November 5, 2025: US to Reduce Flight Traffic, Court Raises Doubts on Tariffs, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now. I'm
Doug Prisner. It is day thirty six of the US
government shutdown, and there are no signs of a resolution.
Thousands of federal employees are working without pay, and over
six hundred and fifty thousand have been furloughed. Meantime, a
shortage of air traffic controllers is forcing the FAA to

(00:21):
reduce flight capacity by ten percent at forty high volume airports.
We have more from Bloomberg's Charlie Pellett.

Speaker 2 (00:29):
Word comes amid the longest US government shutdown in history.
On Balance of Power, Nebraska Republican Congressman Mike Flood was
asked if this will finally prompt lawmakers to end the shutdown.

Speaker 3 (00:41):
I mean, why are we impacting somebody's weekend plans to
make a political point?

Speaker 2 (00:45):
Listen.

Speaker 3 (00:45):
I came back to Washington because I had this thought,
We'll get through the Tuesday elections and then we'll end
this farce.

Speaker 1 (00:50):
And here we are.

Speaker 3 (00:51):
I'm waiting, and I'm understanding that the Democrats are backing
further away from the table.

Speaker 2 (00:55):
Data analytics company Serriums says the announced plans if they
impact the time forty airports in the US could cut
as many as eighteen hundred flights in New York Charlie
Pellett's Bloomberg Radio.

Speaker 1 (01:07):
The Supreme Court heard oral arguments today on the legality
of President Trump's tariffs, and the justices seemed a little skeptical.
Chief Justice John Roberts called the tariffs attacks on Americans,
and he said that's always been the core power of Congress. Now,
the Trump administration has said the tariffs are authorized under
the nineteen seventy seven International Emergency Economic Powers Act or IEPA.

(01:32):
President Trump spoke about the case on Special Report with
Brett Baher on Fox News.

Speaker 4 (01:37):
I heard the court case went well today, but I
just heard that a little while ago, because, as you know,
it's just two hours ago that they finished up. But
I will say this, it would be devastating for our
country if we lost that devastating.

Speaker 1 (01:50):
President Trump, speaking on Fox News. There's more to report
on yesterday's crash of a UPS cargo aircraft at the
International Airport in Louisville, Kentucky. The NTSB investigation team is
on site at a location. The cockpit voice recorder and
flight data recorder have both been recovered. Also, footage was

(02:11):
released today showing one engine on fire before exploding in
a fireball beyond the end of the runway. Here is
NTSB member todd Inman.

Speaker 5 (02:21):
Sometimes we get some very good information from items that
are found, and with a debris field a half mile long,
we were still making the determination of exactly where in
what parts of the airplane and where they're at.

Speaker 1 (02:33):
That was NTSB member todd Inman. There officials are saying
at least twelve people were killed as a result of
this crash, and they also say the death toll is
expected to rise. We moved to earnings news next after
the bell. Qualcom reported results for the latest quarter above
analyst expectations, although a US tax charge took a toll

(02:53):
on profit. At the same time, Qualcom gave a bullish
forecast for revenue in the current period, and we got
reaction from Stacey Raskin, senior analyst of US Semiconductors at
Bernstein Research.

Speaker 6 (03:06):
It was a pretty solid beaten raise. That charge was
a non cash tax charge, hits gap earnings, doesn't hit
pro former earnings. They netted out all the segments beat
in the quarters, handsats, Auto, IoT, The guide was actually
really strong. It was I don't know, six hundred million
dollars above consensus. I mean, many people are just worried

(03:26):
that most of the strength that's coming from from stronger.

Speaker 1 (03:29):
Apple Stacey Reskin there from Bernstein. Shares in Qualcomm down
one point nine percent in late US trading. Robinhood Markets
reported quarterly earnings above Wall Street expectations. However, the company
fell short on cryptocurrency revenue. Here is robin Hood CEO
Vlad Tenev.

Speaker 7 (03:47):
Q three was particularly strong, you know, record net deposits,
record trading revenues, revenues across the board. Prediction markets have
also been on fire. So what you're seeing is continued
sustained engagement powered by the Robinhood flywheel. More customers, deeper engagement,

(04:10):
more goal subscribers, bringing more assets in the trading volumes
have continued to increase as well.

Speaker 1 (04:17):
That is Latin if he is the CEO of robin
Hood Market, speaking earlier to Bloomberg. Zoron Mumdani is now
the mayor elect of New York City. During his campaign,
Mamdani's promises included free childcare and free MTA buses. He
also pledged to address affordable housing, and he proposed city
owned grocery stores. Now, those initiatives would be funded by

(04:40):
raising taxes on corporations and residents with incomes over a
million dollars. Well, those goals rattled Wall Street, and now
Mundani says he's prepared to meet with JP Morgan Chase
CEO Jamie Diamond and other business leaders to discuss the
city's future, and Diamond says he's willing to help.

Speaker 8 (05:00):
I'm hoping any mayor does what's right to help of
that city. If you do it right, it benefits all
the citizens. If you do it wrong, it hurts all
the citizens. So you know, yeah, I would help someone
if they wanted my help.

Speaker 1 (05:12):
Jamie Diamond there, He is the CEO of JP Morgan Chase,
speaking earlier to CNN. Separately, Mayor elect Mamdani has named
former FTC chair Lena Kahn as one of four code
chairs of his transition team. They will advise on economic
policy and personnel. And that is news when you want
it with Bloomberg News. Now, I'm Doug Prisoner, and this

(05:34):
is Bloomberg