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Wall Street traders kept piling into bets the Federal Reserve will cut rates in September as weak labor data lifted bonds. Those wagers also propped up stocks, which halted a two-day rout amid a rally in big tech.

Just days ahead of the US payrolls report, a drop in job openings to the lowest in 10 months saw traders almost fully pricing in a Fed cut this month and projecting at least two in 2025. Treasuries bounced after a slide that put the 30-year yield close to 5%. While most shares in the S&P 500 actually fell, Alphabet Inc. led gains in megacaps as Google dodged a forced sale of Chrome.

The slide in vacancies indicates companies are becoming more cautious and selective with their hiring as they attempt to gauge the impact of tariffs on the economy. In addition to the openings data, the pace of hiring has slowed and it is taking longer for unemployed people to find another position.

Before that, Friday’s jobs data will be a crucial input for Fed officials. Some are less concerned about the slowdown in payrolls growth because it’s being accompanied by a decline in the participation rate. They’re also wary of reducing borrowing costs when inflation is gradually increasing.

Today's show features:

• Bloomberg Economics US and Canada Economist Stuart Paul details the Federal Reserve’s August Beige Book release
• Jason Granet, Chief Investment Officer of BNY, on the market outlook and the Federal Reserve
• Jaime Leverton, CEO of ReserveOne, on the role of crypto treasury companies and her firm’s IPO plans
• Rick J. Caruso, Founder and Executive Chairman of Caruso, on the hospitality and commercial real estate business, and California economic recovery from this year’s wildfires

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House Republicans are taking a middle-of-the road approach to funding the federal health department by making deeper cuts than their Senate counterparts but granting only some of President Donald Trump’s wishes. House appropriators unveiled their version of the appropriations bill for the Health and Human Services Department on Monday, which provides the department $108 billion in discretionary funding, cutting $7 billion—or 6%—from the previous year.
Quang X. Pham, Founder, Chairman and CEO of publicly traded Cadrenal Therapeutics, discusses how such budget cuts impact his company's ability to conduct pre-clinical research on new drugs and get them through the government approval process in a timely manner. Quang speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Alphabet Inc.’s Google doesn’t have to sell its popular Chrome web browser, a federal judge ruled Tuesday in the Justice Department’s landmark antitrust case against the search engine.

The ruling allows Google to avoid one of the most severe remedy requests from the US government after the court found the company found the company had an illegal monopoly in the search market. Judge Amit Mehta did bar Google from entering into exclusive contracts for internet search. 

The finding follows Mehta’s ruling last year that Google illegally monopolized the markets for online search and search advertisements. Mehta held a three-week hearing in April to determine a fix.
The order is one of the most monumental court decisions affecting the tech sector in more than a quarter century, and could offer a blueprint for other judges who may end up weighing similar choices in cases against Meta Platforms Inc., Amazon.com Inc. and Apple Inc. 

In another win for Google, the judge didn’t bar the company from making payments to third parties for default browser placement. 

Today's show features:

• Bloomberg Intelligence Global Head of Technology Research Mandeep Singh and Bloomberg News Senior Executive Editor for Global Tech Tom Giles
• Peter Atwater, President of Financial Insyghts and Adjunct Lecturer of Economics at the College of William and Mary, on US trade policy and the economic outlook
• Wendy Cutler, Vice President at the Asia Society Policy Institute, on India and China shoring up ties with Russia amid the US-driven trade war and geopolitical unrest
• Bloomberg Senior Editor, Equities Americas Eric Weiner, discussing the Tuesday trade

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Collab Capital is a venture firm investing at the intersection of innovation and inclusion. It backs early-stage, tech-enabled companies addressing critical needs across workforce, healthcare and community infrastructure, sectors it defines as “the building blocks of shared prosperity.” Its portfolio includes founders developing the market-defining solutions expanding economic mobility, improving access to care and strengthening the systems communities rely on every day.

Jewel Burks Solomon, the firm's co-founder and managing partner, discusses her team's latest investments and the venture capital landscape broadly. Jewel speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” 

Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. 

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

Questions about whether President Donald Trump had cause to try to push out Federal Reserve Governor Lisa Cook dominated a court hearing Friday, as a judge weighs whether he had proper reasons to order her removal from the US central bank.

US District Judge Jia Cobb peppered lawyers for Cook and the administration for about two hours Friday, before ending the hearing without ruling on the Fed governor’s request for a temporary order blocking Trump’s effort to oust her. The judge, who isn’t expected to make a decision this week, didn’t indicate which way she is leaning in a landmark lawsuit that could determine the future of the Fed’s independence. 

The hearing capped weeks of criticism of the Fed by the Trump administration and signaled the beginning of a pitched legal fight that is likely to land before the US Supreme Court. Cook sued after Trump moved to fire her for allegedly engaging in fraud by declaring two homes as her primary residence in separate mortgage applications. She hasn’t been charged with wrongdoing.
The judge focused in particular on Cook’s argument that being accused of wrongdoing and fired through a series of social media posts didn’t amount to proper due process under US law.

Today's show features:

• Bloomberg TV and Radio International Economics & Policy Correspondent Michael McKee on key takeaways from Federal Reserve Governor Lisa Cook’s emergency court hearing
• Bloomberg Intelligence Global Equity Strategist Gillian Wolff on the Friday trade and end of the "de minimis" trade exemption
• Kirsten Corio, Chief Commercial Officer of the USTA, on growth in the sport of tennis in the United States
• Eric Butorac, Director of US Open Player Relations for the USTA, on the life of professional athletes

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Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review.

The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case.

Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first.

“ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued.

For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. 

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Yasmeen Ahmad is Google Cloud's Managing Director of Data Cloud. She is among the group's top leaders on the database and data analytics team, which runs enterprise platforms like AlloyDB and BigQuery. That gives her keen insight into the evolution of large language models for data analysis and the growing number of use cases for Generative Artificial Intelligence,or “Gen AI,” a type of AI that can create new content like text, images, music and code, by learning patterns from large datasets.

Yasmeen examines generative AI’s impact on data scientists and data developers with Tim Stenovec, Norah Mulinda and Bloomberg Intelligence Global Head of Technology Research Mandeep Singh on Bloomberg Businessweek Daily.

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Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

On this special edition of Bloomberg Businessweek Daily, Tim and guest host Molly Smith broadcast live from the USTA Billie Jean King National Tennis Center in Flushing, Queens.
They speak with:

• Jon Wertheim, sports journalist and Correspondent for 60 Minutes, on the business of tennis
• Tim Bunnell, Senior Vice President of Programming at ESPN, on the changing landscape of sports media
• Bloomberg Cross-Asset Reporter Isabelle Lee and Managing Editor for Bloomberg Markets Live blog Kristine Aquino on the Thursday trade

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The stocks of Walmart Inc. and Costco Wholesale Corp. may represent a risk due to their high valuation, with forward price-earnings ratios of 34.3 times and 47 times, respectively. That's according to Bloomberg Opinion markets columnist Jonathan Levin, who writes that the "perception of safety has inflated the retailers' valuations, as investors believe they can't go down, which paradoxically puts them at a heightened risk of correction."

Jonathan discusses the implications of that trend as well as his thoughts on Federal Reserve Chair Jerome Powell's response to President Donald Trump's pressure on the central bank with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily.

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