Bloomberg Daybreak: US Edition

President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night. While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation. In response to multiple similar reports, President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell. Paul Sweeney and Lisa Mateo speak with Bloomberg analysts and reporters about the potential fallout if Mr. Powell were to be fired. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad “reciprocal” rates set for implementation on Aug. 1 2) Goldman Sachs, Bank of America and Morgan Stanley all report earnings before the opening bell 3) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Nvidia surges to an all-time high on news it will resume Chip sales to China. US government officials told Nvidia they would green-light export licenses for the H20 artificial intelligence accelerator, according to the company. The move is seen as a "massive win" for Nvidia's Chief Executive Officer Jensen Huang, and is also viewed positively by Vey-Sern Ling, managing director at Union Bancaire Privee, who says it is "obviously positive" for Nvidia, the AI semiconductor supply chain, and China tech platforms. 2) The European Union puts out new tariff targets if it can't reach a deal with the US. The European Union has finalized a list of countermeasures to target US goods worth €72 billion, including Boeing Co. aircraft, automobiles and bourbon. The list includes US machinery products, chemicals and plastics, medical devices, electrical equipment, wines and other agricultural goods, according to a document prepared by the European Commission. The EU trade chief Maros Sefcovic says the US tariff policy is "effectively prohibitive" to transatlantic trade, and the EU insists any settlement must be mutually beneficial to both sides. 3) Big bank earnings begin with JPMorgan Chase, Wells Fargo, and Citi reporting. America’s biggest banks are heading into earnings season with tailwinds from trading and lending as they benefit from market volatility and steady borrowing costs. Investment banking may be a weak spot as sluggish closings offset a pickup in deal announcements, Bloomberg Intelligence said. See omnystudio.com/listener for privacy information.

On today's podcast: 1) The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter. 2) President Donald Trump said the US will send more Patriot air-defense batteries to Ukraine, which Kyiv has said it needs to protect itself from Russian airstrikes. 3) Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday. See omnystudio.com/listener for privacy information.

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) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar. 2) Stocks rose as traders parsed a batch of corporate outlooks, with the S&P 500 hitting a record and approaching 6,300. 3) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Donald Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency plunging as the US leader sharply escalated a dispute with Latin America’s largest nation and leftist leader Luiz Inacio Lula da Silva. 2) Crews in central Texas are digging through massive piles of debris, overturned vehicles and shattered homes for a sixth day as the search continues for victims of flash floods that killed more than 100 people over the Fourth of July weekend. 3) Nvidia Corp. became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump sowed chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on copper imports, spurring a record spike in New York futures and a drop in the global benchmark. 2) Greg Abbott says authorities believe at least 161 people may still be unaccounted for in Kerr County, which was hit by devastating floods over the Fourth of July weekend. 3) Apple Inc. Chief Operating Officer Jeff Williams is retiring as the company’s longtime No. 2, marking a major changing of the guard at an already tumultuous time for the iPhone maker. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump sends out a wave of tariff letters, while suggesting he's open to negotiations. President Trump released letters threatening higher tariffs, but he extended the deadline for talks to Aug. 1, the day that the new levies will take effect. The letters were released two days before agreements were due from trading partners facing Trump’s so-called reciprocal levies. 2) The death toll rises in Texas as questions remain about preparedness for the disaster. More than 100 people have been confirmed dead in floods that tore through central Texas over the weekend. The disaster has sparked debate about whether anything more could have been done to prevent it, with questions raised about warning systems, forecasts, and notification of people in the affected areas. 3) A setback for Apple as a top AI executive leaves to join Meta. Ruoming Pang, a distinguished engineer and manager in charge of Apple's foundation models team, is leaving for Meta Platforms Inc. Meta offered Pang a package worth tens of millions of dollars per year, according to people with knowledge of the matter. Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, the people said. See omnystudio.com/listener for privacy information.

On today's podcast: 1) More than 80 people die in flash floods across Texas as search and rescue efforts continue. A catastrophic flood in Kerrville, Texas, caused by torrential rains, has resulted in at least 82 deaths and many missing, including children, with the area remaining at risk of further inundation. Politicians are questioning whether federal, state, and local officials were adequately prepared, with some raising concerns about the accuracy of weather forecasts and potential staffing cuts at the National Weather Service. 2) President Trump shifts his economic focus from taxes to trade as his tariff deadline looms. The US is preparing to send tariff letters to dozens of countries in the coming days, with the Trump administration’s 90-day pause on higher duties set to expire on Wednesday. Trump said in a separate post that the letters would start being delivered from noon Monday, Washington time. 3) Tesla shares tumble after Elon Musk makes plans for a new political party. President Trump criticized Elon Musk's bid to start a new political party, calling it "ridiculous" and saying that third parties have never worked in the US. Musk announced the formation of a new "America Party" on Saturday, a day after Trump signed a tax-cut and spending bill into law that Musk had denounced. See omnystudio.com/listener for privacy information.

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.

In a special July 4th edition of Bloomberg Daybreak...Bloomberg’s Nathan Hager looks at the biggest tech stories from 2025 and what we can expect for the rest of the year. He speaks with Gene Munster of Deepwater Asset Management and Dan Ives from Wedbush. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump twists arms in Congress to pass his tax cut bill as House Republicans overcome a key hurdle. The House voted 219-213 to move toward a final vote on Trump's "big beautiful bill", which includes tax cuts, a phase-out of Biden-era clean energy incentives, and funding for Trump's crackdown on illegal immigration. Debate began immediately on the legislation, setting up a potential final vote for later in the morning in Washington, ahead of Trump's self-imposed July 4 deadline. 2) Traders and the Fed await a critical June jobs report. Markets are cautious ahead of the employment report, which will help identify the path ahead for interest rates, with investors closely monitoring economic data before adding to their portfolios. 3) The Trump administration lifts chip design software curbs in a trade deal with China. The Commerce Department informed the world's three leading chip design software providers that they no longer need government licenses to do business in China. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Donald Trump’s multitrillion-dollar tax bill is running into Republican resistance in the House as moderate and ultraconservative GOP lawmakers threaten to defy the president and sink his domestic agenda 2) President Donald Trump threatened Japan with tariffs of up to 35% as he ramped up tensions for a third straight day, fueling fears of a worst-case scenario among market players and raising doubts over Tokyo’s tactics in trade talks. 3) Wall Street’s largest lenders boosted their dividends after passing this year’s Federal Reserve stress tests, a hurdle that regulators made easier to clear by softening some of the requirements laid out in previous years. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Senate Republican leaders continue to scrounge for votes to pass Donald Trump’s $3.3 trillion tax and spending bill as lingering intraparty fights threaten to upend the legislative centerpiece of the president’s domestic agenda. 2) President Donald Trump lashed out at Elon Musk on Tuesday, accusing the Tesla Inc. and SpaceX chief executive officer of benefiting excessively from government electric vehicle subsidies. Tesla shares tumbled. 3) US equity futures are taking a breather after the S&P 500 notched its best quarter since 2023, as investors monitor progress on trade talks and wrangling in Washington over President Donald Trump’s tax bill. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Senate Majority Leader John Thune is rushing to meet President Donald Trump’s July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it. 2) US equity futures climbed as progress in trade negotiations between the Trump administration and key partners added to the upbeat sentiment that had pushed the S&P 500 to a fresh record high. 3) Canada has withdrawn its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the US. See omnystudio.com/listener for privacy information.

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.

1) China said it has further confirmed details of a trade framework with Washington, echoing US Commerce Secretary Howard Lutnick’s earlier comments about a US-China agreement that stabilized ties. 2) Stocks gained as the US moved closer to trade deals with China and other major trading partners, while expectations are rising for Federal Reserve interest-rate cuts this year. 3) The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country’s nuclear program, citing the damage that American bombing had done to key sites. 2) President Donald Trump said he has three or four people in mind to succeed Federal Reserve Chair Jerome Powell when his term expires next year. 3) Shell Plc said it has no intention of making a takeover offer for BP Plc, refuting an earlier report that two of Europe’s biggest companies were in active merger talks. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Former New York Governor Andrew Cuomo conceded to his upstart rival Zohran Mamdani in the Democratic primary in the race to become mayor of New York City after the 33-year-old Queens lawmaker racked up commanding leads across Brooklyn, Queens and Manhattan. 2) US President Donald Trump disputed an intelligence report that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program, even though the assessment came from the Pentagon. 3) NATO leaders sought to project confidence that the US will defend allies after President Donald Trump fueled doubts about his administration’s continued commitment to crucial collective obligations. See omnystudio.com/listener for privacy information.