Hello everyone. We've got a lot to discuss today. The jobs report this morning was very, very bad.The Fed should have been cutting rates months ago. We're now entering what I call a crazy uncle market. And Elon Musk, he just got a massive pay package at Tesla and it could make him the world's first trillionaire.We're live today from the desk of Anthony Pompiano. Before we get into today's episode, you know what it is. Hit that subscribe button.We are currently at 20,729 subscribers and I need your help to m ...

This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies and trends shaping today's complex economy. Plus, global business, finance and tech news as it happens, Bloomberg Businessweek Daily with Carol Massar and Tim Stennett back live on Bloomberg Radio, Television, YouTube and bloomberg originals. Very good afternoon, everyone.Carol Massar tim stanwick live here at bloomberg headquarters. We're streaming across youtube, blo ...

Group 1 - Stephen Miran, nominated by President Trump for the Federal Reserve Board of Governors, may be confirmed in time for the mid-September rate-setting meeting [1][5] - The Federal Open Market Committee (FOMC) is expected to cut rates in September following Chairman Jerome Powell's indication of a softer policy stance during his Jackson Hole address [1] - The FOMC consists of 12 voting members, including the seven governors of the Federal Reserve Board and the president of the New York Fed [2] Group 2 - Miran's nomination follows the resignation of Federal Reserve Governor Adriana Kugler, which Trump described as a "pleasant surprise" allowing for a candidate more aligned with his economic agenda [6] - Trump has intensified pressure on the Federal Reserve to lower interest rates to 1% to stimulate economic growth, while Powell has maintained a key borrowing rate between 4.25% and 4.5% [9] - If Trump successfully removes Federal Reserve Governor Lisa Cook, he would gain a majority of appointments on the Fed's board, enhancing his influence over U.S. monetary policy [10][11]

The Canadian economy surprisingly shed jobs for a second consecutive month as the unemployment rate jumped, increasing the likelihood of an interest rate cut from the Bank of Canada this month https://t.co/h7ushYQXjU ...

The Federal Reserve should cut 100 basis points in September to catch up to where they should have been all along.We need a big, bold move instead of an incremental cut. ...

Odds of a 50 bps cut in September just went up to 11% (a 2x move)After jobs data came in way under expectations https://t.co/uTcrd2ec4B ...

Government Policy & Central Bank Response - Polish government aims to quickly pass legislation extending the power price cap [1] - Central bank governor believes this legislation would increase the likelihood of another interest rate cut [1]

Mark, I want to start with a question that is from our previous guest, Puja Kumar, over at TD Bank. She was saying there's really nothing that payrolls or inflation could give us next week that would put this Fed cut in doubt in September. Do you agree with that. I don't agree with that.I know that actually there are many people in markets who are in that camp, I would say is the majority view. But I think there is still a risk of 50 basis points and I still think there's a risk of nothing. I think the non- ...

Core Insights - The rally in Opendoor Technologies' stock is attributed to signs that interest rates may soon decrease, which has positively influenced investor sentiment [1][5] - The resignation of CEO Carrie Wheeler has sparked hopes for a turnaround under new leadership, contributing to the stock's upward momentum [1][5] - Despite a weak second-quarter earnings report, the stock has surged nearly 1,000% since early July, with a notable 142% increase in August alone [2][5] Stock Performance - Opendoor's stock experienced significant volatility in August, but the upward movements outweighed the pullbacks, indicating strong investor interest [2][4] - The stock jumped nearly 40% on August 22 after Fed Chair Jerome Powell hinted at potential interest rate cuts, reflecting market sensitivity to economic indicators [6] - The stock price has risen from around $0.50 to over $5 per share in just two months, highlighting a remarkable recovery [8] Market Context - Retail investors have remained engaged, although there were signs of fading momentum towards the end of July, influenced by social media discussions [4] - The company currently has a market capitalization of $3.8 billion, indicating it is still relatively small in the market [8] - Future stock performance may depend on actual improvements in the business and a recovery in the housing market, should interest rates decline [8]

Market Overview - Stocks ended August higher but showed weakness towards the end of the month, with the S&P 500 falling 0.7% and the Nasdaq Composite losing 0.8% [2] - Broader selling was observed across stocks, bonds, and cryptocurrencies [2] Economic Concerns - Recent market weakness is attributed to concerns over global debt and inflation, with 30-year bond yields nearing 5% and 10-year yields around 4.27% [3] - There are worries about governments' ability to manage rising debt levels without triggering inflation, creating a divergence where the bond market signals higher rates while equity markets anticipate a rate cut [3] Employment Trends - Companies reported higher profitability levels that outpaced revenue gains, with hiring slowing and layoffs occurring, potentially due to AI filling entry-level roles [5] - This trend indicates a shift towards greater efficiency with fewer workers, enhancing profitability but reducing job opportunities [5] Corporate Developments - Kraft and Heinz will split into two separate companies after a decade of merger, as shares have fallen 45% since the merger [7] - Macy's shares rose over 10% in premarket trading after the company raised its full-year guidance, contrasting with trends seen in other retailers [9] Antitrust Ruling - A judge ruled in the government's antitrust case against Alphabet, allowing the company to maintain its Google Chrome browser and continue payments to Apple, which account for 5% of Apple's revenues [6] Historical Context - The period from Memorial Day to Labor Day saw equities perform their best in forty years, suggesting potential positive trends for the remainder of the year [10] - However, September has historically been the worst-performing month for equities, averaging a 2% loss, indicating potential volatility but also opportunities for recovery later in the year [10]