Pre-Fourth of July Special: Stock Jump on Jobs Surprise, Trump's Tax Bill Passes
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 SecretarySee omnystudio.com/listener for privacy information.
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ICYMI: The New Face of VC
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.
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S&P 500 Hits Record on Vietnam Deal as Tech Climbs
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: Brent Meyer, Assistant Vice President and Economist in the Economic Survey Research Center at the Federal Reserve Bank of Atlanta and Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on a new report from the Atlanta Fed: “The Evolving Impact of Tariffs on CFOs' Outlook” Bloomberg Businessweek writer Deena Shanker on her story about SNAP cuts in the Federal tax and spending bill potentially hurting people in red and blue states alike Bloomberg Businessweek Editor and Writer Laura Bliss on her Bloomberg Big Take about landfills around the US reaching scorching temperatures and getting nearby residents sick Fred Thiel, Chairman and CEO of MARA on the regulatory outlook for Bitcoin and the company’s energy consumption and deployment strategy in terms of Bitcoin mining See omnystudio.com/listener for privacy information.
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ICYMI: Amazon's Robotic Ranks Reach One Million
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.
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Trump Tax Bill Passes Senate as Republicans Notch Major Win
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: Terry Haines, Founder of Pangea Policy on the Senate passing a $3.3 trillion tax and spending cut bill Bloomberg Technology Co-Host Ed Ludlow and Bloomberg News Team Leader for the Capitol Influence Team Mike Dorning on Elon Musk’s renewed tensions with President Donald Trump, whether Musk still holds sway in Washington and what it means for Tesla Olaolu Aganga, US Chief Investment Officer for Mercer on businesses adjusting to pending legislation and the economic outlook Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management on diversified return streams for investor See omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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