WEBVTT - Mamdani Allies Sweep Primary Elections; Trump Pushes Back On Iran

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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

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<v Speaker 3>to the midterms. New York held primary elections last night,

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<v Speaker 3>and in New York City, it was a big night

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<v Speaker 3>for Mayor Zornmumdanie. Three of the Democratic Socialist Mayor's favorite

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<v Speaker 3>House candidates swept to victory, including former City Comptroller Brad Lander.

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<v Speaker 3>He unseated two term Congressman Dan Goldman in the tenth

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<v Speaker 3>district with almost sixty six percent of the vote.

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<v Speaker 4>Dallid already is the force that we need to vanquish

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<v Speaker 4>Trump's fascism, to abolish ice.

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<v Speaker 5>To stand up to the billionairesomy.

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<v Speaker 6>That was Brad Lander declaring victory last night. He'll face

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<v Speaker 6>Republican Jennifer Moore, who ran uncontested in the general election

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<v Speaker 6>in November.

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<v Speaker 3>On Nathan, it was a closer race for another Mom

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<v Speaker 3>Donnie backed candidate in the thirteenth district, but with eighty

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<v Speaker 3>eight percent of votes counted, activist Derera Lisa Avilia Chevalier

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<v Speaker 3>is projected to defeat incumbent Adriano s Payot forty nine

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<v Speaker 3>to forty six percent. And in the seventh district race

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<v Speaker 3>to succeed retiring Congresswoman Nidia Velasquez, Mandamie backed state lawmaker

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<v Speaker 3>Claire Valdez won with fifty six percent of the vote.

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<v Speaker 3>The Lasquez endorsed Brooklyn Borough President Antonio Renoso. In that race,

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<v Speaker 3>he took just thirty six percent of the vote.

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

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<v Speaker 6>Karen Mayor Mumdonnie did not make an endorsement.

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<v Speaker 2>That race went to Micah Lasher.

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<v Speaker 6>He won with thirty nine percent of the vote in

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<v Speaker 6>a field that included Kennedy's grandson Jack Schlossberg, Trump critic

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<v Speaker 6>George Conway, and state Assemblyman Alex Morris. Lasher is a

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<v Speaker 6>former aide to Michael Bloomberg, the founder and majority owner

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<v Speaker 6>of Bloomberg Radio parent company Bloomberg LP. Bloomberg endorsed Lasher

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<v Speaker 6>in the race. He'll face Republican Caroline Shinkle.

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<v Speaker 3>This fall, Nathan Kate Connelly defeated a field of food.

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<v Speaker 3>There were other Democrats in New York seventeen district, with

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<v Speaker 3>forty nine percent of the vote, Democrats are hoping to

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<v Speaker 3>unseat Republican Congressman Mike Lawler in that Hudson Valley swing

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<v Speaker 3>district in November.

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<v Speaker 6>And some important primaries were held in Maryland last night

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<v Speaker 6>as well. Karen Governor Wes Moore easily won his Democratic

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<v Speaker 6>primary with almost eighty eight percent of the vote. He'll

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<v Speaker 6>face Republican Dan Cox in November for a rematch of

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<v Speaker 6>their twenty twenty two race.

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<v Speaker 2>And it was a runoff election night.

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<v Speaker 6>In the South Carolina Republican governor's race, Karen with nearly

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<v Speaker 6>all those votes counted. State Attorney General Alan Wilson defeated

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<v Speaker 6>Lieutenant Governor Pamela A. Vet by more than two to

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<v Speaker 6>one margin, sixty nine to thirty one percent. President Trump

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<v Speaker 6>endorsed Vett in the primary, but last week he said

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<v Speaker 6>he'd be happy with either candidate. Wilson will face State

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<v Speaker 6>Representative Jermaine Johnson in November. He won the Democratic primary

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<v Speaker 6>outright two weeks ago.

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<v Speaker 3>Finally, Nathan, there was one more race to watch in

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<v Speaker 3>Utah last night.

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<v Speaker 2>This was in the.

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<v Speaker 3>First Congressional District near Salt Lake City, which was recently

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<v Speaker 3>withdrawn to favor Democrats. Former Congressman Ben McAdams won that

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<v Speaker 3>race against three progressive candidates with fifty six percent of

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<v Speaker 3>the vote.

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<v Speaker 6>Okay, Karen, Let's turn now to the latest on the

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<v Speaker 6>Middle East. President Trump is defending his deal with Iran

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<v Speaker 6>as he faces growing domestic pressure over his strategy. The

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<v Speaker 6>President says Iran will only be able to use funds

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<v Speaker 6>released from frozen accounts to buy food and medical supplies

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<v Speaker 6>from the United States. But Tehran is disputing those comments.

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<v Speaker 2>They're all there are, They're all they know, they're wrong.

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<v Speaker 4>They told us inside and we have it down one

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<v Speaker 4>hundred percent inspections.

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

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<v Speaker 6>And in a post on social media, the President said

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<v Speaker 6>the billions in unlocked financing would go into ESCRO, controlled

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<v Speaker 6>by the USA and be used to purchase American grown

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

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<v Speaker 6>Pezeshki and says is country's nuclear missile program was not

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<v Speaker 6>included in the Memorandum of Understanding with the US and

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<v Speaker 6>would not be negotiated.

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<v Speaker 7>I call him about our missile program was not included

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<v Speaker 7>in the MoU and that shall not be I would

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<v Speaker 7>like to say that if it was not for Iran's

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<v Speaker 7>missile capabilities to defend ourselves. Our country would have been

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<v Speaker 7>plundered and destroyed by the Zionist regime and the US.

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<v Speaker 6>Like Kaza, Iranian president must suit Pozeshki and spoke through

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

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<v Speaker 6>on finding an agreement over future administration of the Strait

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<v Speaker 6>of Horror moves, including the cost of managing transit in

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<v Speaker 6>the US.

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<v Speaker 3>Nathan the Republican Ledish Sunate has broken with President Trump

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<v Speaker 3>and voted to end the war with Iran, and Bloomberg's

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<v Speaker 3>Amy Morris reports from Washington.

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<v Speaker 2>On this motion, the yeaser fifty the nays or forty eight.

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<v Speaker 2>The concurrent motion is agreed to.

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<v Speaker 8>The resolution already approved by the House requires the US

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<v Speaker 8>to seize hostilities against Iran unless Congress votes to authorize

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<v Speaker 8>further attacks, and does not allow the President to veto

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<v Speaker 8>the resolution. It does not require the President's signature and

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<v Speaker 8>does not carry the force of law, but it does

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<v Speaker 8>reflect lawmakers growing concern over how the war is being handled.

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<v Speaker 8>Americans overwhelmingly opposed the war, with sixty nine percent saying

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<v Speaker 8>it was not worth it, and seventy eight percent saying

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<v Speaker 8>the US should end the conflict now in Washington, Amy

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<v Speaker 8>more as Bloomberg Radio.

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<v Speaker 2>Right, Amy, thank you.

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<v Speaker 6>While oil has dropped more than thirty five percent since

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<v Speaker 6>mid March, President Trump says the price of the pump

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<v Speaker 6>isn't falling fast enough. In a post on truth socially

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

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<v Speaker 6>Triple A's average did tick up a bit to three

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<v Speaker 6>ninety eight point eight a gallon today. What average retail

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<v Speaker 6>prices have fallen fourteen percent since late May, and this morning,

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<v Speaker 6>US diesel prices fell below five dollars a gallon for

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<v Speaker 6>the first time since March.

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<v Speaker 3>Let's turn to the market, Snathan, where stocks are stabilizing

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<v Speaker 3>following yesterday's take sel off, which saw the Nasdaq drop

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<v Speaker 3>two point two percent. This morning, Nasdaq futures are higher,

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

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<v Speaker 3>rose more than three percent after plunging ten percent yesterday.

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<v Speaker 6>Karen investors are going to shift their focus now to

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<v Speaker 6>earnings from one high flying tech stock. That would be

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<v Speaker 6>Micron Technology. The memory chip maker, delivers its results after

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<v Speaker 6>today's closing bell.

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<v Speaker 2>We get more from Bloomberg Stocks reporter Dan Curtis.

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<v Speaker 9>The memory company has been dominating US markets, not only

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<v Speaker 9>as one of the largest contributors to the S and

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<v Speaker 9>P five hundred rally this year, but has become the

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<v Speaker 9>most traded stock in the US, with about fifty billion

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<v Speaker 9>dollars worth of shares trading hands every day. The earnings

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<v Speaker 9>will be a big test for the AI trade. Micron

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<v Speaker 9>is one of the big three memory companies, which collectively

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<v Speaker 9>account for about ninety percent of the world supply. With

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<v Speaker 9>memory as a bottleneck in building out AI infrastructure, investors

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<v Speaker 9>will closely be listening for the company's forecasts and any

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<v Speaker 9>signals about changes in demand.

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<v Speaker 6>And Bloomberg's Dan Curtis notes Micron shares are up two

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<v Speaker 6>hundred and sixty eight percent this year alone, and this

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<v Speaker 6>morning the stock is up another nearly four percent.

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<v Speaker 3>Well one stock not delivering for investors this morning, Nathan

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<v Speaker 3>is FedEx. It is down almost eight percent. The personal

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<v Speaker 3>delivery company's earnings did top estimates, but profit margin declined

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<v Speaker 3>to eight point four percent, and that was below analyst estimates.

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<v Speaker 6>Well SpaceX shares are up a tick in early trading,

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<v Speaker 6>hired by about a half percent yesterday Elon Musk's Rocket

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<v Speaker 6>Ai company snapped a three day losing streak with a

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<v Speaker 6>one percent gain. SpaceX sold twenty five billion dollars of

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<v Speaker 6>investment grade bonds, replacing costly debt that helped finance Elon

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<v Speaker 6>Musk's acquisition of x and expensive loans and bonds issued

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<v Speaker 6>by his AI startup Xai. The bond offering was supported

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<v Speaker 6>by investors. Eighty nine billion dollars of orders were received

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<v Speaker 6>at its peak.

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<v Speaker 3>Time. Now for look at some of the other stories

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<v Speaker 3>making news in New York and around the world, and

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<v Speaker 3>for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 2>Michael, good Morning, Good Morning Karen.

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<v Speaker 10>France recorded its hottest day ever as a heat wave deepened,

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

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<v Speaker 10>squeezed by low wind generation and heat related curbs at

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<v Speaker 10>French nuclear plants. The extreme temperatures that forced major tours

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<v Speaker 10>sites like the Eiffel Tower and the Louver Museum to

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<v Speaker 10>close early. In southwest France, it hit one hundred and

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

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<v Speaker 10>library in northern California that left two people dead and

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<v Speaker 10>a young girl injured. First responders were on the scene

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<v Speaker 10>within two minutes of the nine to one to one

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<v Speaker 10>call at the Butte County Library. Chico Police Chief Billy

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<v Speaker 10>Aldridge said the shooter who was arrested is eighteen year

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<v Speaker 10>old Bradley Scott Sayer of Chico.

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<v Speaker 11>He has no known connections to any of the victims

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<v Speaker 11>in the library, and based on information revealed during the interviews,

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<v Speaker 11>our detectives believe the suspect was influenced by the Columbine

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<v Speaker 11>High School shooting.

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<v Speaker 10>Chief Aldridge says the two killed were forty six year

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<v Speaker 10>old Cody Hull and seventy four year old Robert Johnson.

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<v Speaker 10>It has been five years since the deadly collapse of

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<v Speaker 10>a Florida beachfront condominium, and there are more details on

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<v Speaker 10>what contributed to the tragedy. Federal investigators now say the

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<v Speaker 10>college in the Champlain Towers in Surfside began falling three

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<v Speaker 10>weeks before the larger catastrophic collapse. Judith Mittroni Riser is

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<v Speaker 10>with the National Institute of Standards and Technology.

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<v Speaker 12>Once the first connection failed, other elements of the pool

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<v Speaker 12>deck were left to carry their loads, but they were

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<v Speaker 12>not strong enough to handle them due to problems that

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<v Speaker 12>stemmed from the original design and construction of the building.

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<v Speaker 10>And IST's Judith Mittroni Riser Global News twenty four hours

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<v Speaker 10>a day and whenever you want it with Bloomberg News Now,

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<v Speaker 10>Michael barn This is Bloomberg Karen.

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<v Speaker 2>Thanks Michael.

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<v Speaker 3>Time now for our Bloomberg Sports update, and for that

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<v Speaker 3>we bring in John Stashauer.

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<v Speaker 2>Thanks Garren.

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<v Speaker 4>The NBA draft again as expected, with Washington taking aj

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<v Speaker 4>Devansa and then Utah going with Darren Peterson. Cameron Boozer

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<v Speaker 4>headed to Memphis and Caleb Wilson to North Carolina. At

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<v Speaker 4>the World Cup, a breakout victory for Cristiano Ronaldo and

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<v Speaker 4>Portugal five nil over Uzbekistan. England surprisingly failed to score

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<v Speaker 4>and ended with a scoreless tie against Ghana, much needed

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<v Speaker 4>win for Croatia to keep hope alive one nil over Panama,

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<v Speaker 4>and Columbia is advancing be Congo one nil.

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<v Speaker 2>That's the Bloomberg Sports Update.

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<v Speaker 3>Stay with us. More from Bloomberg Daybreak coming up after this.

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<v Speaker 1>Coast to Coast on Bloomberg Radio nationwide, on Serious Exam

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<v Speaker 1>and around the world on Bloomberg dot Com and The

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<v Speaker 1>Bloomberg Business app This is Bloomberg Daybreak.

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<v Speaker 2>Good morning.

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<v Speaker 6>I'm Nathan hager On the morning after primary elections in

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<v Speaker 6>New York, Maryland, and a couple other states. While Mayor

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<v Speaker 6>Zoron Mumdani wasn't on the ballot in New York, his

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<v Speaker 6>influence may have been in three key house races, including

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<v Speaker 6>for former City Comptroller Brad Lander.

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<v Speaker 5>Brad brings a kindness to this work. He brings a

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<v Speaker 5>sincerity to this work. He brings a vision of politics

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<v Speaker 5>that is more than what we've seen for.

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<v Speaker 2>So long as Mayor mum Donnie.

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<v Speaker 6>Last night's victory party for Brad Lander and the race

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<v Speaker 6>against Democratic incumbent Dan Goldman and for more were joined

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<v Speaker 6>by Jennifer Lawless, professor of politics at the University of Virginia.

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<v Speaker 6>Did we just see Mayor mum Donnie flex's political muscles

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<v Speaker 6>last night?

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<v Speaker 2>Jen Good morning, Good morning.

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<v Speaker 13>There's no question that mum Donnie had a good night

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<v Speaker 13>last night. All three of the congressional races in which

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<v Speaker 13>he got involved saw his candidate win the race. So

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<v Speaker 13>there is definitely a shift, at least in the New

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<v Speaker 13>York Congressional delegation.

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<v Speaker 6>Is this a shift that has implications for the Democratic

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<v Speaker 6>Party more broadly across the country or is it just

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<v Speaker 6>centered in New York?

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

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<v Speaker 13>There are implications because it's clear that when Democratic socialists

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<v Speaker 13>and candidates running to the left of establishment Democrats run

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<v Speaker 13>in certain areas, they can win, and it suggests that

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<v Speaker 13>mum Donnie's victory was not a fluke. But when we

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

0:11:58.600 --> 0:12:01.880
<v Speaker 13>saw a pretty establishment Democrat win in a very blue

0:12:01.920 --> 0:12:05.280
<v Speaker 13>district in Utah. We saw an establishment Democrat win in

0:12:05.320 --> 0:12:09.000
<v Speaker 13>the most competitive and most expensive primary in Maryland. So

0:12:09.240 --> 0:12:11.680
<v Speaker 13>I think there's six of one and half a dozen

0:12:11.679 --> 0:12:12.080
<v Speaker 13>of another.

0:12:12.480 --> 0:12:12.800
<v Speaker 2>Okay.

0:12:13.080 --> 0:12:17.960
<v Speaker 6>We also saw no endorsement for the crowded race to

0:12:18.040 --> 0:12:22.600
<v Speaker 6>succeed Congressman Jerry Nadler in Midtown Manhattan. Michah Lasher won

0:12:22.640 --> 0:12:26.600
<v Speaker 6>that one with backing from Michael Bloomberg. Does that potentially

0:12:26.679 --> 0:12:27.640
<v Speaker 6>send a counter narrative.

0:12:28.080 --> 0:12:30.000
<v Speaker 13>I don't know if it sends a counter narrative, but

0:12:30.040 --> 0:12:34.920
<v Speaker 13>it does suggest that Mamdami and people like AOC are

0:12:34.960 --> 0:12:37.880
<v Speaker 13>not going to be involved in every race across the country.

0:12:37.920 --> 0:12:40.280
<v Speaker 13>They're not going to be involved in every race across

0:12:40.320 --> 0:12:43.960
<v Speaker 13>the New York delegation. Even they're clear in that they're

0:12:44.080 --> 0:12:47.080
<v Speaker 13>very strategic. There are certain political opportunities that they see

0:12:47.120 --> 0:12:49.040
<v Speaker 13>that they can take and they can win. I think

0:12:49.080 --> 0:12:51.439
<v Speaker 13>that Dan Goldman race was a perfect example of that.

0:12:51.840 --> 0:12:54.520
<v Speaker 13>Not only were their issues regarding Israel and Gaza, but

0:12:54.559 --> 0:12:58.080
<v Speaker 13>there were also affordability issues that resonated in that district

0:12:58.080 --> 0:12:59.920
<v Speaker 13>with those voters with that incumbent.

0:13:00.240 --> 0:13:02.160
<v Speaker 2>Well, what's the message from last night?

0:13:02.559 --> 0:13:05.080
<v Speaker 6>As far as the results go for the establishment in

0:13:05.120 --> 0:13:09.800
<v Speaker 6>New York City, many of whom are talking about potentially

0:13:10.080 --> 0:13:10.880
<v Speaker 6>leaving the city.

0:13:11.400 --> 0:13:13.920
<v Speaker 13>It seems to me that both Chuck Schumer and Jakim

0:13:14.000 --> 0:13:18.520
<v Speaker 13>Jeffries have to take very seriously the idea that residents

0:13:18.640 --> 0:13:21.720
<v Speaker 13>in their districts and in their state are not content

0:13:21.800 --> 0:13:23.760
<v Speaker 13>with the status quo. That doesn't mean they're going to

0:13:23.800 --> 0:13:26.880
<v Speaker 13>vote Republican. It doesn't mean that they're going to walk

0:13:26.920 --> 0:13:30.920
<v Speaker 13>away from Democratic nominees and districts where establishment candidates win.

0:13:31.320 --> 0:13:33.280
<v Speaker 13>But I think it does send a very clear signal

0:13:33.320 --> 0:13:35.960
<v Speaker 13>that the Democratic Party needs to think about how to

0:13:36.000 --> 0:13:39.520
<v Speaker 13>build a broader tent and be more inclusive to people

0:13:39.559 --> 0:13:42.240
<v Speaker 13>and candidates who might have always been seen a little

0:13:42.240 --> 0:13:43.960
<v Speaker 13>bit too far to the left.

0:13:45.200 --> 0:13:48.640
<v Speaker 3>This is Bloomberry Daybreak, your morning podcast on the stories

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<v Speaker 6>Bray