Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Aaron, we begin with the stock at the heart of the artificial intelligence revolution. We're watching shares of Nvidia. They are up nearly two percent in early trading, but that follows a three day thirteen percent route that has wiped out four hundred and thirty billion dollars in Vidia's market value. That's the biggest three day value slide for any company in history. Emily Rowland is co chief investment strategist at John Hancock Investment Management.
I can't remember a time when one stock ever meant this much to the market.
It's so remarkable, I.
Mean it was.
It's up one hundred and fifty percent here today, two hundred percent over the one year period, So I think it certainly makes sense to expect some type of pullback in this name.
Despite the sell off, John Hancock's Emily Roland notes, in Vidia is still up almost one hundred and forty percent this year.
Well, Nathan, tech is not the only thing on investors' minds. We get a key inflation report on Friday, to close out the week, and that is preceded by Thursday CNN presidential debate. Lurie Calvasinas, head of UI Secuity Strategy at URBC Capital Markets, and says both events could be equally important for markets.
It's not just about inflation this week. Political risk is starting to heat up. I increasingly think that's going to be a bigger issue, both at home and abroad for investors to deal with in the second half of the year. And even on politics, we always tell people, you know it always sort of the headlines capture us that jerk things around. Remember that stocks tend to do well in any political environment, regardless of who's controlling the White House or Congress.
And OURBC Capital Markets Lorie Calvacino warns there is a lot of good news already baked into markets and if that optimism proves unjustified, there could be downside risks and Karen.
As we gear up for Thursday's debate, voters are headed to the polls today for primaries in New York's, South Carolina, Colorado, and Utah. Bloomberg Zamy Morris as a preview.
In New York, Representative Jamal Bowman, a member of a block of hard left Democrats, known as the Squad, is this cycle's first Democrat in danger of being rejected by his party's voters after his criticism of Israel sparked an effort to remove him from Congress. Bowman faces a challenge
from Westchester County Executive George Latimer. In South Carolina, Mark Burns, a Donald Trump endorsed pastor, faces Sherry Biggs, an Air National Guard lieutenant colonel, and a Trump friendly district in Utah for Republicans, including one backed by the cryptocurrency industry, are on the ballot for the Senate seat of Mitt Romney,
who has decided to not seek a second term. In Colorado, Representative Lauren Bobert is seeking re election in a new district and is expected to win her primary over splintered opposition. In Washington, Amy Morris Bloomberg Radio.
All right, Amy, thank you, And this final primary day of twenty twenty four is another day of debate prep for President Biden. He's been at Camp David since the weekend, huddling with aids to prepare for the showdown in Atlanta with former President Trump and beat back concerns about his age and fitness for another four years. Tina Fordham is a geopolitical strategist at Fordham A Global Foresight.
Arguably the bar is higher for Joe Biden because there has been this relentless kind of narrative about him being a daughter in you old fool, and Trump comes out guns blazing with you know what is really also a meandering way of expressing himself.
Fordham Global Foresight founder Tina Fordham says Trump feeds off the energy of a crowd. But Thursday Night's debate on CNN will not include a studio audience. Our coverage of the CNN presidential debate begins this Thursday night at a pm. Wall Street Time, with a special addition of Balance of Power with Joe Matthew and Kaylee Lines in Washington and David Gura in Atlanta. Listen in for the debate on Bloomberg Radio or watch it on Bloomberg tell Vision.
Well Now to a major development in geopolitics, Karen Wikileague sender Julian Assange has agreed to plead guilty in a deal with the US Justice Department. We get the story from Bloomberg.
Send Baxter fellon account of espionage will resolve a long running legal saga that spend multiple continents centered on publication of a trove of classified documents dating back to twenty ten.
And twenty eleven.
Wikileague statement saying this is a result of a global campaign that spend grassroots organizers, press freedom campaigners, legislators, leaders from across the political spectrum all the way to the United Nations. He will be in court on the Mariana Islands and then go back to his native Australia, not wanting to head back to the US where he could face a lengthy sentence Head Baxter, Bloomberg Radio, All.
Right and thanks.
Turning back to the markets now, Bloomberg News has learned Boeing has offered to acquire Spirit Aerosystems with a mostly stock offer. The deal values a key supplier at about thirty five dollars per share. The price marks of twenty two percent, ups to Spirit Aerospace's closing price on February twenty ninth, the day before Boeing's takeover talks became public.
And Karen Bowing's main competitor is also making news. This morning, shares of air Bus are down about ten and a half percent in European trading. The Planemaker's warning it's experiencing a shortage on engines, aerostructures, and cabinet interiors that in turn is sabotaging air buses, delivery plans, and.
Shares of Germany's Murk Nathan. They're down about ten percent. The company said it will discontinue development of the drug for the treatment of head and neck cancer. Analysts and estimated that drug could reach peak sales of a billion and a half dollars. This is the second high profile drug failure since December for merk.
Well back here in the US, Karen earnings will be in focus once again. FedEx reports after the close of trading. We get a preview from Bloomberg's Charlie Pellett.
Cost cutting programs are likely to show incremental signs of paying off for FedEx when it reports fourth quarter earnings. Analysts say easing year over year comparisons will also lift results, though the company continues to face weakened demand. Investors will be focused on guidance for the new fiscal year. That guidance will also reflect the company's shifting structure as it
consolidates its express, ground and services units. Analysts are looking for a just at EPs of five dollars thirty four cents on revenue of twenty two point one billion dollars in New York Charlie Pellett's Bloomberg Radio.
All right, Charlie, thanks, and Apple's artificial intelligence offerings have gotten more attention after The Wall Street Journal reported the iPhone makers and talks with Meta Platforms about an AI partnership. Now Bloomberg News has learned those talks might not have gotten very far. Sources tell us Meta approached Apple months ago about integrating its AI chatbot into the iPhone, but got turned down. We're told Apple doesn't think Meta's privacy
practices are tight enough. And it's time now for 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 John Tucker. Good morning and happy birthday, John.
Oh Well, thank you very much. Karen trying to keep that a secret. New York City is the world's most congested urban the area for the second year in a row. Let's get more in this report this morning from Bloomberg Jeff Bellinger.
The global traffic scorecard from Enrich shows a typical motorist driving through the most populated city in the US, lost one hundred one hours last year because of traffic during peak commuting times. That's the most among nearly one thousand cities around the globe. It costs the city an estimated
nine point one billion dollars in lost time. New York City tops the list again after Governor Kathy Hochel earlier this month indefinitely paused a tolling plan that aimed to reduce traffic and raise money to update the city's aging transit network. Vehicles in downtown Manhattan drove and an average speed of eleven miles per hour during peak morning periods in New York. Jeff Bellinger Bloomberg.
Radio Overseas, France's president says far right and far left policies in the upcoming elections could spark what he calls a civil war. Here's the French leader deventing his decision to call a snap election. This choice was imposed. Did it make me happy? The answer is no. On June ninth, if there was anyone it heard, it was me. If we follow your reasoning to the end, the country explodes or there is civil war, yeah, did we do everything right?
It is no. Mccrawn tilling the Generation Do It Yourself podcast. The national rally parties plan to tackle crime focusing on people's religion or origins is divisive and could lead to unrest. A federal judges in Kansas in Missouri together blocking much of a Biden administration's student loan repayment plan that provides a faster path to cancelation a lower monthly payments for
millions of borrowers. The judges rulings prevent the Department of Education from helping many of the intended borrowers ease their loan repayment burdens. And two NASA astauts Butch Wilmore and Sunny Williams, are stock orbiting Earth on the International Space Station, now two weeks past their plan return to Earth. The remain aboard the ISS is Boeing and NASA engineer's work to fix a series of helium leaks on the Boeing Starliner spacecraft. Global News, Worst Day and Whenever you want
it with Bloomberg News Now. I'm John Tucker, and this is Bloomberg Karen all.
Right, John Tucker, thank you, and it's time now for the Bloomberg Sports Update with John stash Hour.
John, Good morning, good morning.
Carry the eighteenth ever Game seven of a Stanley Cup final odd way to get there with Florida went in the first three games at Edmonton the next three. Never trailed in those games, but never led. Last night, Panthers got a carter over hegy tip in four and a half minutes, and the Oilers answered about two minutes later. Matteaz the n Mark breakaway. Only one goal was scored over the next fifty three minutes.
Helped the right point for Cci held along the port's names Rice Sidle full Gold cuts out Ron tay to say Barroski that it's pushed away out of harm's way by Kulikoff hit the Panthers breaking up quickly.
Here's Whinehart at the right wing. Shy Kwiheart to the right circle, putch.
Up Safehart gives the Panthers but two only u qam both teams with scoring chances after that, but the Panthers hung on won two to one their first ever Stanley Cup. But it was a surprised that Connor McDavid won the con Smite this playoff MVP not only on the losing team, but he was quiet in Game seven, did have forty two points in the playoffs. The drought continues north of
the border since Montreal thirty one years ago. Canadian teams in the final are Owen seven, Mets and the Yankee to night first of two from City Field, with Garrett Cole making his second start of the season, goes opposite David Peterson Mets without Edwin Diaz. That ejection Sunday for sticky stuff on his hand comes with an automatic ten games suspension of though DZ could appeal. Red Sox stay hot down six to two in the eighth inning, they beat
Toronto seven six. They've won eight of the last nine Nationals lost in tenings. In San Diego, Giants stop the Cubs. It was their first home game since the passing that Willie Mays. All Giant players wore uniform number twenty four. The NBA draft against tomorrow, and then comes free agency. The Knicks could lose two key players Isaiah Herdenstein and Ogian Andobi, who has expected tocline his player option of twenty million. He can make much more as a free agent.
Knicks want to keep him. With on Anobi in the lineup. They went twenty six and six. John Stashedward Bloomberg Sports Karon Nabor.
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. A nearly fifteen year legal battle is nearly over for Julian Assage, the wikileak's co founder, is on his way back to his native Australia after reaching a plea deal with the Justice Department over one of the biggest breaches of state secrets in US history. This as preparations continue for the first debate in the rematch between President Biden and former President Trump. For more on the latest geo politics, we were joined by Bloomberg
News Senior editor Bill Ferries. Bill. Good morning. Obviously, this outcome for Julian Asange has been a very long time coming. How did this plea deal come about?
Yeah, it seems like news from a time capsule at this point. You know, for those of us who remember how this all started with the with the leaks that you know that Assange put out there on Wiki leaks that he got from with documents he got from Chelsea Manning, it's you know, it's been a saga. If you remember, Assane spent I think almost seven years hold up in Ecuador's embassy in the UK before leaving and being arrested by British authorities as he tried to escape US justice.
So you know, we're coming up on almost fifteen years of this going on. The Australian government has long been pushing for his relief. They seem to have worked some kind of an agreement with the Justice Department for Assange to plead guilty when he lands, probably later on Tuesday, US time in the Northern Mariana Islands, US Commonwealth, and he will plead guilty to charges of leaking US national
security secrets. He will be immediately sentenced to about five years of time served and he'll get back on his plane and he'll head to Australia. That should bring this all to a close, but it has It has been a long time.
Coming, and we had known that President Biden had at least indicated that he was in favor of some kind of plea deal to try to get this resolved. After all this time, is there any indication of any political pressure to bring this outcome to light?
You know, officially the White House has directed all questions to the Department of Justice. They've said that there was no political involvement. The Australian government has only said that, you know, the legal proceedings are continuing because Assange has not made it to Saipan and the Marianna Islands to this Federal Court hearing that will take place there, so we may learn more after he lands on Australian soil.
You know, we know that the Australian government has been pushing for this, not just through legal channels, but through political channels. So I don't think anyone will be surprised if we find out later on that there was a political component to all this.
We're going to find out later on, specifically, two nights from now. How President Biden former President Trump doing their first rematch debate this Thursday evening. President Biden's been putting a lot of time and effort into debate prep. How make or break is Thursday night?
For him?
Well, I think it's you know, at some level, it's make or break for both men. They both there's a lot of pitfalls they're both facing, but certainly for President Biden, who seems to still be behind in a lot of the battleground state polls. He cannot really afford a slip up or or a moment where he either appears confused or or forgets something. So he is I think the
pressure is in some ways more on him. He is holed up at Camp David with about a dozen aides, including you know, people like Ron Klain and Mike Donoalan. His lawyer, Bob Bauer, is going to be playing Donald Trump in the mock debates. But yeah, he still has a couple days of prep ahead of him and he can certainly, you know, it's it's it's like walking a
razor's edge for both men. I think President well, President Trump back in twenty twenty had some notable stumbles or gaffes in his debate against Joe Biden at the time that may have hurt his standing. But yeah, this is something that you know, a lot of people have been waiting to see happen for several years now, and it's the earliest debate I think we've had in modern presidential history, and it could be a dividing moment.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond look.
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