25 Years Since 9/11, Diesel Above $6 A Gallon

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1:19Real-time menus, seamless updates, big league reliability for any business. That's genius. Bloomberg Audio Studios. Podcasts, radio, news. Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, it may be hard to believe, but today marks 25 years since the terrorist attacks of September 11th, 2001. Today will be marked by national remembrance ceremonies in honor of the more than 3 ,000 people killed that day. Bloomberg's Lisa Mateo has more on today's events in Manhattan. The first moment of silence comes at 846, marking the moment Flight 11 struck the North Tower.

2:08After, houses of worship will toll their bells throughout the city, and then families of the victims begin reading their names in pairs. The next moment of silence comes at 903, when Flight 175 struck the South Tower. At 920, we get moments of silence at both the New York Stock Exchange and NASDAQ. Silence happens again at 9.37, the time Flight 77 struck the Pentagon. At 9.59, silence marks the time of the fall of the South Tower. 10.03, we observe silence for the time Flight 93 crashed near Shanksville, Pennsylvania. There will be another moment of silence at 10.28, the time the North Tower fell.

2:50In New York, Lisa Mateo, Bloomberg Radio. All right, Lisa, thank you. Well, this year, the National September 11th Memorial and Museum is adding a seventh moment of silence at 1230 p.m., honoring thousands whose lives were cut short by illnesses linked to the toxic aftermath of the attacks. The new tribute recognizes first responders, recovery workers, survivors and lower Manhattan residents exposed to dangerous dust and debris in the days and months after September 11th. More than 8 ,000 people enrolled in the World Trade Center health program have since died, and officials say tens of thousands continue to battle 9-11 related health conditions.

3:30The FDNY will also lead a moment of silence at 9-11 Wall Street time at the Times Square Triangle before heading to the NASDAQ to ring the opening bell. And Karen, President Trump is going to mark this day at the Pentagon. Bloomberg's Andrew O'Day has more from the nation's capital. Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Cain will join the president while Vice President J.D. Vance attends the New York observance. The New York Times reports Trump initially wanted to attend Ground Zero in New York, but decided against it after organizers would not let him speak. White House Communications Director Stephen Chung called that report fake news.

4:07Other administration officials will be in Shanksville, Pennsylvania. Nearly 3 ,000 people were killed in the attacks 25 years ago. In Washington, Andrew O'Day. Bloomberg Radio. All right, Andrew, thank you. Today's ceremonies come hours after a two-night Republican convention in Dallas, Texas. Vice President J.D. Vance delivered last night's keynote address, and he urged voters to stick with Republicans, even if they disagree with the Trump administration on the war with Iran. The vice president invoked the late conservative activist Charlie Kirk in that call. There are people who love what we've done and people who don't.

4:41I'm not here to litigate the disagreements between Charlie and some of the people that he disagreed with. But what I'm asking you to do is do what Charlie did. Do not throw the baby out with the bathwater. And we get more on Vice President Vance's speech from Bloomberg's Eric Lawson at the American Airlines Center in Dallas. J.D. Vance came to the Republican Convention needing to energize his potential 2028 bid. He gave a solid performance where he emphasized his family values, his military service, and attacked Democrats for their alleged socialist leanings. His speech was energized by a protester waving what appeared to be a Mexican flag.

5:17And he had his biggest applause line of the night saying that this protester should go back to Mexico. And Bloomberg's Eric Wasson reports Vance did not mention President Trump's pledge to issue$5 ,000 checks to American adults if Republicans win in November. But the president did as he closed out the convention last night. $5 ,000 for every adult citizen in our country. And we can do that because our country has never done better. We're taking in trillions, trillions of dollars. President Trump also reiterated his call to pretend he's on the ballot in November, saying, quote, when I'm on the ticket, everyone comes to vote.

5:57Now, Karen, let's turn to the latest on the war in the Middle East. The focus is shifting to the Bab el-Mandeb Strait, where Iran-backed Houthi militants have completed their takeover of the Red Sea choke point after days of fighting. That's according to Agence France Press. Meanwhile, Gulf Arab states are considering a meeting with Iranian officials next week about the Strait of Hormuz. Stuart Livingston-Wallace leads Bloomberg's Middle East coverage. There is supposedly going to be a meeting next week between members of the GCC, that is the Gulf Cooperation Council, effectively the Gulf Arab states and Iran.

6:32We're not quite sure what's on the agenda, although I don't think it's a stretch to say what top of the agenda will be. But it'd be interesting to see if they can find a way forward because I guess the state of play is that we're in the situation that I think one Emirati voice described as neither peace nor war, which I think very neatly encapsulates the current situation. Bloomberg's Stuart Livingston-Wallace reports both the U.S. and Iran are preparing for the war to continue for months, if not longer. That has energy prices elevated. This morning, U.S. diesel costs more than$6 a gallon at the pump for the first time ever.

7:06AAA's nationwide average now puts diesel at$6.05. Nathan, as the war drags on, the International Energy Agency is cutting its forecast for oil demand. The agency deepened its estimates for this year's decline in global oil demand by 940 ,000 barrels a day to 2.5 million barrels a day. That's the biggest loss in annual average terms since the 2020 COVID pandemic. The IEA says the return of a supply surplus will now be delayed until 2027. And Karen, the surge in energy prices is one of the contributing factors to the global bond sell-off. Fields on 10-year notes have climbed almost 20 basis points this week to trade just below the psychologically important 5 % level.

7:46David Savage is a Bloomberg Markets Live strategist. You have surging crude prices, commodity prices more broadly, and I think really increasing concerns that the fiscal situation is not improving, all of which is going to demand higher yields, a higher term premium, and that's going to be very difficult to turn around. And Bloomberg Markets Live strategist David Savage adds that velocity in the bond sell-off, compounded by the spike in crude prices, is now weighing more directly on stocks. Karen, stock futures are higher and earnings from Oracle are helping to lift sentiment this morning. That stock is up 6.5 % in early trading.

8:21Oracle's cloud computing business grew faster than analysts projected. That's signaling its big bets on AI data center projects are paying off. Rishi Jaluria, managing director for software equity research at RBC Capital Markets, talked about Oracle's cloud infrastructure, or OCI. Look, I think the numbers across the board were definitely better than feared. There were concerns around financing, concerns around the timeline of being able to turn the backlog that's sitting in RPO into revenue. Clearly, with the overachievement on OCI in the quarter and the raised guide, I think that some of those worries might be temporarily put to rest.

8:59That's RBC Capital's Rishi Jaloria. Sales in the closely watched cloud infrastructure business jumped 121 percent to 7.4 billion dollars. Well on the flip side Nathan shares of Adobe they're down to three percent this morning. The software maker gave an outlook for sales that narrowly missed analysts estimates as adding fuel to concerns that artificial intelligence upstarts are hurting the software maker's business. Now one tech giant's planning to ramp up its computing power. Karen we get the details from Bloomberg's Tom Busby. Microsoft now plans to more than triple its data center capacity, which could help the software giant overcome a computing shortage that forced it to turn away some AI and cloud business that got scooped up by rivals like Google.

9:42Now, part of that plan is Microsoft's new data center developments, like the so-called East US3 cluster, now under construction in the Atlanta area. That'll help alleviate its shortage at its largest hub in Virginia. Tom Busby, Bloomberg Radio. All right, Tom, thank you. Well, Anthropic says it has blocked misuse of its artificial intelligence models that could have supported biological weapons. The company said it has added stronger safeguards in its latest models to restrict biological research that could also be used to make weapons. The lengthy report by the AI startup was published two days after one of its researchers announced he's resigning over concerns that Anthropic and its competitors are not acting responsibly in AI development.

10:27Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. There is another outbreak of Legionnaire's disease in New York City. Health officials say this one is in the South Bronx and it has killed one person and infected four others. City Health Commissioner Dr. Alistair Martin. Our water ecologists were out there within hours and over the course of the afternoon. evening, they have completed all the sampling. And those results are now working their way through the system at the public health lab.

11:01Audio courtesy of CBS2, this outbreak comes on the heels of Legionnaires disease cases on Manhattan's Upper East Side over the summer. It left 11 dead and infected more than 90 people. Senate Minority Leader Chuck Schumer recounted the 25th observance of the 9-11 attacks at Seven World Trade Center Thursday. The New York Democrat recounted his experience on that day. I have worn this flag in my lapel every day since to remember. We must never, ever forget this tragedy. Senator Schumer says America was never the same after 9-11. Firefighters have entered a charred ferry in Philippine waters after a fire on board left 84 people missing and at least five dead.

11:48The Coast Guard and other vessels have rescued 43 people. In Alaska, we're learning more about the remarkable story on how a 15-year-old survived after his boat capsized in the frigid Bering Sea. The Coast Guard pilot spotted the shivering teen after he was stranded for three days after setting out with his brother and cousin from Savuna. Their 18-foot boat flipped over Saturday, leaving him clinging to the hull. His brother and cousin did not survive. When they failed to return Sunday, local officials alerted the Coast Guard. Help finally came from Lieutenant Commander Jonathan Raich and his crew.

12:23People don't survive in those scenarios. We are beyond excited and beyond grateful that we found him. The Coast Guard's Jonathan Raich called the rescue an emotional roller coaster. Global news 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. Thanks Michael. Time now for our Bloomberg sports update and for that we bring in John Stash Hour. Thanks Karen. The NFL went to Melbourne, Australia for the first time. The 49ers arrived there a week early to acclimate themselves to the 16-hour time difference. The Rams flew in the day before the game.

13:01Advantage Niners, they won the game 27-7. Brock Purdy threw three touchdown passes. U.S. Open women's singles semifinals. Arena Sabalenka beat Jess Pagula in straight sets. Elena Rabakina took out Coco Gauff in three sets. The men's semis are today and tonight. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work. I'm Carol Masser. Has the AI moment arrived at corporate offices worldwide? Not yet. And it's perhaps several years away, according to one survey of corporate recruiters who circle the world's business schools each fall and spring.

13:45Bloomberg's Rob Mandelbaum notes that, according to the Graduate Management Admission Council, the skills recruiters sought most among 2026 graduates of business school master's programs, including MBAs, were communication, problem-solving, and adaptability, which changed little from last year. Training in artificial intelligence tools ranked in the bottom third of the skills list, but recruiters did say AI-specific training will be more important in five years. On that, recruiters rated current graduates as only somewhat prepared or less to work with AI tools and said business schools are not doing a good job of teaching AI skills.

14:21Bottom line, according to the survey, what most companies want when it comes to AI skills is for candidates to be able to automate routine work. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChachiPT.com today by selecting Work Mode, available on Plus and Pro plans. You already know how AI is changing how everyday work gets done, how much ground you can cover, and how fast a team can scale. To stay ahead, you need the tools that give you a competitive advantage built for this new era. Welcome to Agentic Revenue.

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16:21Coast to Coast on Bloomberg Radio. Nationwide on SiriusXM. and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. The morning after a two-night midterm convention for Republicans in Dallas, Texas, and a keynote address from Vice President J.D. Vance, who called on voters to consider the alternative if Republicans lose in November. Don't give the country over to a bunch of crazy people because you happen to disagree with us on a policy issue here or there. That was Vice President J.D. Vance from the American Airlines Center in Dallas, Texas.

16:59And joining us this morning from Washington, D.C., is Terry Haynes, the founder of Pangea Policy. Great to speak with you this morning, Terry. I wonder what you made of Vice President Vance's message last night. Is painting the Democrats as crazy enough for Republicans to hold on in November? Good morning. Hi. Good morning, Nathan. Well, they're betting that it is. You know, there's a couple of dimensions to what's going on here. The Democrats think affordability and an alternative is enough. What's been brewing for a while in the Republican Party and is very much out in the open, thanks to Vance's speech, is that the election is about sane versus crazy, and the crazy on top of it have no solutions.

17:46to ask yourself, since this is not a national election, ask yourself in competitive races which works better. Think of the Michigan Senate race, for example, where for all the ballyhoo around El Syed, he did not get a majority of Michigan's Democratic voters despite an over 70 percent turnout. They're betting that in local races, in a world where there's not really going to be a wave election because there aren't enough competitive races to make large waves, that message will hold on and get more independent voters that otherwise might go Democrat than the other way. And they've certainly got a shot at that, given Michigan and some of the other high-profile races.

18:34Well, you say it's not a national election, but one could argue that President Trump and the Republicans generally are trying to make it a national election just by the sheer fact of holding this convention and the president himself calling on his base to pretend he's on the ballot as they head to the polls in November. Could that have an impact on how things turn out in the next couple of months? What Republicans are betting on, and I'm not not being their their enabler or advocate here, but this is clearly what's happening, is that Trump feels, you know what, we might as well just lean into the fact that I'm on the ballot.

19:10Democrats are trying to make it anyway. But what we need fundamentally is to even the enthusiasm gap. And the way to do that, frankly, is to enlist the people who come out for me in huge numbers and, frankly, don't come out in midterms. That's been a weakness of the Trump presidency, number one and number two, ever since for the last decade. So we might as well lean into that, get people out, do everything we can to stimulate the base, and use that as the fundamental building block and then build on that. Speaking of stimulus, I have to get your take on the president's promise of$5 ,000 checks for every American adult if Republicans win in November.

20:02The president's saying he doesn't think he needs Congress to pass this kind of initiative. Is this going anywhere in Washington, Terry? Well, he does. But do I think it's going anywhere? I sort of doubt it, but there may well be some sort of 2027 stimulus dividend, let's call it that way. I'd say this to you, though. I think the media is completely chasing the wrong car on this. There's two dimensions to this, two top dimensions. One I've already mentioned, which is political. You appeal to the base. You give them a stake. You give them a follow. But the large parts of this is following up, building lists, volunteers, all that sort of stuff.

20:44That's already happening. There were emails and texts already out yesterday on that. Secondly, the message is underneath it is that there's a benefit to you directly instead of the preferred Democratic interest groups. and the Democrats would not need to be told, excuse me, Republicans would not need to be told in that convention. Republicans are offering you$5 ,000, but Democrats are offering you free health care, groceries, public transportation, daycare, and preschool, among other things. The second is back to the sane versus crazy. You get a situation where the pump up from the enthusiasm, their betting, is something that helps their base, helps them even out in competitive races.

21:34And in a world where none of these national organizations, not Trump, not Democrats, not Republicans, are any more popular than roughly 40 % plus, 60 % negative. So, you know, the enthusiasm is going to make a difference in those competitive races and those competitive states. They're trying their best to give themselves a shot in the arm with this rhetorical proposal. In the time we have left, Terry, the attention is going to very quickly turn from Dallas to downtown Manhattan, the Pentagon, and Shanksville, Pennsylvania, 25 years to the day of the attacks of 9-11. What kind of a moment do you expect to come out of our political leaders on this 25th year observance?

22:25I'm sorry to say that I think it won't be equal to the moment. I deal with it somewhat personally because I was in the Capitol and responsible for a lot of people on 9-11 and was responsible for a lot of the legislation and actions that followed. But beyond that, it ought to be a reset moment. And we're probably now in the world where it gets pushed. The aspects of what happened on 9-11 get pushed for partisan political advantage. I don't think there's anything particularly unique in that. But at the same time, it's not equal to the moment. And just quickly, your own remembrances from that day.

23:09Oh, heavens. Well, as I say, I was in the Capitol, and I was lucky, as we all were, thanks to the bravery of the people on Flight 93.

23:23What I remember first and foremost is what a beautiful day it was. Just an absolutely perfect late summer, early fall day in Washington. I also remember the chaos that nobody actually understood what was going on. Not even the great Capitol Police who were telling me with one arm that I should not evacuate my staff. The other arm coming in and telling me that I must evacuate them right away. Nobody knew quite what to happen or what was going on or how. And the pall of it from the next several days that just hung over, everything was unforgettable. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.

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24:52I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

25:29Thank you. healthcare work as one for everyone. Learn more at business.optum.com. You already know how AI is changing how everyday work gets done, how much ground you can cover, and how fast a team can scale. To stay ahead, you need the tools that give you a competitive advantage built for this new era. Welcome to Agentic Revenue. Adio is the CRM for this world. It meets you where you work, compounds every customer signal into context, then acts on it across your pipeline to let you move at unmatched speed and scale. With agents and automations for every job in revenue, Adio orchestrates your work around the clock.