Bloomberg Daybreak: US Edition

Listen for instant reaction and analysis of megacap tech earnings from Meta, Microsoft and Qualcomm.
Meta Platforms gave a disappointing revenue forecast for the current quarter, intensifying investor concerns about the social media giant’s unprecedented spending on artificial intelligence and sending shares lower afterhours. Microsoft’s cloud unit grew at the fastest pace in four years, suggesting that the company’s computing infrastructure and artificial intelligence services continue to make inroads with businesses. Shares of Microsoft rose in extended trading. Qualcomm, the largest maker of smartphone processors, gave a weak profit forecast for the current quarter, signaling that component shortages and rising costs are taking a toll on its main market. The company’s stock fell afterhours.
To break down all of this, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:
Ed Ludlow, Host, Bloomberg Tech
Mandeep Singh, Global Head of Technology Research, Bloomberg Intelligence
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Bloomberg’s Tom Keene, Jon Ferro and Lisa Abramowicz discuss remarks from Fed Chair Kevin Warsh following the Federal Reserve’s latest policy decision on a special edition of Bloomberg Surveillance. Warsh insisted policymakers’ decision to leave interest rates unchanged wasn’t a sign of inertia at the central bank, which he reiterated is committed to tackling inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent price pressures. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting, with officials repeating their pledge to “deliver price stability.”
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Bloomberg's Tom Keene, Jon Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve officials left interest rates unchanged, but a fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting. Officials repeated their pledge to “deliver price stability.”
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran fired on American forces overnight and the US and Saudi Arabia struck Tehran-backed militias in Iraq, abruptly ending a days-long lull in hostilities.
The US and Iran had paused attacks at the end of last week to give diplomacy another chance, leading to a significant drop in energy prices.
2) Oil surged as a fresh round of fighting erupted across the Middle East, threatening further disruptions to energy flows and severely undermining diplomatic efforts to end the months-old conflict.
Brent climbed almost 4% to above $87 a barrel, paring some of the 16% loss over the past three sessions that was its biggest such decline since 2020. Since the start of July, the benchmark has traded in range of almost $32.
3) US stocks edged higher as traders held off on major bets ahead of a US interest-rate decision where markets see room for a hike and earnings from two of the world’s biggest spenders on artificial intelligence.
S&P 500 futures rose 0.2%. Nasdaq 100 contracts were flat after a selloff in chipmakers left the underlying index on the brink of a technical correction. Treasuries stalled after three days of gains, with traders assigning about a 30% chance of a Federal Reserve rate increase. The dollar barely budged.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran extended their pause in hostilities, with the focus turning to talks between Tehran and Oman over restarting traffic in the Strait of Hormuz.
Omani and Iranian negotiators met in Tehran over the weekend and discussions are ongoing, according to people familiar with the situation, asking not to be identified referring to sensitive matters. A deal to get ships moving through the waterway more frequently would enable the Islamic Republic and the US to resume formal negotiations about Tehran’s nuclear program and permanently ending their five-month war, the people said.
2) A selloff in semiconductor stocks deepened as signs of progress in China’s advanced chipmaking compounded worries about the sustainability of the artificial intelligence spending boom.
US technology-heavy Nasdaq 100 futures fell 0.6%, while in Asia, a 7.5% slump put a Bloomberg gauge of semiconductor shares on course for its biggest decline since April 2025.
3) Taiwanese prosecutors detained an Nvidia Corp. employee as part of a probe into the alleged smuggling of AI chips into China, thrusting the US company into a high-profile case concerning the black market for its products.
Local investigators searched the home of the staffer and his desk at Nvidia’s Taipei office on July 24, according to people familiar with the matter. The courts later granted prosecutors’ request to detain the person on allegations of forgery and breach of trust, the people said, asking not to be named as the employee’s identity isn’t public.
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