Bloomberg Daybreak: US Edition

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) China said it is assessing the possibility of trade talks with the US, the first sign since Donald Trump hiked tariffs last month that negotiations could begin between the two sides. 2) Apple Inc.’s much-awaited quarterly earnings report failed to soothe investor concerns about its biggest challenges, including escalating tariff costs and a slowdown in China. 3) President Donald Trump will request a record $1.01 trillion in national security spending for the fiscal year beginning Oct. 1, more than 13% over the current year’s figure, according to administration officials familiar with the matter. See omnystudio.com/listener for privacy information.

Amazon.com gave a weaker-than-expected forecast for operating profit in the current quarter, pointing toward tariffs and trade policies that may cause consumers to pull back on spending. The world’s largest online retailer projected operating profit of $13 billion to $17.5 billion, compared with an average estimate of $17.8 billion. Sales will be $159 billion to $164 billion in the period ending in June, the company said Thursday in a statement. Analysts, on average, expected $161.4 billion. Amazon shares have fallen about 13% this year as Wall Street weighs the impact of President Donald Trump’s tariffs on a retail operation that sources much of its goods from China. Investors are generally bullish on the company’s efforts to become a major force in artificial intelligence, but there are concerns that Amazon’s prodigious spending on data centers may not translate into meaningful sales growth any time soon. Amazon Web Services, the largest seller of rented computing power, reported first-quarter sales gained 17% to $29.3 billion, in line with analysts’ estimates. It was the unit’s slowest growth in a year. For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

On today's podcast: 1) Microsoft Corp. shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence. 2) Meta Platforms Inc. quelled Wall Street concerns about the impact of the Trump administration’s trade war on advertising sales, reporting first-quarter revenue that beat expectations and forecasting additional spending. 3) The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared that President Donald Trump would pull back his support in peace talks with Russia. See omnystudio.com/listener for privacy information.

Microsoft Corp. reported better-than-expected sales and profit, suggesting customer demand hasn’t been rattled by tariffs and wider economic uncertainty. Total revenue in the fiscal third quarter increased 13% to $70.1 billion, while adjusted profit was $3.46 a share, the company said in a statement Wednesday. Analysts on average estimated sales of $68.5 billion and adjusted per-share earnings of $3.21. Meta Platforms Inc. posted first-quarter sales that beat Wall Street estimates, a sign that the company’s advertising business is so far weathering the Trump administration’s ongoing trade war. Sales were $42.3 billion in the first quarter, the maker of Facebook and Instagram said Wednesday. That beat analysts’ estimates for $41.4 billion for the quarter ended March 31. The company also said current-quarter revenue will be in line with analysts’ expectations, and that it will boost spending as it continues to invest in artificial intelligence. Qualcomm Inc., the biggest maker of chips that run smartphones, gave a tepid revenue prediction for the current quarter, underscoring concerns that tariffs will hurt demand for its products. Revenue in the period ending in June will be $9.9 billion to $10.7 billion, the company said Wednesday in a statement. The midpoint of that range was slightly below the average analyst estimate of $10.33 billion. The outlook renews concern that the market for smartphones is suffering from a looming trade war. For instant reaction and analysis to these results, plus other tech earnings, hosts Tim Stenovec and Carol Massar speak with Bloomberg Intelligence senior technology analysts Mandeep Singh and Kunjan Sobhani. Bloomberg Technology Co-Host Ed Ludlow also joins alongside Clockwise Capital Technology Analyst James Cakmak. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump marks his first 100 days in Michigan car country and hits the Fed as he defends sweeping tariffs. Trump criticized Federal Reserve Chairman Jerome Powell, saying he's "not really doing a good job" and that Trump knows more about interest rates than Powell does. He also defended his economic policies, including tariffs, which he claims will inspire economic growth and lure manufacturers back to the US. 2) Amazon says it will not display the cost of tariffs on products. Amazon will not display the cost of US tariffs on products after the White House criticized the reported move and President Donald Trump called Jeff Bezos to complain. The company said the idea was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties. 3) Microsoft and Meta release earnings after the closing bell. Investors are cautiously optimistic, but the bullish Big Tech proposition is coming under scrutiny, with four of the Magnificent Seven reporting earnings this week. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Canada’s Liberal Party is projected to win a fourth consecutive election, giving a mandate to former central banker Mark Carney after a campaign in which he pledged to boost economic growth and stand up to US President Donald Trump in a trade war. 2) President Donald Trump is on track to ease the impact of his auto tariffs, with changes sought by the industry that would lift some levies on foreign parts for cars and trucks made inside the US. 3) Spain and Portugal were returning to some semblance of normality early Tuesday, with many questions remaining about what caused one of Europe’s worst blackouts in years across the Iberian peninsula the previous day. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home. 2) Donald Trump promised Americans a “boom like no other” if they elected him president. But based on the stock market’s performance during his first 100 days in office, it depends on what you mean by “boom. 3) Canada is holding an election on April 28, with the Liberal Party led by Mark Carney and the Conservative Party led by Pierre Poilievre as the top contenders. 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) European stocks surrendered most of an early advance and Wall Street futures pared gains as China played down progress in its trade dispute with the US. 2) Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business. 3) Apple Inc. is seeking to import most of the iPhones it sells in the US from India by the end of next year, accelerating a shift beyond China to mitigate risks related to tariffs and geopolitical tensions. See omnystudio.com/listener for privacy information.

Google parent Alphabet reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business. First-quarter sales, excluding partner payouts, were $76.5 billion, the company said Thursday in a statement. Analysts had expected $75.4 billion on average, according to data compiled by Bloomberg. Net income was $2.81 per share, compared with Wall Street’s estimate of $2.01.The shares, which have declined 16% so far this year, rose more than 3.5% in extended trading following the report. Alphabet needs to ensure momentum in its internet search advertising and cloud businesses in order to justify its heightened investment in the artificial intelligence race. Competition is prompting the company and its rivals to spend heavily on infrastructure, research and talent. While Google benefits from AI startups spending on its cloud and business tools, it’s also racing to present an answer to popular conversational AI chatbots, which consumers are beginning to think of as an alternative to using Google Search. For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

China Says U.S. Should Revoke Tariffs; Trump Approval Rating DropsOn today's podcast: 1) China demanded that the US revoke all unilateral tariffs and said there were no talks on reaching a trade deal, maintaining a a tough stance despite President Donald Trump’s easing of criticism of the country 2) The Trump administration is considering whether to reduce certain tariffs targeting the auto industry that carmaker executives have warned would deal a severe blow to profits and jobs. 3) The New York Times is reporting President Trump’s approval rating has sunk to about 45 percent, down from 52 percent one week after he took office. See omnystudio.com/listener for privacy information.

1) President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell despite his frustration with the central bank not moving more quickly to slash interest rates. 2) President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility. 3) Elon Musk vowed to pull back “significantly” from his work with the US government and pay more mind to Tesla Inc., assuaging investors concerned about the carmaker’s worst quarter in years. See omnystudio.com/listener for privacy information.

On today's podcast: 1) US stocks are set to bounce back from Monday’s losses as investors nervously weighed up progress on trade talks with India and Tesla’s upcoming earnings. Gold topped $3,500 for the first time. 2) President Donald Trump warned the US economy may slow if the Federal Reserve does not move to immediately reduce interest rates, in his latest broadside against Fed Chair Jerome Powell. 3) Harvard University sued several US agencies and top officials for freezing billions of dollars in federal funding, significantly ratcheting up a high-stakes showdown with the Trump administration. See omnystudio.com/listener for privacy information.

On today's podcast: 1) Pope Francis, who encouraged Catholics to embrace a more compassionate view on many issues but found it difficult to close the book on past abuses by clergy, has died. He was 88. Francis passed away at 7:35 a.m. Monday in Rome, the Vatican said in a statement. He had been hospitalized in Rome in mid-February with bronchitis, which progressed to pneumonia in both lungs — the last in a litany of respiratory and other medical challenges he had faced. On Sunday, he had met with US Vice President JD Vance. 2) The New York Times is reporting Defense Secretary Pete Hegseth sent sensitive information about strikes in Yemen to an encrypted group chat that included his wife and brother, people familiar with the matter said. Defense Secretary Pete Hegseth shared detailed information about forthcoming strikes in Yemen on March 15 in a private Signal group chat that included his wife, brother and personal lawyer, according to four people with knowledge of the chat. Some of those people said that the information Mr. Hegseth shared on the Signal chat included the flight schedules for the F/A-18 Hornets targeting the Houthis in Yemen — essentially the same attack plans that he shared on a separate Signal chat the same day that mistakenly included the editor of The Atlantic. 3) China warned countries against striking deals with the US that could hurt Beijing’s interests, upping the ante in the trade war with Washington and showing how others risk getting caught in the middle. While it respects nations resolving their trade disputes with the US, Beijing “resolutely opposes any party reaching a deal at the expense of China’s interests,” the Ministry of Commerce said in a statement Monday. If that happens, Beijing “will never accept it and will resolutely take reciprocal countermeasures,” the ministry added. “China is willing to strengthen solidarity and coordination with all parties, jointly respond and resist unilateral bullying acts.” 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 this special holiday edition of Bloomberg Daybreak US edition, host John Tucker discusses President Trump recent criticism of Fed Chair Powell with Michael McKee and Stuart Paul. He also talks about ETF inflows with Eric Balchunas and looks at the future of antitrust litigation with Jennifer Rie. See omnystudio.com/listener for privacy information.

Netflix reported first-quarter profit that exceeded Wall Street forecasts, boosted by a recent price increase and a strong slate of programming across the globe, like the hit UK series Adolescence. The owner of the world’s most popular online TV network said in a statement Thursday that earnings rose 25% to $6.61 a share, easily beating analysts’ estimates of $5.68. Sales grew 13% to $10.5 billion, in line with projections. This is the first time Netflix has reported financial results without disclosing how many customers it added or lost — the main yardstick investors previously used to gauge the company’s performance. Management is forcing investors to judge its success or failure based on more traditional financial metrics. The company boosted operating income by 27% to $3.3 billion, beating expectations of $3 billion. Its operating margin of 31.7% was more than three percentage points above its own forecast. For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with Bloomberg News Entertainment Reporter Lucas Shaw and Mark Douglas, President and CEO of MNTN. See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump's optimism on trade is lifting stocks following yesterday's selloff on Wall Street. Positive signals from initial US-Japan trade talks stirred optimism agreements can be reached to avoid higher levies on American trading partners. 2) Fed Chair Jay Powell says tariffs make a challenging scenario for the Federal Reserve. Powell on Wednesday signaled a wait-and-see approach to tariffs, pushing back on hopes the central bank would act quickly to soothe investor fears. His comments, along with concerns over the impact of tariffs on the tech sector, helped end a two-day consolidation in stocks. 3) Harvard continues to push back against pressure from the White House. Harvard University's refusal to comply with a Trump administration deal to require it to reform its governance and end diversity programs is resulting in retribution. The administration's freezing funding of 2.2 billion dollars of multiyear grants, accusing Harvard of mishandling antisemitism on campus. President Trump says the school should lose its tax-exempt status and several outlets reported that the IRS is considering the issue See omnystudio.com/listener for privacy information.

On today's podcast: 1) Nvidia slides after it warns Trump's curbs on China chips will cost it billions. The US government has restricted Nvidia from selling its H20 chip in China, escalating the tech battle between Washington and Beijing. Restrictions and trade war concerns are expected to negatively impact chip-sector earnings and China's ambitions to compete on the global tech stage. 2) China says it is open to trade talks if President Trump's Administration shows more respect. China wants the US to show more respect by reining in disparaging remarks by members of Trump's cabinet before agreeing to trade talks. Beijing also wants a more consistent US position and a willingness to address China's concerns around American sanctions and Taiwan. 3) Investors await a key speech by Fed Chair Jay Powell. Powell is making a speech in Chicago as traders look for hints on how the Fed will manage rates as President Trump aims to implement his tariff policy, and they're also following retail sales data today. See omnystudio.com/listener for privacy information.