Podcast Summary
High yield cash account: Public.com offers a high yield cash account with an interest rate of 5.1% APY, which is currently higher than many other financial institutions.
Public.com offers a high yield cash account with an interest rate of 5.1% APY, which is currently higher than many other financial institutions, including Robinhood, SoFi, Marcus, Wealthfront, Betterment, Capital One, Ally, Barclays, Bank of America, Chase, City, Wells Fargo, Discover, and American Express. This could be an attractive option for those looking to earn a higher return on their cash. Additionally, the Bloomberg Sustainable Business Summit is returning to Singapore on July 31, where global business leaders and investors will discuss sustainable business and finance practices in the face of increased ESG scrutiny and competition. In the financial markets, investors are bracing for a potentially volatile day on Wall Street due to the upcoming triple-witching event, during which over $5.5 trillion in options are set to expire. Yesterday, the tech-heavy Nasdaq experienced a decline of 0.8%, and New Edge Wealth's Chief Investment Officer, Cameron Dawson, noted that tech stocks are currently trading at lofty levels.
Tech Stocks Overbought: Despite being overbought, tech stocks continue to show strong earnings momentum. Nvidia's stock took the biggest hit due to concerns about earnings growth prospects, while Serepta's shares surged on FDA approval expansion.
The tech sector, specifically tech stocks, is currently overbought according to multiple market analysts. The tech index is trading 27% above its 200 day moving average, a level only seen during the final stages of the tech bubble in the late 90s. However, despite this overbought condition, tech stocks still have strong earnings momentum. Leading the losses in this sector was Nvidia, with its CEO and other investors selling off their shares, raising concerns about the company's earnings growth prospects. On the positive side, Serepta's shares surged after the FDA expanded approval of its controversial gene therapy for Duchenne muscular dystrophy, allowing patients aged four and above to receive the treatment. Looking at the economy, Minneapolis Fed President Neil Cash-Kari predicts that it will take a year or two for inflation to return to the 2% target, but the labor market remains strong.
Trump's Fundraising Surge: Former President Trump raised $141 million in May, boosted by a $50 million donation the day of his felony conviction, but still trails Biden's $212 million on hand
Minneapolis Fed Chief Neil Kashkari believes robust wage growth is beneficial for workers but may hinder efforts to bring inflation down to the desired level. In political news, former President Trump's fundraising has surged, raising $141 million in May, while President Biden had $85 million. Trump's fundraising boost came after his conviction on felony counts in New York, with investor Timothy Mellon donating $50 million the day of the conviction. Biden still holds a significant cash advantage, with $212 million on hand compared to Trump and the RNC's $171 million. The Supreme Court is expected to issue more major decisions, including rulings on Trump's immunity from prosecution and states' restrictions on social media companies removing posts based on political views. The court has added Wednesday to its schedule to deliver more decisions.
TikTok legal challenge: TikTok is challenging the U.S. government's forced divestiture legislation in court, arguing it has a national security agreement with multi-layered safeguards and enforcement mechanisms, but Congress disregarded it. The Justice Department defends the legislation.
TikTok is challenging the U.S. government's forced divestiture legislation in court. The social media company argues that it has a signed national security agreement with the U.S. government offering multi-layered safeguards and enforcement mechanisms, but Congress disregarded this agreement when considering the ban. The Justice Department, however, defends the legislation and intends to defend it in court. In banking news, City Group's plans to improve risk controls may have faced a setback as its wind down plans, or "living will," have not received a majority approval from the FDIC's board members. Norinchuken Bank in Japan is not ruling out further losses on its soured bond investments, despite warning of potential losses of up to $9.5 billion. The bank's surprise announcement of selling $63 billion in unprofitable bonds came after its shorter-term funding costs jumped. The heatwave continues in the Northeast and Midwest, with a heat advisory in effect in New York City from 12 p.m. on Friday until 8 p.m. on Saturday. Joining us now to discuss these stories and more is Bloomberg's Michael Barr.
Heat-related disruptions: Heatwaves cause disruptions in transportation, necessitate safety inspections for outdoor workers, and reveal infrastructure vulnerabilities, requiring proactive measures
Extreme heat continues to cause disruptions and challenges across various sectors. In the transportation industry, both New Jersey Transit and Amtrak experienced delays due to heat-related issues, causing inconvenience for commuters. Outdoor workers in New Hampshire face similar challenges, with OSHA conducting inspections in industries like construction and warehousing to ensure safety. Meanwhile, a heat emergency has been declared in Philadelphia, and cooling centers have been opened. In the geopolitical arena, the Biden administration's stance on Ukraine's use of U.S. weapons against Russian forces has shifted, allowing for strikes in self-defense. However, this change in policy comes as Ukraine experiences rolling blackouts due to Russian strikes on energy infrastructure. Infrastructure issues also persist in New York City, with a $5 billion plan announced to fix a deteriorating portion of the Brooklyn Queens Expressway. The heatwave and infrastructure challenges serve as reminders of the impact of extreme weather and aging infrastructure on daily life and the need for proactive measures to address these issues.
Bloomberg News: Bloomberg News offers on-demand access to latest news, has a high yield cash account with 5.1% APY, and hosts the Sustainable Business Summit in Singapore.
Bloomberg News now offers on-demand access to the latest news and headlines, allowing users to stay informed on their own schedule. This service is available through the Bloomberg business app, Bloomberg.com, Apple Spotify, and other podcast platforms. Additionally, public.com provides a high yield cash account with an APY of 5.1%, which is higher than many other financial institutions. This account automatically deposits funds into partner banks where they earn interest and are eligible for FDIC insurance. Lastly, the Bloomberg Sustainable Business Summit is returning to Singapore on July 31, providing a platform for global business leaders and investors to discuss sustainable business practices and growth strategies in the face of increased ESG scrutiny and competition.
Yankees setback, Negro Leagues ceremony: The Yankees faced a setback with Luis Severino's poor performance, but manager Aaron Boone sees it as an opportunity for growth. The Negro Leagues were honored with a ceremony featuring 99-year-old Bill Greason, a teammate of Willie Mays.
Despite the Yankees' lead in the Major League standings, they experienced a setback with starter Luis Severino's poor performance against the Orioles. Severino, who had been dominant this season, only managed four outs and gave up seven runs. However, his manager Aaron Boone sees this as an opportunity for growth and learning, as every outing presents new challenges. Meanwhile, baseball honored the Negro Leagues with a ceremony at an 114-year-old ballpark, featuring 99-year-old Bill Greason, a teammate of Willie Mays. Elsewhere, the Cardinals won a thrilling game, and the Lakers hired JJ Redick as their new coach, marking the seventh different coach in the last 13 years. The Stanley Cup Final is headed back to Florida for a potential game seven between the Oilers and Panthers. Despite the ups and downs, the sports world continues to provide exciting moments and stories.
Golf Heatwave: 22-year-old Tom Kim leads Travers Golf tournament amidst intense heatwave. Relief not expected soon as large Bermuda high causes prolonged heatwave. Simultaneously, over 100 million people in US dealing with temperatures above 90 degrees Fahrenheit.
Both the golf world and the weather are experiencing intense heatwaves. At the Travers Golf tournament, 22-year-old Tom Kim leads with a score of 862, while world number one Scottie Sheffler, 28, is just three shots behind. Simultaneously, over 100 million people in the US are dealing with temperatures above 90 degrees Fahrenheit, with the worst of the heatwave affecting the Ohio River Valley, northern Mid-Atlantic states, New York City area, and western New England. These regions are expected to feel like it's 100 to 110 degrees today. Unfortunately, relief from this heatwave is not expected soon, as a large Bermuda high stretching from Tennessee to the Atlantic is causing the early development of a heat dome. The fact that the Western Atlantic is very warm is contributing to this prolonged heatwave. For golf fans, it's a scorching start to the tournament, while for the rest of us, it's a scorching start to summer. Stay cool!
Early and Strong US Heat Wave: An early and strong US heat wave, known as 'heat dumb,' is being caused by an unusually strong Bermuda High system, which has developed earlier than usual due to warm Atlantic and Gulf waters left over from the El Nino effect.
The United States is currently experiencing an early and strong heat wave, referred to as "heat dumb," caused by a high pressure system known as the Bermuda High. This system, which typically forms in the summer months and brings hot and humid weather from the Gulf Coast to the northeastern states, has developed earlier than usual and is particularly strong this year. The lack of cold weather during the winter, due to the El Nino effect, left the Atlantic and Gulf waters unusually warm, contributing to the early and intense heat wave. The heat wave is expected to persist not only this weekend but into next week, with the cold front stalling just south of the New York City area and bringing showers and thunderstorms only to the north. South of the boundary, the heat will continue.
El Nino to El Anemia transition, hot weather: The transition from El Nino to El Anemia and warm water temperatures contribute to prolonged periods of above-normal temperatures during summer, making it important to be prepared for extended hot spells.
The ongoing hot weather across much of the country this summer is not unexpected due to the transition from El Nino to El Anemia and the warm water temperatures. The longer days and strong sun at this time of year make it easier for high-pressure systems to develop and bring warm temperatures. These hot spells can last for an extended period, especially around the summer solstice. So, while it's normal for hot weather to occur during this season, it's important to be prepared for prolonged periods of above-normal temperatures. Tune in to Bloomberg Daybreak for the latest news and updates on the economy and weather. Don't forget to join us tomorrow morning for more news and insights. Additionally, mark your calendars for the Bloomberg Sustainable Business Summit in Singapore on July 31st, where global business leaders and investors will discuss solutions for driving business value and unlocking opportunities while staying nimble in times of change and greater ESG accountability. For more information, visit BloombergLive.com/Sustainable-Biz-Singapore.