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

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

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

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Speaker 3: Karen, we begin with a primetime address from President Donald Trump.

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Speaker 3: The President took to the East Room of the White

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Speaker 3: House last night and used a roughly twenty five minute

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Speaker 3: speech heard live on Bloomberg Radio to revive claims that

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Speaker 3: the twenty twenty election was stolen.

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Speaker 4: Tonight, I'm announcing the immediate declassification and release of critical

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Speaker 4: intelligence revealing shocking vulnerabilities in our election infrastructure.

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Speaker 3: And President Trump pointed the finger at China, claiming it

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Speaker 3: tried to access Americans voter data.

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Speaker 4: Over a period of years, starting during the twenty twenty

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Speaker 4: election cycle, the People's Republic of China carried out what

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Speaker 4: is believed to be the largest compromise of election data

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Speaker 4: in history, resulting in China's illicit acquisition of two hundred

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Speaker 4: and twenty million US voter files.

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Speaker 3: And President Trump also accused US government officials of trying

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Speaker 3: to cover up Chinese interference and alleged haanking of voting

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Speaker 3: machines from Venezuela. Bloomberg News Senior editor Derek Wallbank reports,

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Speaker 3: the President's made many of these claims before.

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Speaker 5: A lot of things you're hearing litigated around the twenty

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Speaker 5: twenty election, some things that came up at that time

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Speaker 5: that came forward. Now, the White House said that there

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Speaker 5: were new things that they were declassifying and that they

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Speaker 5: were going to put an awful lot of documents out,

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Speaker 5: and they did drop an awful lot of documents on

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Speaker 5: the White House website. It will take time to go

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Speaker 5: through all of those.

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Speaker 3: In Bloomberg's Derek Wallbank reports, Homeland Security Secretary Mark Wayne

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Speaker 3: Mullen plans to hold a briefing today on voting systems.

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Speaker 2: Nathan, let's get to the latest now in the war

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Speaker 2: in the Middle East. The US he's continuing it strikes

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Speaker 2: against Iran. It has carried out a six consecutive night

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Speaker 2: of strikes and tended to degrade Iran's ability to attack

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Speaker 2: commercial shipping. Iran responded by attacking US bases in the

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Speaker 2: Middle East.

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Speaker 6: Be the latest of the.

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Speaker 2: Bloomberg and News director Will Kennedy, Well, we.

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Speaker 7: Seem to have fallen into a bit of a pattern.

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Speaker 7: Every night, the US launches relatively limited strikes against Iran,

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Speaker 7: targeting its infrastructure, along the Straight of Wall moves. The

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Speaker 7: US says that that will limit its ability to enforce

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Speaker 7: its will in the region, and Iran strikes back by

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Speaker 7: launching missiles at countries in the region that post to

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Speaker 7: US bases Katah for example, last night. Thus far, it

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Speaker 7: doesn't have seemed to have spiled into a full bone conflict.

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Speaker 2: And Bloomberg's Will Kennedy the latest escalation as oil on

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Speaker 2: the rise once again. I'm extcrued oil up one point

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Speaker 2: seven percent at eighty dollars twenty five cents a barrel.

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Speaker 2: Brent up one point three percent at eighty five dollars

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Speaker 2: thirty five cents. Oil up about twelve percent this week.

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Speaker 3: Now, Iran was a big focus of the Aspen Security

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Speaker 3: Forum in Colorado. In Bloomberg's David Gurra is there. He

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Speaker 3: sat down with Democratic Senator Chris Murphy of Connecticut to

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Speaker 3: get his take on the situation.

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Speaker 8: This is the most significant foreign policy disaster in the

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Speaker 8: last twenty years. Around effectively has control of the Strait.

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Speaker 8: They are going to have control of the Straight for

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Speaker 8: the long run. As a price of opening that straight,

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Speaker 8: they want all the sanctions released, which is going to

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Speaker 8: put a lot of new money into their economy, but

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Speaker 8: also allow them to send money out to their proxy

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Speaker 8: groups in the region.

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Speaker 9: This war should never started.

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Speaker 8: It's hard to figure out what to do now, because

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Speaker 8: it's kind of like asking somebody, now that the raw

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Speaker 8: egg is splattered over the floor, how do you put

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Speaker 8: it back together?

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Speaker 3: That was Connecticut Senator Chris Murphy speaking with Bloomberg's David Gurra.

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Speaker 3: You can hear the full conversation in all our coverage

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Speaker 3: of the Aspen Security Forum on Bloomberg this weekend. Catch

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Speaker 3: it live Saturday and Sunday starting at seven am Wall

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Speaker 3: Street time on Bloomberg Radio, Bloomberg Television, and the Bloomberg

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Speaker 3: Business app.

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Speaker 2: Nathan. Right wing political commentator Andre Fox News host Tucker

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Speaker 2: Carlson was one of President Trump's most prominent allies during

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Speaker 2: his re election campaign. In an interview with Bloomberg's Michelle Hussein,

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Speaker 2: Carlson reiterated that going to war with Iran was a mistake.

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Speaker 10: I was in agony when I criticized Trump. I liked Trump,

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Speaker 10: I didn't want to, and I endorse Trump and campaign

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Speaker 10: with Trump and spoke at the Republican National Convention, and

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Speaker 10: I've defended Republicans for thirty five years in public, and

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Speaker 10: I had zero interest in having a spat with them,

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Speaker 10: and so I felt driven to my positions. Trump allowed

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Speaker 10: the US government to be completely steered by this tiny

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Speaker 10: little country in the Middle East, Israel, to our great detriment,

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Speaker 10: and I watched it happen. I was offended by it.

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Speaker 10: I argued against it directly to him. That had no

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Speaker 10: effect at all, and then we wound up in a

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Speaker 10: war with Iran that has gravely hurt the United States.

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Speaker 2: And Tucker Carlson added that if JD. Vans are president,

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Speaker 2: the US would not be at war.

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Speaker 6: We should not.

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Speaker 2: A White House official said, no country or leader pressures

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Speaker 2: President Trump to do anything, and he makes decisions based

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Speaker 2: on what serves America's interest. You can watch the full

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Speaker 2: episode of The Michelle Hussein Show on bloombergy dot com,

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Speaker 2: Forward Slash Videos, or listen wherever you get your podcast.

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Speaker 3: Karrent another major's political story this morning. He is playing

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Speaker 3: out in Maine. Eight Democrats took part in two debates

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Speaker 3: last night in the sudden race to succeed Graham Platner

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Speaker 3: as the party's Senate nominee after his campaign collapsed over

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Speaker 3: sexual assault allegations. Platner's presence was felt though. On the

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Speaker 3: New Center main debate stage, former State Senate President Troy

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Speaker 3: Jackson was asked what his best idea is.

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Speaker 8: Graham talked about is something that I've been fighting for

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Speaker 8: since I get into politics' healthcare, Medicare for All.

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Speaker 3: The former state public health official Narov Shaw took him

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Speaker 3: at Republican incumbent Susan Collins as he highlighted another Platiner

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Speaker 3: proposal to abolish ice.

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Speaker 11: Rather than abolishing it, what Susan Collins has decided to

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Speaker 11: do in recent years is.

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Speaker 3: Increase the budget to a staggering seventy billion dollars. Main

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Speaker 3: Secretary of State Shennabelos and former congressional aide Jordan Wood

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Speaker 3: also took part in the first debate last night. CNN

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Speaker 3: will co host another debate next Thursday before Democrats choose

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Speaker 3: their replacement for Platner one week from tomorrow.

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Speaker 2: Let's turn to the markets now, Nathan, where we see

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Speaker 2: the tech sell off spreading overseas, and once again it's

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Speaker 2: chip stocks that are leading the way lower. South Korea's

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Speaker 2: Cosby plunged more than six percent, tamans Nika dropped more

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Speaker 2: than four percent, and here in the US Nasdaq one

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Speaker 2: hundred futures, they're down two percent yesterday. The index closed

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Speaker 2: at its lowest level and more than a month than.

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Speaker 2: Kelly Bogdan Novova, as a portfolio analyst at RBC Wealth Management.

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Speaker 12: You know, when you see stocks move up fifty seventy

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Speaker 12: one hundred percent, you've got to check to make sure

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Speaker 12: that your allocation to that stock isn't isn't too high basically,

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Speaker 12: so you know, there's nothing wrong with trimming here and

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Speaker 12: there and getting things closer back into balance.

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Speaker 2: RBC Wealth Management's Kelly Bogdan and Nova. The Philadelphia Stock

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Speaker 2: Exchange Semiconductor Index drop four point three percent yesterday, and

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Speaker 2: the pre market shares A Micron's, sand Disc and Western

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Speaker 2: Digital are all down at least five percent.

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Speaker 3: Insures of Netflix are sliding even more careen. They're down

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Speaker 3: more than nine percent pre market. The streaming giant forecasts

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Speaker 3: a second consecutive quarter of slowing sales growth. Get the

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Speaker 3: Ronganathen covers Netflix for Bloomberg Intelligence.

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Speaker 13: We've been used to seeing in the past engagement growth

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Speaker 13: growing in the mid teens, So when you kind of

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Speaker 13: see this really dramatic slow down to the low single digits. Obviously,

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Speaker 13: it does spook investors.

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Speaker 3: Bloomberg Intelligences get the Ronganathan says. Netflix still has more

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Speaker 3: subscribers and viewers than any other paid streaming service, but

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Speaker 3: its stock has declined more than forty percent over the

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Speaker 3: last year. The company's failed pursuit of Warder Brothers discovery

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Speaker 3: and subsequent financial results are causing investors to worry.

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Speaker 6: The leader in streaming has lost momentum, and.

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Speaker 2: Nathan SpaceX continues to dip below his IPO price. It

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Speaker 2: is down this warning more than four percent to about

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Speaker 2: one hundred and twenty five dollars a share. Elon muss

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Speaker 2: led company says. SpaceX says it will aim to launch

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Speaker 2: its Starship rocket again in a few days after aboarding

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Speaker 2: its mission.

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Speaker 6: Yesterday.

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Speaker 2: Starship was slated to take off on its thirteenth major

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Speaker 2: mission from SpaceX's South Texas launch facility, but right at

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Speaker 2: the plan liftoff time, plumes of smoke erupted from the

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Speaker 2: launch tower.

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Speaker 3: And finally, Karen President Donald Trump's media companies offering to

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Speaker 3: sell traders fast access to his social media posts. Trump

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Speaker 3: has frequently moved global markets with his social media and

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Speaker 3: he does have the biggest following on truth Social, with

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Speaker 3: almost thirteen million users. The service is the latest example

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Speaker 3: of how the president's political role has overlapped with his

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Speaker 3: business interests.

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

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

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

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Speaker 6: Michael, good Morning, Good morning, Karen.

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Speaker 14: US regulators have apparently traced a cyclosporiasis side outbreak to

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Speaker 14: shredded iceberg lettuce served at Taco Bell restaurants, identifying a

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Speaker 14: single supplier as the apparent source. The supplier has reportedly

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Speaker 14: been identified as Taylor Farms, used by the Taco Bell

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Speaker 14: locations where sick people eight. Taylor Farms is headquartered in Salinas, California,

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Speaker 14: but the company operates production facilities across the US, Canada, Mexico,

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Speaker 14: and western Europe. The CDC and FDA issued a food

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Speaker 14: safety alert advising consumers not to eat the ingredient at

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Speaker 14: Taco Bell restaurants in Indiana, Kentucky, Michigan, Ohio, and West Virginia.

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Speaker 14: The restaurant said it has voluntarily removed lettuce from the

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Speaker 14: supplier and will replace the ingredient at restaurants in affected states. Now,

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Speaker 14: if you feel ill, is it food poisoning or is

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Speaker 14: it the cyclosporiasis linked six and sickness. Kupta Kapoli is

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Speaker 14: an associate professor at UT Southwestern Medical Center's Department of

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Speaker 14: Internal Medicine, and explains, your doctor m request a specific

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Speaker 14: test to determine the illness if.

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Speaker 13: The one had persistent diarrhea, Especially now that we know

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Speaker 13: this outbreak is ongoing, they need to talk to their

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Speaker 13: healthcare provider and request the specific stool task.

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Speaker 14: The CDC has reported nearly seven thousand cases of this

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Speaker 14: intestinal illness in thirty four states. Smoke from hundreds of

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Speaker 14: wildfires burning across Canada and parts of Minnesota is again

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Speaker 14: making for hazardous conditions across the Midwest and Northeast today.

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Speaker 14: On top of air quality alerts, it's affecting airline travel

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Speaker 14: as well. The FAA had to slow arrivals into Philadelphia

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Speaker 14: International Airport and pilots reported seeing thick ash in the air. Yeah,

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Speaker 14: it's adhering to the windshields.

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Speaker 11: I've never seen it stick to the windshield like this.

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Speaker 14: Audio from ATC dot com. New York Mayor zoron Memdani

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Speaker 14: says he will forego a pay increase approved by city

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Speaker 14: council members as they voted to give themselves their first

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Speaker 14: salary bump in a decade. The legislation raises salaries by

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Speaker 14: eighteen percent for the city's elected officials, including borough presidents,

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Speaker 14: district attorneys, and Comptrolling Global news twenty four hours a

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Speaker 14: day and whenever you want it with Bloomberg News Now.

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Speaker 14: I'm Michael Barr, and this is Bloomberg Karen.

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Speaker 6: Thanks Michael.

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Speaker 2: Time now for our Bloomberg Sports update, and for that

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Speaker 2: we bring in John Stasha Howard.

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Speaker 15: Thanks Karen, our relative unknownly to the Open Championship at

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Speaker 15: Royal Birkdale. The American Jackson Super had an eagle on

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Speaker 15: seventeen shot a five hundred sixty five leads by one shot,

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Speaker 15: bric Into Shambeau trails by two, and Scottie Schaffler, the

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Speaker 15: FENDI champion, trails by three as they begin Round two Today.

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Speaker 15: First baseball game after the All Star Break was in Philadelphia.

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Speaker 15: The Mets have struggled so far this season. They got

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Speaker 15: a victory two home runs from Francisco Alvarez. He went

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Speaker 15: back to back with Brett Batty seventh n in the

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Speaker 15: metsweet the Phillies four to one. That's to Bloomberg Sports Update.

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Speaker 6: Stay with us.

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Speaker 2: More from Bloomberg day Break coming up after this.

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Speaker 1: Its coast on Bloomberg Radio, nationwide on Sirius XM, and

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

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Speaker 1: Business app.

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Speaker 6: This is Bloomberg Debreak. Good morning. I'm Nathan Hager.

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Speaker 3: President Donald Trump used the backdrop of the White House

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Speaker 3: East Room last night to revive claims he has made

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Speaker 3: many times since the twenty twenty election that the vote

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Speaker 3: was stolen and his loss to Joe Biden can't be trusted.

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Speaker 9: You have to.

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Speaker 4: Trust your country, because if there can be no trust,

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Speaker 4: there can be no greatness. And that's very simple.

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Speaker 6: No trust, no.

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Speaker 3: Greatness, President Trump, in the primetime address heard live last

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Speaker 3: night on Bloomberg Radio. This morning, we're joined by Jennifer Lawless,

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Speaker 3: professor of politics at the University of Virginia, and I'll

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Speaker 3: just open up, professor by asking your reaction to the

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Speaker 3: speech last night.

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Speaker 6: Good morning, good morning.

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Speaker 16: My reaction to the speech was that it was a

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Speaker 16: lot of nothing and no new information. It's the same

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Speaker 16: kinds of broad, vague claims that we've been hearing since

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Speaker 16: the twenty twenty election, and to do it during prime

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Speaker 16: time is dangerous and it really sows a lot of

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Speaker 16: doubt into the election system.

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Speaker 3: Now, he did say that there is newly declassified intelligence

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Speaker 3: findings of Chinese interference two hundred thousand fraudulent voters non

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Speaker 3: citizens on state voter rules. As you say, those are

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Speaker 3: claims he's made before. Why does the evidence not seem

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Speaker 3: like enough to you?

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Speaker 16: Well, I think there are a couple of things going

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Speaker 16: on here. The first is that even if those things

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Speaker 16: are true, and we know that there was Chinese interference

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Speaker 16: at least in terms of trying to undermine democracy in

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Speaker 16: previous elections, that doesn't mean that they succeeded. And I

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Speaker 16: think what Donald Trump does is he looks at intelligence

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Speaker 16: as though it's the final story, it's the verdict, when

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Speaker 16: it's not. It's just information that elected officials and analysts

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Speaker 16: need to use to assess where we are as a country.

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Speaker 16: The second reason is that there's no evidence that any

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Speaker 16: kind of interference or lists of people on voter rolls

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Speaker 16: led to any change in outcome. There may be people

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Speaker 16: on voter rolls who should not be there, but there's

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Speaker 16: no evidence that they actually voted. There may have been

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Speaker 16: interference in US elections or attempts to interfere, but that

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Speaker 16: doesn't mean that any foreign power affected the outcome. And

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Speaker 16: he conflates those two things.

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Speaker 3: And of course the speech is coming at a time

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Speaker 3: when the US is in conflict with their ron. There

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Speaker 3: are still concerns about heightened inflation and so many other

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Speaker 3: issues happening in the country. Why do you think the

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Speaker 3: President is making this speech now?

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Speaker 16: Donald Trump wants to pass the Save Act in Congress,

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Speaker 16: and he wants to basically implement various voter suppression efforts.

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Speaker 16: He doesn't have enough support in the Senate, even among Republicans,

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Speaker 16: and this was his attempt to go directly to the

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Speaker 16: American people. At the end of the speech, he very

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Speaker 16: clearly tells people to call their elected officials and pressure

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Speaker 16: them to pass this peace of legislation. And Donald Trump

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Speaker 16: knows heading into the midterms that he needs a win.

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Speaker 16: He's not getting a win on affordability, he's not getting

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Speaker 16: a win on the war in Iran. This was a

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Speaker 16: lastitch effort and I think it will fail.

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Speaker 3: Do you think, though, that this speech last night will

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Speaker 3: lead some Republicans who have held out their support for

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Speaker 3: the Save Act to reverse themselves and go toward supporting it.

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Speaker 6: We only have about thirty seconds left.

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Speaker 16: I don't think the speech is going to matter for

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Speaker 16: two reasons. The first is it wasn't as broadly covered

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Speaker 16: and aired as the President assumed it would be. Not

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Speaker 16: all of the networks covered it, and the cable networks

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Speaker 16: kept breaking in and out. And second, there was no

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Speaker 16: new information and no gotcha moment that the President provided,

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Speaker 16: So it makes it very difficult for any elected official

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Speaker 16: to claim that he or she has been pressured to

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Speaker 16: change his or her mind.

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Speaker 3: Appreciate your analysis this morning, Professor, thanks so much again

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Speaker 3: for being with us.

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Speaker 6: That is Jennifer Lawless.

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Speaker 3: She is a professor of politics at the University of Virginia.

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Speaker 2: Karen Nathan, let's turn out to our coverage of the

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Speaker 2: Aspen Security Forum happening in Colorado this week. Bloomberg This

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Speaker 2: Weekend host David Guraz there and had the chance to

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Speaker 2: sit down with Democrat Senator Chris Murphy of Connecticut. They

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Speaker 2: spoke about the influence of President Trump and the Republican

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Speaker 2: Party and the impact of the Iran War on the

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Speaker 2: midterm elections.

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Speaker 8: This is the most significant foreign policy disaster in the

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Speaker 8: last twenty years around effectively has control of the Strait.

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Speaker 8: They are going to have control of the Strait for

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Speaker 8: the long run. As a price of opening that straight,

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Speaker 8: they want all the sanctions released, which is going to

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Speaker 8: put a lot of new money into their economy but

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Speaker 8: also allow them to send money out to their proxy

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Speaker 8: groups in the region. This war should have never started.

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Speaker 8: It's hard to figure out what to do now, because

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Speaker 8: it's kind of like asking somebody, now that the raw

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Speaker 8: egg is splattered over the floor, how do you put

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Speaker 8: it back together? But it seems as if the United

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Speaker 8: States is going to have to pay that big billions

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Speaker 8: of dollars to Iran and saying relief, and we're going

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Speaker 8: to have to prevail upon these Raelies to permanently stop

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Speaker 8: the war with Lebanon. And if those two things happen,

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Speaker 8: maybe we can get that straight reopened. I have no

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Speaker 8: confidence that ultimately there's going to be any bigger deal

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Speaker 8: between the United States and Iran. I don't think they're

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Speaker 8: going to make any commitments on a nuclear program. So

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Speaker 8: I guess the best we can ask for right now

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Speaker 8: is to just stop the shooting, get the straight reopened,

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Speaker 8: and we're still seemingly a far away from that.

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Speaker 17: As we look at Humpty dumpty there on the floor.

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Speaker 11: Do you think the administration gets that they are they

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Speaker 11: still confident that they can stare down Iran, I guess,

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Speaker 11: and find some solution by doing that.

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Speaker 1: Yeah.

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Speaker 8: I think we sort of can't over hype the degree

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Speaker 8: that just plain old incompetence plays in this story.

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Speaker 9: I mean the term administration doesn't know what it's doing.

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Speaker 8: It's primary diplomats with Iran are the president's son in

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Speaker 8: law and a guy who is a real estate developer

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Speaker 8: two seconds ago who's never done diplomacy. So it's not

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Speaker 8: surprising that they're failing. They're going to either have to

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Speaker 8: put actual adults, like experienced diplomats in charge, or they're

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Speaker 8: just going to have to step out of the way

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Speaker 8: and ask our European friends or our golf friends to

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Speaker 8: come in and, you know, try to seal an ultimate

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Speaker 8: deal on reopening the strait. So I have very little

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Speaker 8: confidence that this crowd that's in charge of our national

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Speaker 8: security is going to be able to get anything done.

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Speaker 11: We've seen in recent weeks your colleagues on the other

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Speaker 11: side of the aisle many of them expressing more reservations

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Speaker 11: about this. Do you detect a real change kind of

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Speaker 11: in their position as this is attenuated as it plays out.

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Speaker 9: I mean, this is, of.

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Speaker 8: Course a deeply unpopular war. The American people don't support

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Speaker 8: the war. They want it to end, and they're paying

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Speaker 8: the price, not just in higher gas prices and higher

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Speaker 8: diesel prices and higher fertilizer prices, but also in the

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Speaker 8: cost of the budget.

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Speaker 9: You know, this is one.

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Speaker 8: Hundred billion to two hundred billion dollars and what is

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Speaker 8: going to happen is that Republicans are going to cut

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Speaker 8: funding for schools, for transportation, for nutrition in order to

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Speaker 8: pay for the war. That's part of the reason that

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Speaker 8: the American public don't want it. So as you get

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Speaker 8: closer to the election, this becomes an issue that Republics

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Speaker 8: are going to have to deal with because this will

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Speaker 8: be an issue where voters are going to say, are

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Speaker 8: you for the war or against it? And it's going

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Speaker 8: to matter in their choices. So yes, I expect that

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Speaker 8: you will get more Republicans saying time to end the

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Speaker 8: war for the first time ever. About three weeks ago,

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Speaker 8: we passed a resolution in the Senate to end the war.

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Speaker 8: It ultimately was stymied by some procedural moves in the Senate,

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Speaker 8: but there is evidence that Republicans are starting to wake up.

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Speaker 11: You mentioned Israel a moment ago, and I go back

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Speaker 11: to that memo of understanding, which it seems was not

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Speaker 11: worth the paper that it was printed on.

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Speaker 17: I think the President would agree with that.

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Speaker 11: Now.

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Speaker 17: Israel, of course not a party to those conversations.

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Speaker 11: And I'm curious how you look at the US's power

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Speaker 11: to persuade Israel to scale back, pull back its campaign

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Speaker 11: and Lebanon and change tech.

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Speaker 8: I think you'll have to use the leverage that we have,

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Speaker 8: and the leverage that we have is our defense relationship.

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Speaker 8: So long as Israel believes that the Trump administration is

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Speaker 8: going to continue to feed them the weapons and the

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Speaker 8: intelligence that they need to carry out war on Lebanon,

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Speaker 8: They're going to continue to carry out that war.

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Speaker 9: That's a very blunt tool.

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Speaker 8: It took me a long time to accept it as

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Speaker 8: a tool to try to influence their behavior in Gaza.

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Speaker 8: But if it is a precondition to getting the straight open,

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Speaker 8: then we have to consider using that tool. Because as

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Speaker 8: long as the strait is closed, it is American citizens

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Speaker 8: families that are bearing the cost.

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Speaker 6: And I'm Nathan Hager.

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Speaker 3: Ray