Bloomberg Daybreak: September 30, 2022 - Hour 2 (Radio)

shares of Nike are not doing it for investors. This morning, Shock grief and outrage over the random stabbing death of a New York City e M s veteran, plus Russian President Poopin will finalize annexation of Ukraine regions on Lakeael Blarm more ahead, I'm John Stash, Aaron Sports The Big Mets Brain Series begins tonight Atlanta. Aaron Judge and the

Yankees host the Orioles NFL Bengals beat the Dolphin. That's All's Tradit head on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nineteen and around the world on Bloomberg Radio dot Carmen via the Bloomberg Business App. And good morning. I'm Fern Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to you by se I, built on advanced technologies in

fifty years of innovation. SEI offers Asset Managers, a comprehensive and flexible operations outsourcing platform. Go to s e I C dot com, slash Managers and U shock in Next. Futures on the rise this morning at six oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg s and P futures up twenty five points, DAL futures have a hundred sixty seven NASDAG futures up two and the ten year

Treasury U seconds here three point six nine percent. Nathan, Karen. We'll get back to markets in a moment, but we want to get you the latest first on Hurricane Ian. It is a hurricane again set for landfall later today in South Carolina. President Biden's declared an emergency for the state. This woman is in Fort Myers, Florida, where Ian came in as a powerful Category four storm. I am the stupidest woman. I'm from Florida. I want to Andrew Herma. I decided to stay. Did not know it's going to

get to be a four and a five. And President Biden says ian could be one of the deadliest storms in Florida's history. The numbers of still are still unclear, but we're hearing early reports of what may be substantial loss of life. President Biden says he's been in touch with Florida Governor Rhonda Santis. The governor says it will take time to confirm casualties, but rescuers have been busy.

There have been more than seven hundred confirmed rescues, and there's likely many more than that that will be confirmed as more data comes in. Governor to Santa says the state is trucking in supplies to those in need, but blackouts could last for days. Oh, I think you posted on the latest damage and disruption from this storm. But first, Nathan, we turned back to the markets. It's the last day of the third quarter and stocks to begin this session

at a twenty two month low. So far this quarter, one point three twillion dollars has been wiped off the value of the SNP five hundred and c f r A chief investment strategist Sam Stovall says October could be even even though September does have a reputation of being volatile. Of the trading days in September typically see a one percent move either up or down, but we've had two

and a half times that number this year. And if you think September is bad, just wait till October because that traditionally sees thirty six percent more volatility than the average for the other eleven months of the year. The c fi A sam Stovall expects stocks to soon retest their lows. Hawk Is talk from the fed's been weighing on markets, Karen. San Francisco president Mary Daily says the central Bank is committed to raising interest rates until it

restores price stability. Navigating the economy toward a more sustainable path necessitates higher interest rates in a down shift in the pace of economic activity and the labor market, but for now inducing a deep recession the kind we hand back in the nineteen eighties, or some would even think of the Great Recession, that is not warranted. San Francisco Fed President Mary Daily says she is worried about possibly tightening policy too much if it is. Keeping his eye

on economic data, Nathan, including another report on sentiment. This morning, we get September is reading from the University of Michigan at ten am Wall Street Time, and we get a preview from Bloomberg's off Any Dale, Judas, the University of Michigan consumer sentiment index has been recovering after setting a record low in June. Gasoline prices if east somewhat dangers persists, though there's talk about recession with the Federal Reserve raising

interest rates to fight inflation. Moreover, Bloomberg Economic says Americans are wary of the inflation outlook with uncertainty amount the cost are living running at the highest than forty years. Then, Judas Bloomberg, Day break, any thank you. In Europe this morning, the pounds rallied back to level's last seen before the

government announced controversial tax cuts last week. Let's go to London and get the latest with Bloomberg's You and Potts Good morning, Good morning, Nathan, and caring the pound higher four a fourth day today is his trade is speculating the government will be forced to backtrack from his big package of unfunded tax cuts the bat of the currency and bond markets earlier this week. The move caps an extremely volatile week for UK markets, which saw the dramatic

intervention of the Bank of England's new prime minister. List Trust is at the Conservative Party converence this weekend, and one fashion opinion poll puts a thirty three points behind the opposition Labor Party in London. I'm you and parts Bloomberg Daybreak, Ay do and thank you. We're also getting inflation data out of Europe this morning. For the first time ever, inflation has hit double digits. In the Eurozone. Consumer prices for September rose ten percent from a year earlier.

That topped estimates and marks the fifth strade month that Euro Area inflation came in above consensus. Back here in the US, Karen, we have some corporate news of note, including the end of an era at Facebook parent Meta CEO Mark Zuckerberg is outline plans to reorganize teams and reduce headcount for the first time ever. Bloomberg technology reporter Kurt Wagner broke the news late yesterday. In some cases, you know, when someone leaves a team, they're just not

going to fill that role. Again, some people are going to be moving from team to team, and then in some cases they're going to be kicking out low performers, right, which is a pretty drastic thing that we haven't seen that Facebook in a long time or ever. And so this really just feels like a moment, right This company that has been growing and expanding for eighteen years finally hitting a bit of an issue here. My Bloomberg Scared Wagner says Metal will likely be a smaller company in

three than it was this year. The shares are up one percent in early trading. Well on the flip side, Nathan shares of Nike are down more than nine percent. The company reported a surgeon inventory and is pushing through discounts that her profitability. Higher freight costs and foreign exchange effects are also hurting Nike, and Micron is slashing production because of a steep plunge in demand. The biggest US chip maker is forecasting quarterly sales almost two billion dollars

below estimates. Still, the stock is higher mon news that Japan will subsidize Micron's push to produce its new advanced chips in Hiroshima futures this morning. On the rise SMP future is up twenty nine points, Doubt futures up one and NASDAG futures up eight three. The ten year treasury seconds you have three point six eight percent and they yield on a two year four point one four per cent.

Bitcoin is at nineteen thousand, five hundred dollars and straight ahead your latest local headlines plus a check of sports, and this is Bloombergh Karen, thank you. Six oh seven on Wall Street. Were fifty three degrees in Central Park and dealing with two accidents on both ways on the Cross Bronx Expressway. Details coming up in traffic. First, Michael Barr with what else is going on in New York

and around the world. Michael, Good morning, Nathan. The suspect is in custody in the fatal stabbing of a sixty one year old f d n Y Emergency Medical Services lieutenant. Police say she will stabbed multiple times yesterday afternoon in an unprovoked attack while on duty. New York City Mayor Eric Adams one of our heroes, Alison Russo, at twenty five year penny of the Fire Department, stabbed by an assailant.

Mayor Adams says Russo was standing outside f d n Y e M S Station in Queens when the violence occurred. Russa was taken to a hospital where she was pronounced dead. Russo's death sparked an outpouring of emotion and sympathy outside the hospital. NYPD Commissioner Keachin Sewull, this deadly, senseless, broad daylight attack on a uniformed e M team member is a direct assault on our society. It is the latest consequence of the violence that we relentlessly fight in our city.

The suspect of thirty or four year old man has not been charged yet. Police so far did not have a motive for the stabbing. Russian President Vladimir Putin is expected to deliver a major address at the Kremlin today formerly annexing for Ukrainian regions. This after holding what Ukraine and Western countries said, we're phony referendums in the Russian occupied areas. President Biden made it clear the US will never recognize Russia's attempt to claim Ukrainian territory. The so

called referendum was a sham, an absolute sham. The results were manufactured in Moscow. President Biden made his comments to Pacific Island leaders at the White House. The wife of Supreme Court Justice Clarence Thomas, appeared before the January six committee investigating the Capitol riot. In the days after the election, Jenny Thomas urged the Trump White House to fight back and emailed state lawmakers asking them to help overturn the

election results. The Senate voted overwhelmingly to a prove an interim spending bill that would keep the government open until mid December. The House still has to consider the legislation. Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than twenty seven hundred journalists, analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael, thank you, six o nine on Wall Street time for the Bloomberg

Sports Update. Here's John's statue. All right, Anathan, you can't underestimate a significance of this Mets Braves series that begins tonight in Atlanta. That both teams are going to the playoffs.

Winning the division means the first round by setting up your rotations the division round, animes not having to play the Dodgers until the NLCS Dodgers have won eight games, Mets lead the Braves by one the left Jacob Graham on the Mountain Tonight with Max Schers are going tomorrow, and the Mets have called up their top prospect, twenty

year old catcher Francisco Alvarez. He might be the h to night Yankees owed for the Orioles when Hank Aaron broke Babe Ruth home run record back in eighteen seventy four. He broke it in his first game after tying it. We'll see if Aaron Judge does Likewise, Judge has had this remarkable season as a free agent to be the Yankees want to resign him. The Yankee team president's Randy lem I think he likes being Yankee. Uh, we love having him be Yankee. You know, being a Yankee is

different than anything else. So I'm hopeful. Well, I can tell you as health Staring Brenner, the entire organization, myself, Brian Kishman, We're not going to leave any stone on turn trying to bring him back to Randy Levan a guest on the Bloomberg Business and Sports or Tonight at seven, or listen to the podcast on Apple, Spotify, Stitcher, or or anywhere you get your podcast Wait for NFL on the way with Cincinnati's twenty seven to fifteen win over

Miami Dolphins DUB two. It's on the Baola sacked in the second quarter. He was down for seven minutes, taken off the field and the stretcher. He's got head and neck injury. Spent the night at the Cincinnati hospital. Expected to be released today despite the storm. Chiefs fuck Sunday Night will not be moved. It'll be played in tamplea. John Stat Edward Bloomberg sports, All right, John, thank you.

SMP futures right now up thirty one points down, futures up two hundred eight points, and NASTAC futures are highed by ninety two points. Now the ten. Your treasury is up twenty thirty seconds, held now down to three point six eight percent. British pound at one point one one five eight against the dollar as UK Prime Minister Liz Trust holds an emergency meeting with her country's fiscal watchdog. We're gonna get the latest on that next with Bloomberg's

Lizzie Burden in London. You're listening to Bloomberg day Break Bloomberg eleven three oh weather clouds today up for sixties, will have light rain tomorrow mid sixties and showers low sixties for Sunday. Right now fifty three degrees in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg Quick Take. This is a Bloomberg Business flash and I'm Karen Moscow.

European stocks on the rise along with government bond signaling a potential recovery at the end of a tumultuous week in the markets, and US DOCK index futures. They're gaining as well, following another bruising session on Wall Street that took the SMP five hundred down two percent to the lowest in almost two years and sent the tech heavy NASDACK tumbling almost four percent. We checked the markets every

fifteen minis throughout the trading day on Bloomberg. S and P futures are higher again, up thirty four points down futures up two hundred seventeen and NASDAG futures up nineties three. The decks in Germany is up nine tenths of a percent, ten year treasury up twenty five thirty seconds. He'll three point six eight percent. They yield on the two year

four point one four percent. NIMEX screwed oil is up three tens percent or twenty four cents at eighty one dollar forty seven cents of barrel Coms called up four ten percent or six dollars seventy cents at sixteen seventy five twenty announced the euro point nine seven eight one against the dollar, British found one point one one two three and the end one forty four point four eight. And look at it. Bitcoin this morning up a tenth

of a percent at nineteen thousand, five hundred dollars. Today we are watching for reports on personal income and spending at at eight thirty Wall Street time at tenants consumer sentiment, 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. Ian. Now, a hurricane again is threatening to carbon and path of destruction through South Carolina today when it roars a show or in the north

of Charleston. Forecasters say the storm will drive a surge of water into the city of three to six feet. Government officials say. Russian President Vladimir Putin will officially annex four occupied regions of Ukraine at a formal signing ceremony today. The UN Secretary General condemn Russia's action, saying it has no legal value and must not be accepted. In baseball, the Yankees host the Orioles to night. Aaron Judge will go for sixty two Homer's passing rogermarras a l record.

Last night, the Red Sox beat the Orioles five three. The A's lost the Giants. One Thursday Night football, the Bengals beat the Dolphins. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts, are more than a hundred twenty countries. Michael Barr And this is Bloomberg. Nathan, Okay, Michael, thank you. We're coming up to six twenty on Wall Street Live from the Bloomberg Interractor Broker Studios. This is

a Bloomberg Daybreak. We've been taking a look at the British pound. This morning, we want to focus on UK politics now. Prime Minister Liz Trust is under growing pressure from her own Conservative party after just a few weeks in office. After coming out with that tax cut plan that, to say the very least has Royal Markets joining us now from our London headquarters, Bloomberg's Lizzie Burden, Lizzie, good morning.

The Prime Minister and her economic team have just had a meeting with the UK's fiscal watchdog on that tax cut plan. What do we know about what's come out of that so far? Well, I have to say you can't understand how unusual it is for the Prime Minister to have a meeting like this. There's been in person meetings when a new Chancellor or Office for Budget Responsibility chairmans appointed, so it's not unusual for the Chancellor to

be having this meeting. But there are no records of the Prime Minister joining any of the budget rounds over the past six years, so that in itself is odd. There's been a debate raging on Twitter about what the intention was. Were they trying to on the independent Forecaster? Are they going cap in hand to the o b R to try and get back some of the credibility with markets, because of course it was the lack of

the forecast that partly offended markets about the budget. What we know coming out of this meeting is that the Treasury isn't challenge changing its fiscal plan after this meeting, and the Fiscal Watchdog says that it's forecast when it comes is going to be based on its independent judgment of the economic and fiscal prospects and the and and the impact of the government's policies in its own words. So the o B are very much standing confirm that

it is not going to be weighed on by the Government. Well, what does this mean, Lizzie for the new UK prime Minister's tax cut plan. There's been a lot of worry about that, a lot of speculation that it's going to add even further to inflation. But at least in the public comments, Prime Minister Trust doesn't sound like she's backing

down from this idea, not at all. It's trust. Quarteng and the Trade Secretary Kemmy Badenoch dug into their positions about this fiscal plan yesterday, all saying that these tax cuts are going to boost growth. Um. There's a private WhatsApp group of Tory MPs though, and one of our colleagues up Bloomberg has seen the messages of Quarteng pleading with Tory MPs saying we need your support to do all this as the only people who win if we if we divide is the Labor Party, so begging them

to get behind him. But what we're also hearing is that some of these Tory MPs are begging for Quarting to quit just to give Liz Trust the political cover so that she can you turn on the tax cuts because they have gone down so badly politically and with markets. Wow, really interesting to get that behind the scenes. Look at what's happening in the Conservative Party. What are we expecting to come out publicly? With the Conservatives holding a party

conference this weekend. Liz Trust can't be feeling good going into that now, and even worse, she'll be feeling because of this pole that was published in The Times by Yugov last night showing that the Labor Party has now got a thirty three point leads, the biggest pole lead of any UK political party in twenty years. Again, it's

it's a response to the budget. And you've also got some of the political heavyweights like Rischie Sunach, the former Chancellor who of course ran against li Trust to be Prime Minister, sitting it out, not attending, and he says it's so that he can give Trust space. He's going to stay in his constituency. But coincidence, isn't it that lots of his allies are also going to be avoiding

the conference. What I hear is that they simply cannot face doing broadcast media interviews where they have to defend these policies. Only about thirty seconds left here, Lizzie. But a big question is Liz Trust living on borrowed time right now? Well, technically she as a new prime Minister, should have twelve months safe from a vote of confidence. But the Tory Party likes to stay in power. So what Tories say to me is that the rules can easily change. We Tories like to stay in power. That's

some things up, doesn't it, Liz. Lizzie Burden as always great to speak with you ahead of this party conference that's happening this weekend and following this emergency meeting where the Prime Minister herself appeared alongside her new Chancellor. With this emergency meeting at number ten Downing Street, Bloomberg Daybreak Europe is going to be live from the Tory conference on Monday. You're definitely gonna want to tune in for that to see what's happening with the new government in

the UK. Looking at the futures this morning, they're moving high er SMP futures are up twenty eight points, Stal futures up undred eighty two. Nasdaq futures on the rise by eighty points. The tenure Treasury is up twenty four thirty seconds. The yield three point six eight percent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather clouds today, upper sixties, will be in the mid sixties with light

rain Tomorrow, showers on Sunday low sixties. Right now fifty three in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg NAM sixty to the country, Sirius XM Chento one nine, and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak and at six thirty on Wall Street. Good morning. I'm

Karen Moscow, I'm Nathan Hagar. We're 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 I v KR Investment Advisors switched to Interactive Brokers for lowest cost global training and turnkey custody solutions, no ticket charges and no conflicts of your interests at ib kr dot com slash r I a up first hurricane and is due for a second landfall today north

of Charleston, South Carolina. President Biden has declared an emergency for the entire state. South Carolina Governor Henry McMaster is urging residents to get ready, Call your family, call your love once, tell them where you're gonna be. Um Let let them know that so they won't be worried about you any Time to clean up and recovery in Florida's just getting started. Governor Rond Santa says first responders have

performed more than seven hundred rescues. There's not been in these rescue efforts, um, you know, decease people found as of yet. Now that may change, of course, and Governor de Santa says the power outages in southwest Florida could be lengthy last for the markets. Nathan us futures are higher as you close out the trading week yesterday, the SNP five Hybready Clothes said a twenty two month low.

Joanne Phoenie, as a portfolio manager at Adviser's Capital Management, you have to look back at history and recognize that the market sells off the most right, but tend to tend to do that before recessions begin, and they tried to recover before we even know officially that we've had a recession. And so for a long enough term investor,

I am a year, two years, three years. There are some pretty good opportunities out there, but one has to be able to stomach the volatility, which doesn't look like it's going to go away anytime soon. Joeann Phenie with Advisor's Capital Management says one point three trillion dollars has been wiped off the value of the SNP five hundred this quarter. Shares of Nike are down more than nine

percent in early trading. Care in the sportswear company reported inventory has surged and it's had to push through discounts that hurt profitability. Higher freight costs, smartdowns and foreign exchange effects hit Nike's gross margin in the latest quarter, and

Micron slashing production because of a steep plunge in demand. Nathan, the biggest US chipmaker, is forecasting quarterly sales that are almost two billion dollars below wester Mess But the stock is hire this morning on news that Japan will subsidize Micron's push to produce its new advanced chips in Hiroshima. And that's the five things you need to know to start your day, brought to you by Interactive Brokers. Futures this morning are higher. SNP futures up thirty points down.

Future is up two one NASDAG futures up eighties seven. The decks in Germany is up three quarters of a percent. Ten year treasury of thirty seconds, the yield three point six eight percent, yield on the two year four point one four percent. And straight ahead your latest local headlines plus the check of sports. And this is Bloomberg, all right,

thank you Caring. It is five thirty three on Wall Street, where at fifty three degrees in Central Park, we've got an accident on the outbound lower level of the George Washington Bridge. Will tell you about it in traffic. First, Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning, Nathan.

A suspect is in custody in the fatal stabbing of the sixty one year old f d n Y Emergency Medical Services luten It police saying Alice and Russo was stabbed yesterday afternoon in a random attack while on duty standing outside f d n Y e m S station in Queens. Russo was rushed to a hospital where she was pronounced dead. New York Mayor Eric Adams he was working for this city. She played paid the ultimate sacrifice.

Because of that. Russell's death sparked an outpouring of emotion and sympathy outside the hospital, with lots of tears and hugs. Laura Kavanaughs, the acting f d n Y Commissioner, Lieutenant Russo exemplified f d n Y e m S. She served the city for twenty five years. She was a World Trade Center first responder. She was cited multiple times for her bravery and her life saving work. The suspect, to thirty four year old man, has not been charged yet.

An officials says a Russian strike on the Ukrainian city of Zapparija killed at least twenty three people and wounded dozens. It happened just hours before Moscow planned to annex more of Ukraine and an escalation of the seven month war. President Biden called Russia's so called referendum aimed at annexing Ukrainian land and absolute sham the United States, who want to be very clear about this, United States will never, never, never,

recognize Russia's claims on Ukraine sovereign territory. President Biden made his comments speaking to Pacific Island leaders at the White House. The wife of Supreme Court Justice Clarence Thomas, appeared before the January six committee investigating the Capitol riot. Jenny Thomas answered questions behind closed doors for four hours. In the days after the election, she urged the Trump Whitehouse to fight back and emailed state lawmakers asking them to help

overturn the election results. Committee chairman Bennie Thompson said that she answered some of the questions that were put before her. Her lawyer later came out and said she answered all the questions. After two years of modest declines, data from the CDC shows suicides in the US increased four from one. The dis an increase was from Mayle's fifteen to twenty four years old, which climbed eight percent After seven years as host. Trevor Noah announced last night that he will

leave the Daily Show. Weird things to say, living good at at goodbyes, and it's not instant. I'm not disappearing. Don't worry. If I owe you money, I'll still pay you. Comedy Central says there is no timetable for his departure. 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 a hundred twenty countries. Now, Michael barn this is Bloomberg, Nathan, Okay, Michael, Thanks six

thirty six. On Wall Street, John Stansher has the Bloomberg Sports Update, Thanks Nathan. For several months now, the Mets have been trying to hold off the Atlanta Braves. This weekend will determine whether they can continue to him. That's all the one game lead, one win in this three game series gives them the tiebreaker. Mets changed their rotation. They moved Jacob to grom to Tonight. He actually comes off a bad out. He max Ernsy goes tomorrow. Storm

apparently has gone through Atlanta. The weather for the series should be okay. Yankee Sos, the Orioles, Aaron Judge tied, Roger Marris now tries to surpass him. Roger Marris Jr. Has been attending all of Judge's recent game. Aaron's mom coming here and sit with her, there was a lot

of fun. Get to know her, get a little bit about the family, and uh, you know, getting to kind of see why Aaron carries himself the way he does because obviously getting to meet her, uh, spending some time with her, you can kind of see that the apple done fall far from the treaty. As great as Judge this season has been there, some wood feels show Ao Tani should win a second straight m v P, his fourth in the league and home runs and second in winds.

Last night, Otani won his fifteen struck out and he took a no hitterr to the eighth inning. The Brewers and Phillies battling for the last NL wild card spot. They both lost. The Phillies have lost five in a row, Tedna last thirteen. They stay a half game ahead. Last Sunday, Dolphins quarterback to a Town Baola looked wobbly like he had a head injury. Only missed three snaps, said later

it wasn't his head but his back. The union wanted an investigation as to why he was allowed to continto play, and they may want another one to have cleared to play again last night in Cincinnati, this time a definite head injury and perhaps his neck as well. Taken off the field on a stretcher, taken to the hospital he has was then released. He did fly home with the team. Miami had to lead in the fourth quarter, but the Bengals rallied and one seven to fifteen. The Dolphins first

lost at least Philadelphia as the NFL's moan unbeaten. John Dashawar Bloomberg Sports. Okay, John, thanks for it's almost five. It's almost six thirty eight on Wall Street. I should say it's time to take a look at stocks some of the names moving in the pre market. For that, we're joined by Bloomberg Markets Live editor Heather Burke, and of course Heather. One of the biggest laggards this morning

is Nike after those very disappointing earnings. Yeah, definitely. I mean their inventory surged and it was forced to push through market busting discounts that hurt their profitability. Um so it was the higher free cost marked down to foreign exchange effects. Um so. The gross margin of forty four point at three percent was below Wall Street expectations, and

Nike also downgraded it outlooks for the full year. So the shares are down um like about nine percent in pre market trading, and European rivals such as Eddie, Das and Puma also been hurt. Um So, yeah, it's definitely we're going to see some downgrades come through. I would be sure today I will continue watching those and some of the competitors as well in the sports apparel space.

How about this other big corporate story that we got yesterday about Facebook parent Meta platforms cutting jobs for the first time. Yeah, so it dropped three point seven percent yesterday. It looks like it might be trying to come back a bit pre market and interestingly, Exomobile over ticket and market value for the first time since early But what made us doing? Zuckerberg CEO Mark Zuckerberg outlined plans to

reorganize and reduce headcounts for the first time ever. It would be the first major budget cuts since Facebook sounding in two thousand four, So he said that made is probably going to be smaller than it was this year. And how are the shares doing this morning on that news, Yeah, it looks like they're trying to come back a little bit, but we'll see. You know, how how volatile big text this week? Yeah, certainly has and does staying in the

text space. We got earnings as well from Micron Technologies. How are things looking in the chip sector? Yeah, so

Micron actually had a pretty uh dismal report. It's it's slashing production to cope with this deep plunge in demand um quarterly forecast quarterly sales that were nearly two billion below Wall Street destinates that being set it up about two and pretty market trading analysts saying the ongoing inventory correction was just short term and there's a sign that maybe semiconductor stocks have taken have bottoms, a sentiment is

going to get better from all right. Bloomberg Markets Live editor had their bird keeping an eye on the early trade forest this morning. Heather, thanks for this. And as we look at stocks as a whole as we get ready for the final open of the third quarter, futures are moving higher. SMP futures up twenty nine point, STOUT futures up NASTAC futures on the rise by eighty one point.

This is Bloomberg Bloomberg eleven three oh weather mostly cloudy, upper sixties today, will have light rain tomorrow as we start to feel Ian mid sixties Saturday, low sixties Sunday. Right now fifty three in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, Bo Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash. Thank good morning. I'm fared Moscow

futures are on the rise this morning. We got the first word breaking news desk for to day's morning call. And here's Bill Maloney. Bill, good morning, and good morning Karen. That's right. US features are on the green. FPS today's plunge without futures of a hundred and forty three point SIPs game twenty three one. NASA futures are up by sixty four. The US ten year falls to three point six eight percent, Gold is higher by five, Oil is

climbing Big Cooin is trading a little change. Japan fell one percent overnight, while up markets are in the green this morning and back in the US on the economic front, at a thirty pc personal income and personal spending a Chicago p m I and at ten o'clock Michigan Sentiment. After about to night, Nike reported is down ten percent in the pre market and Micron EPs beat estimates regarding earnings.

This morning, A Carnival reports in the pre market and wrapping things up, Nike's price target was cut by at least seven firms. Live from the First Breaking News descom Bill Malloney, care all right, Bill, thank you, and to hear live breaking news over your bloombergy type squawk on your terminal, and that's 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. Revived hurricane and is bearing down on South Carolina's coast and the historic city of Sherlston, with forecasters predicting a storm surge and floods. Earlier, Ian caused catastrophic damage in Florida, leaving people trapped and flooded homes and causing several depths. Vladimir Putin will sign documents formalizing Russia's annexation of four occupied regions in Ukraine. In a show of Defiance Ukraine. The US and Allies called

the so called referendums a sham. In baseball, the Yankees host the Orioles. Tonight, Aaron Judge would go for home run number sixty two, passing Roger Maris a l record. Last night, the Red Sox beat the Orioles five three. The A's lost the Giants. One Thursday Night football, the Bengals beat the Dolphins twenty seven fifteen. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than seven hundred journalists and analysts more

than a hundred twenty countries. Michael barn this is Bloomberg, Karen very Nichol, thank you. At at six nine on Wall Street returned to News and Science and Technology Now with a Bloomberg and j I. T. Stemmer report. Here's a making news and science, technology, engineering, and math. New York Governor Kathy Hokel says the state will follow California and requiring all new vehicles sold by five to be

zero emissions. Hocal first announced New York deadline in September one, but the state could not begin implementation until California finalized its own van China's racing for a more disruption during a week long break as the government titans controls to contain COVID outbreaks before the Communist Party's top leaders meet

in Beijing for a crucial political meeting. According to government data, passenger trips by road are expected to plunge by about thirty percent from a year ago during the National daybreak. Prices of air tickets for the period are lower compared

to last year, and travelers are taking shorter journeys. And now, says Juno spacecraft has made the closest approach to Jupiter's tantalizing a c moon in Europa and more than twenty years, Juno is zipped within approximately two nineteen miles of Europa. Thought you have an ocean flowing beneath its thick frozen crust, raising the possibility of underwater life. Scientists hailed the fly by as a success, with four pictures beamed down and released within several hours. That's a Bloomberg and j I

t Stem report. Nathan Okay, Karen, thank you. We are live from the Bloomberg Interactive Broker Studios where it's six fifty 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 President Biden declaring an emergency in South Carolina as Florida begins its recovery from hurricane, and Pacific Island Nations signing a historic partnership agreement with the U S. Republican led States suing over President Biden student

debt plan, and Jenny Thomas, the wife of Supreme Court Justice Clarence Thomas, telling the House January six committee election was flawed. Let's get more on some of these stories now. We're joined live by Greg Valier, Chief US Paulice. He's strategists at a GF Investments. Greg, it's great to speak with you this morning, but obviously the conditions are far

from great. Well to the south, Florida is in serious recovery mode, and it has been very interesting to see the response politically to this storm between the President and Florida governor. To Santis, it is interesting, great to be with you, Good morning, Nathan. I think that the two of them are going to have to bury the hatchet

and get along for a while, you know. Ironically, to Santis, when he was in the House, voted against aid for Sandy and now, of course he's governor of the state has been devastated, and me watch a lot of aid and he'll get it. How much coordination do you expect to continue between the President and the governor of Florida. This storm obviously is going to be heading to the Carolinas as well. Yeah, I think the cooperation will be pretty impressive. Uh, there's a lot of rebuilding to do.

And I pointed out to some people yesterday history would show with Hurricane Andrew and other huge storms that in the short run this actually adds the economic growth. You've got to higher workers, you've got to build new houses, you actually increase economic growth by maybe two or three tenths of a percent on GDP. But obviously this is still a great tragedy. And I know you focus a lot on the politics as well. I'm thinking back to Superstorm Sandy when we saw Governor Chris Christie sort of

bury the hatchet with the President Obama as well. Are you looking at parallels there could be? You know, Christie got some criticism from uh conservatives in his own party. You know, maybe, uh, it's possible to Santas Wille as well. But I think right now at least for the next

week or two, the political considerations will be secondary. All right, let's turn onto turn over to some of the other stories happening in Washington, d C. The President had this h first of its kind UH summit with the leaders of Pacific Island nations. What's the focus there. I think it's part of the chess game in that part of the world with China US trying to get some advantage.

I think the US is going to put a lot of pressure on China, maybe India as well, to lean on Putin and to try to tell Putin that this has this has got to come to a close. I think both Modi and z in China are inclined to put some heat on Putin. Now, we heard the President put some heat on Putin as well during that meeting yesterday, saying that the US will never recognize the referendum votes that are expected to be certified in Russia today in

those regions now under Russian occupation in Ukraine. What could this mean for US policy going forward in the war in Ukraine. Well, I think we're going to send them a lot more arms. We just got a budget all to avoid a government shutdown tonight that deal was expected, but in there is about twelve billion more in spending for Ukraine, and if they need more, they'll get more there. There are some people in Congress who are getting tired of spending this amount of money, but I think the

majority will spend more. Yeah, I was curious whether you expect that kind of spending to continue after the November mid terms. If Republicans do take control of the House at least, will there continue to be a blank check for Ukraine after the after the November mid terms? Maybe not, Nathan. I think that's going to be an interesting angle that there are people who are feeling that this amount of

spending is too excessive. If you get Kevin McCarthy as Speaker of the House, I think the Republicans are going to clamp down on spending. There's only going to be one area where spending really increase in that's defense. But in terms of a lot more money from Ukraine, I think it will be more contentious and about the budget

UH strategy going forward. Where As you mentioned going to get a stop gap bill that is likely to be passed in the House later today, are we going to continue on with this cycle of stop gap after stop gap kicking the can down the road, I think is the phrase they often use in Washington. Or are we

going to get longer term spending anytime soon? No. I think it's a rich tradition that we have this dysfunctional policy of doing a stop gap when the fiscal year ends, and it'll end at midnight tonight, and it will go till December sixt and then there'll be another stop gap for another week or so. It's it's a hell of a way to run a railroad. But I think that's

going to persist for a while. In our last minute here, Greg, The other big story coming out of Washington is the testimony, or at least the conversation between the House January six Committee and Justice Thomas's wife, Jenny Thomas. How do you expect that to potentially affect the hearing that we're expect thing to happen at some point this fall hearing of the January six Committee. Yeah, I don't. I don't see

her in any big legal problem. Maybe it's a public relations problem for her, but I I do think the committee has got at least one more hearing to go, maybe another during the winter. But as far as Jenny Thomas. You know, she's part of the whole politicized system we have here and that's not going to end. And what are you expecting in terms of what's going to come out of the January six committee. There have been so many hearings, a lot of attention on it. Is it

going to lead to anything of substance? Well, the big issue, of course, is whether the Attorney General will indict. I think the committee wants him to indict. They're going to give him evidence to indict. But do you indict a former president? That's still a very very contentious issue, a former president who's very strongly hinting at making another run for the presidency. As always, Greg Valier than for joining us UH this morning, really appreciated. Greg Valier is the

chief US policy strategist at a GF Investments. And you can read more about these stories on Bloomberg dot com or on the Bloomberg terminal, And as always, you can get the very latest from Washington, d C by listening to Bloomberg Radio on Bloomberg and one oh five point seven FM h D two in the nation's capital. Looking ahead to the final market open of September two, futures are moving higher. SMP futures up sixteen points, staff futures up a hundred three NASTACK futures are higher by forty

one points. In the tenure Treasury is up twenty five thirty seconds, yield three point six eight percent. Bloomberg surveillance is next for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg