Bloomberg, Rick Davis, Donald Trump discussed on Balance of Power


Lowest in 19 months, energy and mining stocks plunged as commodities declined dragging the S&P lower. Then escarpment endowment chair at the university of Akron and former publisher of the gartman letter tells Bloomberg, investors right now are more concerned about recession than inflation. And I pay a lot of attention to what happens in the brain markets more than perhaps most other people do because they are still international in scope, but the news had been because of the war in Ukraine. Everybody wanted to be bullish at the green markets and they clearly topped out and gone to a lower concern. So I think recession is a far greater concern at this point. S&P 500 is down 1.3% down 49. The Dow Jones Industrial Average is down 1.7% down 521 of the NASDAQ is little changed up 5. The ten year is up 25 30 seconds with a yield of 2.78%. West Texas intermediate crude is down over 8% at 99 67 a barrel. Comex gold is down 2% at 1765 90 and ounce. The dollar yen won 35 85. The Euro one O two 45 in the British town, a dollar 19, 23. That's a Bloomberg business flash. Balance of power continues right here on Bloomberg radio. This is balance of power and Bloomberg television and radio. I'm David Weston. Every week we check in on midterms 2022 with our political contributors, Ricky Rick Ricky Davis, Rick Davis of stone court capital and Genie Chan xeno of iona college. So Ricky, I'm just renamed you. I'm sorry about that. It give us a sense. This far in the primaries. What do we know that we didn't know at the beginning of it? Are there any trends that you're identifying we're seeing? Well, we continue to look at which races Donald Trump can influence, right? I mean, he's got his own cast of hundreds and hundreds of endorsees and we keep track of who's winning and who's losing. And right now I'd say it's still a little bit of a temple. He's had a bunch of wins, but also some very high profile losses. So that's one aspect of it. Two is, are there any races that are going to particularly help Republicans in the Senate? And I'd say right now, that's the biggest question. Most pundits have the Senate as a jump ball and that, of course, has enormous implications on the second half of Joe Biden's term. So those are the two things I'm keeping my own. I would say one other thing is there's some really interesting governor phrases that depending upon the primaries are going to make those potential real problems for Republicans. Yeah, and I would just add to that. I think the biggest surprise of the season quite frankly has been a year that started out very, very badly for Democrats quite frankly, they had sort of lost all hope, has to a certain extent turned around, Rick just mentioned the Senate is now a toss up. It is possible that Democrats could hold the Senate. This house still very much remains for the Republicans, but because of the Supreme Court decisions because of January 6th because of Donald Trump sort of reinserting himself into the national conversation, Democrats are feeling a little bit more hopeful than they otherwise would have been. And we saw this in a special election out in Nebraska where I know it sounds silly, David, so you're gonna chuckle, but Democrats lost. They did lose the special election out there, but they did better than expected. And when I messaged this out, Rick Davis said to me, well, how is that a good sign? Well, you know, in a year like this, it's a hopeful sign, these candidates were pretty much generic candidates. It's a district that Donald Trump won by 11 Republicans held it by 5. So for Democrats, that's a hopeful sign at this point. So, Rick, I don't want to chuckle at our friend jeanie here, but at the same time, that was a test on pro choice versus pro life, right? I mean, that was number one on the agenda on Nebraska. And the pro choice person lost. Lost by as Ginny said 6 points. And I would have thought it would have been closer, frankly, because this is the one election we can look at that came on the heels of the road decision by the Supreme Court. And it's a suburban district. It's basically Lincoln, Nebraska north. And you would have thought in a special election, which tends to favor low turnout that the activists who were pro choice activists would have come out in droves to register their protests against what the Supreme Court did by voting. And there's no evidence that that happened. And so the reality is it's not a good indication for Democrats coming up. It's not a seat that should actually be in play at all other than the fact that the most former member of Congress, fortenberry, wound up getting indicted and convicted of lying to the FBI. So that's never a good thing for your party to power in that district. But no signs yet that the Supreme Court's influencing these specials. Jeannie rush rebuttal time. I want rebuttal time, Rick Davis. I just want to remind everybody inflation is over 8%. The president's approval ratings are under 40% and in a district that Trump won by 11 Democrats held it to 5 and oh, by the way, the Republicans outspent the Democrat in that district ten to one on the airwaves. So for all of that, she got within 6. That's a good sign for Democrats in 2022. I'm done David. No, no, that's excellent. But by the way, I think the Democrats have a new strategy now. It's sort of like the Doolittle raid when they went and dropped a few bombs on Tokyo. We have Gavin Newsom taking airtime over in Florida. This is a little bit of what an ad for Gavin Newsom from California ran in Florida. It's Independence Day. So let's talk about what's going on in America. Freedom? It's under attack in your state. Here Republican leaders, they're banning books, making it harder to vote

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