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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with politics and a busy night of

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Speaker 3: primary elections from coast to coast. Let's start in California,

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Speaker 3: where a crowded race for governor is still being decided.

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Speaker 3: Right now, about half the votes are in and Republican

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Speaker 3: Steve Hilton is in the lead with twenty seven point

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Speaker 3: seven percent of the vote.

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Speaker 4: It looks very much as if Californias really will have

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Speaker 4: the chance to vote for change in November and take

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Speaker 4: and take our state and take our state in a

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Speaker 4: new direction.

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Speaker 3: Steve Hilton is a GOP strategist with President Trump's endorsement.

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Speaker 3: He's followed by a Democrat, Javier Bessera, in second with

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Speaker 3: twenty five point four percent. Billionaire Tom Steyer is third

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Speaker 3: with nineteen point six The top two vote getters will

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Speaker 3: face each other in the November general election under California's

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Speaker 3: jungle primary system.

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Speaker 2: And in the Los Angeles mayor's race and Nathan incumbent

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Speaker 2: Karen Bass has been forced into a runoff. According to

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Speaker 2: the Associated Press, she currently has thirty six percent of

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Speaker 2: the vote, short of the fifty percent of the vote

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Speaker 2: needed to win the election outright. Her challenger still has

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Speaker 2: not been decided, but right now Republican Spencer Pratt is

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Speaker 2: in the lead for second place with twenty nine point

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Speaker 2: one percent of the vote.

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Speaker 5: Obviously, I was.

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Speaker 6: Going to accept whatever Gods plan was tonight. I was

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Speaker 6: going to be happy if I wasn't moving forward, because

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Speaker 6: I would have known God didn't want me to be

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Speaker 6: the mayor. But now I feel very confident that I

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Speaker 6: am going to continue to work hard.

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Speaker 2: Spencer Pratt is a former reality TV star who's accused

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Speaker 2: Bass of letting last year's Los Angeles wildfires get out

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Speaker 2: of control and not doing enough to tackle homelessness. Running

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Speaker 2: behind Bass and Pratt was nith Yer Raman, a former

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Speaker 2: ally of the mayor and a progressive city council member

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Speaker 2: elected with Bard from the Democratic Socialist of America. Rumman

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Speaker 2: currently has twenty two percent of the vote.

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Speaker 3: That was also an important election night in New Jersey.

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Speaker 3: Karen in a House district that could be key for

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Speaker 3: Republicans holding their majority in November, with ninety percent of

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Speaker 3: votes counted. Former Navy helicopter pilot Rebecca Bennett is projected

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Speaker 3: to win the Democratic primary in the seventh Congressional district

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Speaker 3: with forty five and a half percent. Bloomberg's Tominette reports

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Speaker 3: this result is not a big surprise.

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Speaker 7: She had raised much more money than the rest of

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Speaker 7: the field. You know, the sort of the party establishment

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Speaker 7: had been sort of coalescing around her, and I think,

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Speaker 7: you know, as more and more money was drawn in,

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Speaker 7: you know, she established herself as the clear front runner.

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Speaker 3: Bloomberg's Tominette notes Bennett will go on to face Republican

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Speaker 3: incumbent Tom Kine Junior. He's been away from Capitol Hill

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Speaker 3: since March with an unexplained medical issue. He's missed more

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Speaker 3: than one hundred votes to.

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Speaker 2: Date, and the race for New Jersey Senate Nathan Justin

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Speaker 2: Murphy is the Republican winner with thirty three point three

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Speaker 2: percent of the vote. Murphy defeated a field of three

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Speaker 2: other candidates to in the GOP NOD.

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Speaker 8: He'll face a.

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Speaker 2: Democratic incumbent Corey Booker, who's running for a third full term.

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Speaker 2: And Alilia Mahia is the winner of the Democratic race

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Speaker 2: in the eleventh Congressional district seat left open by New

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Speaker 2: Jersey Governor Mikey Cheryl Mahea picked up eighty one and

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Speaker 2: a half percent of the vote.

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Speaker 3: With some other key races to watch, Karen, We're in Iowa,

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Speaker 3: where Democrats are looking to make in roads in the

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Speaker 3: race for Senate. State representative and former Paralympic athlete Josh

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Speaker 3: Turik beat state Senator Zach Walls sixty two point six

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Speaker 3: to thirty seven point four percent.

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Speaker 9: This campaign has been about fighting for the middle class,

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Speaker 9: working families, rural communities, small family farms, and working with

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Speaker 9: anyone to address rise and cost stagna incomes and out

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Speaker 9: of control corruption.

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Speaker 3: In DC, Democrat Josh Cherik will face Republican Ashley Hinson.

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Speaker 3: In November, she won her primary against former state Senator

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Speaker 3: Jim Carlin seventy four point two to twenty five point

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Speaker 3: nine percent. In the Iowa governor's race, President Trump's endorsement

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Speaker 3: was not enough to carry Congressman Randy Feenstreut to victory.

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Speaker 3: He lost narrowly to conservative Zach Lahan thirty seven point

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Speaker 3: eight to thirty seven percent. Lawn will face Democrat Rob

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Speaker 3: sand who ran unopposed in New Mexico.

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Speaker 2: Nathan. Democrat Deb Holland is a step closer to becoming

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Speaker 2: the nation's first Native American governor. The former Interior Secretary

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Speaker 2: won her primary against Sam Bregman seventy two point three

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Speaker 2: to twenty seven point seven percent, and Holland will face

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Speaker 2: Republican Gregory Hull in November. In Montana, Democrat Alani Bankhead

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Speaker 2: and Republican Kurt Almey won their Senate primaries. They could

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Speaker 2: face a tough challenge from independent Seth Boonar, the former

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Speaker 2: president of the University of Montana, raised more money than

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Speaker 2: all me and all five Democratic candidates combined. And in

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Speaker 2: South Dakota, incumbent Senator Mike Browns easily won the Republican

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Speaker 2: nomination for a fourth term. He'll face Democrat Julian Bodwin

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Speaker 2: and independent military veteran Bryan Banks, who some Democrats see

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Speaker 2: as the stronger opponent.

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Speaker 3: Well, it's turned from politics now to get the latest

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Speaker 3: developments in the war in Iran Karen. The US and

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Speaker 3: Iran have been exchanging strikes in their latest flare up

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Speaker 3: in this fragile ceasefire, the US attacked Iranian radar and

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Speaker 3: command and control sites, while Iran tried to target an

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Speaker 3: air base in retaliation. We get more from Bloomberg Middle

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Speaker 3: East Breaking News editor Patrick Sykes.

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Speaker 10: We saw the Iranians firing missiles and drones reportedly a

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Speaker 10: multiple Gulf countries. I think in particular Bahrain, and Bahrain

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Speaker 10: of course is particularly important as it's the home to

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Speaker 10: the US naval presence in the region. But now both

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Speaker 10: sides are kind of sticking to the line that the

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Speaker 10: ceasefire remains in place despite these increasingly frequent violations of it.

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Speaker 10: It does feel like they are becoming more frequent, and

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Speaker 10: with that, I think the question will be how far

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Speaker 10: they can extend this narrative that the ceasefire is still

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Speaker 10: in place.

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Speaker 3: Bloomberg's Patrick Sykes reports Kuwait is now saying in Irani

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Speaker 3: an attack on its international airport killed at least one

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Speaker 3: person and wounded as others. US and Iranian negotiators are

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Speaker 3: grappling with several critical questions, including freedom of navigation through

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Speaker 3: the strait of horror moves and the future of frozen

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Speaker 3: Iranian funds.

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Speaker 2: Meanwhile, Nathan, former Secretary of Stayed Mike Pompeio, conceded that

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Speaker 2: Iran still has bargaining power and negotiations with the United States.

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Speaker 2: He tells Bloomberg he expects the conflict to continue.

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Speaker 11: I think it is very likely that we will have

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Speaker 11: to go back at it and provide more weaponry to

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Speaker 11: the Israelis and fight alongside them to do more damage

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Speaker 11: to the Iranian regime, kinetic damage.

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Speaker 12: But I hope I'm wrong.

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Speaker 11: I hope in the end, the Ranian regime comes to

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Speaker 11: a fundamentally different decisions the Ranim people get control of

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Speaker 11: that nation. If that's the case, then the Iranian regime

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Speaker 11: should be the Ranian people could be welcomed back into

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Speaker 11: the world of civilized humanity.

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Speaker 2: Former Secretary of State Mike Prompeo made the comments in

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Speaker 2: an interview with Bloomberg's has Linda Amen during the Nomura

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Speaker 2: Investment Forum in Singapore, and for the full conversation, check

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Speaker 2: out our new video hub on the Bloomberg Business app.

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Speaker 3: Well, Karen, Global trade is and focus once again this morning.

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Speaker 3: The US is proposing a new tariff of at least

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Speaker 3: ten percent on imports from sixty trading partners. This follows

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Speaker 3: an investigation into how trade partners handle goods allegedly produced

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Speaker 3: by forced labor. The probes are one part of the

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Speaker 3: administration's effort to revive President Trump's tariffs after the Supreme

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Speaker 3: Court ruled many of them unconstitutional. We get more from

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Speaker 3: Bloomberg Senior US Government editor Derek Wallbank.

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Speaker 13: Donald Trump's administration had signaled very clearly when the US

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Speaker 13: Supreme Court rolled out the main thrust of his global

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Speaker 13: tariffs that they were going to try and rebuild the

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Speaker 13: tariff wall that has been a centerpiece of his foreign

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Speaker 13: economic policy. This is in line with set Bloomberg zeric.

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Speaker 3: Wallbank says the new tariffs won't go into effect immediately

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Speaker 3: and are subject to a public comment and review period.

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Speaker 2: In Washington, Nathan, following a backlash from lawmakers, Acting Attorney

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Speaker 2: General Tom Blanche says the Trump administration will drop plans

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Speaker 2: for a one point eight billion dollar fund to pay

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Speaker 2: victims of alleged government weaponization and Bloomberg's Amy Morris words

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Speaker 2: from Our Nation's Capital.

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Speaker 8: Blanche told lawmakers the anti weaponization fund plans are scrapped.

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Speaker 14: We're not moving forward with the fund.

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Speaker 13: You're right that there's a date that in the case

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Speaker 13: in the Eastersco Virginia in June, but we are not

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Speaker 13: moving forward with the fund period.

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Speaker 8: However, Blanche did say the Justice Department is not abandoning

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Speaker 8: an element of the settlement with the IRS, giving Trump

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Speaker 8: and his family immunity from tax audits. Blanche's comments came

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Speaker 8: during a House committee hearing in response to mounting pressure

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Speaker 8: from Republicans for reassurances that the Justice Department's plans were

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Speaker 8: off the table before they move forward with legislation that

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Speaker 8: funds immigration enforcement agencies in Washington. Amy Morris Bloomberg Radio.

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Speaker 3: Amy, thank you. Some big news in the news business

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Speaker 3: this morning. The turmoil at CBS News continues with a

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Speaker 3: star anchor forced out. Bloomberg's John Tucker joins us with

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Speaker 3: the details.

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Speaker 12: John and CBS has fired Scott Pelley Nathan. The move

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Speaker 12: comes after the longtime Sixty Minutes correspondent accused to editor

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Speaker 12: in chief Berry Wise of murdering program and question the

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Speaker 12: qualifications of his new boss, Nick Bilton. Attentions came to

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Speaker 12: a head anthro Pelly confronted Builton and an internal meeting

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Speaker 12: on Monday. The CBS News division has stumbled through one

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Speaker 12: issue after another since Weiss was named to lead the

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Speaker 12: enterprise last year. She replaced longtime CBS staffers and polled

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Speaker 12: a Sixty Minutes segment just before airing. The new management

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Speaker 12: has been accused of being too cozy with a Trump administration. A.

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Speaker 12: Pelly issued a statement after his firing in which he

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Speaker 12: says CBS owner Paramounts Guidance is quote apparently trying to

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Speaker 12: curry favor with the Trump administration end quote. Paramount is

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Speaker 12: currently seeking approval from the Trump Justice Department for its

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Speaker 12: acquisition of Warner Brothers Discovery. I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you. Let's turn to the markets now,

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Speaker 2: and futures this morning are little changed. After another record

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Speaker 2: setting day on Wall Street, the S and P five

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Speaker 2: hundred is now gained for nine straight days. In company news,

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Speaker 2: Reuters is reporting SpaceX she's aiming to sell shares at

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Speaker 2: one hundred and thirty five dollars a piece for its

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Speaker 2: record breaking seventy five billion dollar IPO.

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Speaker 8: Dan Ives, global head of.

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Speaker 2: Technology research at Webbush Security, says investor interest in tech

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Speaker 2: is set to continue.

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Speaker 15: It's a tidal wave of vip as that are coming,

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Speaker 15: but they're all at the heart of the AI revolution,

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Speaker 15: and I think to some extent, when you look where

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Speaker 15: we are, we continue believe this AI party started nine pm.

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Speaker 15: It's about eleven thirty pm. Party goes to four am.

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Speaker 2: Wed Bush's Dan ives the deal involving Elon Musk's firm

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Speaker 2: would be the largest IPO on record, more than doubling

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Speaker 2: the twenty nine point four billion dollar raised by Saudi

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Speaker 2: A Ramco in twenty nineteen.

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Speaker 3: Chipstocks are going to remain and focus on Wall Street today.

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Speaker 3: Broadcom reports earnings after the close of today's trade. We

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Speaker 3: get a preview from Bloomberg's Tom Busby.

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Speaker 5: Expect Broadcon to post an earnings beat on solid revenue

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Speaker 5: from its XPU chips and continued strong demand for its

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Speaker 5: AI networking gear, and some long term agreements it has

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Speaker 5: with Google, Meta and Anthropic have given investors a better

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Speaker 5: outlook for the company's pipeline through twenty twenty seven and beyond.

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Speaker 5: Bloomberg consensus calls for a revenue of twenty two point

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Speaker 5: one three billion dollars and adjusted earnings per share of

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Speaker 5: two dollars and thirty nine cents. Tom Busby Bloomberg Radio.

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Speaker 2: All right, Tom, thank you. The rally and shares of

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Speaker 2: Marvel Technology continue this morning. They are up more than

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Speaker 2: twelve percent after searching thirty three percent yesterday. The games

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Speaker 2: were fueled by comments from Nvidia CEO Jensen Wong. He

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Speaker 2: predicted that the semiconductor and networking company would be the

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Speaker 2: next business to hit a one trillion dollar valuation.

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Speaker 3: Well, there's a very different stock story playing out overseas

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Speaker 3: this morning, Karen. Shares of Axodobell are plunging eighteen percent.

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Speaker 3: Nip On Paint Holdings and Sherwin Williams have ended their

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Speaker 3: effort to buy the Dutch paint maker. Axo will now

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Speaker 3: proceed with its planned merger with US firm ax Salta

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Speaker 3: coding Systems.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 14: Michael, good morning, Good morning, Karen. The Trump administration is

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Speaker 14: defending its plan to send Americans who may be or

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Speaker 14: infected with a Bola to a facility in Kenya, but

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Speaker 14: for now, that facility appears to be on hold after

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Speaker 14: it was blocked by a Kenyan court. Doctor memit Oz,

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Speaker 14: the head of Medicare and Medicaid Services, told reporters at

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Speaker 14: the White House Press briefing Tuesday that transporting them back

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Speaker 14: to the US would be too.

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Speaker 16: Far as a UK base there we have other people

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Speaker 16: who might be willing to welcome us, and we have

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Speaker 16: our German colleagues as well, So there's many places we

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Speaker 16: can send folks, but sending them across the world, especially

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Speaker 16: we're not sure what's going on with them is probably

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Speaker 16: not the wisest move.

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Speaker 14: Doctor oz As. The Congo has now recorded three hundred

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Speaker 14: and forty four confirmed infections and sixty confirmed Ebola deaths.

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Speaker 14: The mayor of Newark, New Jersey, officially announced the city

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Speaker 14: is expanding a lawsuit against Delaney Hall, the controversial detention

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Speaker 14: center used to house detainees picked up by Ice agents.

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Speaker 14: The city already has a lawsuit against Delaney Hall, which

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Speaker 14: is privately run over allegations of code violations around Baraka

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Speaker 14: once the center shut down amid reports of poor conditions inside.

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Speaker 17: It's troubling, which forces us now to expand and our

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Speaker 17: business administrator, we'll talk about that our lawsuit against the

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Speaker 17: Lady Hall further than just cold enforcement violations.

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Speaker 14: Mayor Baraka also criticized the deployment of New Jersey State

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Speaker 14: Police as tensions grow over protests. Meanwhile, the curfew has

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Speaker 14: been lifted. Former New York Republican Representative George Santos is

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Speaker 14: now under scrutiny for his trading on prediction market sites.

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Speaker 14: According to reports Calshi identifying suspicious activity in a market

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Speaker 14: about whether Santos would attend the State of the Union

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Speaker 14: address this year. Santos went to prison last year on

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Speaker 14: federal fraud charges after being ousted from Congress. Global News

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Speaker 14: twenty four hours a day and whenever you want it

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Speaker 14: with Bloomberg News Now Michael Barr, and this is Bloomberg Karen.

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Speaker 2: Thanks Michael, time now for our Bloomberg Sports update and

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Speaker 2: for that paper, John Stashauer.

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Speaker 18: Thanks Garren entertaining start to the Stanley Cup Final in Raleigh,

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Speaker 18: Carolina scored twenty five seconds in let to nothing that

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Speaker 18: Vegas head leeds of three two and four to three,

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Speaker 18: and when Tomas Hurdle scored with three and a half

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Speaker 18: minutes to go, the Golden Knights won Game one over

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Speaker 18: the Hurricanes five to four. NBA Finals begin tonight Nixon

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Speaker 18: Spurs in San Antonio. Aaron Donald was the star defensive

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Speaker 18: alignment for the Rams until retiring after the twenty twenty

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Speaker 18: three season. With the Rams acquisition of Miles Garrett. Donald

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Speaker 18: is said to be considering coming out of retirement. That's

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Speaker 18: the Bloomberg Sports Update.

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Speaker 2: Stay with us more from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business out This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager on the morning after a

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Speaker 3: busy night of primary elections from coast to coast, and

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Speaker 3: while the results are still coming in, California's packed governor's

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Speaker 3: race is starting to look like a two mon and

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Speaker 3: showdown between Democrat Javier Bisera and Trump backed Republican Steve Hilton.

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Speaker 4: It looks very much as if Californias really will have

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Speaker 4: the chance to vote for change in November.

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Speaker 3: On Tech My Republican Steve Hilton addressed his supporters last

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Speaker 3: night as those results continue to roll in. For more

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Speaker 3: on this than the other key races to watch, We're

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Speaker 3: joined this morning by University of Virginia politics professor Jennifer Lawless.

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Speaker 3: It is great to speak with you this morning after

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Speaker 3: a busy election night, Professor. Just looking the snapshot right now,

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Speaker 3: we can call it Hilton twenty eight Bisarah twenty five.

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Speaker 3: Tom Steyer, the rebillionaire almost twenty percent. Are you surprised

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Speaker 3: by a result like this in California?

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Speaker 19: Good morning, Good morning, Thanks for having me. I am

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Speaker 19: not surprised by the result. This race has been up

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Speaker 19: and down and all over the place for months. The

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Speaker 19: Democrats didn't get the candidate that they expected when Eric

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Speaker 19: Swawell dropped out and bisera kind of resurrected himself from

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Speaker 19: the dead, and so there's been a lot of uncertainty,

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Speaker 19: a lot of late decision making. And I wouldn't count

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Speaker 19: Tom Steyer out yet either, because there were so many

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Speaker 19: votes cast on election day that we've got to be

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Speaker 19: patient as they come in.

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Speaker 3: With Hilton in the lead, at least at the moment,

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Speaker 3: what kind of a warning signal does that send potentially

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Speaker 3: to Democrats still look at a hold on in California.

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Speaker 19: Well, the best scenario for Democrats to hold on, obviously,

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Speaker 19: was to have two Democrats emerge in the top two seats.

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Speaker 19: It's not entirely surprising that Hilton managed to grab one

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Speaker 19: of them, or looks like he's going to grab one

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Speaker 19: of them. But you know, a couple of weeks ago,

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Speaker 19: it looked like it was possible that two Republicans might,

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Speaker 19: and so I just think it sends a clear signal

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Speaker 19: that there is a strong Democratic base in California. But

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Speaker 19: it's not a given that a Republican can't make it

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Speaker 19: statewide into the top two. And that's certainly going to

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Speaker 19: shape not only the governor's race but also down ballot

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Speaker 19: contests that have seen a lot of redistricting.

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Speaker 3: Well, it didn't take long for the Associated Press to

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Speaker 3: project LA Mayor incumbent Karen Bass forced into a runoff

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Speaker 3: in her race. How worried should she be this morning?

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Speaker 19: She should be pretty worried. This is the first time

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Speaker 19: that an LA mayor has faced a run off in

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Speaker 19: more than a decade, and frankly, the person who she's

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Speaker 19: likely to face, Spencer Pratt, is a victim of the

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Speaker 19: Palisades fire that many voters believe she did a poor

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Speaker 19: job handling. So the idea that this is going to

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Speaker 19: be a referendum not only on her term as mayor

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Speaker 19: but specifically on how she responded to those fires doesn't

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Speaker 19: put her in as you know, firm, doesn't give her

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Speaker 19: as firm footing as she might have if she was

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Speaker 19: facing somebody else.

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Speaker 3: So you look at a race that could be pretty

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Speaker 3: key for control of Congress in November, the New Jersey

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Speaker 3: seventh district, where Republican Tom Kine Junior has been dealing

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Speaker 3: with this undisclosed medical issue. How do you think he

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Speaker 3: could stand up against the Democratic nominee here, Rebecca Bennett,

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Speaker 3: the former Navy hell coptor pilot.

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Speaker 19: She's an incredibly strong candidate. It is a split district.

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Speaker 19: This is one of the Democrats' best opportunities to take

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Speaker 19: back a seat, and frankly, King king silence on his

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Speaker 19: absence is somewhat striking. You know, he's missed more than

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Speaker 19: one hundred votes. I think voters in general feel like

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Speaker 19: they deserve to be represented, and this will be a

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Speaker 19: good example of whether voters are willing to in some

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Speaker 19: cases overlook party identification and vote across the party simply

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Speaker 19: because they want somebody who's actually present in the House

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Speaker 19: of Representatives to make sure that their interests are heard.

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Speaker 19: Because she's a strong candidate, because she's seen as a moderate,

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Speaker 19: she's actually got a shot at defeating an incumbent.

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Speaker 3: How important could this race be given all the fighting

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Speaker 3: around redistricting across the country that's led up to all these.

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Speaker 19: Races, well, any race that the Democrats can focus on

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Speaker 19: that isn't a result of a redistricted race provides them

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Speaker 19: an opportunity. If they want to take back the House

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Speaker 19: of Representatives. They can't bank entirely on redistricting, which is

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Speaker 19: something that they thought they would probably be able to

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Speaker 19: do a couple of months ago. And so any vulnerable incumbent,

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Speaker 19: any incumbent who hasn't been representing his or her district,

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Speaker 19: whether it's because they're out of sync with their constituents

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Speaker 19: or because they haven't been showing up, are real opportunities

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Speaker 19: for the Democrats, and this is certainly at the top

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Speaker 19: of that list.

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Speaker 2: This is Bloomberg day Break, your morning podcast on the

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Speaker 13: Dabray