>> this is bloomberg markets. let's get a check on these markets. s&p 500 wavering on the day today. we have had moments where we have been in the green but essentially flat here on the day. the nasdaq 100 getting a little bit more of a lift on the day. the bond market is really where the places get interesting. i move downward in the 2-year yield to end the week lower, about 4.71 on the two-year. 10-year also lower by four basis points, almost 4.29, but still

higher from where we started the week. some midday movers on the equity side. walgreens shares plunging after lower it's for your guidance for the second quarter in a row. it plans to close more stores than expected and make other organizational changes as a new ceo seeks to turnaround the business. levi strauss shares also dropping the most on record after quarterly record below estimates. sales in the americas were strong but fell short of expectations in europe and asia. the company reaffirmed its full-year outlook. outside of market moves today, big news around the sec. earlier today, the u.s. supreme court current regulator's ability to current complaints before in-house judges, saying defendants have a right to make a case to a federal jury. also saying the sec is growing concerned about the private credit valuations out there per the commission's top enforcement

officials. greg stohr and john sage are covering these stories and join me now. a lot of news coming out of the supreme court. explain the significance of this sec decision in particular. greg: it means the sec can no longer take cases when it accuses somebody off route and seeks damages, cannot go before one of its in-house judges. the sec already scaled back doing that because this and other court decisions were the handwriting on the mall. it will reduce the sec's ability to reduce its leverage to get big settlements. this is a ruling that will not just affect the sec, it could affect a couple of dozen agencies that have similar systems that can sometimes go before administered of law judges, sometimes go into federal court. now they have to go into federal court. sonali: explain the system by which other agencies would be affected by rules like this? greg: what the supreme court

said was the constitution's seventh amendment protects a jury trial in these situations. it is a kind of claim that used to be brought under so-called common law, where a private litigant will have the ability to go to court, the supreme court said the sec or other agency still has to go to court if it is trying to get damages from somebody. that same principle would likely apply, arguably apply, to any agency that is accusing someone of wrongdoing, company or wrongdoing, and trying to get damages. those agencies now, and in all likelihood, will have to go to federal court rather than relying on their in-house judges that might be a faster, more efficient process for none. sonali: let me think about the sec, it's been a pretty aggressive year, a lot of things they have looked at.

they have tried to get a handle particularly on private markets. but there has been limited success. people fighting back. what is the concern would become to private credit in particular? john: what the enforcement agency is saying with this story, we are looking into multiple different avenues, but it really boils down to -- in my take -- two things. the opacity of the marketing and the consolidation happening there. the sec is just following the money, especially when you see some of the biggest endowments, tensions, biggest insurance companies saying we want to invest money in private credit. the sec saying that we should be looking at private credit, too. sonali: at the end of the day, is there anything the sec can do about it? john: the interesting point is that enforcement is saying this now, where exams was saying it previously, putting it in their priorities, that we will look at the private space.

this is really interesting to hear enforcement saying we are looking at this as well. sonali: john sage and greg stohr, thank you so much for the look at the sec, other agencies as well on concerns across the market. coming up, my conversation about the next era of professional sports. the new thing in investing with milwaukee brewers owner mark a ttanasio. this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. ♪

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to reorganize college sports into one league with as many as 12 divisions. we will discuss this idea with randall williams who has been following the whole business of sports and investor interest in and. it seems increasingly private equity owners are trying to engineer way in to the big 12 or at least some way into college sports. >> exactly. cvc is looking to buy up to 20% of the big 12. everyone is trying to get into this business but they cannot figure out how because it is so fragmented. you have an il, the transfer portal, so many state laws, schools, legislators, private equity are trying to figure out how to get at it. sonali: what are the most profound difficulties here? rather than giving us a path forward and a number of dollars he would put in, he really talk about the wild wild west when it came tonil and other things.

>> college sports right now, you are only supposed to go for four years. i know somebody went for eight. if you have a star player that comes out of high school, guaranteed a lot of nil money and he doesn't play. he can take all of that money, transfer to another school, and then that school profits off of him. on the other hand of that, if you give an athlete a whole lot of money and they don't pan out, you are giving someone something that they didn't deserve or earn. these private equity people want to make sure they are putting their money in the right ways so they see a return on investment. i don't think we will see these institutional investors invest in schools and conferences that will not make them any money. sonali: let's listen into a sound from tom boley from earlier this week. >> college sports is on the precipice of a major change. if you look at what college sports should be thinking about, a couple of things right now

that they are struggling with. one, nil is the wild, wild west. in order to standardize nil there has to be collective bargaining. sonali: if all of this is true, randall, how long would it take to find solutions? randall: [laughter] that is the million-dollar question. nil was granted in 2020 or 2021. it has become more fragmented. there are still the same issues that existed three years ago, still exist. until there is a governing body that is able to say, these are the rules, this is the legislation, it will continue to be the wild west. you have schools trying to follow state laws and ncaa laws, and the ncaa is saying, follow my rules, and the state is like we technically don't have to. sonali: part of the reason that you are talking about this, this is one of the biggest investment

themes out there in sports, one of the investment themes in private equity. if this is so difficult to invest in, one is taking the front of the line, especially when there are big ticket questions out there like nfl ownership? >> if you look at what redbird is planning to do, $15 million they are planning to invest in schools. 10% stake in the nfl could cost of hundred million dollars. the capitol is different and the return on investment might be different. if you invest in georgia right now, won back-to-back national championships, will probably be a contender this year. someone may want to invest $200 million in them because in five to 10 years, that could be a billion. sonali: fascinating. another owner here looking at smaller ticket sports as well as those big ticket sports. that is milwaukee brewers owner who believes the new rules will

be discussed to create huge opportunities for professional leagues. i caught up with him yesterday after the bloomberg invest conference. he has a few more leagues that he is looking into. >> we want to look for change. everything that we will talk about with time warner, who led this investment in the pga, everything that made that a complex investment is what created the opportunity. the change in college sports will create enormous opportunities for investment that we cannot even define yet. stepping back, looking forward over the next couple years, that is one of the places that we will look to gain opportunity. otherwise, right now, there is nothing like a live sporting event. we are looking at everything from women's volleyball to professional sailing. larry ellison is setting up a league to replicate what happened in f1. as well as the major sports,

co-majority owners now in thenorwich city football club. you do use your feet. u.k. college football, here soccer. as a global sport, that's incredibly engaging. i couldn't believe i turned off a sunday night baseball to watch -- we just signed one of their center backs. i didn't know when a center back was two years ago. sonali: the college sports idea is pretty fascinating. some private equity firms reportedly looking to spend large dollars, one billion, $2 billion, into, say, the big 12. how much money would you be willing to put forward into the college sports opportunity? mark: you have to recognize it is a changing landscape. there is not a lot of structure to it right now.

i actually have a small investment in the big 12, a piece of it. these conferences were not set up to manage this kind of capital. sonali: what is the opportunity then? how fast can it come? mark: we have already made one small investment, small things to help market and organize their commercial opportunities. it will come very fast. as to what it will be, we will see. sonali: turning to our stock of the hour, nike reports after the bell, with a heavy focus on 2025 merchandise. the retailer has struggled to retain traction over the past three years but analysts point to a lack of innovation. nike's move to cut costs and make organizational changes could drive operating margin expansion and the success of our bibles could -- rivals could

signal further momentum. nike has $28, 13 holds, and three cell ratings on the terminal. coming up, eye volumes are off to their best first absence 2021. we will talk to phil drury, head of technology and communications at citigroup. stay with us. this is bloomberg. ♪ sweat isn't sweet. it's salty.

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>> this business is poised to really grow in leaps and bounds are creatively, globally. we thought the world to know about it. many of the folks in the united states love our content but they don't know we are the ones behind it. for us this is not just about capital formation, this is about playing at the global stage and being backed by the best investors so we can operate globally. sonali: david lee speaking with

us earlier today about why the company decided to go public now. let's stick with ipo's in our wall street be. bloomberg is just out with its ipo first half wrap. it found ipo's have gone out through their best start since 2021 when volume set to eclipse last year's issuance in the united states. for more, we bring in phil drury, head of technology and communication at citigroup. the first question, is it going to last? philip: i hope it lasts and increases. whenever you say it's a great start, what is the benchmark? if the benchmark is 2022-2023, it is a pretty low bar for ipo volumes. if the benchmark is 2021 or even frankly 2020, we are well below the volumes we were seeing. our view is we will continue to

see a rise in the level of ipo's. we think that will pick up meaningfully in 2025 and 2026. technology and health care have really driven the recent reemergence of ipo's. i think the aftermarket performance has been viewed as mixed. but pricing has been strong when you look at relative value to where the public markets are treating. we think with more volume the spirit of volatility will start to come in and we will see more confidence in the ipo market. sonali: i noticed you said 2025, 2026, right after the u.s. election cycle. how much is the election creating uncertainty for the second half of the year? philip: i don't think it is about what the outcome is of the election. the public markets have seen both administrations in power. it is really about distraction. we will read fix it -- we

will be fixated by the debates. portfolio managers need to know what they are doing in terms of the extra diligence required to invest in a company which is less heard of, not publicly studied. i think the second quarter will continue to be reasonable, third quarter, as we approach the november election period, we will see volumes drive down. sonali: longer-term uncertainty. you don't know the policy moving forward per se depending on a future administration. but how much worry is there a market volatility? philip: vix at 13 now, so we are at a historical low when it comes to volatility. there is more concern on geopolitical risk, what do we not see? enough uncertainty in the world today that we do see. in a way, it is unfortunate the

markets have become numb to a lot of the uncertainty that exists. it is more what we don't see that could have a shock to the system. sonali: if you think about the private market valuations you are seeing for some of the highest flying technology companies, spacex, for example. what does the conversation look like when you're talking to technology companies thinking about an ipo or sale? why not just raise money privately now? philip: private equity, private companies have alternatives. there is good depth to the private market, debt financing and equity financing. there's a lot of reasons why you may choose to go public. there is an enhanced level of liquidity, giving liquidity to employees. perhaps have stayed with illiquidity for longer than you thought because they were quiet. also gives you a public currency to pursue permanent capital and

acquisition strategies. every company has a different rationale to whether they want to continue private and raise capital in the private markets, or whether they transition to the public markets. no doubt we are seeing a blurring of the lines. our conversations, public markets have increased. valuations are now trading at 810, 50% premium to -- a lot of companies decide to sit out 2022, 2023, remain private because they capitalized in 2021. i think the conversation is most relevant today. private equity is focused on dpi and they are feeling some pressure to return capital. sonali: what about also these companies that have waited to go public? when you think about the 2025-2026 timeline you are looking at here, how big is the

universe of that pipeline that has been held back the last two years? philip: it is very significant. sonali: 100's, 200's? philip: yes, those levels, caps on that can be raised. the longer you stay out, these companies have gotten bigger and scaled. private equity has been active doing bolt on acquisitions. the only real exit is the public markets. there are so many private equity takeouts that are greater than $10 billion in size. you need to go to the public markets, or we have not talked about the strategic bid coming in. and we start to see strategic corporate m&a, increasing appetite. that gives another avenue. sonali: massive question about how robust this m&a market can be through the end of the year. you have not seen mega deals. you have seen 30 billion dollar

deals coming through the pipe but a lot of uncertainty. we spoke to paul. very uncertain that you'll see a lot of deals the rest of the year. how much excitement is they are around large technology deals right now? is it possible in this environment? philip: we will see a measured pickup and m&a activity for the remainder of 2024. already a better start, like the ipo market, better start for m&a. with artificial intelligence, it is changing the landscape for many companies, not just within technology but all industries. ceos are reflecting today on how do we keep moving, how do we transform, stay ahead, how do we keep our competitive moat? that will lead to greater m&a activity. transformational, antitrust, highly regulated environment is a challenge that ceos and

decision-makers need to deal with, which means greater diligence in the early stages, higher level of confidence and certainty. ai increases the level of adjacencies as opposed to vertical integrations which would be easier from a m&a standpoint. the debt financing markets are healthy. 10-year at 4.30. we have a healthy financing environment. equity valuations are trading well above their lows. we have the catalysts that koss corporation to reflect and change. sonali: philidor reid, head of technology and communications over at citigroup. before we go, quick check on the markets. we have been watching the s&p 500 flat on the day, trying to keep in the green. nasdaq 100, about .2%. 2-year yield, 4.71.

one more day left of the week. i'm sonali basak. that does it for bloomberg markets. an interesting weekend markets. this is bloomberg. ♪ want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, people couldn't and see my potential. stuff.

so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper.

>> from the world of politics to the world of business, this is "balance of power."

live from washington, d.c. joe: their first showdown in four years. welcome to the faster show in politics on this debate day in america. president joe biden, former president trump again together in atlanta. i'm joe mathieu alongside kailey leinz in washington. the stakes could not be higher for these two. kailey: the first time we see a current and former president for beating each other, both at 78 and 81 years old, all going down eight hours from now, beginning at 9:00 p.m. eastern time with rules that are unique to this debate. no live audience, mics cut off when your time is up. joe: things are pretty sleepy in the studio right now. we should remind e