Blackstone President and COO Jon Gray shut down calls for an end to “US exceptionalism,” and says that “the Madisonian system works. The US will continue to get through this [economic uncertainty] even if we have an economic slowdown” bloom.bg/4iVfuRn

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Chevron posted record second-quarter results that outperformed expectations as prices for crude, gasoline and diesel surged amid war-driven supply disruptions. The company recently signed accords with Iraq as it explores oil production and transportation in the Middle East. Here’s what CFO Eimear Bonner has to say

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UBS CEO Sergio Ermotti says the integration of former rival Credit Suisse “is almost done.” He also talks about the Zurich-based bank’s announcement of a new $3 billion share buyback program to run until mid-2027, and how he expects “spikes of volatility” to continue in markets for the rest of the year. Ermotti speaks with Bloomberg’s Guy Johnson.
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Get a jump start on the US trading day with Dani Burger on “Bloomberg Open Interest.” Tech takes center stage as investors await blockbuster results from Microsoft and Meta. Oil surges after President Trump threatens new strikes on Iran, putting markets on edge. Plus, will the Federal Reserve stand pat or deliver a surprise. We’ll break it all down with Goldman Sachs’ David Mericle, Battery Ventures’ Dharmesh Thakker on AI’s next winners, and Logitech CEO Hanneke Faber joins us on chip risks, holiday demand, and navigating supply chain pressure.

Chapters:
00:00:00 – Open Interest
00:01:13 – SK Hynix Results, AI Spending, Microsoft & Meta Earnings Preview
00:04:36 – Ford Earnings, SUV Demand, EV Batteries & AI Energy Storage  
00:06:53 – Fed Decision Preview, Kevin Warsh, Rate Hike Risk & Inflation Outlook  
00:12:54 – High Interest | South Korea Market Rout, Bank Trading Boom & Iran Missile Escalation
00:13:58 – Iran Conflict, Strait of Hormuz, Red Sea Shipping Risks & U.S. Diplomacy
00:17:44 – Visa Earnings, Consumer Spending, Job Cuts & Robinhood Prediction Markets
00:23:04 – AI Infrastructure Trade, Market Rotation, Data Centers & Private Markets
00:23:29 – Sitara Sundar JPMorgan | Stocks Waver As Fed Call and AI Earnings Loom
00:33:20 – Top Calls | Caterpillar Downgrade, Cheesecake Factory Upgrade & Texas Instruments Upgrade
00:34:43 – SK Hynix Earnings, Memory Pricing, AI Demand & Hyperscaler Capex
00:39:46 – Procter & Gamble Earnings, Consumer Spending, Inflation & Supply Chain Costs
00:44:30 – Fed Expectations, Kevin Warsh, Inflation Risks & September Outlook
00:46:56 – David Mericle Goldman Sachs | Fed Policy, Oil Price Risks, Inflation Outlook & Rate Path
00:56:45 – High Interest | Fauci Senate Hearing, SpaceX Structured Products & Liverpool FC Investment Talks
00:57:49 – Dharmesh Thakker Battery Ventures | Enterprise AI, Supply Chain Automation, Open Source Models & Venture Investing
01:05:18 – Hanneke Faber Logitech | Logitech Earnings, Semiconductor Shortages, Gaming Demand & AI Hardware
01:12:18 – AI Spending Concerns, Microsoft & Meta Earnings, Capex Growth & ROI Debate
01:17:58 – Hermes Weakness, Luxury Spending Trends, China Demand & Gucci Turnaround
01:21:57 – BMW Job Cuts, China Slowdown, Luxury Autos & Ferrari EV Demand
——–
More on Bloomberg Television and Markets

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White House National Economic Council Director Kevin Hassett says Federal Reserve Chair Kevin Warsh is a “realist,” and, “he’s a very, very pragmatic person who understands the responsibility of the Fed is a dual mandate.

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