Bloomberg Businessweek

Bonds fell and the dollar rose as stronger-than-forecast employment growth soothed concern the US economy is poised to slow, stanching speculation the Federal Reserve will need to cut interest rates any time soon. Stocks hit fresh all-time highs. Treasury two-year yields surged 10 basis points to 3.88%. Swap traders saw almost no chance of a July Fed cut, compared with a roughly 25% probability seen before the data. The chance of a move in September ebbed to about 70%. The S&P 500 climbed 0.8%. After the close of trading in a shortened pre-holiday session, the House passed President Donald Trump’s tax bill. On a special pre-holiday edition of The Close, hosts Romaine Bostick and Matt Miller speak with: - Bloomberg Opinion columnist Jonathan Levin - Liz Ann Sonders, Charles Schwab managing director and chief investment strategist - Patrick de Haan, head of petroleum analysis at GasBuddy - Michael Balboni, former New York State Director of Homeland Security - Scott Bessent, US Treasury Secretary See omnystudio.com/listener for privacy information.

Collab Capital is a venture firm investing at the intersection of innovation and inclusion. It backs early-stage, tech-enabled companies addressing critical needs across workforce, healthcare and community infrastructure. On June 11, 2025, Collab announced the close of its second fund with $75 million in committed capital. Jewel Burks Solomon, Co-Founder and Managing Partner at Collab Capital, explains how she draws on her experience as the first Head of Google Startups in the United States to help new companies get off the ground. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. A rally in several big techs fueled gains in stocks, with the market extending its advance as President Donald Trump said he reached a trade deal with Vietnam. Treasuries fell as a selloff in UK bonds underscored deficit worries. The dollar was steady. Following earlier losses driven by weak jobs data, the S&P 500 rose to fresh all-time highs. Nike Inc. climbed alongside other apparel and footwear companies amid hopes the latest US trade deal will avert a potential supply-chain catastrophe. Tech megacaps led gains, with Tesla Inc. jumping 5% as a drop in sales was seen as better than feared. Marvell Technology Inc. slid about 2.5% on a report that Microsoft Corp. is scaling back its ambitions for AI chips to overcome delays. Longer-dated Treasuries underperformed, following moves in the UK, where concerns about Chancellor of the Exchequer Rachel Reeves’ future reignited questions over the nation’s fiscal position. Investors have raised similar concerns in the US, where the Senate passed Trump’s sweeping tax and spending bill.In the run-up to the jobs report, economists forecast employers added 110,000 jobs in June — the fewest in four months — amid a slight rise in the unemployment rate to 4.3%. The Bureau of Labor Statistics report is due Thursday, a day earlier than usual because of the Independence Day holiday. Data Wednesday showed employment at US companies fell for the first time in over two years. Despite signs of a downshift, Federal Reserve Chair Jerome Powell has repeated the labor market remains solid. Policymakers have refrained from lowering interest rates this year as they wait to see the impact of tariffs on inflation. Today's show features: See omnystudio.com/listener for privacy information.

Amazon's robotics unit has just deployed its one millionth robot, building on its position as the world's largest manufacturer and operator of mobile robotics. This milestone robot was recently delivered to a fulfillment center in Japan, joining a global network that now spans more than 300 facilities worldwide. Tye Brady, Chief Technologist for Amazon's expansive robotics unit, explains how new AI technology will make the world's largest fleet of industrial mobile robots smarter and more efficient. See omnystudio.com/listener for privacy information.

Watch Bloombreg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Donald Trump’s $3.3 trillion tax and spending cut bill passed the Senate Tuesday after a furious push by Republican leaders to persuade holdouts to back the legislation and hand the president a political win. Senators voted 51-50 to pass the bill, with three Republicans — Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky, defying Trump to oppose the legislation. Vice President JD Vance cast the tie-breaking vote. The package, which now goes to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. “This was a team effort,” Senate Majority Leader John Thune told reporters immediately following the vote on Tuesday. “In the end, we got the job done.” The Bloomberg Dollar Spot Index climbed to a session high after the bill passed the Senate. It was falling for six months through the end of June. The package — informally known as the “One Big Beautiful Bill” — includes the entirety of the president’s legislative agenda in a single package. Trump personally lobbied lawmakers to quickly move the legislation through Congress. “It’s a great bill. There is something for everyone,” Trump told reporters on Tuesday. “And I think it’s going to go very nicely in the House. Actually, I think it will be easier in the House than it was in the Senate.” Republicans say passing the bill will help them maintain their congressional majorities in the midterms. But polling suggests the bill is not particularly popular. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren’t sure what to think. The House is expected to vote on the bill this week, but success is not guaranteed. Only a few Republicans can vote “no” in the House for the bill to pass in the face of united Democratic opposition. Speaker Mike Johnson said the House “will work quickly” to pass the bill by July 4. Today's show features: See omnystudio.com/listener for privacy information.

Stephen J. Cloobeck, a self-proclaimed “fiscally conservative and socially responsible Democrat,” is running as a Democratic candidate for Governor of California in 2026. Touted by the likes of former President Bill Clinton, Robert Shapiro and Senator Cory Booker, Cloobeck says he is eager to be the navigator of change for what he refers to as the “broken” state. Cloobeck is also the founder and former CEO of Diamond Resorts International, and believes his significant business experience well help him guide California's economy, which on its own would stand as the fifth largest in the world. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily every day on YouTube: http://bit.ly/3vTiACF. Apple Inc. is considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort. The iPhone maker has talked with both companies about using their large language models for Siri, according to people familiar with the discussions. It has asked them to train versions of their models that could run on Apple’s cloud infrastructure for testing, said the people, who asked not to be identified discussing private deliberations. If Apple ultimately moves forward, it would represent a monumental reversal. The company currently powers most of its AI features with homegrown technology that it calls Apple Foundation Models and had been planning a new version of its voice assistant that runs on that technology for 2026. A switch to Anthropic’s Claude or OpenAI’s ChatGPT models for Siri would be an acknowledgment that the company is struggling to compete in generative AI — the most important new technology in decades. Apple already allows ChatGPT to answer web-based search queries in Siri, but the assistant itself is powered by Apple. Today's show features: See omnystudio.com/listener for privacy information.

Roaring returns for US IPOs are driving fresh optimism that activity will pick up steam later this year and into 2026, even as worries over geopolitics and President Donald Trump’s tariffs hang over the market. Led by triple-digit-percent increases for Circle Internet Group Inc. and CoreWeave Inc. — two of the year’s five largest initial public offerings on US exchanges — this year’s class of debutantes are trading up by a weighted average of about 53%, data compiled by Bloomberg show. That’s left investors hungry for more, particularly in a year where the S&P 500 Index has struggled to remain in the black. Michael Harris, vice chairman and global head of markets at NYSE examines the health of the IPO market as well as his company's position of strength within the hierarchy of global trading platforms. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump said he was ending all trade discussions with Canada after claiming the country moved to implement a digital services tax, and threatened to impose a fresh tariff rate within the next week. “Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump posted Friday on social media. The Canadian dollar dropped more than 0.5% almost immediately. Canada’s benchmark equity index fell, and the shares of companies that rely on trade across the border, including General Motors Co. and apparel maker Canada Goose Holdings Inc., also took a hit. Canadian Prime Minister Mark Carney’s office and the country’s finance ministry did not immediately respond to requests for comment. Dozens of countries face a July 9 deadline for Trump’s higher tariffs to kick back into place, and have been engaged in negotiations with the US. That group does not include Canada and Mexico. The president imposed tariffs the US’s North American neighbors earlier this year over fentanyl trafficking and migration concerns and talks with them are being handled on a separate track. Today's show features: - Bloomberg New Senior White House Correspondent Josh Wingrove on the latest US trade deal negotiations - Harold J. Krent, Professor of Law at the Chicago-Kent College of Law on Friday’s Supreme Court decisions - Alli McCartney, managing director of Wealth Management at UBS on the investing outlook for the second half of 2025 amid geopolitical uncertainty - Michael Loeb, founder & CEO of Loeb.nyc on the venture capital landscape and the value of the Uncharted Summit See omnystudio.com/listener for privacy information.

The overhauled US panel reviewing vaccine data backed the use of only thimerosal-free flu shots for Americans, taking aim at a little-used ingredient that has been falsely linked with autism despite decades of evidence showing it to be safe. The Advisory Committee on Immunization Practices, or ACIP, voted five to one Thursday with one abstention in a move that would curtail use of larger vaccine vials that use the preservative. Bloomberg News health reporter Damian Garde joins to discuss this and what else RFK Jr. is doing to reshape vaccine regulations in the US. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Andrew Cuomo’s loss is Eric Adams’ gain. Just days ago, the New York City mayor faced steep reelection odds. His job-approval ratings had plunged to record lows after a federal corruption indictment. Support among Democrats fell even further when the Trump administration dropped the charges, raising questions about Adams’ indebtedness to the White House.But Adams, who dropped out of the campaign as a Democrat to run as an independent, is suddenly looking less toxic to a class of moderate voters. The reason: The surprise ascendancy of democratic socialist Zohran Mamdani, a 33-year-old state assemblyman who crushed Cuomo in Tuesday’s primary election to become the all-but-certain Democratic nominee. Now Cuomo’s backers — many of them opposed to Mamdani’s populist platform of taxing the wealthy and raising corporate levies — are discussing whether to pivot their support to Adams, according to people familiar with the matter. Those same donors are encouraging the former governor, who considered a run as an independent, to drop out of the race entirely to avoid being a spoiler, said the people, who asked not to be named discussing private conversations. Today's show features: See omnystudio.com/listener for privacy information.

He’s a sports mogul, small-business influencer, media personality, health-care disruptor—and the ultimate Trump foil. Bloomberg Businessweek Senior Reporter Max Chafkin and Bloomberg News Health Care Reporter John Tozzi discuss how Mark Cuban’s Health-Care Gambit Seeds Influence for a Possible 2028 Presidential Run See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The indictment reads like a cinematic plot: A Harvard Fellow and another activist allegedly wanted to buy AK-47s, Stinger missiles and grenades to topple South Sudan’s government. What they lacked was enough cash.Now, Jane Street co-founder Robert Granieri concedes he put up the money — saying he was duped into funding the alleged coup plot. The role played by the wealthy recluse behind a Wall Street trading powerhouse emerges from the US prosecution of Peter Ajak, the Harvard Fellow who was accused last year of scheming to install himself atop the East African nation. “Granieri is a longtime supporter of human rights causes,” his lawyer said in a statement. “In this case, the person Rob thought was a human rights activist defrauded Rob and lied about his intentions.” The case came to light in March 2024, when federal prosecutors in Arizona charged Ajak and Abraham Keech with conspiring to illegally export arms to their home country. Both have pleaded not guilty.While prosecutors haven’t said where the defendants obtained several million dollars for an attempt to buy military-grade weaponry, Ajak’s lawyers pointed to Granieri in a recent filing — saying the 53-year-old financier was “vital to the plan.” “Without the significant financing that Mr. Granieri could and agreed to provide, the alleged conspiracy would have been impossible,” they wrote in the document filed in late May. The lawyers accused authorities of selectively prosecuting two Black men, even though support also came from Granieri and Garry Kasparov, the chess champion and prominent Russian dissident. The US hasn’t accused either of them of wrongdoing. Today's show features: See omnystudio.com/listener for privacy information.

Bloomberg Businessweek Senior Reporter Amanda Mull break down how Gap, the iconic ’90s retailer, was on the precipice of death for years. Then CEO Richard Dickson finally had momentum for a comeback— and then came Trump. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Federal Reserve Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them. Instead, Powell reiterated his view that policymakers need not rush to adjust policy, a counter to President Donald Trump’s demands and recent statements from Fed Governors Christopher Waller and Michelle Bowman that signaled the two would be open to lowering rates as soon as July. “If it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates, sooner rather than later,” Powell said in response to a question about the possibility of a rate cut next month during a House Financial Services Committee hearing. “But I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.” Powell’s remarks before the congressional panel came on the heels of the Fed’s decision last week to leave interest rates unchanged in a range of 4.25%-4.5%. He has maintained policymakers should take a cautious approach to rate cuts as they wait for more clarity on the impacts of Trump’s economic policies, particularly on tariffs. “The effects of tariffs will depend, among other things, on their ultimate level,” Powell said. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.” Today's show features: See omnystudio.com/listener for privacy information.

Tony Capaccio, Bloomberg Pentagon Reporter discusses how the US hit Iran, possible retaliation tactics, and next steps from the US to deter further conflict. Iran pledged to respond “proportionately and decisively” to US strikes at the weekend and Qatar suspended traffic over its airspace, amid signs American bases there could be targeted as the conflict between the Islamic Republic and Israel showed signs of boiling over. The Wall Street Journal reported that Iran was moving missile launchers for a possible attack on American forces, citing US officials. Axios reported that missiles had been launched toward US bases in Qatar. The White House didn’t immediately respond to requests for comment. See omnystudio.com/listener for privacy information.

President Donald Trump announced that Israel and Iran had agreed to a tentative ceasefire in their conflict that would begin around midnight Washington time on Monday. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord is aimed at a lasting end to the fighting. “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called “THE 12 DAY WAR.” For instant reaction and analysis, host Doug Krizner spoke with Bloomberg Balance of Power cohost Joe Mathieu, and Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative at the Atlantic Council's Middle East Program. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Iran fired missiles at a US air base in Qatar after promising it would respond “proportionately and decisively” to President Donald Trump’s weekend airstrikes on three of its nuclear facilities. There were no reported casualties in the attack on Al Udeid base — the biggest such US facility in the Middle East — amid signs Iran gave advance notice of the strike plan. Qatar said the missile barrage was intercepted and the base had been evacuated in advance. Oil plunged on relief that Tehran’s limited response didn’t target energy supplies. The salvo marks another widening in the conflict that began 10 days ago when Israel attacked Iran, targeting nuclear and missile installations and military leaders. Iran has responded with several days of missile strikes on Israel, and the war threatened to escalate after the US joined the campaign with a bunker-buster bombing raid. Iran’s move “looks like a largely symbolic retaliation,” saud Ziad Daoud, Bloomberg Economics’ chief emerging-market economist. “Plenty of warning was given — Qatar shut its airspace and the US issued warnings to citizens.” Trump said the nuclear sites struck by the US were totally destroyed, and vowed to meet any Iranian retaliation with force “far greater” than those weekend strikes. He also hinted at the possibility of “regime change” in Iran, though US officials stressed that isn’t their aim. Defense Secretary Pete Hegseth said the strikes had the “limited” objective of eliminating Iran’s atomic program. Officials have said it’s too early to definitely assess damage. There was no immediate indication of how the US will respond to Monday’s Iranian missile launch. The administration was anticipating that Iran would retaliate, and doesn’t want more military engagement in the region, CNN cited a senior White House official as saying. The attack included at least six missiles fired toward Al Udeid — the regional headquarters for US Central Command, which oversees the American military in the region, and home to several thousand US service-members — according to a person familiar with the matter. Today's show features: See omnystudio.com/listener for privacy information.

Jennie Glazer, CEO at Coqual, a global think tank helping companies redesign how they work and lead. A strategist, facilitator, and builder of high-performing teams, Jennie leads Coqual’s research, advisory, and insight platforms—guiding senior leaders through complexity and toward clarity, trust, and measurable impact. Here, she discusses their latest report that offers urgent new data, stark realities, and a path forward for companies navigating rising backlash, legal uncertainty, and employee fear. See omnystudio.com/listener for privacy information.