Jennifer Grancio, head of ETFs at TCW, discusses investment options through ETFs amid market volatility and the trade war.

Wall Street’s rally took a breather on Tuesday, with stocks falling as traders awaited fresh catalysts after a six-day run that put the S&P 500 up almost 20% from its April lows. The US equity benchmark lost steam following an $8.6 trillion surge.

Long-term Treasury yields climbed as fractious US budget negotiations kept focus on the growth in deficit spending. President Donald Trump is growing frustrated with demands to significantly boost the cap on the state and local tax deduction, according to a senior administration official, signaling a deadlock as Republicans aim to quickly pass a giant tax-cut bill.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Elon Musk said he’s committed to still leading Tesla Inc. five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.

The billionaire offered new details about his plans in a wide-ranging interview with Bloomberg News that also touched on his compensation, Tesla’s sliding sales and a possible spinoff of SpaceX’s Starlink satellite business. Musk repeated his criticisms of a familiar cast of characters, from Bill Gates to the Delaware judge who’s twice ruled against his massive Tesla pay package.

Musk, whose $375.5 billion fortune leads the Bloomberg Billionaires Index, reiterated that he wants to own more shares of Tesla for reasons of authority, rather than wealth.

“It’s not a money thing,” he said during a remote appearance Tuesday at the Qatar Economic Forum in Doha. “It’s a reasonable control thing, over the future of the company.”

Musk has been chief executive officer of Tesla since 2008, one of the longest active stints atop the world’s largest automakers. His level of engagement with the company has come under greater scrutiny as the carmaker has followed up its first annual sales drop in over a decade with steeper declines early this year.

Musk, 53, downplayed the extent of Tesla’s challenges, saying that “it’s already turned around.” When pressed about this — the carmaker’s vehicle sales continued to plunge across Europe’s biggest electric vehicle markets in April — the CEO said that the region is the company’s weakest, but that it’s strong elsewhere.

Today's show features:
Bloomberg News Senior Reporter Max Chafkin on Elon Musk’s Qatar Economic Forum interview
Siyu Huang, Co-Founder and Chief Executive Officer of Factorial Energy
Bloomberg News National Security Team Leader Nick Wadhams
Bloomberg News Senior Editor, Equities Americas Eric Weiner

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Bloomberg News Wealth Reporter Annie Massa speaks on Dominari, the tiny investment bank that, less than three years ago, pivoted from developing cancer therapies into finance. Since then it has lost about $70 million.
For years its shifting priorities and tribulations remained largely out of the spotlight. That changed when it gained two recognizable backers: Donald Trump Jr. and Eric Trump.

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The US was stripped of its last top credit rating by Moody’s Ratings, reflecting deepening concern that ballooning debt and deficits will damage America’s standing as the preeminent destination for global capital and increase the government’s borrowing costs.

Moody’s lowered the US credit score to Aa1 from Aaa on Friday, joining Fitch Ratings and S&P Global Ratings in grading the world’s biggest economy below the top, triple-A position. The one-notch cut comes more than a year after Moody’s changed its outlook on the US rating to negative. The credit assessor now has a stable outlook.
“While we recognize the US’ significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics,” Moody’s wrote in a statement. Moody’s blamed successive administrations and Congress for swelling budget deficits that it said show little sign of abating. On Friday lawmakers in Washington continued to work towards a massive tax-and-spending bill that’s expected to add trillions to the federal debt over the coming years.
Today's show features:

• Bloomberg News Rates Reporter Michael Mackenzie on Bond market reaction to Moody's Downgrade
• Nick Wadhams, Bloomberg National Security Team Leader, on Trump Says Ukraine, Russia to Start Ceasefire Talks Immediately
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, on Bloomberg Big take story: Apple Is Spending Billions and Still Hasn't Managed to Crack AI
• and we Drive to the Close with Ryan Detrick, Chief Market Strategist at the Carson Group

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Wendi Whitmore, Chief Intelligence Security Officer, Palo Alto Networks, examines the cybersecurity landscape and how artificial intelligence and geopolitics are impacting global businesses. Wendi also weighs in on the revelation that hackers bribed overseas support agents for Coinbase to steal customer data for use in social engineering attacks.

Coinbase's recent stock rally was briefly dented by news of thee hack, which is expected to cost the company $400 million and prompt a US regulatory investigation.

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A smart and fun chat show about all things business. Hosted by award-winning business and economics journalists Max Chafkin (author of The Contrarian: Peter Thiel and Silicon Valley’s Pursuit of Power) and Stacey Vanek-Smith (former co-host of NPR’s Planet Money and reporter for Marketplace), Everybody's Business is powered by the unparalleled sources and reporters who bring you Businessweek magazine’s headlines and the stories behind them. The show gives listeners a window into the discussions happening in boardrooms, Zooms and group chats in power centers around the world. From interpreting Fed meetings to the business of wolf cloning, each week Max, Stacey and their friends at Bloomberg Businessweek guide listeners through what really went on during the last week from Wall Street and Main Street. Because what’s happening with money and markets is everybody’s business.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.

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A key House committee on Friday failed to advance House Republicans’ massive tax-and-spending bill after hard-line conservatives bucked President Donald Trump and blocked the bill over cost concerns.

The House Budget Committee rejected the bill 21-16, with Republican Representatives Chip Roy, Ralph Norman, Josh Brecheen, and Andrew Clyde joining Democrats to vote against it. The four hardliners demanded deeper cuts to Medicaid and other government programs.

It’s incredibly rare for bills to fail at this step in the process, with the committee vote typically serving as a rubber-stamp to the bill before it moves to the House floor.
Negotiations will continue through the weekend, with the committee planning to meet again late Sunday night.

In deal news, Charter Communications Inc. has agreed to combine with closely held Cox Communications in a cash-and-stock deal that would unite two of the biggest US cable providers. The takeover values Cox at about $34.5 billion including debt, the companies said in a statement Friday, confirming an earlier Bloomberg News report. The deal includes about $12.6 billion of net debt and $21.9 billion in equity, the companies said. The combined company would be the top broadband operator in the US, and increase Charter’s subscriber base by more than 20%, according to Bloomberg Intelligence analyst Geetha Ranganathan. It also comes at a time when cable companies are facing increasing competition.

Today's show features:

• Bloomberg Balance of Power Co-Host Joe Mathieu
• Kabir Ahmed Shakir, Chief Financial Officer at Tata Communications and Bloomberg News Senior Editor Nina Trentmann
• Craig Moffett, Founding Partner of MoffettNathanson
• Katie Hubbard, EVP of Capital Markets for Walton Global

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