>> we are more than halfway through the trading day in new york. i am and this is "bloomberg markets." -- i am taylor riggs and this is "bloomberg markets" . taylor: it is 1:00 p.m. in new york so we get a good check on the cross asset markets. let's start with the equity markets rolling over just a little bit, searching for direction on the day. 4270 is similar to yesterday. again, losing the big 4300 number we had earlier on in the week, most of that to now unwinds and looking at mostly flat on the day. the stoxx index a big

outperformer. you can see the breaking news on your screen about qualcomm trading -- trying to return with the new chips. you get a big boost with the stoxx index, the outperformer's, some chipmakers firmly back in the green. i wanted to talk about the tips on the 30 year market. it is 1:00 and we will get some of a real yield auction of the longer-term duration bonds so a 30 year real yield is what has me in focus. we will get those headlines soon. for now, we get direction and the rates market. finally, the inversion as well. two/tens, a little inversion but less then yesterday. a little steepener by three to four basis points but duration, magnitude of what 35 basis points means for the future of this economy, something we are keeping our eyes on. something else we are keeping our eyes on is all about d.c. and the politics. a group of organizations urging a judge to release most of the

fi affidavit -- fbi affidavit that led to the search of president trump's mar-a-lago report. a hearing on the request scheduled underway this hour and a federal court in west palm beach. this comes hours after a long time trump cfo pleaded guilty to tax fraud. pleased to say joining us now are washington correspondent bloomberg annmarie hordern. what do you make of some of the latest headlines that i know we are still awaiting to hear? annmarie: the former president is certainly dealing with a number of issues on a few different fronts. first to your point, we are awaiting this hearing taking place in florida with a judge that lifted the warrant to make sure the warrant could be released publicly and a number of media organizations and conservative groups push for the affidavit. the affidavit would show the roadmap of the investigation but the department of justice made it clear they do not want to see the affidavit released. they think it will have a

chilling effect on the investigation and could be problematic. it is an important moment because we may find out more into this raid on mar-a-lago, which we do know the fbi took 11 sets of classified documents. taylor: will it be so redacted that it will not tell us anything? annmarie: that is what the doj things. they say if you're going to release it and there will be a ton of redaction's, you might not even be able to see the roadmap. so it is possible and what is the point of doing it? also the concern is the affidavit, how much hard is it to get people to talk to you regarding any ongoing investigation? taylor: what do we hear about the other ongoing investigations, not only about the search warrant but we talked about the former cfo of the trump organization and the 15 charges as well. annmarie: right. he is taking the guilty plea. he made a deal.

in that, he is going to have to testify. what we have learned is that he has not testified against trump himself, it is about the trump organization, but he will testify that could potentially mean the former president could be in hot water. he will also pay back $2 million in taxes. this has been a long-running investigation about the trump organization and whether or not they were -- instead of giving individuals income to avoid income tax, they were given big ticket items like a manhattan apartment or cars. so this is just something else the former president and those surrounding him are going to need to deal with because this individual had first pled not guilty and is now pleading guilty. taylor: as always, our very own annmarie hordern joining us in washington. let him more insight into this. the former u.s. deputy assistant

secretary of state for legislative affairs in the obama administration and democratic political strategist. pleased to say joining me now as well. what you make around some of the sensitivity of these documents as well regarding that affidavit? >> this is an incredibly sensitive moment. as you are discussing, the roadmap for the investigation could be laid out, but the bigger picture is that donald trump is in real hot water. donald trump is in court right now where the justice department is attempting to lead him into prosecution of stealing classified materials from the white house and bringing it to his personal, private residence. not only is that of national security but it is directly jeopardy for donald trump. taylor: what we know about if those crimes were committed what happens in terms of how sensitive it was about taking those documents out of the white

house and putting them in a personal home? joel: when one gets the security clearance and has security clearance, when one receives it and it is a privilege, not a right, when one gets that, you are trained in how to deal with sensitive documents. the first thing they tell you is you cannot take it home with you . everybody knows these documents belong to the american people, belong in secure facilities. by taking them out, one is putting themselves at risk, the country at risk, then they will be in legal jeopardy. these documents could have been accessed in mar-a-lago by any host of individuals. we do not know who was crawling around mar-a-lago for the last year plus. we do not know where they are from, what they took, what they photocopied, from what country, and we do not know what donald trump was trying to do with those. so he not only violated the law

but basically put our national security at direct risk without accountability. taylor: is that then what the attorney general we have heard from him, merrick garland, is weighing when he thinks about going after this case, tackling this case, whether it be as you mentioned national interest even though sometimes it does appear to some people to also be politicized? joel: it has to be what he is weighing. merrick garland is not a rationed visual. this is a person who a lot of democrats were unhappy with for slow walking if not basically doing nothing to punish donald trump for the january 6 insurrection. now, what garland is doing is he has a paper trail, there is clear evidence not only to trump taking the document with him but he misled if not outright lied to the doj investigators in june when they certified all of the documents had been returned. they had not been.

now there is a clear paper trail of evidence. this was a court-authorized seizure of those materials so it is not just the crime but it is the cover-up that is very problematic. taylor: we also did this morning get news about the longtime trump organization cfo, hearing he pled guilty, pleaded guilty to tax fraud charges. how are you thinking about the ramifications for maybe not so much trump and that organization? joel: for me, it is hard to believe people think donald trump is not the trump organization. he is the sole owner of it, he and his family. these are llcs built upon other llcs upon other llcs. these are not publicly traded companies, there are no shareholders, there is nothing of the sort we would expect to like we see in the financial markets. the organization is trump and trump is the organization.

from weisel burke to be making a statement he will make about the organization, he might as well be making it about trump personally. if i were donald trump, i would be petrified of the real books getting out in the hands of investigators. he showed bankers on one side and to the irs on the others. taylor: does any of this impact the midterm? joel: it will certainly help democrat mobilization, but democrats are mobilized not only because a president biden's agenda getting through congress but also because the egregious decision against women's rights by the supreme court. it will really have an impact on donald trump's decision-making. if the republican party has him as their nominee, they will be handcuffed with someone who may be indicted into the next election. taylor: really appreciate your time and perspective. thank you for chatting with us joel rubin , former u.s. secretary of state. i want to recap breaking news we mentioned all regarding qualcomm taking another run at the market

for server processors with the new chip. the company betting it can tap a fast-growing industry a decrease reliance on smartphones. the stock is taking a little late higher on the news and we will continue to tractive elements throughout the hour and more on this coming up. in the meantime, we want to get to the bloomberg first word news and we can do that with mark crumpton. mark: longtime trump organization cfo allen weisselberg has pleaded guilty to all 15 felony tax fraud charges he was facing. he admitted he schemed for years to avoid taxes by paying certain workers with unreported perks. bloomberg learned he will not implicate his boss but will have to testify against the trump company. prosecutors say they will ask for a six-month prison sentence. the biden administration is taking steps to advance offshore wind development in the gulf of maine. that would set the stage for potentially the first flowing turbines deployed in u.s.

waters. offshore wind farms, those potential conflict with fishermen who harvest their catch. concern has also been raised about turbines interfering with marine radar systems. shippers may at some relief from a crisis that has snarled the transport of energy products and other goods along one of europe's most important rivers. water levels on the rhine are said to rise over the weekend, making the river easier to navigate. the rhine, which runs from switzerland to the north sea, is a key waterway for moving goods through some of the most industry heavy parts of the continent. in china, the number of covid cases has surged to a three-month high, driven by an outbreak in a province, the biggest since the spring. there were more than 34 hundred new infections reported in the past 24 hours. more than 2000 medical workers have been brought into the

province to help. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪

taylor: this is "bloomberg markets" i'm taylor rigs. markets are trying to three gangrene on the screen. 24 hours after the meeting minutes yesterday, joining us with all of the reaction to the rates market, federal reserve ing head of global debt and rate strategy, padhraic garvey. what did you make of some of the commentary thinking the fed might be dovish but again a fed

that has to be tackling inflation? padhraic: i thought it was very balanced, taylor, and it was interesting looking at the commentary. there was a significant dovish move, there were those that saw the hawkish tint right through the minutes. i would say there were contradictions, especially when it came to the financial conditions which made ties which is fair because they were looser before policy tightens. it was commentary about the ease at which households are borrowing and the rise in borrowing which is a size of easing financial conditions. the other thing is this juxtaposition between really elevated inflation and the slowdown in the fed spent a lot of time talking about the slowdown but in that end, the most important aspect of the place is they have a job to do. taylor: indeed. talk to me about the tightening or not of financial conditions with real yields above zero,

decent auction here within the 30 year market as well and a stop of six basis points through. padhraic: i think it is interesting, taylor. if you look at financial conditions, in fact using the bloomberg index, which is very useful for the u.s., it looks at standard deviations away from the main. if you take it back two to three months ago, we were 1.5 standard deviations south of the means, so financial conditions were tight, which makes sense. right now, we are pretty flat. financial conditions loosened dramatically over the past couple months. why, because market rates are falling, credit spreads tighten, markets are up, dollar is on its highs. this is an issue for the fed. the real yields we saw confirmed around 1% as a 30 year chips auction and that is where the tenure should be heading to.

i see the 10 year real yields around 30 to 40 basis points. there is room for conditions to tighten through the rates market channel which translates into an expectation for higher rates. taylor: we are getting comments, federal reserve bank of st. louis president james bullard speaking to the wall street journal and saying again favoring more of 75 in september versus 50. so the balance continues. do you agree this is the federal reserve that has the ability to go 75 in september? padhraic: they could. i think we have to remember that 75 is an extreme rate hike. we have had a couple of them, they are very rare, and even 50 basis point is a big hike. i suspect there is enough in the minutes in terms of the slowdown answer for the fed to pull back and still deliver quite an impressive rate hike and to

deliver the message to the marketplace that they are not done, that they will do another 50. they will not say but they apply -- imply they can do another 50 at the next meeting. and they could do 75, but our call is 50. taylor: given the lack too of monetary policy, when are you looking to actually start to feel the effects of these rate hikes? padhraic: so the rate hikes themselves -- the way i would see this is the rate hikes are endorsing a tightening in conditions being manufactured by the financial markets. so the fed has hiked by 200 basis points over the past couple months and financial conditions have loosened. so the key thing here is in short conditions have to tighten up again. one of the objectives of the rate hike is to encourage the wider financial conditions to

tighten again, which means higher market rates. if the fed hikes by 50 or 75 in september and market rates fall, that will have variable impact in terms of the overall stance of financial conditions. it is important both happen, 50 plus higher market rates would have far more value than 75 and no change in market rates. taylor: what about qt? padhraic: qt is something the fed has gone quiet on. they have commentary on the reverse fertility which is where the market places mark -- market places cashback in the fed because the market is over $2 trillion going back to the fed every day on this. the reason that is because the fed balance sheet. the fed will double the volume of rolloff starting next month to around $100 billion. it is a slow process. it will take time, and i think

the next step here for the fed is if they want to get serious of coaxing market rate is to engage in outright selling. this is just slowly doing during -- dwindling in the background. taylor: we really appreciate your perspective, especially pushing toward the $95 million runoff. padhraic garvey, ing, head of global debt in rate strategy. still had, the largest package of u.s. history became slower -- becomes law. what does that mean next? this is bloomberg. ♪

taylor: this is "bloomberg markets". i am taylor riggs. natural gas prices footing with numbers they have not seen in

the last 15 years. michael joins us now to give us more context on this. your opinion on how much worse it could get? michael: well here's a good analogy, let's compare natural gas to wheat. they rally for similar reasons, it is russia's invasion of ukraine. wheat rallied 70% and now it is down in the year. we see probably the worst case of really putting in the fear of natural gas like you mentioned, the highest price is 15 years, the same prices basically 2001, went to 10, then dropped to two. that is the issue with u.s. bench barking natural gas and i expected to follow that lead. the key thing to remember is the average cost of production for natural gas in the u.s. is around two and the former curve shows around five. the key issue is in europe and getting to the neck winter. taylor: how do you think they will all feel about gas?

wti crude we have been following , can't even break through the upside. when the prices on wti are coming down, do we also see that reflected at the pump? mike: well, the key thing about the pump prices, the u.s. average peaked around five dollars a gallon, dropped, then it is almost a complete replay of 2008. it peaked around four dollars per gallon and dropped to two dollars. i think that is what happened. u.s. unleaded gas demand is at a greater velocity then it is in 2008. if you take a look at a 52 week average. that is the recession taking in and it is a good place to see it. the classic rules of economics and adam smith which i cannot wait to publish tomorrow, never underestimate the elasticity of supply and demand which i think is increasing more than ever. i think a lot of people are underestimating it. taylor: is that is what is -- is that what is leading to this demand destruction on commodities? mike: the demand destruction,

particularly in europe, expected recession. we will see unseen demand and hopefully it will work out a year from now. we are seeing massive elasticity of supply in grain. i do not want to go back there too much but that is where all are going. so wheat is down in the year. energy and metals take a little longer. the key thing also clear is the instruction may be early days and tightening of belts is getting scary. taylor: i could not let you on from miami if i did not ask about bitcoin. 23,384, how are we on the elasticity of bitcoin? mike: it is becoming a mass during markets become a little boring. supplies going, demand adoption is increasing, what black drop -- blackrock did with this thing with coinbase and more and more demand from institutions, just a matter of time for me for

bitcoin to reach that $100,000 threshold. the key thing is if the stock market keeps going down, which i think at some point it will roll over in q3, then bitcoin will suffer. bitcoin is becoming more like bronze and gold and less risk on asset. the key thing you will notice about bitcoin is come friday when we have our happy hour, it keeps trading. there is no asset on the planet that does that like bitcoin. taylor: i will meet you on a doom happy hour, how about that? mike mcglone, counting us down for the weekend joining us on bloomberg intelligence. coming up, it has not been more difficult to own a home in more than 40 years. home sales have actually now dropped for six straight months. we will be speaking with allie wolf, chief economist, the latest on the housing crunch next. and while we bring you back to the equity markets and a lot of news flow we were hearing breaking news at the top of our about qualcomm, a 30 year tips auction from st. louis fed president jim bullard and leaning more toward 75 from 50.

all of those digest in here and a market that is unchanged on the day and s&p 500 42.75 -- 4275, inverted yield curve coming out. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile.

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pushing down global prices. more than 500,000 tons of supplies exported from the countries major report in august. that is far from a normal pace but it has given you relief to grain supplies strained by the invasion and dad whether. in the u.k., thousands of workers began a round of strikes, paralyzing rail service. only one in five paints in the country is running it more

walkouts planned for friday and saturday. union workers disputing pay and working conditions. xi jinping is urging local authorities to help relieve the severe drought in some regions bite threatening electricity supplies and adding further risk to economic growth. a heat wave in southern china and a drought have led some factories to curb production. water levels in the yangtze river have fallen to the lowest level for this time of year. the u.s. and taiwan are following through on a promise to deepen their ties despite opposition from china. the two countries will start formal talks on a trade and economic initiative this fall but an agreement may be more symbolic than substantive. both republicans and democrats are reluctant to embrace the free trade agreement. global news 24 hours a day

on-air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. jon: welcome to bloomberg markets. taylor: a little bit of green on the screen. as the push forward to the closing now, qualcomm hit -- had a lot of breaking news at the top of the hour. looking to push into the chips market. that index is a rebounder today, up 2.87%. you are getting a little bit of it left, higher yield. if you think about what higher real yields mean for tightening

financial conditions, and inverting -- an inverted yield curve, it is less inverted. jon: helpful context. you highlighted those chip stocks on the move today. stay with technology. cisco bucking inflation woes that we have heard about from so many instances that has been hired today. energy prices are higher, exxon into the green. coming up, we talk more about retail continuing to get some of those challenges stories across corporate america. coles -- koh''s shares are up by 7%. bed, bath & beyond surged 300% this month. we have also been watching the housing market. more softening in that market.

previously owned u.s. home sales following for a sixth straight month in july. the homebuyer affordability index is at its lowest point in 33 years. to talk more about housing is ali wolf. we are having the same conversation in canada with affordability in the second quarter weakening at the fastest rate in decades. when interest rates are ratcheted up in a few months, that is what happens to affordability. ali: that is exactly right. what we are going through is a historic affordability shock. i was looking at market dachshund numbers yesterday, we have markets where home price appreciation is up between 50% and 70% compared to 2019. add in higher mortgage rates and economic angst and the market is slowing in response. taylor: how are you thinking

about the impact of higher rate? if it does lower prices, does that bring buyers in? or is it really the rates that is what is pricing people out? ali: that is an important question. what we are finding when we talk to consumers is they are not as aware of mortgage rates as we think they would imagine. when we sat interest rates go up to 7%, mortgages slowed because shoppers were like that is massive, but is rates have come back down to 5%, it has not resulted in a spark of activity, but for people who have been actively shopping, they are saying, compared to six weeks ago, the monthly payment has come down in bed and there is more inventory, so for some, it feels better than a couple of months ago. jon: every market can be

slightly different. what do you tell us when you look across the country some of the trends you have been noticing? ali: what we are seeing is weak came from this intense sellers market where homes were selling the day they were listed and going for over asking. right now, we are seeing more of a buyer friendly market, meaning buyers finally have some negotiating power, but if you look at parts of the west in the southwest, like phoenix, boise, salt lake city, those tolls into a buyers market because affordability gets hit in those areas. taylor: within your world of being focused on housing data, written do you make of the federal reserve pivoting and stepping -- what do you make of the federal reserve pivoting and stepping back from this market?

ali: we are watching where mortgage rates go. that is probably the biggest question -- what is the federal reserve doing? how is that playing into the mortgage market? how does that play into affordability? it is interconnected. our expectation is if the fed does what it says it will do, maybe that puts upward pressure on mortgage rates. that becomes dangerous for affordability, but we have also seen the counteracting effects and health fear of the recession plays into mortgage rates. there are a lot of moving parts fear watching. we are trying to get a sense of how consumers will perceive what is happening with the federal reserve and the economy and when they are willing to step back into the market. jon: i wonder what it means for builders.

here in canada, it was a sellers market and a lot of people were talking about the need for more home supply in the markets. in terms of where we are right now, housing start activity, any sense of whether we will see some cooling down because of the economic reality? ali: unfortunately, housing starts are tied closely to home sales. . 87% of builders slow housing start activity in response to slowing sales. in part, builders do not want to get ahead of themselves. what we saw in that cycle is builders kept building. when we had that glut of inventory, that is when we saw a housing crash. this market is different than 2008 because builders are trying to react quickly. taylor: what do you make some of the other costs -- labor,

construction, lumber -- and how that filters into the housing market? ali: glad you are asking. so much of the conversation about housing has shifted back to demand and sales but we still have 75% of builders saying the supply chain continues to be a massive headache for them where garage doors and windows and cabinets -- a lot of the inputs that go into building a home -- are continuing to add pressure to help long it takes to get these homes built. on the labor side, as we have seen it start slow, some of that labor pressure is a bit less intense because we are not building as many homes. jon: at this point, as everybody wonders whether it is the u.s. or canada, how aggressive central banks will be, how much

more sensitivity will there be depending on how aggressive central banks are with higher rates? ali: a lot will depend on the buyer. if we look at cash buyers, they do not care about interest rates . some investors are sitting on the sideline and waiting for the market to slow to jump back in, because they understand. it is the first time buyers that make me nervous. if we continue to see rates go up or we do not see a more renounced contraction in housing, those buyers will feel the brunt of the impact. taylor: we appreciate it. ali wolf, thank you. coming up, we get the perspective of bed, bath & beyond and why they are down triple digit after a careful digit run-up this summer. could it be fundamentals?

this is bloomberg.

jon: this is bloomberg markets. taylor, some five months after disclosing a stake in bed, bath & beyond, ryan: is looking for an out. -- brian cohen is looking for an out. bailey, your story, there has been an insatiable appetite for it over the last several hours. ryan cohen, what do we know

about why he is looking for and exit? bailey: we do not have specific details other than the fact that the stock is down quite a bit. there is an intent to sell his entire stake, just over 7 million shares, but there has not really been a clear announcement or driver. he has been pushing for spin off of by, by baby. there has been some spin off of their dialogue. -- but it was definitely a filing that caught wall street and retail traders by surprise. taylor: let's talk about wall street. i am reading a note from a keybank analyst saying it does remain a challenge. you talk about some of the parts of the business and reiterating

a price target, see. right now, i am looking at $18. thinking about this stock? bailey: the whole issue is that wall street analysts are trying to use fundamental analysis to value the company. when you look at bed, bath & beyond, their cash holdings are low and they are a struggling retailer whose sales of miss quarter after quarter. from a fundamental basis, at least three analysts have downgraded the share, recommending investors sell the stock, which is unheard of on wall street. that has been a main driver when you are looking at meme stock traders, retail traders are trying to go into stocks that are shorted, but from a pendulum -- fundamental basis, analysts

are sounding the alarm. jon: that is where i wanted to finish with you. the short interest in this stock is north of 40%. on tuesday, the actual activity in the market was six times that amount. if anybody is trying to figure out where you will continue to see some wild moves in names, look at how much of the stock is trading compared to the float dynamics. bailey: one of the things that was supplanted out by fb analytics, they looked at bed, bath & beyond and said shorts were continuing to sell the stock. they are lining up one after another betting on its collapse. that is something we have been tracking, whether it was amc in june 2021 or gamestop in january 2021, when it's shortage was

over 100%. that is something that retail and hedge funds are keeping an eye on you because it is an easy way to generate alpha. especially when you look at the s&p 500 and nasdaq 100. taylor: appreciate it. i hate to say a humble tease. we are doing a 4:30 to 5:00 mean special today. some business headlines all day long, 80 look at some of the biggest stories in the news right now. experts on which watches at rose last month. demand for luxury timepieces soared during the pandemic. exports to the u.s. were 13.5%, the biggest after overtaking china last year. the american owners of

manchester united may sell their stake in the team. bloomberg is a learning that apollo global management has expressed interest. manchester united fans have called for a change in ownership because of the team's disappointing performance in recent years. china making a rare public comment on its sales of the top gun sequel. it says the american filmmakers should show more cultural respect. top gun maverick was seen celebrating the u.s. military and tom cruise's character wore a jacket that displayed taiwan's flag. jon, those are some of your business flash updates. have you seen the maverick movie? jon: i did not wait to see top

gun and tom cruise. coming out, we will talk more about qualcomm's endeavors into the survey market and more details on the stocks moving today.

taylor: this is bloomberg markets. big bloomberg scoop, qualcomm seeking another run of the server market, looking at launching a new chip. joining us now is tom giles. what stands out to you? tom: good to the on the show. this would be a big move for qualcomm. they tried this a couple of years ago and then backed out. they got tangled up with an activist shareholder and took up

some things less urgent for them. they have got a new ceo in the last couple of years. he made an acquisition last year of a company that gets him back into this. now he wants to make a bigger push into the server market. these are expensive, high margin chips. this would put qualcomm in a new league beyond its current market. we know qualcomm is the maker of the chips in the phones we use every day. we do not know it is a maker of chips for the server market. this would bring it into direct competition with intel, as well as companies making their own server chips, or example amazon. jon: that is an excellent point. it is remarkable that we are seeing these huge shifts in some massive chip players.

do we have a sense of how competitive ultimately this could be? tom: you are going up against intel, amd. as i was saying, some of these companies with big loud computing businesses -- cloud computing businesses like google and amazon have gotten into the business of making chips, taking control away from the ship making industry, using designs from this company called arm in the u.k. and making their own chips. there are upstarts like another up and comer. a lot of competition, but when you look at the margins on server chips, you understand clearly and weakly why somebody might want to get into this market. -- quickly why somebody might want to get into this market. the are, qualcomm, but much smaller markets. taylor: given some of the

decline in market shares, some of the concerns around that company, is qualcomm looking at timing, the runway ahead and thinking if we are going to go, we are going to go now? tom: you cannot help but look at where intel is right now. intel is taking on the check from a lot of different competitors, tsc in taiwan, samsung and south korea, even amd, this poor stepchild of the industry for so many years, under the so sue, it is giving intel a run for its money. there is a lot that qualcomm has to prove. you do not just jump into server chips overnight. there is a lot of work they will have to do to prove themselves. they tried this four or five years ago and retreated from it. there is a lot of skepticism. are they serious about it?

can they prove it? it is definitely a feather in their cap that amazon, a big buyer of server chips, is taking a look. whether they will buy and buy in volume is another story, but it is good to have them kicking the tires on your new product. jon: no doubt. tom, helpful, great reporting. the market reacting to that news. tom giles joining us on qualcomm. maybe this is also a sign that and industry that was on the front lines of supply-chain headaches is working through some of those issues that the last couple of years took away a lot of their attention. taylor: do you think about supply chains, those who get the technology, those who have the customers are continuing to plow ahead. qualcomm is one of those.

we go to the general markets, soft index up to .7%. that narrative continues. s&p 500 trying to hold onto gains. yields are rising as well. this is bloomberg. this is xfinity rewards.

our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. mark: keeping you up to date,

here is the first word. the u.s. government is making plans to end payments for covid-19 shots and treatments. a spokesperson for the hhs says officials will meet august 30 with representatives from drugmakers, pharmacies and state health departments to discuss details. the end of federal payments will shift control to the health care -- of pricing to the health care industry. blood ms. lenski met with the turkish president and the