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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 Alexis Christophers.

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Speaker 3: Here are the stories we're following today.

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Speaker 2: Alexis, We're gonna have more on the markets. We'll bring

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Speaker 2: you the latest time I ron in a moment, but

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Speaker 2: we want to begin this morning with a historic night

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Speaker 2: in sports. The New York Knicks are now one win

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Speaker 2: away from their first NBA championship in more than a

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Speaker 2: half century after an improbable comeback win at Madison Square Garden.

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Speaker 2: Bloomberg's John Stash hours here with more on the big win.

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Speaker 4: John, what a night.

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Speaker 5: Yeah, Nathan, I'm not sure what was more astonishing, the

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Speaker 5: comeback or the game winning basket. The comeback was historic.

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Speaker 5: Second half, the Knicks trailed the Spurs by twenty nine points,

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Speaker 5: they chipped away, got it down to fifteen going to

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Speaker 5: the fourth quarter, and Jalen Brunson put them ahead for

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Speaker 5: the first time with a minute twenty two to go,

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Speaker 5: but then they fell back by one. Had the ball

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Speaker 5: with less than six seconds to go.

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Speaker 4: Brumson gets it, fires.

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Speaker 6: Up a threat shop no good.

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Speaker 7: But it's gone.

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Speaker 8: It's gone.

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Speaker 4: It's gone good.

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Speaker 9: One point too remaining.

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Speaker 8: Next take the lead.

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Speaker 4: Oh tell the movie.

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Speaker 9: That's one O seven Little Sex.

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Speaker 5: That was the final. Ladies had the call. So now

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Speaker 5: the series is three to one. Next heading the San

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Speaker 5: Antonio for Game five Saturday. One more on an incredible

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Speaker 5: night at the Garden coming up in Sports down Stash

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Speaker 5: with a Bloomberg Radio.

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Speaker 3: A miracle at MSG, thanks a lot, John, and of

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Speaker 3: course a star studded crowd witnessed that big Nix win,

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Speaker 3: but there was not the usual garden watch party outside

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Speaker 3: the arena, Bloomberg. John Tucker joins us now with more.

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Speaker 3: Good morning John, Good morning Alexis Will. Inside the garden,

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Speaker 3: Nick's fever erupted. Among the A list celebrities, Timothy Challo

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Speaker 3: May sounded like he was about to bounce off the rafters.

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Speaker 7: Come on the next, Baby Nixon five, Baby jyleb bon

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Speaker 7: my God, Baby.

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Speaker 10: H Taylor Swift was there. She likes the garden so

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Speaker 10: much she may get married there. She was seated courtside

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Speaker 10: next to Ben Stiller. He's filming a next documentary. As

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Speaker 10: for the others, YadA, YadA, YadA, Jerry Seinfeld, Larry David,

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Speaker 10: Chris Rock, Tracy Morgan, Jimmy Fallon. You get the picture

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Speaker 10: now for the Hoypoloy. Just a few hours before the game,

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Speaker 10: the watch party outside the garden was canceled. Nick's owner

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Speaker 10: James Dolan pointed the finger at Mayor Mamdani and Police

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Speaker 10: Commissioner Tish, but Mayor blamed Dolan, saying the move broke

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Speaker 10: the hearts across the city in New York. I'm John

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Speaker 10: Tucker Bloomberg Radio.

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Speaker 2: Maybe a win heals all wounds. Thank it's John Well.

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Speaker 2: The Nicks aren't the only thing that's red hot right now.

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Speaker 2: So's the weather in the northeast. Bloomberg meteorologist Craig Allen

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Speaker 2: has more on this heat wave.

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Speaker 7: Craig, it's going to push temperatures up to about fifteen

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Speaker 7: to twenty degrees above average for at least three days.

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Speaker 7: That's a heat wave and heat advisories are being issued

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Speaker 7: for many areas, including the I ninety five car at

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Speaker 7: or places like Washington, Baltimore, Philly, Newark. New York City

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Speaker 7: could see the mercury upwards of ninety to ninety five,

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Speaker 7: and the humidity has rapidly increased as well, so the

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Speaker 7: heat index will likely be in the triple digits. The

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Speaker 7: heat advisory pushes up through the Connecticut River Valley. Even

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Speaker 7: Boston should hit ninety today.

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Speaker 2: And Bloomberg meteorologist Craig Allen says this heat is going

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Speaker 2: to last through the weekend.

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Speaker 3: All right, now, let's get to the latest from the

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Speaker 3: Middle East. The US has carried out a second straight

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Speaker 3: day of strikes on Iran. That's after President Trump accused

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Speaker 3: the country of dragging out peace talks.

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Speaker 11: We're really close to a deal, but they keep tapping

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Speaker 11: us along, They keep playing us for suckers, because you

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Speaker 11: know what they dealt with some very stupid president.

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Speaker 3: The President spoke with reporters in the Oval Office. Later

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Speaker 3: he told Fox News the US will hit Iran again

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Speaker 3: today if it doesn't sign a deal. We get the

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Speaker 3: latest from Bloomberg Middle East correspondent Abira Buamar in Dubai.

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Speaker 12: To break this salemate, we assume the US hit targets

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Speaker 12: in Iran today. That ended overnight. Iran retaliated again by

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Speaker 12: hitting the US fifth Fleet and Bhain Kuwait closed its

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Speaker 12: airspace momentarily as a precautionary measure. And then Jordan reported

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Speaker 12: twenty missiles or so in its airspace. So we're seeing

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Speaker 12: the stick for a tat happening quite quite a bit

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Speaker 12: more than it has been over the past two months,

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Speaker 12: or since the April eighth ceasefire was achieved.

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Speaker 3: Meanwhile, Bloomberg's Ibira Buamar reports Iran as claiming the Strait

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Speaker 3: of Hormus is completely closed, but US Central commanders rebutting that,

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Speaker 3: saying commercial ships continue to transit in and out. Some

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Speaker 3: producers have managed to move oil through the strait through

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Speaker 3: so called dark transits with their lights and transponders turned off.

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Speaker 2: Alexis. President Trump's also hanging in on the economy after

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Speaker 2: the latest consumer price index showed prices rose by four

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Speaker 2: point two percent in May compared to last year, the

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Speaker 2: most in more than three years.

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Speaker 11: I love the pleasure that you know why, because as

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Speaker 11: soon as this war is over, you know, I can

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Speaker 11: say it now something you didn't do. You know, we've

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Speaker 11: been taking out millions of barrels of oil. Nobody knows that,

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Speaker 11: you know, who doesn't know about it? I ran until

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Speaker 11: right now.

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Speaker 2: And Trump's latest comments or a departure from his earlier

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Speaker 2: argument that the affordability issue as a hoax started by Democrats,

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Speaker 2: and now Democrats are seizing on his remarks. House Minardi

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Speaker 2: leader hackem Jeffrey's posted on x quote we finally found

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Speaker 2: something that Donald Trump loves as much as he loves

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Speaker 2: himself and.

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Speaker 3: Nathan staying in the nation's capital. Microsoft co founder Bill

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Speaker 3: Gates testified on Capitol Hill in a closed door hearing

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Speaker 3: about his ties to Jeffrey Epstein. Bloomberg's Amy Morris reports

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Speaker 3: from Washington. Gates told the House panel that he made

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Speaker 3: an error in judgment by ever meeting with Jeffrey Epstein.

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Speaker 3: The Microsoft co founder said he was drawn in by

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Speaker 3: Epstein's claims that he could help raise billions for global

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Speaker 3: health initiatives. Most Democratic members on the panel described Gates

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Speaker 3: as cooperative, some described his behavior as a little combative.

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Speaker 3: Republican Representative Tim Burchett of Tennessee says some of those

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Speaker 3: questions were intense.

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Speaker 13: Pretty clear to me, though, that Epstein was a friend collector.

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Speaker 13: You know, he just liked to have people around him

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Speaker 13: that were a big deal and get his picture made

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Speaker 13: with him and hang out with him. And I think

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Speaker 13: that's how he reeled to me.

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Speaker 14: House Overside chair James Comer says he's planning to ask

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Speaker 14: Attorney Alan Dershowitz to appear and that he wants acting

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Speaker 14: Attorney General Todd blanche to come in next month in Washington.

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Speaker 14: Amy Moore as Bloomberg Radio, all right, Amy, thanks, it's

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Speaker 14: history in the making. We are just hours away from

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Speaker 14: pricing for what will be the biggest IPO of all time.

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Speaker 14: Let's get more now from Bloomberg Technology host Sed Ludlow.

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Speaker 8: SpaceX will raise seventy five billion dollars at evaluation of

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Speaker 8: greater than one point seventy five trillion in a story

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Speaker 8: that's been about pitching investors on the prospects of satellites

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Speaker 8: around the Earth as data centers, orbital data center. That's

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Speaker 8: the pitch the bankers have been making. That's the story

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Speaker 8: that the market's buying into. It is oversubscribed, the institutional

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Speaker 8: book is closed, retail investors are clamoring to get a

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Speaker 8: hold of it, and we get pricing late Thursday, trading

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Speaker 8: on Friday in what will be the biggest IPO in

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Speaker 8: history for SpaceX. Ed Ludlow Bloomberg Radio, All.

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Speaker 3: Right, thanks, Ed, And this morning involving two other companies

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Speaker 3: set for huge IPOs, the Wall Street Journals reporting open

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Speaker 3: Ai is considering drastically lowering the prices it charges users.

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Speaker 3: It's in an effort to win customers from Anthropic. The

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Speaker 3: paper says drastic price cuts could potentially erode the profit

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Speaker 3: margins of both companies, which already lose billions because of

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Speaker 3: the cost for computing resources needed for AI systems.

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Speaker 2: Well, this morning, Alexis futures are higher following yesterday's selloff

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Speaker 2: on Wall Street. The Dow fell more than nine hundred

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Speaker 2: and fifty points, or one point nine percent, but even

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Speaker 2: harder hit was the Nasdaq, it fell two percent. This morning,

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Speaker 2: futures are pointing to a recovery. Dow futures are up

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Speaker 2: two thirds percent right now, Nasdaq futures up one point

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Speaker 2: two percent, and SMP futures are on the rise by

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Speaker 2: three quarters of one percent.

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Speaker 3: Well, Nathan Shares of Oracle not participating in this morning's turnaround.

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Speaker 3: The stock is down about seven percent. The company reported

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Speaker 3: quarterly capital expenditures that were higher than estimates. Sarah Kunsta's

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Speaker 3: founder and managing director at Cleo Capital.

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Speaker 9: This is a company that people got excited about for

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Speaker 9: a while with AI, but the bloom has sort of

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Speaker 9: been off the rose, and I'm not shocked to see

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Speaker 9: people wanting to see real numbers and then when they're

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Speaker 9: not thrilled with the results.

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Speaker 3: They're selling a bit cleo capital. Sarah Kunst Oracle expects

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Speaker 3: to spend about seventy billion dollars on net capital expenditures

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Speaker 3: in the current fiscal year five ZHO nine on Wall

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Speaker 3: Street Time for a look at some of the other

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Speaker 3: stories making news in New York and around the world.

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Speaker 3: For that, we're joined by Bloomberg's Michael Barr Good Morning, Michael.

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Speaker 6: Good morning, and Lexis Knicks. Fans are still giddy from

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Speaker 6: last night's its historic comeback, but there's other news to

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Speaker 6: talk about. Congress has until tomorrow to approve an extension

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Speaker 6: of the Foreign Intelligence Surveillance Act. It allows US surveillance

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Speaker 6: of foreigners. Some lawmakers are concerned about passing it. While

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Speaker 6: Bill Poulti, who has no intelligence background, will be the

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Speaker 6: acting Director of National Intelligence, President Trump says he is

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Speaker 6: considering permanent candidates. HOWSE Speaker Mike Johnson called on lawmakers

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Speaker 6: to support a term extension of FAIZA.

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Speaker 7: He is in the process of interviewing the persons who

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Speaker 7: would potentially be the next d and I.

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Speaker 4: They're going to be highly qualified.

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Speaker 6: All these prodigium these are the House will try to

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Speaker 6: vote today British Prime Minister kir Starmer is reacting to

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Speaker 6: protests that erupted in Belfast, Northern Ireland after a stabbing

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Speaker 6: which ignited anti immigrant demonstrations. A Supanese man was accused

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Speaker 6: in a stabbing attack. Starmer addressed Parliament Wednesday.

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Speaker 2: The acts of violence and arson that followed are totally unjustified.

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Speaker 6: PM Starmer urged for people to remain calm. An appeal

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Speaker 6: is in the works for the Collin County, Texas team

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Speaker 6: found guilty of murdering a rival track athlete from a

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Speaker 6: neighboring school. Nineteen year old Carmelo Anthony, who was seventeen

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Speaker 6: at the time, stabbed Austin metcalf as the two got

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Speaker 6: into an altercation during a track meet. Anthony claimed he

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Speaker 6: stabbed the eleventh grader in self defense. Anthony was sentenced

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Speaker 6: to thirty five years in prison. Global News four hours

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Speaker 6: a day and whenever you want it with Bloomberg News

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Speaker 6: Now Michael Barr and this is Bloomberg Alexis.

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Speaker 3: Thanks Michael time now for our Bloomberg Sports update, brought

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Speaker 3: to you by Flushing Bank, a division of Ocean First Bank.

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Speaker 3: For that, we bring in John stash Hour and John

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Speaker 3: a historic night at the Garden.

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Speaker 5: It was in data Alexis and Nicks went into Game

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Speaker 5: four of the NBA Finals hoping for a better start

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Speaker 5: in each of the first three games and Antonio went

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Speaker 5: grab it double digitally in the first quarter, and this

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Speaker 5: time it was way worse. A nightmares first quarter for

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Speaker 5: the next they trailed but one point.

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Speaker 6: By twenty one.

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Speaker 5: They shot just twenty nine percent, made only five baskets.

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Speaker 5: Spurs shot sixty five percent. They built the lead up

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Speaker 5: to twenty seven and a half time. They made fourteen first

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Speaker 5: half three pointers. The Knicks in the East Finals with

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Speaker 5: Cleveland Game one, came back from twenty two downs. So

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Speaker 5: they had done this before and they mounted the historic

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Speaker 5: comeback that ended with the Epico geonob tippin. There was

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Speaker 5: still some time remaining for the Spurs.

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Speaker 4: We tied out.

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Speaker 5: Slut. They have to get it in Harper, lots of

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Speaker 5: it shut.

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Speaker 4: How's it lost it?

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Speaker 6: That's it.

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Speaker 5: It's over.

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Speaker 12: Her greatest comeback in the NBA playoff history.

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Speaker 10: For the next pull off, but a miracle Cumebuck and

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Speaker 10: lead at three.

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Speaker 5: Games to one on ABC, brunchon and Onatoby led the

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Speaker 5: way to the one oh seven one oh six. Nicks

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Speaker 5: winner is bruns And scored thirty six points. Og had

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Speaker 5: thirty three. He was the hero at the end. He

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Speaker 5: spoke on ABC.

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Speaker 6: We're resoling. You know, we never give up.

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Speaker 4: You know, it's the game of runs.

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Speaker 3: They were to one early.

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Speaker 6: We knew we were gonna go on all runs, so

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Speaker 6: we just stay with it.

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Speaker 3: Top Puss twenty nine points. Though, when you're down twenty nine,

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Speaker 3: what were you guys saying to each other?

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Speaker 4: Just stay with it?

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Speaker 6: You know, it said game of runs.

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Speaker 3: We believe I futs pum Backlamore.

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Speaker 6: We're battle Tesla Well Rentley with tube the Resilien Rooks.

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Speaker 7: So they just stay with it.

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Speaker 5: The series does three to one. The Nicks have three

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Speaker 5: chances to win one game, and that'll start with Game

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Speaker 5: five and San Antonio on Saturday. Stanley Cup Final gets

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Speaker 5: Eddies tonight, Vegas at Carolina. Game five s here we

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Speaker 5: sided too. The World Cup begins today with two games

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Speaker 5: in Mexico and Cleveland. The Yankees finished to sweep at

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Speaker 5: the Guardians eight to four. Jazz Jigsam and Trent Grisham

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Speaker 5: both at triples. Jazz drove in three rons, Grisham scored three.

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Speaker 5: Another lopsided loss for the Mets. Saint Louis won nine

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Speaker 5: to two at City Feel Johns Dashewer Bloomberg Sports Alexis.

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Speaker 14: Stay with us.

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Speaker 4: More from Bloomberg day Break coming up after.

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Speaker 1: This 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 app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. The US and Iran have

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Speaker 2: continued to trade attacks for a second day after the

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Speaker 2: downing of an Apache helicopter this week. Defense Secretary Pete

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Speaker 2: Hegseth says now Iran needs to move forward on diplomacy.

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Speaker 3: Duran has a chance to make a good deal, a

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Speaker 3: great deal, to codify what they said they've been willing

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Speaker 3: to do, and they haven't been.

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Speaker 4: Willing to do it.

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Speaker 2: Defense Secretary Pete Hegseth spoke at Centcom headquarters in Tampa, Florida.

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Speaker 2: Joining us this morning is Mark Champion, who covers the

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Speaker 2: Middle East for Bloomberg Opinion. Mark, We've heard number of

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Speaker 2: figures in the Trump administration saying they want to exert

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Speaker 2: maximum pressure on Iran to bring a deal forward. Is

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Speaker 2: there a sense that these latest attacks will get Iran

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Speaker 2: there good morning.

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Speaker 4: Good morning. Well, there's very little evidence to suggest that

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Speaker 4: it will. This is kind of a long process.

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Speaker 15: These are kind of the most uh, you know, serious

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Speaker 15: attacks that we've had during the ceasefire.

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Speaker 4: But there have been you know, an awful lot.

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Speaker 15: It's clear that the r markets think that, you know,

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Speaker 15: this will just be another episode and we'll be back

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Speaker 15: to this sort of you know, unstable equilibrium, neither peace

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Speaker 15: nor war, with no deal but no kind.

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Speaker 4: Of resort returned to total war.

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Speaker 15: But it's very unstable, and that was the point when

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Speaker 15: the Apache helicopter was shot down. You know that the

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Speaker 15: US suddenly had to respond, and it's responded in a

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Speaker 15: pretty reasonably tough way. Now they're threatening to you know,

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Speaker 15: bomb much harder and essentially end the ceasefire if Iran

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Speaker 15: doesn't you know, sign a deal by Friday.

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Speaker 4: That signature seems unlikely. But you know, this is a

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Speaker 4: very unpredictable kind of conflict.

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Speaker 2: To your point, the process, as you say, has been long.

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Speaker 2: But with the President saying you'd like to see a

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Speaker 2: deal signed by tomorrow, his patients.

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Speaker 4: Is very short.

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Speaker 2: Do you see a risk here of escalation? Given all that.

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Speaker 4: There is a risk. He clearly does not want to

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Speaker 4: return to full war. He's not.

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Speaker 15: You know, it really isn't clear what the US would

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Speaker 15: be able to achieve if it does.

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Speaker 4: And you know they've already run through a lot of stocks.

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Speaker 4: There are costs to this.

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Speaker 15: Iran does have ways of retaliating and inflicting pain not

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Speaker 15: just on the US but on its allies in the

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Speaker 15: Gulf and on the global economy. And this is the

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Speaker 15: reason that we had to cease fire in the first place.

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Speaker 15: Nothing has changed there. It's just that the Iranians will

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Speaker 15: not have not been willing to bend to the terms

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Speaker 15: that Trump thinks unnecessary in order for him to walk

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Speaker 15: away and say I won.

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Speaker 2: Just thirty seconds left, Mark, Where do you see the

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Speaker 2: status of back channel talks right now?

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Speaker 15: They're going on. The Qataris are just coming back from Tehran.

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Speaker 15: They've been talking to the Iranians. The Pakistanis are still involved.

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Speaker 15: They're talking to the Iranians and Americans. You know, they

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Speaker 15: are going on. It's just a very difficult proposition. Essentially,

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Speaker 15: the Iranians are saying, we want control of the Strait

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Speaker 15: of hor Moves, we want money, and we want various guarantees,

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Speaker 15: including for Lebanon and the US. Simply, you know is

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Speaker 15: on a different track in terms of the kinds of

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Speaker 15: terms that it's looking for, and there, essentially, you know,

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Speaker 15: is the problem. Trump keeps saying that we're close to

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Speaker 15: a deal.

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Speaker 4: We haven't been.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: And I'm Nathan Hager join us again tomorrow morning for

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