kriti: of course a call that mike wilson and morgan stanley chairs as well.et's talk about the bowl take for the stock market. we talk about recession in europe and in overstimulated chinese economy for example, does that not have the idea of buying now, because they will support the market leader? -- later? linda: that is a good point, the united states is essentially only -- the only place to invest these days with europe looking at a tough winter and fall coming up and china still struggling with the zero covid situation. money does come to the united states. the bowl case would be that we can see the next cpi report coming and show potentially that the inflation rate is coming down. and coming down enough to where the markets can say maybe the fed can slow the interest rate hikes and in the meantime, there is no other country to invest in the united states. we still look good. on the expensive side of what will be a wide range for some time. kriti: what does that mean for the liquidity perspective as well? linda: it is a mystery. another big concern in th

so i think there is more upside potential here i think what mike wilson is speaking about in his note is obvious to all we know that on september 1st the balance shaeet tightening i going to increase, it's going to double in size for are treasuries and mortgage backed securities we know in october we're going to hear about the challenges for earnings we know oil has a fundamental concern you push into the faum for the moment where we are right now, the technicals are clearly pushing us higher towards that 200 day moving average. >> on the going forward part, mike wilson underscores the notion the center for equity is as good as it has been before, from a rate perspective, from an earnings perspective steve weiss, and i go to you last because speaking of underweight, i mean, you're basically underweight equities, period, in your portfolio >> yeah, i've actually, you know, i'm sort of disappointed in you, mem, a l, a little bit. >> you're disupoappointed in my already? you're welcome >> first of all -- >> join the club. >> first of all, mel, it's a low bar, mel, first of all, but look,

we will talk to mike wilson next.his is bloomberg. ♪. >> the fed has said a lot of things that people already understood. the fed was going to take inflation seriously and in particular the idea that we will tolerate some pain on the labor market. alix: that's on the fed pain threshold. how ugly does the job market yet and what does that mean for the equity market? mike wilson inks investors are way too preoccupied with the fed. there is a line between earnings and the bed. >> the fed is relevant but i think we price most of the fed pain after the first of the year. the p/e contraction was due to the fed knitting around the inflation risk. multiples came down by 30% and the reason we can make the state and is we look at the p/e ratio and we look at the 10 year treasury with the fed controls and you have the equity component which is really the markets way of discounting the risk to grow. this whole year, the equity part of it has not risen at all. it's well below where was the beginning of the year but we think the ea

joining us now is mike wilson, the chief u.s. equity strategist over at morgan stanley. over the weekend, you used the word dream. why is that dream misplaced? >> i don't know exactly if it is dreaming, but the phrase we used was really just trying to imply that we have this window of opportunity for equity investors, where rates are coming down and you can interpret that couple different ways. as if the fed is close to being done, and they are going to be able to pick up the for the next recession arrives, and that window is always positive for stocks. i think it is premature to say the least. i also believe that when they do. or pause, that is on the growth side, and we don't get dogmatic with these, but then we get back to the framework which suggests it is pretty full given everyone growth. tom: when you have been leaning on is a divide between service sector equities and goods kind of equities. how sharp is the divide between caterpillar and apple computer. >> well, you make a point that there are potential goods, that some are more extendable than others. this is t

jess: mike wilson morgan stanley doesn't think it just about the federal reserve also corporate earningsbased on morgan stanley's projection, they are still seeing earning projections coming down even though second-quarter earnings season was better than expected. bank of america echoing that same sentiment. if you look at mark: at jp morgan, sticking with the bu ll case, for 800 level on the s&p 500. in 18% rise from the close on friday for the s&p 500. he did mention that up to seasonality factors in the midterm elections, that will call some volatility. jp morgan they can we will see potentially a rebound in the second half. jon: thanks very much. let's go deeper. capital managing director joining us. what can you tell us about positioning? shaheen: --amy: we continue to expect volatility will rise from here. there are a lot of other reasons we think the end of the year will drive it. historically that doesn't tend to be good for stocks. if you look the vix, september and october is where you usually see it rise, at least for the last 10 years. katie: is at work -- worth -- is it wort

. >> morgan stanley's mike wilson will join us at 8:00 a.m.tern time, and his notion back then, and we'll get to talk about it, his notion was that depending on whether the economy does enter a recession totally dictates where the s&p should be and he wasn't making a call on whether we would or wouldn't, and now we've got the whole back-to-back quarter discussion and all the discussion, are we in one are we not yesterday the polls, did you see the polls yesterday? a lot of americans think we are in a recession, which is weird that can be self-fulfilling. given the jobs numbers, you seem like you might hold off on making that declaration that we're in a recession >> well, you remember there were a lot of people making that declaration just a month, month and a half ago virtually every day they were making at that declaration >> because of the back to back quarters, but then you got the jobs number. jobs numbers are backwards looking. you never know >> and that was what the white house was saying against the backdrop of those numbers, it became

how much does this bleed into the mike wilson view of things? see margins continually compressed and people are behind what they are expecting. tom: it is really important to see a bear cannot like mike wilson, really intelligently saying caution. moments ago, john stoltz it's who absolutely nailed this rally says further there to go in a great bull market. >> and both sides are digging in their heels, the bulls and of the bears and saying you guys are missing the boat how much is the faith getting people through that they will be able to have jobs? does that confirm the feeling that we're seeing certainly and other anecdotal data? tom: speaking of missing the boat, macro strategy at academy securities. academy is in annapolis and of course is a wall street shop with a huge military event. i would be remiss if i didn't speak to you on your public service and their thoughts on what we are seeing in taiwan. at that affected your call across the block market? >> yeah, it is something we are very focused on. about 50% of the company are veterans, so

mike wilson: there's a reason that the family may not have experienced native and indigenous people on their property, is because the people who went there to coect didn't make themselves--didn't avail ofhemselves, and why should ty,onsideringhe history that we have to deal with? there is some real learning that needs to happen. madrone: i mean, who doesn't know that these high ridges were important to our local native american community? that's common knowledge. [applause] it wasn't new for me, but i do think for other board members and definitely members of the public, there was a lot learned about how important that area was. i think there were a lot of people who were caught off grd by that, a lot of local white people and others that thought, "what do you mean, it's a native site? it's a rancher's property. he's had it for 150 years." hernandez: we learned our lessons from the past, you know? that's one reason why we don't tell everybody where everything's at. what's sacred to us is sacred to us, and if we have to protect it, then, yes, we're gonna go out and protect it, and 're g

mike wilson: there's a reason that the family may not have experienced native and indigenous people on their property, is because the people who went there tcollect didn't make themselves--didn't avail themselves, and why should ty,onsideringhe history that we have to deal with? there is some real learning that needs to happen. madrone: i mean, who doesn't know that these high ridges were important to our local native american community? that's common kwledge. [applause] it wasn't new for me, but i do think for other board members and definitely members of the public, there was a lot learned about how important that area was. i think there were a lot of people who were caught off grd by that, a lot of local white people and others that thought, "what do you mean, it's a native site? it's a rancher's property. he's had it for 150 years. hernandez: we learned our lessons from the past, you know? that's one reason why we don't tell everybody where everything's at. what's sacred to us is sacred to us, and if we have to protect it, then, yes, we're gonna go out and protect it, and 're gonna

i thought mike wilson's note with morgan stanley was fascinating. he reaffirms in a slowdown, guess what? at some point the earnings you declines. jonathan: the downgrades should come through fast in a recession. that is his point of view at the moment. we are dreaming, aren't we, going into the data? payrolls this week. tom: it will be a data-dependent fed. forward guidance out the window. we will see payrolls. you've got to pay attention. will the labor economy break? jonathan: over the weekend, neel kashkari of the minneapolis fed spoke twice, pushed back against the euphoria that somehow this fed paul's is coming soon -- fed pause is coming soon. lisa: this really is the key pushback, that fed chair jay powell said we are close to neutral, getting close to getting that rate where it needs to be for this economy. looking at the real yield on two-year bonds right now, it is -0.3%. we still have negative real yields in the united states at the front end at a time when you have the fastest pace of inflation going back 40 years. jonathan: real yields

mike wilson, the chief u.s. equity strategist of morgan stanley is saying investors need to press for more pain. he says the u.s. index stock index, particularly, the s&p 500 has not hit bottom yet this year. he is talking up out not -- about not because the fed will be hawkish but because the equity market is too optimistic about the earnings outlook. he says earnings get cut -- if earnings get cut we will see the market bottom. they say that is probably between september and december. >> let's get more on today's top stories with bloomberg reporter emily raqqa and cross asset asia editor. emily, in terms of market moves today, what are you hearing from people? >> we have had the s&p 500 falling for four state days -- straight days. it is a pivot a lot of stock pools were holding onto over the summer that is starting to wane. the market narrative has shifted from will we are wont we get a soft landing to how tough is the growth slowdown going to be. . yesterday, and s&p the shorts the s&p 500 had one of its big

jonathan: that was mike wilson of morgan stanley. good morning.eene, lisa abramowicz and jonathan ferro. futures positive. yields high yesterday by 18 basis points on a two-year. everyone lying up -- lining up to say this and then the markets responded like they were surprised. if you like the fed speak, you get more of it today. harker, daily, that is your lineup for today. tom: we have to stop here. i thought forward guidance was dead. we did we get that memo -- didn't we get that memo? jonathan: just reestablish the reaction function. based on what happened with markets over the last week, easing of financial conditions, we had guest after guest saying this is an unprecedented easing of conditions. this tweet, speaker pelosi has left taiwan. this is what they have to say. it is fair to assume that the charters of china -- have gone considerably lower. he goes on to say without china you don't have india and without either, you don't have any emerging nation. some people might go on to say without any of that, you don't have an oil price cap on

>> if you look sent to mike wilson, he is of the view that we are at the point where we have pretty much garden-variety bear market rally. i also noted the comments late in the week from michael of the big short fame who pointed out that in bear market rallies, if you look at the period, the average rally in nasdaq was 23.7%. just about what we had at the end of the week but we also had to 40% rallies and 50% rally in 2000 and 2002. all -- ultimately, those failed and we went to new lows. alix: i think it is important to look at who has been buying this and i have seen so many notes about this. hedge funds, trend followers. quan's. etc. is this true. is that part of it over? >> one would think parts of that are over. this weekend, we saw from goldman sachs the rolling four-week data of short books covering was actually the third-highest cover rate in the last decade. that short component in terms of hedge funds has adjusted back. we have seen the national numbers go from that extreme low in 2020 back to the middle of the fairway 70. we have seen aai weekly data creep back into a normal r

manus: my favorite line this morning was from mike wilson.ome the end of the year you're going to see companies kitchen sinking their assets to have a better bounce into 2023. the consequence is if the rates don't -- the rate cuts don't come, there is a ship in fx. the taiwanese dollars under pressure because of the angst of pelosi arriving today in taiwan. and the chinese guiding -- it is a guidance, not a target, on 5.5% growth. how disappointing from a global risk narrative is the movement from a guidance movement to guidance than target on the chinese growth of 5.5%? >> i think it is -- chinese authorities have excepted reality. 5.5% at this kind of level would mean a very sharp rebound. in a sense they are just moving in the direction of what everybody is already saying. if for percent handle rather than a 5% handle -- a 4% handle rather than a 5% handle. the fact of the matter is they have not been easing massively. they are easing. they are also putting a massive amount back into the economy. they are not trying to hit 5.5%. it does no

on the flipside, mike wilson and morgan stanley pushes it a little bit more.e says that inflation could come down very, very fast. if that happens, that's the negative for stocks. what do you think of that argument? >> obviously, falling energy prices are going to hurt energy stocks paired but in general, the real problem they face right now is building up wage demand. that is going to really crush margins. that stops wage growth from accelerating here. you have lower interest costs that allow companies to help keep their margins high. you have global wage growth. i think all of that is actually positive. inflation has been the problem. lower inflation will be good over the next few years for maintaining profit margins. guy: how quickly can we get back to record highs? you think those will be justified, given that some of the headwind we are talking about will still exist for a while? >> it might be a while, but it could take six months, one year, it could take longer than that. i think one of the mental exercises, look at the market right now. look at what th

and mike wilson can tell you it is obvious what happens next.an, we will have growth. it will get hammered and we will keep hiking with his you want to get inflation down. tom: you mentioned it earlier, both the bears and the bulls are looking to get corporate performance -- looking at corporate performance. earnings, revenues, will he be slow down? edge they have the cardinal rule, in every case, adapt and adapt rapidly. as an aside, retail has the holidays coming up. jonathan: and with earnings happening, can you keep repeating that through the next couple of quarters given what the fed is about to do? lisa: especially retailers, i looked at a survey that talked about people spending less on goods during the holiday season. so some of them keep percolating out. what does the strong dollar do? i do wonder, we are seeing the dollar at the strongest level going back to 2002. how does that affect the multinational? jonathan: with jp morgan, year-end targets -- they are immediate now. lisa: that could be one explanation. we can discuss what will co

tom: you sound like mike wilson. i guess you are reading from the same hymnal. if you said the s&p is to fight back, till they only have the interest rate tool? -- don't they only have the interest rate tool? brian: i used to think they had two, i thought they would use the balance sheet more. but yes, the tool they have at the front end of the yield curve, i think they will continue to push. to the need to go 75 every meeting? no. they've done a lot. tom: what is the two tens spread you see? do you see a -80? brian: -100 is reasonable to me. tom: wow. brian weinstein. kailey: i wish somebody caught my face on camera because i just think my eyes popped out of my head. tom: we do not have that camera. we have a lisa camera. lisa: -- will check and see what that peak was. how far are we from having to do a kind of move and if that happens, what kind of pain is there? what have we seen in markets? have we seen the fed take effect in terms of taking the gloom off inflation? or is it different? a confluence of luck and some moves on the policy front to try to have th

mike wilson at morgan stanley who had the hot hand this year the equity market can dream after betteruture when rates come down but we'll be proven wrong by estimates collapsing as they always do in an actual recession. helping us out, moneymap shah gilani, heed did i gabor, wealth enhancement group senior vice president nicole webb. eddie, start with you. you told folks to be bearish, 100% on the sidelines you've been so far right. this july move, do you think this is more than a bounce? >> charles, we're human beings, so you always second-guess at times when you see rallies. i learned a valuable lesson managing the tech bubble burst in 2000. don't get sucked into the bear bounces. back then the bear bounces were twice as big what we see today. i'm focusing on fundamentals. the reason why we continue to be bearish, think this is a bounce. number one, the fed is not dovish. they say they will try to get inflation at 2 1/2 to 3 1/2%. in my opinion only way that happens by causing a recession and this market has not priced in a recession. secondly the dollar will shrink as they tighten,

to them for about 30 minutes and then will catch up with julie beale around the opening i think mike wilsonnions to the analysts you mentioned. tom: it will be more than interesting. we will listen for michael wilson with jon ferro. jonathan: i will see you at laguardia. tom: are you with me? i did not know they allowed us to do that. anthony from sparta emailed me. maybe he wants me to get on a different plane. jonathan: right now we will continue. douglas kass scheduled to join us, but right now an important essay on goldman sachs. i will come to the force of your essay on consumer banking at goldman sachs. is this marcus by david solomon? how much is is leader attached to his consumer projects. >> this is a fed project he has embraced and he wants to go the course. questions have been raised since the implementation of the strategy. we are top euro for billion dollars towards the end of the year. as you do not see a turnaround anytime soon, patienv will start -- patience will start to wear thin. you are seeing that in delaying the launch of the checking account which is being delayed and

. >> michael farr, bernstein, market bottom not in yet mike wilson i still believe we're in the midst of the bear market guggenheim, stocks in trouble if the s&p fails to break above the #itth 200 day. couldn't get over it that is why technically we are still in a down trend. how do you see things relative to what you heard from everybody else >> i agreed with everybody which is the easiest thing i can do. i mean, there are certainly constructive things and some of the fundamentals that are still holding in, okay, still seeing top line growth. we've seen those companies that had pricing power that steph has been talking about all year long they're holding up josh isn't wrong here. there was a great factoid on cnbc pro yesterday every time there's been a bear market since 1929 where the s&p fell more than 10% there's been a rally of 17.2% on average over the next 39 days before resuming the decline. s&p's rallied 18% off the bottom and it's over 35 days we're fitting an old pattern here historicalliment point number two and this is my last one. i'll shut up because i know you want me t

mike wilson said the same day they hiked rates that the rally was a trap.e? i want to bring in belpointe chief market strategist, david nelson, strategic wealth partners ceo mark tepper. mark, you agree with wilson though, right? you think this is another bear market trap? >> yeah. these are, these bear market rallies, these oversold bounces are to be expected. these things rope a rope-a-dope you? and break your heart. i feel two conflictingtives are duking it out in the stock market. the camp that believes recession is here therefore the fed will pivot. that narrative has been winning over the last few weeks. that is why the markets rallied pretty substantially and then you've got the conflicting narrative which is inflation still is red hot. there is absolutely no way that will pivot. that is what i believe. charles: we were actually up, we were up right before the open. everyone started watching nancy pelosi's plane. when she landed we went up again. then mester said with what mark just said, in other words she is saying inflation is too damn hot. this m

. >> so for every marko colanovic i'll see you michael and raise you a mike wilson. b of a thinks it's a tactical bear market route. i can throw experts at you also. big picture, now you have a vix sub 20 once again. throughout the course of the year, if you got very aggressively excited because stocks were up and started buying heavily at vix sub 20, you've had your head handed to you repeatedly g.look back in april. thought it was all good, like the market had recovered from the shock of russian aggression and a little -- a little bit of concern about the fed and then we were back and off to the races, yet a vix 20 in may, in june, they crushed you i don't think we want to look at a nice rally off the lows for some of the best run companies in america like apple which is now actually getting bigger relative to the s&p. it's the only one of the faang names that if you do a ratio chart, it's actually growing in importance to the s&p. you look at that you look at financial conditions easing which is the exact opposite what have we should want if we want the fed to be

you have to wait until everybody comes in on monday and you have all of the mike wilsons come on tv. ink it's a beautiful day. mike will come in. wherever mike is. whether he zooms in, he will be sitting right there, telling you you are an idiot to buy. so you just have to go through the idiot factor. let that happen. don't buy ahead of the idiot factor. >> a lot of the calls to buy, for example, tomley last night, arguing that many time, stocks bottom six months before the last hike. ostensibly, this morning, the last hike gets pushed down a bit. >> i think tom lee could only be right, but can we just admit it let's have a little pain. remember. it is not to say that it's because of the climate, which is just staggered. remember. we were so afraid of the increase when we went from 80 to 130. now we were almost back to 80, and you know what, i have been driving around a little more. i notice i have a little more left. that is not happening. what i am betting on with my travel trust, and so far, i have been so wrong on this. disney could make a come back here. because warner bros. show

of corporate commentary, wait until conference season begins in early september then they cite mike wilson, then you'll hear more macro worries >> i disagree with mike, i think supply chains easing, the futures are doing the job mike wants. mike might be surprised the futures will take the markets where he was hoping, believing in, i shouldn't say hoping, and then when the companies talk, you're kind of saying, it's not as bad as the stock has moved. i like his call that the market's going lower i don't like his call that when we start getting together, that things are going to be bearish because the companies that we do hear, cisco, deere, a pretty good range, foot locker. >> amat. the amat call was basically, we have more business than we know what to do with. walmart, i've been negative walmart, walmart delivered >> these are delivering on what had been reduced expectations as a result of the previous quarter where it didn't go well. walmart, cisco, then things got better >> but cisco was good. >> it was good based on the fact that people had rolled back their expectations because of th

mike wilson of morgan stanley saying risk is attractive. gains on the s&p 500, the longest week so far, taking out about 50% of the drawdown in 2022 and i believe we are close to 17% of the lows or so. the message from the fed is we have more work to do and it looks like this. two year yield, 10 year yield, still negative, tom, by 40 basis points. tom: looking at the drawdown that you mentioned, looking at the draw up, the math is well-done. the dow doesn't do quite as well and the nasdaq from the bottom of june is up 22%. jonathan: you call it the media gloom, but it's the downside with the exception of mr. con of its. -- mr. jp morgan. tom: you know, there have been a couple of -- jonathan: it won't come until the beginning of 2023. tom: it was published moments ago, they made it clear that this is a market for the bears, skeptics, and nervous. jonathan: that's a good way of putting it. i remember that and over the last couple of weeks we saw people getting the itch. the edge? price shapes sentiment, sentiment doesn't shape price. that's

mike? >> at the risk of sounding like mr. wilsonere on radio, i hear anecdotally from people who say i can hire someone who will show up for the first day but i don't know if they'll come back the second week. apple is announcing, this is today's news, coming back to the office three days a week. comcast is doing likewise. they're getting a lot of resistance, because people don't want to go back to work. new research from a stanford political scientist says the american dream is alive and well for the children of immigrants. because they have a greater likelihood of getting rich than the children of those naturally born in this country. maybe jamie dimon is on to something. >> can i ask you, just to jump off of that, do you think if someone doesn't want to come back to work physically, is that necessarily an indication that they aren't committed to their job? >> it might be, brianna it depends, if it's someone who says, no, i'm enjoying the curbiness of being at home, even though i'm less productive, therefore, i don't want to go in

bottom 2nd 00 mike, you stream ski goes deep off bryce wilson? yes his 12th homer of the season. a one. oh, lead. there we go. bottom of the fifth giants leading 31. yes again hits it deep to center pirate center fielder loses the ball in the lights. he drops it that brings in brandon bell turns on the jets, and they will score from the second. yes with the r b. i double giving the giants a 41 lead, and they hold on to win. 53 stepping two game losing streak. the san diego padres are without a shortstop fernando status jr. he has been suspended 80 games effective. immediately positive for performance enhancing substance , and that's in violation of major league baseball's joint drug prevention and treatment program. the suspension will cover the remainder of the season and will make him ineligible for the postseason. the padres are currently in the third and final wild card spot in the national league tough one for the aids, the oakland athletics squaring off against the houston astros a good crowd at minute maid park tonight as the a's were trying to snap a five game losing stre

joining us is republican strategist mike murphy in the lake winnipesaukee and the author of the tremendous new york times best-selling book "the big lie" and rick wilsonrmer gop strategist and co-founder of the lincoln project and the only one of the people i really wanted to see and msnbc political contributor. mike, because you're away i'll start with you and the same thing when i was talking to rick and all of your, you know, you political consultants. you agree that liz cheney went down for principle, if you agree with that, how often have you seen that in your career? a candidate who was willing to lose their seat, lose their job over a matter of conviction? >> -- hey, mike, you're muted. on whatever device you're using. there's nothing worse than watching you pantomime, mike. >> there we go! >> it's like reverse karaoke or something. go ahead. >> hear me now. no, no, there have been a ton of them and it's a very thin book of history of courageous folks who stood up. we're seeing a bumper crop right now because we had a bunch of members who voted for impeachment who were forced to retire like fred upton and pete meyer, so it's rare and she is a h

wilson and his wife gayle. governor. reagan library director duke blackbird. duke. of course, former congressman elton gallagher he and his wife janice. congressman jay -- and his wife heather. congressman. congressman like mikeston and jack. assemblywoman sue that -- city of -- recognizing keith nashville and we also want to thank the city for its honorary resolution commemorating the 30th anniversary, thank you. and all of the city council members from the various counties. last but not least, i want to play greeting from a very special person who was not able to join us. >> so liberating 30 years of the ronald reagan presidential library, census opening millions of -- learning about the life and legacy of our nation's 40th presidents. for president reagan's belief in our country, and his love for our country, he became an enduring symbol of our country. lauren our breasts blessed to have known ronald reagan, and we congratulate anybody vote with the reagan library and its 30th anniversary. god bless you, all and may god continue to bless america. [applause] >> thank, you mister president, for sharing a special day with us. three years, ago before this libraries opening in november of 1988, president reagan

wilson and helen here in taft and florence harding all very powerful first ladies. so grace benefited from that. there is a blowback though, isn't there on this accountability and mike dean elected for the first ladies who come after a first lady who's perceived his powerful whether they want to cut back or not. i think they feel the pressure from the public to do that. we have a question here. yes, i've heard edith wilson referred to as our first female president, and i'm also surprised in this discussion that you haven't mentioned eleanor roosevelt, but that's not my question. my question is political writers and pundits are very free about ranking our best president in our worst presidents, and i wonder if you would go so far as to maybe talk about who are our good first. ladies and who were our worst and i know a lot of people get that. they're not elected. they're thrust into the position and some people rise to the occasion and some don't but i just wonder if you would be involved in ranking or judge that this audience likes trouble. it's a project to work on to be sure i didn't want to take the chairs prerogative, but i will speak about eleanor roosevelt. any

also meet team scotland's rosemary lenton and pauline wilson, the commonwealth gold medallists with a combined age of 130. we will go to the youthful mike doing? good morning. good morning. just me and the seagulls. 0ne taking an early bath. i do not know why there are so many seagulls in birmingham. we are talking about diving. double success for team england. talking about diving. double success forteam england. 0ne talking about diving. double success forteam england. one for talking about diving. double success forteam england. 0ne fora new talking about diving. double success for team england. one for a new team member. and the road cyclists, a number of crashes yesterday including one for geraint thomas as we report. from the champs—elysees to wolverhampton, just 11 days just 11 days after coming third in the tour de france, wales's geraint thomas was hungry for more success in the men's time trial. in this event, it is crucial to get off to a good start. he did not get one. commentator: oh, no. and geraint thomas an early faller. a slip within the first few kilometres and, with that, the gold had slipped through his fingers. and

she's going up against keren taylor wilson a businesswoman who is endorsed by governor doug ducey. mike pence former vice president. his is a classic maga versus s thompson show down probably one of the biggest political test for trump on the map tonight but there are other big races in arizona. the senate primary for the right to face senator mark kelly. also secretary of state attorney general races, a lot of these establishment versus maga test on about tremont let's stick with kerry lake. in the general election how is she looking? >> guest: arizona is a swing state. she is certainly very pro-trump one of the most loyal republicans to the president's conspiracy theories, the nihilism of the arizona election results in 2020. clearly she will have a harder time winning a general election. the favorite democrat is katie secretary of state who certify the election for president biden in 2020. arizona is a swing state. it is a good year to be a republican. kerry lake could be, she's got a decent chance if she wins tonight to win an election in arizona. >> host: will she face kelly? >> gu