Traders Closely Watch Tax Bill and Jobs Data

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 2nd, 2025
Featuring:
1) Jim Caron, CIO: Cross Asset Solutions at Morgan Stanley Investment Management, talks about market uncertainty and the underappreciated upside risk to equities. US equity futures held firm ahead of the June payrolls report and trade talks developments. Markets await the monthly payrolls report, which will offer fresh insight into the labor market and the path of interest rates, with US Treasuries retreating across the curve
2) Dan Ives, Global Head: Technology at Wedbush Securities, reacts to Tesla sales. The company's shares rose 23% in the last quarter despite the expected sales decline, but have since fallen amid a feud between Elon Musk and Donald Trump.
3) Maya MacGuineas, President of the Committee for a Responsible Federal Budget, talk about how President Trump's tax legislation would affect the US debt and deficit. Moderate and ultra-conservative GOP lawmakers have pushed for changes to the bill, citing concerns over Medicaid cuts, spending reductions, and the scale of the tax bill, with some vowing to oppose the bill in its current form.
4) John Gimigliano, Principal and head of the Federal Legislative and Regulatory Services Group at KPMG, on why the tax bill is no slam dunk as it heads back to the House, and who are the winners and losers in the bill. House Speaker Mike Johnson can only afford to lose three Republican votes, and with unified Democratic opposition, the bill's passage is uncertain, despite Trump's public pressure on Republicans to back the bill.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ on food makers rolling out lower prices and smaller package sizes, as well as an NYT story on whether someone is "cool."

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