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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today. Karen, let's begin with the race

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Speaker 3: to the midterms. New York held primary elections last night,

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Speaker 3: and in New York City, it was a big night

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Speaker 3: for Mayor Zornmumdanie. Three of the Democratic Socialist Mayor's favorite

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Speaker 3: House candidates swept to victory, including former City Comptroller Brad Lander.

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Speaker 3: He unseated two term Congressman Dan Goldman in the tenth

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Speaker 3: district with almost sixty six percent of the vote.

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Speaker 4: Dallid already is the force that we need to vanquish

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Speaker 4: Trump's fascism, to abolish ice.

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Speaker 5: To stand up to the billionairesomy.

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Speaker 6: That was Brad Lander declaring victory last night. He'll face

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Speaker 6: Republican Jennifer Moore, who ran uncontested in the general election

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Speaker 6: in November.

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Speaker 3: On Nathan, it was a closer race for another Mom

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Speaker 3: Donnie backed candidate in the thirteenth district, but with eighty

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Speaker 3: eight percent of votes counted, activist Derera Lisa Avilia Chevalier

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Speaker 3: is projected to defeat incumbent Adriano s Payot forty nine

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Speaker 3: to forty six percent. And in the seventh district race

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Speaker 3: to succeed retiring Congresswoman Nidia Velasquez, Mandamie backed state lawmaker

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Speaker 3: Claire Valdez won with fifty six percent of the vote.

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Speaker 3: The Lasquez endorsed Brooklyn Borough President Antonio Renoso. In that race,

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Speaker 3: he took just thirty six percent of the vote.

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Speaker 6: And in the crowded race for retiring Congressman Jerry Nadler's seat,

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Speaker 6: Karen Mayor Mumdonnie did not make an endorsement.

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Speaker 2: That race went to Micah Lasher.

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Speaker 6: He won with thirty nine percent of the vote in

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Speaker 6: a field that included Kennedy's grandson Jack Schlossberg, Trump critic

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Speaker 6: George Conway, and state Assemblyman Alex Morris. Lasher is a

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Speaker 6: former aide to Michael Bloomberg, the founder and majority owner

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Speaker 6: of Bloomberg Radio parent company Bloomberg LP. Bloomberg endorsed Lasher

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Speaker 6: in the race. He'll face Republican Caroline Shinkle.

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Speaker 3: This fall, Nathan Kate Connelly defeated a field of food.

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Speaker 3: There were other Democrats in New York seventeen district, with

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Speaker 3: forty nine percent of the vote, Democrats are hoping to

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Speaker 3: unseat Republican Congressman Mike Lawler in that Hudson Valley swing

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Speaker 3: district in November.

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Speaker 6: And some important primaries were held in Maryland last night

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Speaker 6: as well. Karen Governor Wes Moore easily won his Democratic

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Speaker 6: primary with almost eighty eight percent of the vote. He'll

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Speaker 6: face Republican Dan Cox in November for a rematch of

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Speaker 6: their twenty twenty two race.

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Speaker 2: And it was a runoff election night.

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Speaker 6: In the South Carolina Republican governor's race, Karen with nearly

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Speaker 6: all those votes counted. State Attorney General Alan Wilson defeated

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Speaker 6: Lieutenant Governor Pamela A. Vet by more than two to

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Speaker 6: one margin, sixty nine to thirty one percent. President Trump

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Speaker 6: endorsed Vett in the primary, but last week he said

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Speaker 6: he'd be happy with either candidate. Wilson will face State

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Speaker 6: Representative Jermaine Johnson in November. He won the Democratic primary

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Speaker 6: outright two weeks ago.

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Speaker 3: Finally, Nathan, there was one more race to watch in

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Speaker 3: Utah last night.

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Speaker 2: This was in the.

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Speaker 3: First Congressional District near Salt Lake City, which was recently

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Speaker 3: withdrawn to favor Democrats. Former Congressman Ben McAdams won that

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Speaker 3: race against three progressive candidates with fifty six percent of

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Speaker 3: the vote.

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Speaker 6: Okay, Karen, Let's turn now to the latest on the

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Speaker 6: Middle East. President Trump is defending his deal with Iran

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Speaker 6: as he faces growing domestic pressure over his strategy. The

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Speaker 6: President says Iran will only be able to use funds

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Speaker 6: released from frozen accounts to buy food and medical supplies

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Speaker 6: from the United States. But Tehran is disputing those comments.

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Speaker 2: They're all there are, They're all they know, they're wrong.

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Speaker 4: They told us inside and we have it down one

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Speaker 4: hundred percent inspections.

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Speaker 2: And if they were right, I'd cancel the meetings right now.

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Speaker 6: And in a post on social media, the President said

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Speaker 6: the billions in unlocked financing would go into ESCRO, controlled

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Speaker 6: by the USA and be used to purchase American grown

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Speaker 6: products such as corn, wheat and soybeans. Iran's president Massud

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Speaker 6: Pezeshki and says is country's nuclear missile program was not

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Speaker 6: included in the Memorandum of Understanding with the US and

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Speaker 6: would not be negotiated.

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Speaker 7: I call him about our missile program was not included

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Speaker 7: in the MoU and that shall not be I would

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Speaker 7: like to say that if it was not for Iran's

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Speaker 7: missile capabilities to defend ourselves. Our country would have been

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Speaker 7: plundered and destroyed by the Zionist regime and the US.

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Speaker 6: Like Kaza, Iranian president must suit Pozeshki and spoke through

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Speaker 6: an interpreter. Meanwhile, Iran and Alman say they'll begin work

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Speaker 6: on finding an agreement over future administration of the Strait

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Speaker 6: of Horror moves, including the cost of managing transit in

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Speaker 6: the US.

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Speaker 3: Nathan the Republican Ledish Sunate has broken with President Trump

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Speaker 3: and voted to end the war with Iran, and Bloomberg's

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Speaker 3: Amy Morris reports from Washington.

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Speaker 2: On this motion, the yeaser fifty the nays or forty eight.

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Speaker 2: The concurrent motion is agreed to.

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Speaker 8: The resolution already approved by the House requires the US

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Speaker 8: to seize hostilities against Iran unless Congress votes to authorize

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Speaker 8: further attacks, and does not allow the President to veto

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Speaker 8: the resolution. It does not require the President's signature and

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Speaker 8: does not carry the force of law, but it does

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Speaker 8: reflect lawmakers growing concern over how the war is being handled.

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Speaker 8: Americans overwhelmingly opposed the war, with sixty nine percent saying

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Speaker 8: it was not worth it, and seventy eight percent saying

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Speaker 8: the US should end the conflict now in Washington, Amy

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Speaker 8: more as Bloomberg Radio.

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Speaker 2: Right, Amy, thank you.

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Speaker 6: While oil has dropped more than thirty five percent since

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Speaker 6: mid March, President Trump says the price of the pump

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Speaker 6: isn't falling fast enough. In a post on truth socially

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Speaker 6: says he's ordered the Justice Department to look into gasoline prices.

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Speaker 6: Triple A's average did tick up a bit to three

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Speaker 6: ninety eight point eight a gallon today. What average retail

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Speaker 6: prices have fallen fourteen percent since late May, and this morning,

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Speaker 6: US diesel prices fell below five dollars a gallon for

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Speaker 6: the first time since March.

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Speaker 3: Let's turn to the market, Snathan, where stocks are stabilizing

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Speaker 3: following yesterday's take sel off, which saw the Nasdaq drop

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Speaker 3: two point two percent. This morning, Nasdaq futures are higher,

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Speaker 3: up four ten seven percent. In Asia, Korea's Cospy index

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Speaker 3: rose more than three percent after plunging ten percent yesterday.

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Speaker 6: Karen investors are going to shift their focus now to

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Speaker 6: earnings from one high flying tech stock. That would be

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Speaker 6: Micron Technology. The memory chip maker, delivers its results after

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Speaker 6: today's closing bell.

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Speaker 2: We get more from Bloomberg Stocks reporter Dan Curtis.

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Speaker 9: The memory company has been dominating US markets, not only

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Speaker 9: as one of the largest contributors to the S and

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Speaker 9: P five hundred rally this year, but has become the

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Speaker 9: most traded stock in the US, with about fifty billion

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Speaker 9: dollars worth of shares trading hands every day. The earnings

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Speaker 9: will be a big test for the AI trade. Micron

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Speaker 9: is one of the big three memory companies, which collectively

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Speaker 9: account for about ninety percent of the world supply. With

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Speaker 9: memory as a bottleneck in building out AI infrastructure, investors

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Speaker 9: will closely be listening for the company's forecasts and any

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Speaker 9: signals about changes in demand.

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Speaker 6: And Bloomberg's Dan Curtis notes Micron shares are up two

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Speaker 6: hundred and sixty eight percent this year alone, and this

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Speaker 6: morning the stock is up another nearly four percent.

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Speaker 3: Well one stock not delivering for investors this morning, Nathan

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Speaker 3: is FedEx. It is down almost eight percent. The personal

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Speaker 3: delivery company's earnings did top estimates, but profit margin declined

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Speaker 3: to eight point four percent, and that was below analyst estimates.

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Speaker 6: Well SpaceX shares are up a tick in early trading,

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Speaker 6: hired by about a half percent yesterday Elon Musk's Rocket

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Speaker 6: Ai company snapped a three day losing streak with a

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Speaker 6: one percent gain. SpaceX sold twenty five billion dollars of

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Speaker 6: investment grade bonds, replacing costly debt that helped finance Elon

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Speaker 6: Musk's acquisition of x and expensive loans and bonds issued

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Speaker 6: by his AI startup Xai. The bond offering was supported

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Speaker 6: by investors. Eighty nine billion dollars of orders were received

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Speaker 6: at its peak.

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Speaker 3: Time. Now for look at some of the other stories

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

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Speaker 3: for that we're joined by Bloomberg's Michael Barr.

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Speaker 2: Michael, good Morning, Good Morning Karen.

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Speaker 10: France recorded its hottest day ever as a heat wave deepened,

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Speaker 10: disrupting schools, transport, and tourist sites. Europe's power supplies being

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Speaker 10: squeezed by low wind generation and heat related curbs at

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Speaker 10: French nuclear plants. The extreme temperatures that forced major tours

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Speaker 10: sites like the Eiffel Tower and the Louver Museum to

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Speaker 10: close early. In southwest France, it hit one hundred and

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Speaker 10: twelve degrees. We're learning more about Monday's shooting at a

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Speaker 10: library in northern California that left two people dead and

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Speaker 10: a young girl injured. First responders were on the scene

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Speaker 10: within two minutes of the nine to one to one

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Speaker 10: call at the Butte County Library. Chico Police Chief Billy

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Speaker 10: Aldridge said the shooter who was arrested is eighteen year

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Speaker 10: old Bradley Scott Sayer of Chico.

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Speaker 11: He has no known connections to any of the victims

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Speaker 11: in the library, and based on information revealed during the interviews,

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Speaker 11: our detectives believe the suspect was influenced by the Columbine

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Speaker 11: High School shooting.

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Speaker 10: Chief Aldridge says the two killed were forty six year

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Speaker 10: old Cody Hull and seventy four year old Robert Johnson.

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Speaker 10: It has been five years since the deadly collapse of

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Speaker 10: a Florida beachfront condominium, and there are more details on

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Speaker 10: what contributed to the tragedy. Federal investigators now say the

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Speaker 10: college in the Champlain Towers in Surfside began falling three

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Speaker 10: weeks before the larger catastrophic collapse. Judith Mittroni Riser is

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Speaker 10: with the National Institute of Standards and Technology.

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Speaker 12: Once the first connection failed, other elements of the pool

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Speaker 12: deck were left to carry their loads, but they were

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Speaker 12: not strong enough to handle them due to problems that

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Speaker 12: stemmed from the original design and construction of the building.

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Speaker 10: And IST's Judith Mittroni Riser Global News twenty four hours

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Speaker 10: a day and whenever you want it with Bloomberg News Now,

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Speaker 10: Michael barn This is Bloomberg Karen.

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Speaker 2: Thanks Michael.

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Speaker 3: Time now for our Bloomberg Sports update, and for that

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Speaker 3: we bring in John Stashauer.

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Speaker 2: Thanks Garren.

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Speaker 4: The NBA draft again as expected, with Washington taking aj

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Speaker 4: Devansa and then Utah going with Darren Peterson. Cameron Boozer

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Speaker 4: headed to Memphis and Caleb Wilson to North Carolina. At

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Speaker 4: the World Cup, a breakout victory for Cristiano Ronaldo and

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Speaker 4: Portugal five nil over Uzbekistan. England surprisingly failed to score

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Speaker 4: and ended with a scoreless tie against Ghana, much needed

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Speaker 4: win for Croatia to keep hope alive one nil over Panama,

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Speaker 4: and Columbia is advancing be Congo one nil.

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Speaker 2: That's the Bloomberg Sports Update.

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Speaker 3: Stay with us. More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide, on Serious Exam

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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.

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Speaker 6: I'm Nathan hager On the morning after primary elections in

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Speaker 6: New York, Maryland, and a couple other states. While Mayor

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Speaker 6: Zoron Mumdani wasn't on the ballot in New York, his

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Speaker 6: influence may have been in three key house races, including

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Speaker 6: for former City Comptroller Brad Lander.

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Speaker 5: Brad brings a kindness to this work. He brings a

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Speaker 5: sincerity to this work. He brings a vision of politics

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Speaker 5: that is more than what we've seen for.

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Speaker 2: So long as Mayor mum Donnie.

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Speaker 6: Last night's victory party for Brad Lander and the race

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Speaker 6: against Democratic incumbent Dan Goldman and for more were joined

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Speaker 6: by Jennifer Lawless, professor of politics at the University of Virginia.

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Speaker 6: Did we just see Mayor mum Donnie flex's political muscles

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Speaker 6: last night?

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Speaker 2: Jen Good morning, Good morning.

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Speaker 13: There's no question that mum Donnie had a good night

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Speaker 13: last night. All three of the congressional races in which

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Speaker 13: he got involved saw his candidate win the race. So

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Speaker 13: there is definitely a shift, at least in the New

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Speaker 13: York Congressional delegation.

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Speaker 6: Is this a shift that has implications for the Democratic

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Speaker 6: Party more broadly across the country or is it just

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Speaker 6: centered in New York?

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Speaker 2: Do you think? I think it's a little bit of both.

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Speaker 13: There are implications because it's clear that when Democratic socialists

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Speaker 13: and candidates running to the left of establishment Democrats run

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Speaker 13: in certain areas, they can win, and it suggests that

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Speaker 13: mum Donnie's victory was not a fluke. But when we

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Speaker 13: look across the country, it's also very district specific. We

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Speaker 13: saw a pretty establishment Democrat win in a very blue

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Speaker 13: district in Utah. We saw an establishment Democrat win in

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Speaker 13: the most competitive and most expensive primary in Maryland. So

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Speaker 13: I think there's six of one and half a dozen

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Speaker 13: of another.

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Speaker 2: Okay.

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Speaker 6: We also saw no endorsement for the crowded race to

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Speaker 6: succeed Congressman Jerry Nadler in Midtown Manhattan. Michah Lasher won

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Speaker 6: that one with backing from Michael Bloomberg. Does that potentially

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Speaker 6: send a counter narrative.

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Speaker 13: I don't know if it sends a counter narrative, but

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Speaker 13: it does suggest that Mamdami and people like AOC are

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Speaker 13: not going to be involved in every race across the country.

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Speaker 13: They're not going to be involved in every race across

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Speaker 13: the New York delegation. Even they're clear in that they're

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Speaker 13: very strategic. There are certain political opportunities that they see

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Speaker 13: that they can take and they can win. I think

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Speaker 13: that Dan Goldman race was a perfect example of that.

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Speaker 13: Not only were their issues regarding Israel and Gaza, but

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Speaker 13: there were also affordability issues that resonated in that district

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Speaker 13: with those voters with that incumbent.

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Speaker 2: Well, what's the message from last night?

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Speaker 6: As far as the results go for the establishment in

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Speaker 6: New York City, many of whom are talking about potentially

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Speaker 6: leaving the city.

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Speaker 13: It seems to me that both Chuck Schumer and Jakim

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Speaker 13: Jeffries have to take very seriously the idea that residents

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Speaker 13: in their districts and in their state are not content

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Speaker 13: with the status quo. That doesn't mean they're going to

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Speaker 13: vote Republican. It doesn't mean that they're going to walk

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Speaker 13: away from Democratic nominees and districts where establishment candidates win.

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Speaker 13: But I think it does send a very clear signal

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Speaker 13: that the Democratic Party needs to think about how to

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Speaker 13: build a broader tent and be more inclusive to people

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Speaker 13: and candidates who might have always been seen a little

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Speaker 13: bit too far to the left.

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