jon: i'm jon erlichman, welcome to bloomberg markets. matt: i'm matt miller. let's check on what is going on. stocks putting up some gains as traders are optimistic about the cpr number we are all waiting for tomorrow morning. the s&p is up at 4420. they are rising on the two-year and the shortened so that means the inversion is getting deeper. the bloomberg u.s. dollar index coming off a little at 12, 20,

and oil continues to rally on stimulus out of china as well as continued flows from russia and iran. nymex trading at $74 point $.84 -- 74 point -- $74.84 a barrel. jon: they're pushing to hope and optimism. to be due 40 for example, matt could find all kinds of use cases to keep your vehicle in great shape. but it is up 18% and the quarterly results later this month, analysts be on the story behind rubbermaid and other brands. and in deal specific use, we been tracking microsoft and activision shares after a fed eral judge rejected the ftc's attempt to block the transaction.

a huge surge in activism. matt: they discussed what it means for the regulator and the tech industry at large. >> they are based on siri -- theories that are edgy, theories about vertical acquisition. they are having a difficult time expanding the frontier to include theories that have been deemphasized. . that is going to give confidence if they are willing to have a fighting chance to prevail in court. matt: bloomberg intelligent senior analyst -- how does this

affect what is going on in the u.k. where they have real problems? >> they said in court if they lock -- lost today, they would be abandoned. if they had been pulling the early block closing the deal. it is all about the u.k.. 40 to 50 regulators across the world, this is going to clear the deal and only a hold. it looks like from the headlines i've been seeing that they are already gaining. it is going to be a deal from activism. john: it almost felt like at red

lake the exact opposite became true in this case, that there would be an opportunity to reach more consumers. the last clip on whether or not it slows the potential attempts to rein in silicon valley. jennifer: i agree. talk about vertical deals. harm that could come to them are difficult. it comes down to the analysis. they are perfect and complicated. a lot of sketchy inputs. it is very difficult to show there could be harm. the second part, when they walk in saying there might be concerned and problems, we are

ready to fix that. we're going to make concessions by promising to do this or not do this. michael soft and activision promising not to take activision gains exclusive, making them available to rivals and consoles, the judges are going to take that into account. they don't want to settle -- when you walk in with a reasonable fix, the deals that are pending or yet to be signed, that is a blueprint. if they think they're going to get pushback from the doj or the ftc, there are some issues, the, with the reasonable fix in court. it is likely the judge will look at that and consider that in the companies will have a good shot. matt: jennifer has been

following this case for us and they will continue if the -- until the deal closes. sticking with the story. the top media executives in the world are gathered in sun valley for the annual allen and company conference. ed ludlow is there. let's start with microsoft. top story in tech today. because of the court decision, what are you hearing? ed: you look at the decision. they're both do here this week. you've listened to bloomberg television in the last two hours. what if they had ruled and the other direction in favor of the ftc? this is a blow to them and the cma, the narrative that is emerging. it also opens up the energy

behind deals in these sectors in sun valley. our colleagues at cnbc are reporting that there was an offer of divestitures to the cma and the u.k.. i remember when we spoke to bobby in april. what he took issue with was that cma and the concept of cloud gaming. it is a small and relatively nascent part of the games industry. it was about getting access to mobile vision. there were still questions to be asked later in the week, we will sit down with someone from activision and ask those questions. jon: we look forward to that. since this is the place where people like to speculate on deals, we have more clarity for now on this chapter, whether it is artificial intelligence, streaming wins and losses over the last year, i would imagine

there are fruitful conversations to be had. ed: i would frame it that some value is back to the historic focus. a year ago, there was only one story in town, the elon musk purchase of twitter. the recent story is that elon musk was the high-profile attendee. and friday night he filed to walk away from the twitter deal. i will never forget that moment in my career. you on musk was here along with the then ceo of twitter and the ceo. -- cfo. it was madness. there's is a lot more talk about many more conversations. what about hulu? comcast owns a third of it. they have a right to require disney to buy out their remaining stake.

bob iger arrived a few moments ago. this is the broader narrative playing out this year. matt: you mentioned elon musk and twitter. i wanted to ask who the most talked about executive is. i wonder if it is bob iger, you were talking about disney, or if it is mark zuckerberg because of the threaded, the speed with which threads has gained us -- subscribers is mind boggling. ed: it will be an interesting story. when i came in 2021, they published an article -- it was based on her handling of facebook, meta on the hill in d.c..

mark zuckerberg, sheryl sandberg, shoulder to shoulder smiling year-to-year to demonstrate the relationship is ok. it was a lot of pressure on them at that time. what happened 2022 and 23, the layoffs, it is renewed. threads has been a success, reaching 100 million users. high-profile media. and threads is its own property and it is not even advertising. matt: i'm excited to see if he shows up in jeff bezos shape ready for the cage match. ed ludlow goodness from sun valley. we will talk to you throughout the day on bloomberg television and radio. coming up, raising an and announcing a share buyback. the ceo joins us next. this is bloomberg. ♪

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jon: this is bloomberg markets. jon erlichman with stock of the hour. we have been dialing in shares on the world's biggest truck maker. increasing service costs. admission free trucking which is what the entire industry is saying. matt: the truck company is saying and 21 they're going to

buyback euros and the exchange rate. they're going to continue a focus on margins. they want to hit margins in the range of 8.5 to 10%. that is a boost of previous estimates, 7.5 to 9%. there tried to catch up to smaller rivals with bigger margins. joining us as the ceo of daimler truck, martin daum. tell me about the move to a higher forecast. what has made you more confident? martin: 2023 is going awesome. we were concerned about the supply situation. it is still tense in the marketplace. demand is extremely strong. especially for our great products all around the globe. we will as much as raise our

forecast for 2023 and announce the massive share buybacks because we are doing nice on that cash flow side as well. jon: what is the balancing act on how much you invest in new technology versus what gets earmarked for shareholders, like the buyback related news? martin: we have a clear investment program going forward. always on the traditional products, combustion engine, electric trucks and hydrogen. we need both technologies for and a mission three future -- emission free future. there are partnerships around the globe. competitors, suppliers need to secure ourselves a good position as the leading manufacturer.

there is enough left to have our shareholders participate in that success. matt: love that blue. a great big rig we are showing on the screen. as you make shift, a lot of auto manufacturers have made as well. you're selling more of the high-margin heavy duty trucks to fund this transition. what are you seeing in the emissions free business. how much money can you make on vehicles that are not powered by gas and diesel? martin: there is no reason that the margins on the mission free trucks should be lower than on combustion trucks. there is a lot of investment necessary. fuel-cell factories. i'm not afraid of that

transition. it is not a threat bro industry. it is our chance. jon: when we saw that daimler truck spin off, there was a theory this would allow you to move faster. is there anything you can point to happening on the business now, which was featuring the ability to navigate all this change on a faster pace? martin: absolutely. we took an entire lever of corporate alignment out of the whole thing. we on the other side decided on the structure that we are having five independent businesses, europe, asia, financial services. more freedom than before. in that -- that in total speeded up. i can give numerous examples,

the best example last year when it all started. it took us exactly 72 hours to see is our entire business in russia with a full commitment from the decision, which has been impossible in a large conglomerate before. this investment decision and so on, there is a lot going on in our company. matt: that will help to remind the business as well. big moves from fuel-cell emerging. is there anything we can expect in terms of sales, partnerships? martin: the next big step is they come up with better results production, most likely in the united states. to meet again and talk about that in the near future. matt: thanks for joining us. we've got an investor gay today.

daimler trucks ceo coming to us from boston. small business optimism at the highest level this year. fewer businesses are raising prices that could help the inflation picture. details next. this is bloomberg. ♪

jon: this is bloomberg markets, i'm jon erlichman with matt miller. time for today's for what it's worth. given that it is prime day, how about we talk about the deflationary forces in the air. if you are looking for deals, we are looking at 2.6%. that is how much prices for goods purchased online declined in the u.s. last month. the biggest drop since may of 2020. the 10th straight month according to adobe, with a

year-over-year decline. matt: let's continue to talk about inflation or the lack thereof. fewer small businesses in the u.s. are raising prices. new data shows price hikes in june their lowest level since march of 2021. molly smith, bloomberg economics reporter is here with details. it does not look like in terms of small businesses we are seeing as many price hikes as we had in the last year. >> that's right. you see this in the last year, inflation has been coming down more so in the headline measure. but when used about the food and energy categories, the fed is probably going to think it is still too strong and why we are still going to have a rate hike at this month's meeting. jon: i feel like with the data you are crunching, on the one hand, any signs of deflation

might be encouraging but you are also monitoring consumer spending doubles. what are we seeing their? molly: sure. i'm hopeful for the soft landing story. it is what we all want. let's hope that it shows. maybe the jobs report would support that as well. this is what we are seeing. the economy is slowing according to several measures, just maybe not at the pace that the fed would have expected. rates have been going up or over a year and it is still taking all of this time to see or the significance in in consumer spending and hiring. all eyes on tomorrow for the inflation saga. matt: exactly. i guess a rate hike is locked in for the july meeting. the question is what happens after that. yesterday we had three fed officials say we need more hikes. a couple said they need two

more. there were specific. but i don't know anymore after listening to raphael bostick, if it means an increase in the federal funds target rate or if inflation coming down means they are going to be passively hiking. molly: the passive tightening. he of course is the most vocal dove on the committee. everyone else is pushing for more hikes. it will be interesting to see what the decision is like in july if it is unanimous. june's decision to pause was unanimous but we saw once the minutes,, maybe not so much. but will be interesting once we see when the minutes, of the july meeting later, how on board everybody was. jon: does wage growth get the lion share of the attention within the conversation?

molly: it is tough. there is agreement that wages and price growth are related, it is a debate of which one drives the other. it seems like fed officials have largely walked back a lot of their concerns about wage growth. there was so much of a story toward the end of last year especially. tomorrow along with the cpi data, what inflation-adjusted wages did as well. matt: molly smith talking us through what to expect. tomorrow we are looking for 3% in the headline. 5% in the core in terms of cpi. we are also going to get a bank of canada decision. jon: there is a next lactation we will see another rate hike in canada. the bank of canada perhaps following the fed. we will see what happens on the next rate decision.

full coverage into tomorrow. they're looking at the s&p higher for this hour. for matt miller, i'm jon erlichman. this is bloomberg. ♪ okay. i'll work on that. save $1200 on our most popular sleep number 360 smart bed. plus, save up to an additional $500 when you add select adjustable bases. it's an amazing thing

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romaine: a big interest when for microsoft, and a big inflation report on the horizon. live at bloomberg headquarters in new york, i am romaine bostick. katie: i am katie greifeld, we are kicking you off to the closing bell. let us take a look at where markets stand, the s&p 500 slightly higher, about 3/10 of a percent. outperforming big tech, the nasdaq 100 of about a 10th of a percent. light volume as we await the key inflation report