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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on upbreaking story, Doc. Workers have walked out of every major port on the US East End Gulf Coast. Let's bring in Bloomberg's John Tucker with the details.
John and Nathan, this was the scene at Maher Terminals in Elizabeth, New Jersey.
Nothing's gonna move without us.
Nothing, that's Union leader Harold Daggett. Some forty five thousand members of the International Longshoreman's Association hit the picket lines at midnight. This is a strike over wages and automation that could reignite inflation and caused shortages of goods if it goes on more than a few weeks. The strike is impacting thirty six ports. The affected ports have the combined capacity to handle as much as half of all US trade volumes, and the strike will haul container cargo
and auto shipments. Energy supplies in bull cargo won't be affected. Some exceptions will be made to allow for the movement of military goods and cruise ships. The White House had been in communication with the two sides over the weekend, and some progress had been reported on wages. The Taft Heartley Act of nineteen forty seven does allow President Biden to intervene in labor disputes that evolved national security. In New yorkome John Tucker Bloomberg Radio, all.
Right, John, thank you well Tonight.
Vice presidential nominees JD Vance and Tim Wallas will face off in what could be the final debate before the November election. Bloomberg's Amy Morris has details from Washington.
The ninety minute debate will be in New York. Walls was asked about debate press, how are you feeling.
About to be priming?
Going great? This is the fun part.
Last month, Van said he was already deep into debate Press.
Well, I found a.
Good friend from back home who embellishes and lies a lot, and having him stand in for Tim Wallas.
That's what we're doing during our debates. Bloomberg News Morning Consule poll of registered voters in seven swing states shows Walls with a higher net favorability rating the Advance. There will be no opening statements and no studio audience mikes will be live throughout the event. Moderators commute the mics at their discretion. Pre Written notes are not allowed on stage,
but they'll have pens, paper, and water. Each candidate has two minutes for closing statements In Washington, Amy Moore as Bloomberg Radio.
All right, Amy, thank you. We'll catch the CBS News Vice presidential simulcast on a special edition of Bloomberg's Balance of Power. It begins tonight at eight pm Wall Street Time on Bloomberg Radio and Television.
Karen, let's turn out to the latest from the Middle East. Israeli soldiers are now inside Lebanon. The Israeli military began what it's calling targeted ground raids against Hesbola just before midnight local time. We get more from Bloomberg's Michael Heath.
At this time, this saying that these are sites that pose in an immediate threat to Israeli communities in northern Israel. I mean the big question, of course, is whether this then develops into a full scale ground operation. At this stage, Axis is reporting that ciding to his running officials that this was approved by the Security Cabinet and it will
be limited in both time and scope. But we also know at the same time the US has been worried, well, while it's okay with Israel doing this to try and push a Hezbla back from the border, it worries about mission creep, which is always the case once you send boots in on the ground.
Bloomberg's Michael Heath reports the US agrees with Israel that Hesbola's attack infrastructure needs to be dismantled, at the same time it is repeating calls for restraint well.
Turning to the markets, now Nathan Stalks begin the fourth quarter on a winning streak. The S and P five hundred has gained for four consecutive quarters as a long as such winning strettions twenty twenty one, the tech heavy now Stack one hundred.
Notched a similar run. Mike Wilson as.
Chief US S equity strategist at Morgan Stanley.
You know, I would stay three weeks ago.
Myself and most of the clients I speak with were in the camp that we would have a tough four or five weeks into the election and then you'd get a strong rally into year end. Trying to think maybe it might be more the opposite.
We may stay bid into.
The election and then I think we get some disappointment post election.
Morgan Stanley, chief US secuity strategist Mike Wilson. The S and P five hundred added two and a half trillion dollars in the third quarter.
Well, how much will the FED cut in the fourth quarter?
Well?
FED chair Jay Powell says the central Bank will lower interest rates over time. He told the National Association for Business Economics, the US economy is on solid ground. If the economy slows more than we expect, then we can cut faster.
If it slows less than we expect, we can cut slower. And that's really what's going to decide it.
But I think from a base case standpoint, we're looking at it as a process that will play out over some time, not something that we need to go fast on.
FED Shair J.
Powell said he remains confident inflation will continue moving toward the fed's two percent target. He added that economic conditions have set the table for a further easing of price pressures.
Well. Nathan Larry Fink is speaking out of about the strength of the economy. The Black Rock chairman sat down with the Bloomberg's friends Saint Laqua at the Berlin Global Dialogue twenty twenty four conference earlier this morning.
We spend so much time focusing on the segments that are doing poorly. And I'm not trying to suggest that's not the right thing to do, but we're not looking at in the holistic way that other parts of the economy are doing really, really well. Look at corporate earnings over all, they've been very strong, and I think they're going to continue to be very strong. We have, you know, we do have segments of the economy that are very strong, and I think that's why, I don't know why we
talk about a harder soft line and we're continuing. We're going to grow at two to three percent.
Black Rock chairman Larry Finks as the market is pricing too many interest rate cuts from the FED given the US economy continues to grow.
In the meantime, Karen, let's turn to some company news now. CVS Health is conducting a strategic or view of options, including a possible breakup. Sources say the options under consideration include the various forms that a potential breakup could take, including a separation of the company's retail and then insurance businesses. CVS has been grappling with falling profit margins at its retail pharmacies and rising costs of patient care from EDNA, which generates about a third of its revenue.
Well Nathan Pfeiser has raised about three point two billion dollars from the sale of helly On shares as it further reduces its stake in the UK consumer health company. Holly On was formed from a combination of GSK and Pfizer's consumer health units. The company makes a wide range of products, including Pena Doll, pain relief tablets and Centrum vitamins.
Here's another company you've heard of, Karen Dell. Michael Dell has unloaded more of his namesake company stock. He sold ten million shares worth almost one and a quarter billion dollars. It is his second significant sale in the month of September. Earlier, Michael Dell sold ten million shares worth nearly one point two billion dollars. Companies benefited from the wave of investor interest in artificial intelligence companies. The stock has jumped fifty
five percent this year. Dell Technologies joined the S and P five one hundred last week after a decade off the index.
And it's time now for a look at some of the other stories making news in New York and around the world, and for that we're joined by Bloomberg's Michael barg Good Tuesday morning, Michael.
Good morning to you, Karen. North Carolina Governor Roy Cooper says that recovery from the catastrophic damage left behind by Helene last week will be a monumental task, as several towns and cities report severe, lasting damage to their infrastructure. At least one hundred and thirty people are dead and more than six hundred people are unaccounted for in Buncombe County,
where communications have been down and roads are impassable. Main roads into Ashville were washed away or blocked by mudslides. The city's water system is also badly damaged. This man, who owns a car wash says his businesses in ruins.
Every piece of equipment I have is pretty much upside down her sideways.
I've been told I'm not going to have power for at least two weeks or so.
President Biden was asked about getting FEMA aid to people who are stranded.
The question is not whether we get more.
There's a list of every resource for getting in there, but the question is how to get it in.
It's hard to get it from point A to point B.
It's hard to get if some of the worlds you're wiped out.
President Biden plans to survey the devastation in western North Carolina tomorrow. Vice President Kamala Harris stopped by FEMA headquarters in Washington as FEMA mounts recovery efforts in the aftermath of Aleen. Harris thanked FEMA workers and said she plans to visit the affected areas.
To everyone who has been impacted by this storm, and to all of those of you who are rightly feeling overwhelmed by the destruction and the loss, our nation is with you.
Former President Donald Trump visited at Valdosta, Georgia, yesterday, one of the many areas devastated by Helene out the region.
Our hearts are with you, and we are going to be with you as long as you need.
Trump also claimed falsely and that Georgia's Governor Brian Kemp had not been able to reach Joe Biden. Kemp refuted Trump's allegation and says he talked with the president. Sunday, Georgia judge struck down the state's abortion law, which took effect in twenty twenty two. And effectively prohibited abortions beyond about six weeks of pregnancy. Fulton County Superior Court Judge Robert McBurnie wrote in his order that the law violates
Georgia's constitution and privacy protections. The news was welcomed by Jalen Black, spokeswoman for Planned Parenthood Southeast.
Effective immediately in accordance with the law, we are providing and expanding our abortion healthcare.
Georgia Attorney General confirms that they are planning to appeal the decision. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr. This is Bloomberg Krent.
All right, Michael Barr, thank you.
At his time now for the Bloomberry Sports Update, brought to you by Tri State Audi.
And here's John Stashauer. John, good morning, Good morning, Karen.
Since news last night of the passing of Pete Rose, it's been said by many that he lived a complicated life. His playing career was legendary, played in more games than anyone, had the most hits four two hundred and fifty six. The complication came in the late nineteen eighties, when Rose was managing the Cincinnati Reds, the team that he had
started for. As details of his gambling came out, Rose agreed to a lifetime band and the Hall of Fame changed its rules to not allow anyone banned to be considered for induction. It took Rose fifteen years to finally admit that he gambled on baseball. He also served five months in prison for tax evasion. Pete Rose Charlie Hustle was eighty three. It's been called the greatest regular season game in Mets history, and Atlanta needed one win to make
the playoffs. The Mets shutout for seven innings, scored six runs, and the eighth gave up four in the bottom of the eighth. The Mets were then two outs from defeat.
His first pitch to lend Or swear at a fly pah Well hit right center, Harris going back. It's on the way that is gone. The end of the Brave bullpadd and light center field. Francisco Lindor has an emptyp moment. Whether he wins water or not, PS just put the match back on top eight to seven.
That was the fun on I was Awi Rose, Metz Radio Edwin Diaz gave up the lead in the eighth inning, but still got the save of the night. The Braves also playoff found as they won the second game of the double Hutter three nothing. The postseason begins today. The Mets played game one of the best of three in Milwaukee, starting at five thirty two Monday.
Nighters.
Tennessee won thirty one to twelve at Miami. Both teams are one and three. Detroit beat Seattle forty two to twenty nine. Both or three and one Lions QB Jared gone through eighteen passes completed all eighteen. That's an NFL record. Also passing away yesterday NBA Hall of Famer to Kembe Mutumbo, who had battled brain cancer.
He was fifty eight.
John Stashaway, Bloomberg Sports Karendona.
All right, John, thank you, and the Bloomberg Sports Update is brought to you by Audi. Visit your tri state Audi dealer today and get behind the wheel of the Audi model you've always wanted.
Coast to coast on Bloomberg Radio nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app.
This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager on the morning before what could be the final debate ahead of a presidential election that is now just five weeks away. Republican jd Vance and Democrat Tim Waltz square off tonight in the CBS News vice presidential debate. Ahead of it, we are joined by Jennifer Lawless, professor and sheriff politics at the University of Virginia. Jennifer, good morning, and just in time for
this debate, we have a major port strike underway. What is the potential of political impact of this port strike with the economy front and centers for so many voters, Well.
Good morning.
If the strike lasts couple of days, voters probably won't feel much. The businesses can pick up the slack, there won't be that many layoffs in the transportation industry, and things will probably be fine. But if it lasts longer than that, people don't need to think back that far to the supply chain ishes they remember during the pandemic, and that obviously doesn't help the Democrats as people go.
To the polls.
Do you expect this to play into the debate with an economic focus so much front and center.
I do, but I also expect both candidates to link it to their own economic policies and to provide voters with the confidence that they think they need to not let this really affect the messaging going into November. What makes it difficult, of course, is that we're only within the first twenty four hours of the strike, so it's hard to know what the future will look like.
We've heard so much messaging leading up into this debate that can fit into really tiny soundbites for both candidates. Tim Waltz is called Ja d Vance and former President Trump weird. Jd Vance has been talking about Haitian migrants eating people's pets. Where do you see this debate going. Can it focus on substance or are we going to get a fiery personality play tonight.
I think it'll probably be a little of both.
Unlike the presidential debates both that Donald Trump had with Joe Biden and Kamala Harris, the microphones will not be muted, so the candidates will be able to engage with one another a little bit more directly than we've seen in the past. Moreover, we know that both candidates have been very, very outspoken when it comes to their opponents, which means
that when JD. Vance says something that Tim Walls does not like or that he thinks might not resonate with the American people, It's likely that Tim Walls will call him a name like weird. And when Tim Wall says something that JD. Vance thinks is not true or not accurate, perhaps regarding his military record, likely that Vance will step in and interrupt as well. So my expectation as there will be a few more explicit fireworks between the candidates.
Yeah, the vice presidential candidates tend to act as attack dogs, but when you have two candidates like this who are so far apart, not just politically but in the polls in terms of likability, is there a risk of that attack dog role going too far and potentially affecting things up ticket.
Well, it's difficult to see how JD. Vance's popularity could go any lower. He's among the most unpopular candidates heading into election day that we've ever experienced, and Donald Trump really doesn't seem to be taking a hit because of him. Voters seem to be able to differentiate Dvance from Trump.
As far as Tim Walls is concerned, he is very likable, so he needs to make sure that he remains affable in delivering those attacks, but he's been doing that on the campaign trail for several months now and seems to understand that role and how to perfect it.
Just the fact that this could be the last debate before the election, does that put more stakes on how these candidates need to perform. Tonight got about a minute left.
Well, the reality is that vice presidential debates typically don't decide elections. They usually don't move the needle much at all. But this is the last opportunity for the campaigns in front of a very large viewing national audience can make their case. So my expectation is that Dance is going to really hammer home the Trump concern the Trump team's
concerns about the economy, immigration and crime, and walls. Is going to do his best to demonstrate not only that Harris Walld administration is different from a Biden Harris administration, but also that reproductive rights and civil rights and civil liberties are on the ballot.
On Tuesday, on Election Day, this is Bloombergy Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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I'm Karen Moscow.
And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Day Ray