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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 Supreme Court decision that could reshape the twenty twenty four presidential race and alter the limits of presidential power well beyond this year. The Justice is ruled in a six to three vote that former President Donald Trump has some immunity from criminal charges over his efforts to overturn the twenty twenty election. Last night, President Biden went before the cameras at the White House to say the High Court set a dangerous precedent.
No one, no one is above the law, not even the President of the United States. With today's Supreme Court decision, I'm presidential immunity that fundamentally changed for all, for all practical purposes. Today's decision almost certainly means that there are virtually.
No limits or And now President Biden says us up to voters to render a judgment on Trump and decide whether his actions on January sixth make him unfit for office.
Well now, Nathan, former President Trump is looking to take his victory at the Supreme Court into new York. His lawyers have taken the first steps to have his criminal hush money convictions tossed out now that the High Court has found he has substantial immunity. Trump is due for sentencing next week on the thirty four felony counts. His legal team is asking for a delay to allow time for briefing and arguments.
I'm sticking with presidential politics careen. The Democratic National Committee is now considering formally nominating Joe Biden as early as this month, nearly a month before their convention. Bloomberg's Amy Morris reports from Washington.
The strategy is to ensure that President Biden is on November ballots and stamp out any intra party chatter of replacing Biden after last week's poor debate performance. A potential date for Biden's nomination is July twenty first, when the Democratic Convention's create Udentials Committee meets. Virtually that's according to people familiar with the matter who spoke on condition of anonymity. The panel is meeting to finalize procedures before the party's
convention in Chicago starts August nineteenth. In Washington, Amy Morris Bloomberg Radio.
Amy, thank you all. Despite Biden's debate performance. The President's campaigns says it raised one hundred and twenty seven million dollars in June. The hall is the Biden campaign's best fundraising month of the election cycle. Biden AD's have pointed to their ability to rake in cash despite his performance as evidence the President retained his party support and had not irrevocably damaged his campaign.
It's turned to politics overseas now. Karen French President, Emmanuel mccrone's centrist Alliance and the left wing New Popular Front are considering pulling candidates from the second round of parliamentary voting in a bid to stop the far right. The National Rally and it's allies won the largest share of the vote in the first round, with just over thirty three percent. Now, an outright majority for Marine La Penn's party or a hung parliament are the most likely eventualities.
Alan Katz is Bloomberg's bureau chief in Paris.
If you're in the financial market, your best case scenario is nothing happens over the next three years. This is very hard for French people to accept the idea that you might spend a long time not legislating, not really doing anything it's very different. You know, if you're American, that sort of you're like, well, actually, that's way it's been for most of the time, for the last twenty or thirty years, but here it's not. France is sort
of a semi presidential semi parliamentary system. Usually the government that the executive branch has a majority in parliament and can basically pass whatever they want.
Bloomberg Paris Bureau chief Allan Katz says the second round of voting takes place Sunday. Stocks in France are lower this morning. They've now wiped out nearly all of yesterday's games.
Well.
Here in the US, Nathan futures are lower. Ahead of the session on Wall Street, automakers will be in focus, with car makers releasing monthly sales data. Analysts are expecting Tesla to report another quarter of sales and dan Ives covers the ev maker for web Bush Securities.
I think Tesla bet Whisper numbers four fifteen K four to twenty and this marks what I believe is the worst in the rearview mirror. The comeback story for Musk and Tesla has begun, which is why we see a bold case for the stock going into the next six.
Months, when Bush's dan ives as a two hundred and seventy five dollars price target for Tesla. The stock trading around two hundred eight this morning.
And Microsoft will begin today's session at all time highs Karen. As a result, Steve Balmer has now passed Bill Gates as the sixth richest person in the world. We get more from Bloomberg's Charlie Pellett.
It is the first time that the former CEO of Microsoft has been wealthier than the company's co founder. The move came as Microsoft shares rose to another record, bringing their total game this year to twenty one percent. The company, through its partnership with open Ai, has been one of the biggest beneficiaries of the artificial intelligence rally that has
powered the US stock market higher. More than ninety percent of Balmer's one hundred and fifty seven point two billion dollar net worth is in Microsoft shares, according to the Bloomberg Billionaire's Index in New York. Charlie Pellett Bloomberg Radio.
Right, Charlie, thank you, and we're also following shares at Paramount Global this morning. This after The New York Times reported Barry Diller is considering making an offer for control of the company. We get more from Bloomberg's Doug Krisner.
Diller's interest in Paramount is the latest twist and a complex and dramatic effort to sell the company. Last month, a deal seemed close with Skydance Media. Then talks between Skydance and Paramount's controlling shareholder, National Amusements, fell apart. It appears Diller's non disclosure agreement with National Amusements was signed sometime after the Skydance deal fell through. Now a bit to take control of Paramount would be a codea of
sorts for Diller. He tried to acquire Paramot Pictures in the early nineteen nineties. Buddy was outbid by Sumner Redstone, the media mogul whose daughter Sherry now controls the company through National Amusements.
In New York.
I'm Doug Prisoner, Bloomberg Radio.
All right, Doug, thank you, and shares a. Paramount Global up almost three percent this morning. Time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr. Michael, good morning.
Good morning, Karen Hurricane Beryl is strengthened to Category five status as it crosses islands in the southeastern Caribbean. It's the earliest Cat five hurricane in the Atlantic ever. Beryl ripped off doors, windows and roofs and homes. Grenada's Prime Minister Dick and Mitchell said late last night that one person had died and authorities had not been able to assess the situation on some hard hit islands.
The expectation is that the damage in Kaikwon pet Machnik is going to be extreme.
Early today, Beryl's wins increased to one hundred and sixty five miles per hour. It is forecast pass near Jamaica tomorrow. A Massachusetts judge declared to miss trial in the case of Karen Reid, the woman accused of running over her boyfriend, a Boston police officer, with their suv and leaving him to die in a snowstorm. In twenty twenty two. Jurors were in their fifth day of deliberations when the four person eventually told the judge that they hadn't reached a
unanimous verdict. Judge Beverly canone.
To continue to deliberate would be feudal and only serve to force us to compromise these deeply held beliefs.
Defense attorney Alan Jackson celebrated the decision outside the courthouse.
This is what it looks like when you bring false charges against an innocent person.
Reed must return to a Massachusetts court room later this month and stand trial for the death of Brian O'Keefe again. The Israeli Army has ordered a mass evacuation of Palestinians for much of Gaza's second largest city, con Unis. The order is a sign that Israeli troops could soon return to the southern city. It is also in the indications that Hamas has regrouped there. We're learning several US military bases across Europe were put under a heightened state of alert,
a force protection condition, over the weekend. It is the second highest state of alert that applies when an incident occurs or intelligence is received indicating some form of terrorist action. Deputy Press Secretary Sabrina Singh spoke during Monday's Pentagon briefing not related to a single threat, but it was due to a combination of factors, potentially things impacting the safety and security of service members stationed in the European theater,
The Pentagon. Sabrina Singh says the height and alert was done out of an abundance of caution. Global news twenty four hours a day and whenever you want it with the Bloomberg News Now. I'm Michael Barr, and this is Bloomberg.
Karen Ray, Michael Barr, thank you time now for the Bloomberg Sports Update with John Stashauer.
John, good morning, Good morning Carrion. It's a busy day for the NBA champion Boston Celtics. First they rewarded Derek White with a four year, one hundred and twenty six million dollar extension, and then they rewarded Jason Tatum with a super Max deal of five years, three hundred and fifteen million, So Tatum will make sixty three million a year, most in history. And the Celtics have been put up
for sale. Wick Grossbeck became majority owner in two thousand and two with a purchase price of three hundred and sixty million. The Celtics have been valued at four point seven billion. Klay Thompson leaving the Warriors after thirteen seasons and four championships. He's headed to Dallas, and Isaiah Hartenstein is leaving the Knicks headed for Oklahoma City, which means the Knicks need a center. They may resign Tresca Sachua. There's also NHL free agency, and among the signings Steven
Stamcos with Nashville. He had spent his entire sixteen year career with Tampa Bay Mets. The Nationals first of four in DC three three in the tenth inning, oh in two the count, Harvey ready. He delivers swung on, hitting the air deep center field.
Young drifting back to the warning track, turns at.
The wall, gone, go ahead, three run home run J D. Martinez six, three Mets.
In the tenth WCBS, Mets weren't done. Francisco Alvarez his first ever triple, scored another run and then a two run homer by Jose Iglesias, and the Mets needed that because the Nats scored four in the bottom of the tenth. Mets won ninety seven. They won without Brandon Nimmo. He fainted in his hotel room, suffered a gash on his head with no concussion. Nemo hopes to play tonight in Kansas City. Was the end of group play in Copa America in the US. After getting upset by Panama had
to win to advance. Lost one Nilta Uruguay, who scored sixty six minute the US is out and Wimbledon Arena Sabalanca set in third Withdrew with a shoulder injury. Opening day wins for Coco Goff, Carlos Alcaraz and Yanni Center Josh Dashtan. We're Bloomberg's Karen.
Coast to Coast on Bloomberg Radio nationwide on Syrias XM, and around the world on Bloomberg dot Com and the Bloomberg Business app.
This is Bloomberg Daybreak.
Good morning.
I'm Nathan Hager.
President Biden is blasting the Supreme Court's final decision of its term giving presidents some immunity from criminal prosecution over official acts.
This is a fundamentally new principle, and it's a dangerous precedent because the power of the office will no longer be constrained by the law, even including the Supreme Court of the United States.
And in remarks last night from the White House, the President said the decision now leaves voters with a choice whether former President Donald Trump's actions on January sixth make him unfit to return to the White House for more. We're joined by Bloomberg's Kevin Whitelaw, who covered Washington for
more than two decades. Kevin, Good Morning. This decision obviously does have far reaching consequences when it comes to the power of the president's see but this president really seems to be hoping that it reframes the stakes of this year's race as well well.
I think he's sort of making about the only argument he can at this point. This really is a blow to Democrats hopes that the legal process would continue to sort of catch up with with Donald With with Donald Trump, the sort of delays the remaining case is likely through, you know, past past the election date, and so that
sort of leaves Biden with only one remaining argument. And I do think the sweep of this ruling, even though obviously it's essentially kicking the case, the main case against Trump, back to the court for some more review, it still basically is sweeping enough that it does say the president has pretty unlimited authority to do anything that's considered an
official act. And you know, so I think has a lot of people hearkening back to the Nixon Richard Nixon remarks years ago about you know, if the president does it by definition, it's not a crime. That's pretty close to what the Supreme Court just said.
So then I guess it shouldn't come as too much of a surprise that following the High Court's decision, the president's legal team went right back up to New York and said, we need to toss out the hush money convictions as well.
Yeah, well, I mean it makes sense. They've made the argument before, they'll make it again. I think that one's a little harder to make because obviously a lot of the actions came before the election, but there were some of the documents involved in the case, and some of the checks were cut after, you know, after he took office, So it's gonna be a little hard to call that
part of the official acts of being president. But that's probably not going to That's obviously not going to stop him from trying, And.
Obviously the president is hoping that this decision takes some of the focus off his debate performance and the questions about his age and mental fitness raised once again following that really rough performance for him last week.
Does that do that well?
I think it's probably the only play he has, and it was probably always his best play, frankly is essentially making this into an anti Trump versus Trump kind of kind of performance. I do think that, you know, we've seen that in twenty twenty the anti Trump vote was a very motivated vote and could well be again. And certainly this does reframe once again that sort of remark that that Trump had made at one point about wanting
to be a dictator on at least day one. I do think that that you put those two things together and that this does frame it in pretty sharp relief. You know, we still have several months to go in the election. Biden could still bounce back from from that performance, and this may be about the only path he has to try to convince voters to actually turn out and
cast a vote for him. It's interesting, Kevin, you know, following the debate performance, Who've got this reporting from Bloomberg News of the Democratic National Committees thinking of nominating President Biden early. And at the same time, the Biden campaign is saying it just had its best fundraising month yet despite the debate performance. I mean, where do things stand
now with the Biden campaign. Well, look, I mean I think that that what the Biden campaign was, I think quietly understood that this the question of the president's age was always the biggest question, and so a certain amount of the unders of the belief about whether or not Biden is you know, too old or is still fit to be president, a lot of that was baked in,
and one debate performance may not change that. To me, I think it was more a matter of the debate had been a chance for Biden and his campaign to reshape that narrative to sort of say, no, you know, let's move past this. Well, obviously they can't move past that, and so that's going to leave them focusing their best efforts on trying to frame this as, hey, look, if you want if you don't want Trump, there's only one choice,
and that's Joe Biden. And by making an early nomination that would be one way to at least quell some of the conversation out there about whether Democrats are, in fact, you know, maneuvering or should maneuver to replace him.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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