Into new orleans, killing two people. It also left 2 million homes and businesses in the dark. Experts say damage could total as much as 5 billion. Wto members are confronting the reality that the future of the genevabased institution is now in the hands of the american electorate. The Trump Administration has decided to block nigerias former finance minister as the next wto would record general. The u. S. Is backing the south korean trade general despite overwhelming support from other countries for the other candidate. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Mark Crumpton. This is bloomberg. It is 1 00 p. M. In new york, 5 00 p. M. In london, and 1 00 a. M. In hong kong. Im taylor riggs. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. The u. S. Economy recovered much of its normas ground it lost in the spring,
Lowest level in years and growing tensions with iran we have the Energy Secretary rick perry will weigh in first on cnbc. The growing threat to housing. Why it may turn into the biggest risk for the Housing Market in many a year . Power lunch starts right now welcome to power lunch. Im melissa lee. Holding on to weekly gains pressure coming from semistocks as tyler mentioned getting whacked following broadcoms warnings about slowing demand. Kelly . We begin with the red hot stock of the day shares of chewy soaring. Leslie picker is tracking the action for us this afternoon leslie reporter kelly, we knew people loved their pets but who knew investors would have loved their pet supplier this much chewy shares soaring up 54 after three hours of trading the company priced a dollar above the range, it boosted earlier this week on stronger than expected demand it was also able to up size the number of shares sold through the offering chewys Parent Company pet smart will be taking home the bu
I mentioned yields the tenyear hitting its highest level since last october earlier today. Retail sales coming in better than expected. How about the atlanta fed taking gdp and its forecast up to a stunning 5 believe it or not. It brings us to our talk of the tape how vulnerable are stocks right now . Adam parker is ta cnbc contributor. Do you feel like stocks are vulnerable its been a rocky couple of weeks, especially for tech what do you think . The earnings season was, i thought, pretty good. Better than feared. The big cap tech stocks, 2024 earns are higher than they were on july 1. I think the fundamentals from the Companies Look okay. I think whats happening is a fear of a perception about Interest Rates and how that means people will probably not want to pay as high of a multiple as they did a month or two ago. You talked about rates backing up for a long time the relationship between the perception about rates and the pricetoearnings ratio was very strong. It kind of broke in m
of staff at the department of homeland security and tom peck, political sketch writer at the independent. welcome to the programme. it s starting to feel a bit like groundhog day on capitol hill. that s because the house is trying again for a third day to elect a speaker of the house. we ve now had eight votes. and in all eight, the republican kevin mccarthy has failed to receive enough votes. he hasn t even been able to swing the needle in his favour at all. this is the scene live in the house now where a ninth vote is under way. it already appears that he has lost to this vote as well. at least seven republicans have voted for other options. in the last vote, 20 republicans voted for an alternative candidates to mr mccarthy mainly for byron donalds, and there was also a shock vote for donald trump. remember, the speaker of the house doesn t need to be a member of congress. that vote for the former president came from matt gaetz, one of the ring leaders of those refusing t
Mehta or earned headwinds in the us and eu that it said could significantly impact its business. Still, with investors mostly focused on the health of the digital add market, mehta shares rose on the news. Staying with my news coming out of the us, but the trial of sam bingaman freed still in the us where the trial of Sam Bankman Fried will resume in new york on thursday, where mr bankman friend himself will take the stand. The ftx Crypto Exchange founder faces seven criminal counts, including fraud and Money Laundering charges, and has pleaded not guilty. Our north American Business correspondent erin delmore filed this report. We are at the Halfway Point in the trial. Weve heard from the prosecution and now its the defence teams turned to make their case. I spoke to actor and crypto author ben mckenzie and asked him why mr bankman fried would want to testify on his own behalf. Sam is a gambler, you know . Sam has always had a high risk tolerance. So, if there were a defendant to take