>> welcome to bloomberg markets. >> when it comes to the s&p 500, trade going on for the majority today come up 1%. yields up to basis points. the dollar and the other direction, weaker by .5%. brent crude trading with a 94 handle. jon: as we watch the oil story today, we have seen a lift for dow components like chevron. apple moving higher on up the

expectations around the iphone orders for the new device. bristol-myers getting a nice move higher on encouraging regulatory news tied to a key drug. twitter, a story we will continue to watch, the company pushing back on plans by elon musk to get out of the deal. kriti: a lot to digest. the trade today seems to be a mix of chip stocks as well. we will see if the momentum holds. let's turn to d.c. as members of congress return. david westin is standing by without majority leader steny hoyer and a big interview. david: i'm david westin. we welcome steny hoyer, democratic member of congress and majority leader of the house of representatives. thank you for joining us. first of all, i think you

deserve the opportunity to read town -- recount what congress was able to accomplish people didn't expect nearly so much. rep. hoyer: we had an extraordinary session. i have been in congress since 1981. this is one of the most productive congresses in which i have served in which i have served we started during the american rescue plan where businesses staying in business and getting kids in school and 250 million shots in arms which is why i go to a lot of meetings and people are not wearing masks and coming to in person meetings. we then passed the infrastructure bill, on the first built there were no republican votes on the senate or house. next, we passed the infrastructure bill which invests as trump said he is --

was going to do, substantial onion building america's infrastructure and competitiveness and the electric grid, clean water, making sure america was going to be competitive in the 24th century and have the services and businesses and individuals. next, we passed the chips and sciences bill, major investment in making sure america's manufacturing sector is not maligned on the unreliable, overseas supply lines. a major piece of legislation. that was also bipartisan. 19 republican senators. sadly only 13 republicans for it but their leadership did not want biden to have a victory. next, another major investment in our country and people and an extraordinary investment in

meeting the climate challenge we see presented almost weekly in the natural disasters that are occurring and also invests in alternative energy so that we can be more energy efficient and less harmful to the environment. a very productive session in my view. in addition, we passed a gun safety bill, the first in 25 years, got through congress a bipartisan basis. there are a lot of other significant pieces of legislation we voted on in the house that not passed the senate. voting rights is one of those, the assault weapons bill is another, but substantial pieces of legislation still need to be done. david: that is a lot and i don't want to be one of those people that say what have you done for me lately, but is there anything

more realistically this congress can get done this fall? rep. hoyer: we have to pass funding for the next school year. -- fiscal year. we have not done that yet. the senate has not passed any. we are going to have to pass what we call a continued resolution, which is giving agencies the authorization to spend money to keep government operating after september 30, which is the end of the fiscal year. the senate is going to move on that first period talked the majority leader and the speaker about that and we believe the senate will move on that. hopefully they will move next week so we can pass that before the september 30 deadline. we are going to be doing other important pieces of legislation, including trying to make sure

the civil service system is respected and not undermined, making sure we have an opportunity to have oversight. we still have the commission on january 6 operating. there are a number of things left to do and we are going to do them. david: you said the continuing resolution, how simple will it be because there are proposals and the so-called permanent reform included, something promised to senator manchin in the inflation reduction act heading through. i know you have something like 70 members of the house on the democratic side who don't like it. rep. hoyer: they liked the bill we passed which was part of apparently an agreement between senator manchin and senator

schumer. they are moving forward with that. we think that passing the continuing resolution will be critically important. simple in the respect that it will not be funding permanently the government. we will have to do an omnibus bill probably in december to fully fund the government, but the permitting provision that senator shuman and senator mansion talked about, you are correct that is controversial on our side. a number of people are talking about that. we will see what the senate does but my expectation is the senate will move on the continued resolution and we will see how the agreement is included in that document and take it from there. we will have to tell our members

that if it is included we will have to pass a continued resolution. david: let's include the senate does include it, do you think you can get it through your side in the house? rep. hoyer: i will have to talk to the members. the members are concerned about that. we will have to see exactly what the language of that agreement is, which is to try to accelerate the consideration, not change but accelerate the consideration of various requirements before one can move forward. we will see what it says, but there is no doubt it is controversial and we will have to convince our members that the language does not undermine our environment. david: is there anything else that might be included, such as funding for covid? rep. hoyer: that is a possibility. i don't know that we will do

that but there are certainly what we call anomalies. the fda needs a special provision to make sure they can continue in operation in some of its responsibilities. there may be some anomalies or add-ons and the administration is obviously seeking money, as you point out, for vaccinations and for covid-19. we originally tried to consider that in the house. we had controversy and we withdrew it and have had trouble getting agreement with republicans on how we can fund the request for covid-19. that will certainly be on the table in the next few weeks. david: could we turn to the question of the midterm elections? i am sure you are focused on that. jon: that was david kriti: --

kriti: that was david westin with steny hoyer. this is bloomberg. ♪

♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow.

kriti: this is "bloomberg markets." the first memory manufacturing player broken -- plant oak down. emily chang -- has woken ground. >> joining us from idaho where they have just broken ground on a new plant. tell us about why macron is making this investment and what it needs -- means for your company and for u.s. chip capacity. sanjay: they are making the historic investment, $15 billion to the end of the decade that we will be investing in a new plant in boise. we have been in research and

development leader from boise for decades and now being able to combine leading edge manufacturing technology, this is an excellent time for new solutions for the benefit of the customers as well as driving u.s. leadership in some conductor -- in semiconductor technology. this is enabled by the chips act and that was really important in terms of leveling the playing field. it is creating 17,000 jobs over the course of the rest of the decade. we will be starting production sometime in 2035. this will be transformative. we will be bringing on this with the industry demand.

emily: how does this impact globally? does that mean you always consider building in the u.s. first? sanjay: we have a very diversified footprint across asia for manufacturing. the chips act levels the playing field, whereby now production can become cost-effective. we will continue to invest in plants in asia as well but when we look at the demands, by 2030, semiconductor demand expected to double. that is why we started the plant here. we had the launch of the construction for the plant. this would enable us to meet

demand for the semiconductor technology. we will also continue in the overseas plants as well. emily: hasn't been enough others have called it a start? sanjay: it is a good start in terms of the tax credits. it will bless level the playing field which have been supporting investments in semiconductors for a very long time. micron will continue to invest from the operating cash flow as well as the balance sheet. a big part of investments will come from micron. with the chips act was essential. without it we would not have been able to have made this announcement today. emily: do you have any concerns

it is government and not market forces setting the agenda for what is needed that could create excess capacity? sanjay: it is extremely important that we will be bringing on production in the future in line with the industry demand ejections and of course each are bringing their own semiconductor plant and should be managing and micron will be managing our supply and demand and keeping a balance. emily: you worried about slowing demand which triggered concern over the chip industry. what can you tell us about demand as you see it now? is it slowing down and if so,

how much? sanjay: for the semiconductor industry, this is a challenging environment, primarily driven by adjustments that customers across medias and markets are making. that is impacting industry demand and supply balance. we have the connections in this regard and adjusting our supply growth demand for the future. in semiconductors, actions take a while before they are achieved. what is important here is what we are announcing today is about the long-term future, the demand drivers for long-term, 5g, autonomous and across data centers, industrial, automotive, drivers in terms of consumption

for the long-term are intact. that is why to meet the growing demand, investments need to be made now because they will take a long time to build and production will only start in the second half of the decade and will be managed in line with demand projections for the future. emily: so a huge step for micron breaking ground today. i am curious as to what this means for the broader industry, it has been slowing for a few quarters. how long could we be in a cycle of oversupply, not just where micron is concerned but across the broader chip industry? sanjay: adjustments take a while to work through the system. i can tell you that industry tends to be cyclical. the health of the industry is by

long-term demand. as adjustments, actions are taken fast to demand and supply but it takes a while, a few quarters to get in balance. the important is that actions are taken fast. we are being responsive in that regard but also managing for the long haul in terms of the growing demand, in order to meet the requirements of our customers as we look ahead to the second half of the decade. emily: there has been a lot of talk about the u.s. and china on this front how big is china in the market in particular? should the u.s. government be concerned about it? sanjay: the chinese companies are making certain progress and

these are taken into account when we look at the industry supply and supply growth expectations of the future. what we are doing at micron is continuing to stay ahead in terms of the capability. also respect for intellectual property but we have to drive. and today micron is a global leader in semiconductors and technology. in boise, what is produced will in the future be combined with manufacturing right here as well. these are all chips act enabled and will help secure the national security of the u.s. by having manufacturing and chips

being made here in the future the semiconductor industry. emily: do you think we can catch up to the investment that the agent companies -- countries have made over the last few decades, and if so, how quickly? sanjay: this is a start for the semiconductor industry through the chips act. this is not going to change overnight because it takes a long time to ramp into production. however, this is really a significant step forward for america to build diversified, reliable sources of supply to meet growth as well as national security. emily: sanjay mehrotra joining us on the first chips plant in

decades in the u.s.. jon: thank you emily chang with the ceo of micron. kriti: carlos alvarez winning the title at 19 years old. the tournament has long been a major contributor to tourism, nearly doubling. what is the secret? corporate boxes. i asked how they plan to broaden the revenue stream. it is the home of the qualifying tournament open to all fans of all ages and that runs through the entire first week. it is free and open to all fans where they can see every top marquee player practicing, open and assessable to all. we had 100,000 people register for the access pass to be able to get in and to down in the first row courtside seats to

watch rock found the doll and serena williams practicing there and they were enthralled -- rafael nadal and serena williams practicing there and they were enthralled. this is an important part of this event for many years to come. with respect to the u.s. open suites, they have sold very well. there is more demand than we can satisfy. we aim to satisfy everyone who wants to come in and enjoy the grounds for the day and see them practicing for those who want to indulge in a sweet. >> there is a difference between players practicing and state the finals or even order finals. how can you perhaps increase the amount of people who get access

to the more further along in tournaments, the ones people are really chasing? >> i think we have to make a bigger stadium. with respect to the attendance, it is absolutely sold out. we would be very interested to provide a lower price point for underprivileged people or kids are under resourced kids to get into certain sessions, but those tickets will get bought by the secondary market and we sold at market demand prices. we do every thing we can to be as assessable but we do have to work with the conditions we have to contend with. kriti: that was my interview with the chief officer of the united states tennis association. let's get a check on the markets. the s&p 500, a rally of 1%. nasdaq outperforming at 1.2%. the inflation report tomorrow might be a pivot point.

10 year yield 333 and the dollar continues to weaken, down .6%. stick with us. this is bloomberg. ♪

mark: keeping you up-to-date from news around the world, this is first word news. king charles just parliament for the first time. he says he feels the weight of history surrounds us following the death of his mother, queen elizabeth ii. charles is in scotland, where he led a procession through edinburgh. the queen will be laid to rest one week from today. ukraine's lightning offensive triggering a collapse of some russian defenses as kyiv continues a rapid advance in kharkiv over the weekend. the u.k. ministry of defense says russia has likely ordered the withdrawal of some of its troops in th