Bloomberg Daybreak: US Edition

Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI and PPI data and Tesla’s Robotaxi launch.
• In the UK – a look ahead to London’s Tech Summit.
• In Asia – a look ahead to readings on Chinese exports, as well industrial production and retail sales.

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On today's podcast:  

1) Elon Musk and President Donald Trump engage in a public dispute the traded personal barbs and weighed down Tesla stock and Musk's personal wealth. The dispute began over differences on the GOP tax legislation, with Musk opposing the bill and Trump accusing Musk of being motivated by self-interest.  After Tesla shares tanked 14% and Musk's personal wealth dropped by $34 billion, Musk signaled a willingness to cool tensions with Trump, responding to a user's advice to "cool off and take a step back for a couple days" with "Good advice."  

2) Tensions appear to be easing between the US and China. President Trump and Chinese President Xi Jinping agreed to further trade talks to resolve disputes over tariffs and rare earth minerals. The two leaders had a 90-minute call, during which Trump acknowledged that the trade relationship with China had gotten "a little off track" but said they are now "in very good shape" with a trade deal.  

3) Investors brace for a critical May Jobs Report. Traders are awaiting the key monthly nonfarm payrolls report, which may reinforce expectations that the Federal Reserve will cut interest rates at least twice this year.

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On today's podcast:      

1) President Trump signs a travel ban for 12 countries. The president is reinstating one of the most controversial measures from his first term after an attack in Colorado that targeted an event supporting Israeli hostages. The travel ban announced Wednesday covers Afghanistan, Myanmar, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. The measure also partially limits entry of people from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela.  

2) Elon Musk goes after the president's tax bill after losing out on electric vehicle credits. Musk has taken to social media to urge Americans to contact their lawmakers to "KILL" the legislation, citing its $2.4 trillion price tag and warning that "Bankrupting America is NOT ok!"  

3) Democratic candidates for New York City mayor square off in their first debate. Former NY Governor Andrew Cuomo staved off attacks from progressive rivals Zohran Mamdani, Adrienne Adams, and others as the NYC mayoral race heats up.

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On today's podcast:   

1) More tensions between the U.S. and China as President Trump says Xi Jinping is extremely hard to make a deal with. Tensions between the two countries are increasing, with the US recently barring the shipping of critical jet engine parts to China and seeking to slap fresh curbs on Huawei Technologies Co. chips, among other measures.  

2) Elon Musk blasts the president's tax cut bill, calling it an "abomination." Musk's criticism was met with responses from White House Press Secretary Karoline Leavitt, who brushed it off, and Senator Mike Lee, who appeared to endorse Musk's criticism. The tax bill is forecast to bring down federal revenue by about $4 trillion over a decade, adding about $2.5 trillion to the federal deficit over the period.  

3) Wells Fargo finally gets out from under the Fed's cap on its assets. The Fed said Wells Fargo met all conditions required by an enforcement action imposed on the bank in 2018 to remove the restriction. The removal of the cap marks a major win for CEO Charlie Scharf and allows the bank to pursue growth again, with plans to increase returns and growth in a deliberate manner.

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On today's podcast:    

1) President Donald Trump worked the phones Monday and took to social media to try to sway Republican holdouts on his multi-trillion dollar tax bill, encountering conflicting demands from GOP senators even as he urged them to move swiftly.

2) Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said. 

3) Far-right lawmaker Geert Wilders pulled his Freedom Party out of the Netherlands’ ruling coalition, collapsing the government and likely triggering a snap election.

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On today's podcast:
1) Ukraine staged a series of strikes across Russia, deploying drones hidden in trucks to hit strategic airfields, damaging over 40 Russian aircraft and causing losses of at least $2 billion. Russia launched a drone and missile attack against Kyiv, killing at least 12 people, and Ukraine's Ground Forces Commander announced his resignation due to the casualties. The incidents occurred ahead of crucial peace talks in Turkey, where delegations from Moscow and Kyiv will discuss issues including a full and unconditional ceasefire, prisoner release, and the return of abducted children.

2) The FBI is investigating what they call a 'targeted terror attack' in Boulder, Colorado. Eight people were injured in an attack on a Colorado event supporting Israeli hostages in Gaza, with a suspect arrested and identified as 45-year-old Mohamed Sabry Soliman. The attacker used a makeshift flamethrower and incendiary device, yelling "Free Palestine" during the incident, which the FBI is investigating as an act of terrorism.

3) A nationalist candidate backed by President Trump wins Poland's presidential election. Karol Nawrocki won Poland's presidential election with 50.9% of the vote, defeating centrist Rafal Trzaskowski. Nawrocki's victory gives his party, the opposition Law & Justice, a powerful lever to stymie Prime Minister Donald Tusk's agenda and complicates Poland's role in the EU.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the U.S jobs report.
• In the UK – a look ahead to the ECB’s monetary policy decision.
• In Asia – a look ahead to economic data in Vietnam.

See omnystudio.com/listener for privacy information.

On today's podcast:      

1) A federal appeals court temporarily blocks a ruling that threatens to throw out the bulk of President Trump's tariff agenda. Traders are reassessing their appetite for riskier assets amid concerns over weaker growth and fiscal strain, with the setup being "quite pessimistic" according to an investment officer.  

2) President Trump pushes Fed Chair Jay Powell to lower rates at a meeting at the White House. The president told Powell that not lowering rates is putting the US at an economic disadvantage to China and other countries, and Powell stressed that the path of policy will depend on incoming economic information.  

3) Treasury Secretary Scott Bessent says trade talks with China have stalled. Bessent believes more talks will happen with Chinese officials "in the next few weeks" and sees the personal involvement of both country leaders as essential.

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On today's podcast:      

1) President Donald Trump’s tariff strategy has been thrown into turmoil after a US court issued a rare rebuke blocking many of the import taxes he has threatened and imposed on other countries.  

2) Nvidia Corp. Chief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.”  

3) China blasted the Trump administration’s move to revoke the visas of Chinese students in the US, underscoring the fragility of a recent steadying of ties between the world’s largest economies.

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Nvidia, the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.

Nvidia shares rose about 4% in extended trading following the announcement. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.

For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Sing
• Joe Kaiser, Managing Director at Mercato Partners

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