US Jobs Data Comes in Under Forecast | Bloomberg Businessweek Daily 7/2/2026

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Today, Marta Norton, chief investment strategist at Empower, discusses the underwhelming June jobs report and that means for the Fed's next move. Then, Stuart Paul, Bloomberg Economics US and Canada economist, talks oil prices and what a permanent toll on the Strait of Hormuz would mean for oil prices. Plus, Robin Wenzel, head of the Wells Fargo Agri-Food Institute, breaks down the cost of fourth of July barbeque and where americans are feeling pinched at the grocery store. Finally, 'Bloomberg Business of Sports' co-hosts Vanessa Perdomo-Maglione and Randall Williams, discuss the United States' World Cup win over Bosnia-Herzegovina in the round of 32 and how a controversial red card may cost the US its leading scorer in the next game. Chapters 00:00:00 Bloomberg Businessweek Daily Open 00:01:14 June Jobs Report Misses Expectations 00:02:29 Market Update: Dow Records, Chip Stocks Tumble 00:04:20 Markets React to the Jobs Report 00:05:00 Empower's Marta Norton on the Labor Market 00:08:05 Inflation, Supply Shocks & the Fed 00:11:10 Strait of Hormuz Toll Fees Explained 00:12:20 Bloomberg Economics on Oil & Global Trade 00:17:15 Will Lower Gas Prices Boost Spending? 00:19:05 Market Update: Blackstone Data Center Surprise 00:21:00 Data Center Pushback & AI Infrastructure 00:22:20 Fourth of July BBQ Costs Rise 00:24:30 Where Shoppers Can Still Find Grocery Savings 00:25:20 When Will Beef Prices Come Down? 00:29:20 GLP-1 Drugs Are Changing Grocery Shopping 00:31:40 Heat Wave Causes New York Power Concerns 00:32:35 Market Update: Chip Selloff Continues 00:34:30 World Cup Fever Grips the U.S. 00:35:35 U.S. Soccer's Red Card Controversy 00:42:40 Stocks on the Move 00:44:20 AI Chip Stocks Lead Market Declines 00:47:35 Moderna Jumps on Vaccine Progress
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