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On today's podcast:
1) New Jersey Transit and its locomotive engineers reached an agreement on a new contract, ending a three-day transit strike that disrupted trains for thousands of riders
2) Scottie Scheffler had every reason to worry the PGA Championship was slipping away. A five-shot lead on the front nine was gone in four holes. Every shot seemed to go left and he didn't know why. Jon Rahm was peeling off birdies and on the verge of tracking him down Sunday at Quail Hollow.
3) Longer-dated Treasury yields rose to the psychological 5% level and S&P 500 Index futures slid with the dollar after a downgrade of the US’s credit score by Moody’s Ratings increased concerns over the nation’s debt.
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We've heard of streaming platforms realizing the power of live sports. But what we haven't heard much buzz about is the growing audience who's watching. And they have more than $3.6 trillion dollars in buying power. Bloomberg's Lisa Mateo explains.
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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
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On today's podcast:
1) NJ Transit locomotive engineers go on strike affecting the commute for hundreds of thousands of commuters. The strike is the result of failed contract negotiations between NJ Transit and the Brotherhood of Locomotive Engineers and Trainmen over a wage increase, with the union seeking the rail workers' first raise since 2019. The shutdown will severely impact service, with engineers responsible for operating the trains, and NJ Transit officials encouraging riders to work remotely and travel on the system for essential purposes only.
2) President Trump to meet with Russian president Vladimir Putin 'soon' as he heads home from the Middle East. The president told reporters Friday he would return directly to Washington at the end of his Middle East visit, despite flirting with a potential in-person meeting with Putin and Ukraine's Volodymyr Zelenskiy with the aim of ending the war in Ukraine.
3) SALT remains a sticking point as Congress debates a tax bill. Republican infighting in the US House is threatening to sink President Trump’s legislative agenda over details of the giant tax bill. Republicans plan to work through the weekend to resolve the issue and other unresolved matters, with plans to bring the bill to the House floor next week.
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On today's podcast:
1) Top US and European diplomats are gathering in Antalya, Turkey on Thursday as the outlook dims for any major breakthrough in expected peace talks between Ukraine and Russia.
2) President Donald Trump said the US might be getting closer to an agreement with Iran to curb the Islamic Republic’s nuclear program.
3) UnitedHealth Group Inc. is under criminal investigation for possible Medicare fraud, the Wall Street Journal reported, citing unidentified people familiar with the matter.
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On today's podcast:
1) The Trump administration is clearing a path for two key Persian Gulf allies to pursue their artificial intelligence ambitions — and some of the biggest US tech companies are seizing on that opening with plans to spend billions of dollars in the region.
2) The S&P 500 and Nasdaq 100 indexes turned higher for the year on Tuesday, reversing multi-trillion dollar routs, as enthusiasm for US stocks grows with global trade tensions cooling after the Trump administration and China agreed to temporarily lower tariffs.
3) House Republicans could land on a compromise on the state and local tax deduction on Wednesday, a deal that would represent a breakthrough in one of the thorniest policy debates in President Donald Trump’s economic package.
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On today's podcast:
1) The Wall Street stocks rally is set to pause due to concerns about inflation and economic growth, with US futures pointing to a decline. Investors are taking a breather after the 90-day tariff cool-off between the US and China, and will be looking for clues on the trajectory of Federal Reserve interest rates in the US inflation print.
2) President Donald Trump is in Saudi Arabia on his first major overseas trip since taking office. He was welcomed on the tarmac by Crown Prince Mohammed bin Salman in a sign of their warm ties. Treasury Secretary Scott Bessent is also in Riyadh where he told an investment forum he’s upbeat on trade talks with nations in Asia and that progress with Europe will be slower.
3) US Treasury Secretary Scott Bessent said the European Union has a "collective action problem" that's hampering trade negotiations with the US. Bessent downplayed the possibility of a quick agreement with the EU, citing differences among member states such as Italy and France.
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On today's podcast:
1) Stocks soar as the U.S. and China agree to de-escalate their trade war. The US and China will temporarily lower tariffs on each other's products, with the US reducing its levies from 145% to 30% and China reducing its duties from 125% to 10%. The tariff reductions are a move to cool trade tensions and give the two countries three more months to resolve their differences, with talks potentially leading to "purchasing agreements" by China.
2) Drug stocks tumble as President Trump plans to order pharmaceutical price cuts. The declines affected European drugmakers, US drugmakers, and Asian pharmaceutical companies, with some companies experiencing their biggest one-day loss since August. The plan to lower prescription drug prices may have a significant impact on the industry's revenues, particularly for companies that depend heavily on US sales
3) Hamas says it will free its last American hostage as the president heads to the Middle East. It will release 21-year-old Israeli soldier Edan Alexander, a US citizen, as a step toward reaching a new ceasefire agreement in Gaza. The release is a result of renewed talks between the US and Hamas.
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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
See omnystudio.com/listener for privacy information.
On today's podcast:
1) The Trump administration is weighing a dramatic tariff reduction during weekend talks with China to de-escalate tensions and temper the economic pain both are already starting to feel.
2) President Donald Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package.
3) Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church.
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