November 5, 2025 • 5 mins
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Speaker 1 (00:00):
News when you want it with Bloomberg News Now. I'm
Amy Morris. If the government shutdown continues, air traffic will
be cut back. Transportation Secretary Sean Duffy says he'll order
scheduled air traffic to be cut by ten percent at
forty major airports and.
Speaker 2 (00:16):
The end our sole role is to make sure that
we keep this airspace as safe as possible. There is
going to be a ten percent reduction in capacity at
forty of our locations. This is about where's the pressure
and how do we alleviate the pressure.
Speaker 1 (00:33):
Duffy is warning of quote mass chaos next week if
the government shutdown continues. We'll have more on that shutdown
just ahead, but first we are getting more information about
that fiery ups cargo plane crash. NTSB investigators say three
people were on board when the plane took off from
Louisville bound for Honolulu. ANTSB board member Ja todd Enman
(00:55):
says the plane caught fire before takeoff.
Speaker 3 (00:58):
After being cleared for takeoff, a large plume of fire
in the area of the left wing occurred during the
takeoff roll. The plane lifted off and gained enough altitude
to clear the fence at the end of runway seventeen R.
Shortly after clearing that fence, it made impact with structures
(01:18):
and the terrain off of the airport property.
Speaker 1 (01:20):
Edman says the engine fell off the plane during takeoff.
The massive fire consumed the cargo plane and spread to
nearby businesses. Investigators say they have recovered the flight data
and cockpit voice recorders. The death toll now stands at nine.
Officials are afraid it could go higher. The Supreme Court
heard arguments today on the legality of most of President
(01:41):
Trump's global tariffs. Lawyer Neil Kutel argued against those tariffs
on behalf of small business owners.
Speaker 4 (01:48):
This president has torn up the entire tariff architecture and
the idea that Congress handed him all this power. That
is just not something that any president has ever had
the power to do in our history.
Speaker 1 (02:00):
But Solicitor General John Sowerd, defending the tariffs, argues that
these tariffs are not attacks. Now, we don't contend that
he has, at least in peacetime, inherent tariffing authority. We
don't contend that.
Speaker 4 (02:10):
What's being exercised here is the power to tax, it's
the power to regulate foreign commerce. These are regulatory tariffs.
Speaker 1 (02:16):
Several conservative justices signaled their concerns a decision could come
by mid to late December. Now about that shutdown, Congress
has allowed it to drag into a thirty sixth day.
It is the longest in history. The Congressional Budget Office
estimates the shutdown will cut forth quarter growth by as
much as two percentage points if it continues for eight weeks,
and the FAA says there is a ground delay in
(02:38):
effect until midnight for Newark Airport delays a running about
an hour and ten minutes. President Trump blamed the government
shutdown for democrats sweeping electoral wins, pressuring Republicans to abandon
the filibuster in a bid to reopen federal agency.
Speaker 5 (02:53):
The biggest thing is the filibuster.
Speaker 3 (02:56):
We have to get the country going.
Speaker 6 (02:58):
We will pass legislation at levels you've never seen before,
and it'll be impossible to beat us.
Speaker 1 (03:03):
President Trump spoke at a White House breakfast with Senate
Republicans who have so far dismissed Trump's filibuster demands. Democrats
did register their biggest political victories since their loss to
Donald Trump a year ago. New York City elected Zoron
Mamdani a Democratic Socialist as its next mayor. He spoke
about the lessons learned by the Trump administration.
Speaker 5 (03:23):
I think the lesson for the president is that it's
not enough to diagnose the crisis in working class Americans' lives.
You have to deliver on addressing that crisis. As a
president who ran a campaign on the promise of cheaper
groceries and now has gone so far as to cut
snap benefits for close to two million New Yorkers, someone
who is literally making it harder to afford those same
groceries whose price he was decrying not that long ago.
Speaker 1 (03:44):
Mom Donnie also named former FTC chief Lena Kahan to
his transition team. CON's tenure at the Federal Trade Commission
frustrated Wall Street billionaire's accuseder of waged war on businesses.
Apple plans to use a one point two trillion parameter
AI model developed by Google to help power its overhaul
of Siri. The two companies are finalizing an agreement that
(04:07):
would see Apple pay roughly a billion dollars a year
for access to Google's technology, With the new Serie Voice
assistant on track for next spring. Shares of Apple are
a little changed to Google shares rose about two and
a half percent in regular trading, and stocks staged a
rebound as dip buyers weighted back in We bring you
those closing numbers each day here at Bloomberg. The S
(04:28):
and P gained twenty five points, NASDAK up one hundred
and fifty one points that now jump two hundred and
twenty six points. The ten yere treasury yield at four
point one five percent, the two year yield at three
point six three percent, and Qualcom gave a bullish revenue
forecast for the current period, though a US tax change
took a toll on profit last quarter. Qualcomm says new
(04:49):
US tax legislation led to a five point seven billion
dollar write down in the fourth quarter, contributing to a
more than three billion dollar net loss. Shares of Qualcom
are a little changed in post market trading. ARM shares
are up about six percent in post market trading after
a bullish revenue forecast helped by AI demand, and DoorDash
(05:10):
shares fell more than fifteen percent in post market trading
after its forecast for the fourth quarter adjusted EBITDA fell
short of the average analyst estimate at the midpoint. We
do have a new look at the labor market for you.
Even with the government shutdown, Bloomberg's Mike McKee has private
payroll numbers from ADP for October.
Speaker 6 (05:29):
The song remains the same. It looks like hiring has
significantly slowed according to ADP and pretty much all of
the data that we have watched from the Alternative World,
Forty two thousand jobs created during the month of October,
according to the folks at Automated Data Processing.
Speaker 1 (05:44):
Bloomberg's Mike McKee. And that's news when you want it
with Bloomberg News Now. I'm Ammi Morris. This is Bloomberg
News when you want it with Bloomberg News Now. I'm
Amy Morris. If the government shutdown continues, air traffic will
be cut back. Transportation Secretary Sean Duffy says he'll order
scheduled air traffic to be cut by ten percent at
forty major airports and.
Speaker 2 (00:16):
The end our sole role is to make sure that
we keep this airspace as safe as possible. There is
going to be a ten percent reduction in capacity at
forty of our locations. This is about where's the pressure
and how do we alleviate the pressure.
Speaker 1 (00:33):
Duffy is warning of quote mass chaos next week if
the government shutdown continues. We'll have more on that shutdown
just ahead, but first we are getting more information about
that fiery ups cargo plane crash. NTSB investigators say three
people were on board when the plane took off from
Louisville bound for Honolulu. ANTSB board member Ja todd Enman
(00:55):
says the plane caught fire before takeoff.
Speaker 3 (00:58):
After being cleared for takeoff, a large plume of fire
in the area of the left wing occurred during the
takeoff roll. The plane lifted off and gained enough altitude
to clear the fence at the end of runway seventeen R.
Shortly after clearing that fence, it made impact with structures
(01:18):
and the terrain off of the airport property.
Speaker 1 (01:20):
Edman says the engine fell off the plane during takeoff.
The massive fire consumed the cargo plane and spread to
nearby businesses. Investigators say they have recovered the flight data
and cockpit voice recorders. The death toll now stands at nine.
Officials are afraid it could go higher. The Supreme Court
heard arguments today on the legality of most of President
(01:41):
Trump's global tariffs. Lawyer Neil Kutel argued against those tariffs
on behalf of small business owners.
Speaker 4 (01:48):
This president has torn up the entire tariff architecture and
the idea that Congress handed him all this power. That
is just not something that any president has ever had
the power to do in our history.
Speaker 1 (02:00):
But Solicitor General John Sowerd, defending the tariffs, argues that
these tariffs are not attacks. Now, we don't contend that
he has, at least in peacetime, inherent tariffing authority. We
don't contend that.
Speaker 4 (02:10):
What's being exercised here is the power to tax, it's
the power to regulate foreign commerce. These are regulatory tariffs.
Speaker 1 (02:16):
Several conservative justices signaled their concerns a decision could come
by mid to late December. Now about that shutdown, Congress
has allowed it to drag into a thirty sixth day.
It is the longest in history. The Congressional Budget Office
estimates the shutdown will cut forth quarter growth by as
much as two percentage points if it continues for eight weeks,
and the FAA says there is a ground delay in
(02:38):
effect until midnight for Newark Airport delays a running about
an hour and ten minutes. President Trump blamed the government
shutdown for democrats sweeping electoral wins, pressuring Republicans to abandon
the filibuster in a bid to reopen federal agency.
Speaker 5 (02:53):
The biggest thing is the filibuster.
Speaker 3 (02:56):
We have to get the country going.
Speaker 6 (02:58):
We will pass legislation at levels you've never seen before,
and it'll be impossible to beat us.
Speaker 1 (03:03):
President Trump spoke at a White House breakfast with Senate
Republicans who have so far dismissed Trump's filibuster demands. Democrats
did register their biggest political victories since their loss to
Donald Trump a year ago. New York City elected Zoron
Mamdani a Democratic Socialist as its next mayor. He spoke
about the lessons learned by the Trump administration.
Speaker 5 (03:23):
I think the lesson for the president is that it's
not enough to diagnose the crisis in working class Americans' lives.
You have to deliver on addressing that crisis. As a
president who ran a campaign on the promise of cheaper
groceries and now has gone so far as to cut
snap benefits for close to two million New Yorkers, someone
who is literally making it harder to afford those same
groceries whose price he was decrying not that long ago.
Speaker 1 (03:44):
Mom Donnie also named former FTC chief Lena Kahan to
his transition team. CON's tenure at the Federal Trade Commission
frustrated Wall Street billionaire's accuseder of waged war on businesses.
Apple plans to use a one point two trillion parameter
AI model developed by Google to help power its overhaul
of Siri. The two companies are finalizing an agreement that
(04:07):
would see Apple pay roughly a billion dollars a year
for access to Google's technology, With the new Serie Voice
assistant on track for next spring. Shares of Apple are
a little changed to Google shares rose about two and
a half percent in regular trading, and stocks staged a
rebound as dip buyers weighted back in We bring you
those closing numbers each day here at Bloomberg. The S
(04:28):
and P gained twenty five points, NASDAK up one hundred
and fifty one points that now jump two hundred and
twenty six points. The ten yere treasury yield at four
point one five percent, the two year yield at three
point six three percent, and Qualcom gave a bullish revenue
forecast for the current period, though a US tax change
took a toll on profit last quarter. Qualcomm says new
(04:49):
US tax legislation led to a five point seven billion
dollar write down in the fourth quarter, contributing to a
more than three billion dollar net loss. Shares of Qualcom
are a little changed in post market trading. ARM shares
are up about six percent in post market trading after
a bullish revenue forecast helped by AI demand, and DoorDash
(05:10):
shares fell more than fifteen percent in post market trading
after its forecast for the fourth quarter adjusted EBITDA fell
short of the average analyst estimate at the midpoint. We
do have a new look at the labor market for you.
Even with the government shutdown, Bloomberg's Mike McKee has private
payroll numbers from ADP for October.
Speaker 6 (05:29):
The song remains the same. It looks like hiring has
significantly slowed according to ADP and pretty much all of
the data that we have watched from the Alternative World,
Forty two thousand jobs created during the month of October,
according to the folks at Automated Data Processing.
Speaker 1 (05:44):
Bloomberg's Mike McKee. And that's news when you want it
with Bloomberg News Now. I'm Ammi Morris. This is Bloomberg
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