argentina after pointing a gun a Vice President Christina Fernandez de Kirchner as she greeted supporters outside of residents in Buenos Sure's 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 barn This is Bloomberg Gaming. All right, Thank you Michael

at six ten on Wall Street. Time Now for the sports update. Here's John thanks to Amy. A trade of Donovan Mitchell to the Knicks made perfect sense. Utah Jazz, we're looking to deal their star guard. Knicks need a big time player. Mitchell's and New Yorker. His father worked many years for the Mets. Two teams did a lot of talk Amy. When the Jazz traded Mitchell. He went to Cleveland. The Calves gave up Colin Sexton Larry Marketing in three first round draft picks. Surprising moved by the Giants,

they released linebacker Blake Martinez. He had a terrific twenty season, was expected to return from last year's torn a c L and not known who takes his spot now in the Giants line up. Good news for the Mets, not only their comfort behind five to three win over the MLB leading Dodgers to win the series. The Mets next sixteen games twenty one of their next twenty four all against sub five hundred teams that should help them hold off Atlanta in the NL East to bracedill just three

games behind. They shut out Colorado three nothing for Atlanta rookie Spencer Strider eight scoreless citings, allowed just two hits, no walks, and he struck out sixteen. A month ago, the Yankees had a fifteen and a half game lead on Tampa Bay. That lead is now six. They get swept this weekend. It's down to three to Mingo Herman on the mountain tonight, facing the race for the third night this week. It is Serena Williams Night at the US Open. Serena Knight tonight takes on a'll just Tom

Jonovitch from Croatia. She's ranked and she'll be the latest to try to have to deal with that large pro Serena Kroud. Serena and Billy Venus Williams were at arthursh Stadium last night. They lost their first round doubles match and then Raphael Nadal won his match in four sets. John Station were Bloomberg Sports Amy, all right, thank you, John. Let's check the markets now S and P futures down one and a quarter, DAL futures up five points, NASDAK

futures down nineteen and a half. The tenure treasury little changed, the yield at three point to five percent. The two year yield now at three and a half percent, much more still to come. On this Friday morning on Bloomberg Daybreak, Stay with us. You are listening to Bloomberg Radio. This is bloom Bloomberg eleven three oh weather. Abundant sunshine today going up to eighty degrees eighty five for Saturday. On Sunday, sunshine at chantive afternoon showers going up to ninety. It'll

be eighty degrees with clouds on Labor Day. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, at the Bloomberg Business Outland. At Bloomberg Quick Tape. This is a Bloomberg Business blash and I'm Karen Moscow stocks mixed and global bonds slumping into their first bear market in a generation, ahead of key US jobs dated at cold stir expectations of another sharp Feder Reserve interest

rate hike. We checked the markets every fifteen minutes throughout the trading day on Bloomberg and futures this morning they're a little change. NASDAG future is lower down about nineteen. The decks in Germany's at one point four per cent ten, Your treasury down one thirty second Hell three point to five percent. The yield on the two year three point four nine percent. Nine nights Screwed oil is jumping up two point four percent of two dollars six cents at

eighty eight dollars sixty five cents a barrel. Comic school a half percent or eight dollars forty cents at seventeen seventeen eighty announced. The euro is at one point zero zero one zero against the dollar in British found one point one five seven six and again one forty point three too. Looking at Big Coin, it's up four ten percent at twenty thousand, one hundred fifty dollars. 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. President Joe Biden stepped up attacks on former President Trump and GOP lawmakers during his prime time speech. Biden ac hughes Trump and his supporters of endangering US democracy. As I stand here tonight, quality and democracy are under assault.

We do ourselves no favor to pretend otherwise. The US called arounds response to the latest effort to revive that's only fifteen nuclear accord, not constructive, raising questions about whether the two signs can reach deal that would free more oil for global markets. At the US Open, Serena and Venus Williams were eliminated after losing their doubles match. Serena Williams will play tonight in the third round of singles.

In baseball, the Met's Red Sox and Orioles one the Nationals beat the A seven five Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than hundred journalists n antalists more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Ammy. All right, Thank you, Michael. It is six nineteen on Wall Street. We are live from the Bloomberg Interactive Broker studios right here on Bloomberg Daybreak. Joining us now Bloomberg

in a National Economics and Policy editor Michael McKee. We're talking about the jobs report that is due out in just about two hours. Mike, thanks so much for taking the time with us this morning. Give us an idea of how much is writing on this report. Well, it's kind of a mixed picture in a sense, because if we get a very strong report and remember in July, the forecast was for two fifty thousand. We got five

hundred and eighty two. If we got anything like that, then the Fed is probably gonna be locked into a seventy five basis point move because they'll feel that the labor market is still so tight that it will be harder to bring down inflation. But if we get anything like the consensus now, which is two thousand, then it probably moves to the CPI report on the as the deciding factor whether the Fed wants to go fifty or

seventy five. So that I I gotta ask that to find that balance, right, to find that happy medium between them. Does that mean that when we see a higher unemployment number, maybe that's not such a terrible thing, like there's a glimmer of sunshine in there. Yeah, it's the old depends on where you sit question, because if you are one

of those unemployed, then it's a terrible thing. But in aggregate, for the FED, they expect unemployment to rise some because, first of all, they think the unemployment rate is below the normal natural rate of unemployment, so the labor market is unusually tight, and also because they're trying to slow demand, which would mean that companies are producing less and need fewer workers. It's just a question of how high unemployment goes and how quickly, and whether that pushes us into

a recession or not. When it comes to the FED, which number would be more significant than the jobless rates? Are the earnings? Well, they're connected, and the lower the jobless rate goes, the more you expect wages to go up because people are able to Companies have to bid for workers at this point, and we've seen that still

happening since the end of the pandemic. The question is does it stay about where it is The last couple of months have been relatively flat, or does it start to rise again if they're trying to find more workers and can't do so. If if it's started to come down, the FED is gonna feel better about wage is because they will feel like that's less of a contribution to inflation going forward. So let's talk about the labor market.

The FED share describing it as imbalanced. People seem to be waiting on the sidelines, not really jumping in, but the jobs are evidently out there. So when do we see things start to loosen up there? That's a really good question. We don't really know. The Jolts Report, which is a report of the data on how many job openings there are, came out earlier this week eleven point two million, and that was an increase. So in theory,

it's not getting any looser out there. But there is a suspicion that a lot of those jobs aren't real. That jobs were posted at post pandemic and companies just haven't taken them down, or they haven't taken down ads for jobs that now they don't think they're gonna fill. So it isn't really clear how many jobs are out there, but you've got to figure there even if you cut that in half, that's about as many people as are unemployed.

So there's still a lot of work out there that isn't being filled, and that's why people aren't yet ready to write off the labor market. Okay, So bottom line, Mike, what are you looking for in today's report? Well, you know, this is one of the harder ones to estimate because of the uncertainty about it. I wouldn't be surprised if both if either we had something close to the consensus

or if we got another upside surprise. None of the ancillary indicators of labor market strengthened jobs show any kind of decline except for the new A d P number, But it's a new number. They completely revamped their methodology, so we don't really have a track record for that. But everything else kind of told us that things are about the same as they were last month. Very briefly, thirty seconds you mentioned the September CPI report. Are you

looking ahead to that? What are you looking for? Well, we are looking for a little bit of a moderation because energy race has kept going down. So if that's the case, the Fed will feel a little better about it. But you gotta watch that core rate to see if underlying inflation pressures start to fall. If that's the case, then the folks at C Street in Washington are gonna feel a lot better. Okay, we're gonna watch it right

along with you. Bloomberg International Economics and Policy Editor Michael McKee, thank you for taking the time with us on this Friday morning. We do appreciate it. As we await those numbers. We are waiting for that job's report to be released at eight thirty this morning, and of course we'll bring it all to you live right here on Bloomberg Radio checking the futures. S and P futures down three and three quarters points, DAL futures down nine, NASDAC futures down

a thirty three. The ten year treasury little changed with a yield at three point to six percent. The two year yield now at three and a half percent, still ahead. On Bloomberg Daybreak, we'll take a closer look at the markets. We'll also bring you more news and business, economics and finance.

Stay with us on this Friday morning. This is Bloomberg Bloomberg eleven three oh weather abundance, sunshine today to start your weekend, going up to eighty degrees eighty five tomorrow ninety on Sunday, could see some clouds on Labor Day

eighty degrees. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E living free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg N sixty to the country, Sirius XM Channel one nine and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good Friday morning. I'm Any Morris and I'm Cameron Moscow are just about three hours away from

the open of US training. It's time to the five things that you need to notice? Aren't your day? Brought to you by Interactive Brokers. Investment Advisors switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at I p k R dot com slash r i A first. We're seeing stability and equity markets to close the trading week, the S and P and Dow both snapping four day

losing streaks yesterday. Still, August and September are traditionally tough months for investors. Mir A Pandit is Global market strategist with JP Morgan Asset Management. We need to be really careful about how we're looking at stocks and very much looking at the bottoms up basis, being selective about earnings,

being selective about valuations. There are still areas of froth in the market that we need to to see come down, but a lot of that has taken place already, so I do think we don't want to be overly defensive or overly cautious JP Morgan's mirror Pandit says investors should be focusing on high quality companies. Meantime, global bonds have

lumped into their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment grade corporate bonds has fallen more than from its peak. On the direction of today's bond and equity session, amy may be determined by the August jobs report. We get that reading at eight thirty Wall Street Time. Nila Richardson is a DPS Chief economist. I'm looking at two hundred

and ninety thousand jobs. The key numbers to watch within that report is the wage gains, because that's what's important to the Fed and whether or not the tightness of the labor market is actually leading to a wage price spiral that the Fed has to take Hey. DP Stila

Richardson says she still expects a strong report. Please stick with Bloomberg Radio and Television all morning for full coverage of the August Job's Report, and join us at Wall Street Time when we speak live with Labor Secretary Marty Walsh. Let's start to politics in a primetime TV address last night, President Biden urged Americans to reject candidates to buy Donald Trump and so called mega Republicans in the November midterms,

and those who deny the election results. They're working right now as I speak, and state after state to give power to decide elections in America to partisans and cronies, and powering election to niers undermine democracy itself. President Biden said that the majority of Republicans are not so called extreme mega Republicans. And as the five things you need to notice start your day, brought to you by Interactive Brokers, Straight Ahead, your latest local headlines, plus the check of sports,

and this is Bloomberg. Thank you, Karen. Six thirty three on Wall Street. Now we bring in Michael bar to tell us what else is going on in New York and around the world. Good morning Michael, Good morning Amy. A brutal accident over night on the Palisades Parkway. Police say a passenger van crashed and it killed four people and it injured eight others. More details coming up, and

now our next traffic report. A disgraced former New York City police officer says he wishes he had never gone to the capital on January six, a court gave Thomas Webster the longest prison sentence yet for the attack. Webster will spend the next ten years in prison, three years longer than the most severe punishment had given any of the January six Capital rioters. Webster sobbing and court says that he was overwhelmed and frustrated by the false stolen

election claims. Lawyers for the Justice Department and Donald Trump faced off in a Florida court room over the former president's request for a special master assigned to review top secret documents the FBI sees from his Mara Lago estate. The judge did not issue an immediate ruling. A U and inspection team has arrived at Ukraine's nuclear power plant

that is occupied by Russian troops. The team from the International Atomic Energy Agency reached the site amid fighting between Russian and Ukrainian forces that prompted the shutdown of a reactor. I A e H. Chief Rafael grow see. Of course there's a lot more to do. My team is staying in old and more importantly and most important, if we are establishing a continuing presence by the from the I E. Here I A e h G Framtio Grocy, the c

d C endorsed updated COVID nineteen boosters. The tweet shots made by Fiser and Royal Milderner offer Americans a chance to get the most up to date protection. Dr A. Lock Patel, We're not going to eradicate COVID nineteen, but we have to do what we can to hedge our behavior against any potential infections. False surgeon also long COVID and all these other complications. Dr lock Patel spoke to ABC.

The pandemic has taken a toll on public education, and new federal study shows declines in the reading and math scores of nine year olds compared to Dr Peggy Carr with the U S Departmanent of Education says access to instructors could be part of the problem. Lower income students and students who are already struggling academic gleason, they were less likely to say they had access to teachers. This

is not good. Dr Peggy Carr says the average math score fell seven points while the average reading score fell five points. To level's last scene two decades ago. Global News twenty four hours a day on air and on Bloomberg Quick Take powered by more than twenty seven hundred journalists, analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Gaming. All right, Thank you, Michael on Wall Street. Time now for the Bloomberg Sports update. Here's

John stash Our. All right, Amy, When Nicks fans see their team played Cleveland and they watched Donovan Mitchell planes for the Calves, They're gonna wonder why he's not wearing a Nick's uniform instead. Mitchell's New York native wanted to come home, and they clearly wanted to acquire him, but they kept feeling Utah was asking for too much in return, and now he's off for the Calves. The Jazz instead taking the Cleveland offer of Colin Sexton Lauri marketing first

round draft picks in seven and twenty nine. The Giants have released linebacker and Blake Mark ten Is at City Field, Mets facing Clayton Kershaw, just off the injured list. They trailed at Dodgers three to one, but they got to the l A bullpen two runs in the sixth and seventh innings of five three win for Chris Bassett's twelfth victory, and the Mets take two of three from the Dodgers, whose record is ninety and forty and Mets her home

tonight for Washington, and that's her MLB's worst team. Mets play sixteen games in a row now versus sub five hundred teams. Atlanta is still three games behind. Praise rookie Spencer Strider shutout Colorado in eight inc allowed only two hits and he struck out sixteen. Miserable month of August finally over for the Yankees. They went ten and eighteen worse once in n and there a l East lead down to six over Tampa Bay, and they visit the Raids this weekend. The US Open rapid on the dawn,

one in four sets. At one point, the Dala's racket hit his nose on his follow through. The nose got bloody. Nadal felt dizzy, said later that had never happened to him before. Venus and Serena Williams lost their doubles match in Serena's back at arthur As Stadium tonight to take on Ala Tom Janovitch. Serena looks to reach the fourth round. And here's Swan song tournament John Star. That were bloombird sports, all right, Thank you, John. It is six thirty seven

on Wall Street. Time to take a look at those stocks and some of the names that are moving in the pre market. For that, we are joined by Bloomberg Radio NTV Markets correspondent Creedy Gupta Creedy, Happy Friday morning to you, Happy Friday. What's interesting here is that even on Friday, when we're talking all about jobs, pay rolls, those earnings results are still moving stocks on a micro basis. Take a look at Lulu Lemon for example. L U l U is the ticker here. Here's are up a

whopping nine point seven percent in the pre market. This comes after they did, of course report those results showing a lot of strength in the brand. Remember we've talked a lot about retailers and the inventory build up that you're seeing like the Walmart, Target, Bed Bath and beyond even Nordstrom and Macy's. But it seems to be that if you are a higher income shopper, which a lot of Lulu's demographic really is, then you are not only shopping till you drop, you are actually able to hold

up some of these companies bottom lines. That seems to be the story here with Lulu Lemon is showing the idea here that their brand value really carry some weight, analysts actually raising their price target on the stock across the board. They did flag some of those higher inventory issues.

They are not completely immune from that retail story. But what's interesting here is that Lulu Lemon is actively looking to build their brand, looking to expand their footprint, not just in terms of expanding the footprint overseas, but also in terms of targeting more sales when it comes to men. So that's going to be a crucial story. Amy, Alright, what else do you have going on? You have Maderna to Maderna is a big mover. It is a massive mover. M r n A is your ticker. It's up at

eight tenths of one percent. And you know, we thought that the COVID story perhaps although it kind of remains in the background, we didn't think it would have this much of an impact on perhaps some of the very famous vaccine names here. Maderna m r n A up at eight tenths of one percent. On the idea that the omencron boosters, Well, they're finally hitting those U S stores, so you can actually now go to a Dwayne read a CBS Walgreens and or you know, the natural clinics

and actually get your omicron Brewster. That is good news for the likes of Maderna and also for Fiser and bion Tech as well. Really, any company who has started to really make a lot of their user base or a lot of their revenue base, excuse me, towards some of these vaccines. Of course, Fiser far more exposed to this,

but nevertheless less it is moving shares this morning. The other name I wanted to bring to your attension because I feel like we have to check this all the time now is Bed Bath and Beyond b b B. Why is your taker? It is down six percent on a day. I should add that the broader market is

actually kind of taking just marginally higher. Of course, like I said, all waiting for the payrolls report, does that retail base that has perhaps lost a fan favorite and in Bed Bath and Beyond, And it is interesting because it kind of seems like even without that turnaround plan, they're still not currying any favor. Those shares sound about

six percent? All right? Thank you so much. Bloomberg Radio and TV Markets Correspondence, Crety Gupta always bringing us up to speed, really appreciate you taking the time with us looking at stocks as a whole ahead of the open. SNP futures down four and a half points down, futures down seventeen, NASTACK futures down thirty eight. The ten year treasury little changed, the yield at three point to six percent, the two year yield now at three and a half

per cent. Much more still to come. On Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three oh weather going up to eighty degrees with abundant sunshine today to start your weekend, mostly Sunday tomorrow going up to eighty five, maybe some afternoon showers tomorrow going up to ninety eighty degrees on Labor Day, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktake, This is a Bloomberg Business flash

and I'm Karen Moscow, and futures have turned lower this morning. We hear to the first word breaking news desk for today's morning call. Here's Bill Aloney build good morning, and good morning, Karen. Modest losses in the U S futures right now at down futures down twenty eight points, sysame drop six and nastic futures are down by forty one. The US ten year old at three point to six percent, Gold is up eight oil is climbing, and bitcoin is

trading little changed. Japan was also a little changed overnight, while your pre markets are in the green this morning and back in the US on the economic front, at eight thirty the jobs data and at ten o'clock factory orders and durable goods orders. After develous night, Lulu Lemon boosted It's full Your Outlook shares are up nine percent

pre market and Broadcom sales forecast. Also feed estimates in On the news, Bertshire Hathaway trimmed at stake in b y D even further and wrapping things up in videost neutral over at Diowa. Dal Ink was put to neutral over at JP. Morgan Live from the first to breaking news Dostcam, Bill Maloney, Karen, all right, Bill, thank you to hear live 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 Barrow with more on

what's going on in the world. Michael Karen, thank you very much holding back a little. President Joe Biden's sounding an alarm about what he views as extremist threats to the nation's democracy from former President Trump and mega Republicans. They don't understand what every patriotic American knows. You can't love your country only when you win. In a primetime speech last night, Biden framed the November elections as part of an ongoing battle for the soul of the nation.

A man was arrested after pointing a gun at Argentina's vice president and Buenos Aires. The man pulled the trigger, but the gun did not fire. In tennis, Serena and Venus Williams were eliminated after losing their doubles match in round one at the US Open last night. Serena Williams

will play tonight in the third round of singles. In baseball, the Mets, Red Sox and Orioles one the Nationals bet the A seven five Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists, analysts, more than a D twenty trees. Michael bar this is Bloomberg. Cameron all right, Michael bar thank you at A sixty nine on Wall Street, and we turned to news and science and technology now

at the Bloomberg and j I T Stem Report. It has 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 here's just Mega news and Science, Technology, Engineering, and Math.

COVID booster Shaw said Target the most common new variants should become available in the US within days, as after the CDC signed off on the rollout of the updated vaccines. Maderna makes one of the shots and the other comes from Fiser and bi on Tech. Now, so we'll try again tomorrow to launch its new Moon rocket on a test flight after engine trouble halted the first countdown this week. The three two foot rocket, the most powerful ever built by NASA, remains on its pad at Kennedy Space Center

with an empty crew capsule on top. The Space Launch System rocket will attempt to send the capsule around the Moon and back. No one will be on board, just three test dummies. If successful, it'll be the first capsule to fly to the Moon since NASA's Apollo program fifty years ago. And the U. S. Army is taking delivery of a first batch of high tech combat goggles made by Microsoft. Microsoft's Integrated Visual Augmentation System is expected to provide a heads up display for US ground force is

similar to those for fighter pilots. The system will let commanders project information onto a visor in front of a soldier's face and wing include features such as night vision. That's a Bloomberg and j I T Stem report. Amy. All right, thank you, Karen, and we're live from the Bloomberg Interactive Broker Studios where it is six fifty one on Wall Street. Tom Now to check what's going on

in DC. Some of the top stories in our nation's capital include President Biden's primetime speech taking aim at Donald Trump and matter Republicans. Also, the January sixth Committee is still working and now they want to interview former House Speaker New Gingrich. And the US is calling Irron's response to nuclear talks not constructive. For more on these stories, we turned to Bloomberg government reporter Jack Fitzpatrick. Jack, thanks so much for joining us. Let's get back to that speech.

Your takeaway from President biden speech last night. Yeah, I thought it was very notable that President Biden almost immediately mentioned Donald Trump by name. That's something he had not been doing very much recently. But he made it clear that Trump is the central figure that he is fighting against in what he called the Maga Republicans uh and and threats of political violence referring back to January sixth and uh and the tendency of Trump and some people

around him to not accept the election loss. In so that was very significant, and also just the fact that this was a primetime address and it was made very clear that this is a key campaign message heading towards

the mid terms by the President. A lot of talk about the state of the economy, a lot of talk about the handful of legislative victories that Democrats gotten Congress lately, but the President does not want voters to forget about January six and the legal issues around former President Trump, and that's a significant thing for him over the next

two months. President Biden also went to some lengths to differentiate between mainstream Republicans and Maga Republicans, and it seemed almost like he was trying to widen the tent, even if it's just to get past the mid terms maybe for two election cycles. Is he trying to get maybe mainstream Republicans into the Democratic tent for a little while. There's definitely a certain kind of voter he's going for here, And it's not just a message directed at his Democratic supporters.

This is an attempt to persuade what might be a narrow slice of people. It might be more about independence. Uh it might even be in some cases moderate Democrats as much as moderate Republicans. But this is the kind of thing you you could imagine being effective among some moderate, potentially persuadable, suburban voters who don't like some of the extreme rhetoric and and do care about the the idea of protecting the functioning of democracy. Uh So it is

an attempt to win over some people. How many people are persuadable It may be a limited number, but it's clearly a significant focus for the president. Let's shift gears now to what's going on on Capitol Hill. The House committee investigating the January six insurrection. They're now looking to hear from Newt Gingrich. He was a former House speaker. What are they looking for at this point. You know, the letter to Gingrich seemed to cast a pretty wide net.

But the specific part of this that stands out is that it mentions advertising efforts that Gingrich put out there. He put out advertise Eisman's public broadcast advertisements urging people to get in contact with their lawmakers and call for them to UH to push for electors that would support former President Trump. UH. It does also say that he appears to have been involved with the Trump's efforts around even after January six, So it seems they've got a

fairly wide scope. But at least we know specifically part of it is advertising efforts around UH, the attempts to UH to overturn the results of the presidential election. Do we have any information yet about a response from the gang Rich camp or how how far this could go, when he might appear anything like that. Not yet. They asked for him to voluntarily participate in an interview the week of September nineteen, so we'll see if he responds to that. This is not a subpoena, it's a just

a request. Um. They have subpoena some people in the past that I believe is a possibility here, but it's not something they've threatened with Gingrich. So the next step would just be to see if he chooses to participate, and and if he does not, we'll we'll see exactly how hard the committee wants to push for him to to participate in an interview. I wonder how unusual it is to be calling a former House speaker before the January six insurrect Well, it is an insurrection committee. That's

unusual anyway. But I'm just wondering about the historical implications here. Yeah, you know, it's the whole thing is an unusual set of circumstances. This conversation came up around the possibility of former Vice President Mike Pence participating. That would be unusual and pretend Pence even raised that as, uh maybe a reason not to participate. Ging Rich, It's been a long time since he was speaker. He really, in this instance was more of a political activist type with ties to Trump.

Uh So, I don't think it would be shattering precedents necessarily, but it does speak to the way this investigation has seeped through so many, uh so many parts of American politics and and has brought in so many characters in American politics, and let's go on to foreign policy. Now, some questions about whether Iran and the US can reach a deal to revive the nuclear record. Only got about a minute here, Jack, But what's the hang up now

with those talks. The US hasn't said exactly what the hang up is, but they said that the last response from Iran was not constructive. Uh. Keep in mind, there there had been some progress made. Uh. The US said they're going to respond to the European Union about this. Uh. This is all in light of you know, the French president Emmanuel Macron said recently he hopes there's a deal in the next few days. So there is some optimism.

But the latest from the US's side is that they were not impressed and it was not a constructive response, uh, in the last series of communication from Iran. Alright, Bloomberg Government reporter Jack Fitzpatrick, thank you very much. Always a pleasure to pick your brain and find out what's going on in the Washington area. Thanks for taking the time with us. And you can read more about all of these stories on Bloomberg dot com or on the Bloomberg terminal.

And as a reminder, you can follow all of the latest. We have it for you on Bloomberg Radio in Washington on Bloomberg ninety one and one oh five point seven FM h D two. Checking the markets now. SMP futures down three and a quarter points, STAL futures down eleven, NASDAC futures down thirty three and a half. The ten year Treasury unchanged the yield at three point to five percent. Bloomberg Surveillance is next, along with Karen Moscow. I'm Amy Morris, and this is Bloomberg