Mamdani Allies Sweep Primary Elections; Trump Pushes Back On Iran

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today. Karen, let's begin with the race
to the midterms. New York held primary elections last night,
and in New York City, it was a big night
for Mayor Zornmumdanie. Three of the Democratic Socialist Mayor's favorite
House candidates swept to victory, including former City Comptroller Brad Lander.
He unseated two term Congressman Dan Goldman in the tenth
district with almost sixty six percent of the vote.
Dallid already is the force that we need to vanquish
Trump's fascism, to abolish ice.
To stand up to the billionairesomy.
That was Brad Lander declaring victory last night. He'll face
Republican Jennifer Moore, who ran uncontested in the general election
in November.
On Nathan, it was a closer race for another Mom
Donnie backed candidate in the thirteenth district, but with eighty
eight percent of votes counted, activist Derera Lisa Avilia Chevalier
is projected to defeat incumbent Adriano s Payot forty nine
to forty six percent. And in the seventh district race
to succeed retiring Congresswoman Nidia Velasquez, Mandamie backed state lawmaker
Claire Valdez won with fifty six percent of the vote.
The Lasquez endorsed Brooklyn Borough President Antonio Renoso. In that race,
he took just thirty six percent of the vote.
And in the crowded race for retiring Congressman Jerry Nadler's seat,
Karen Mayor Mumdonnie did not make an endorsement.
That race went to Micah Lasher.
He won with thirty nine percent of the vote in
a field that included Kennedy's grandson Jack Schlossberg, Trump critic
George Conway, and state Assemblyman Alex Morris. Lasher is a
former aide to Michael Bloomberg, the founder and majority owner
of Bloomberg Radio parent company Bloomberg LP. Bloomberg endorsed Lasher
in the race. He'll face Republican Caroline Shinkle.
This fall, Nathan Kate Connelly defeated a field of food.
There were other Democrats in New York seventeen district, with
forty nine percent of the vote, Democrats are hoping to
unseat Republican Congressman Mike Lawler in that Hudson Valley swing
district in November.
And some important primaries were held in Maryland last night
as well. Karen Governor Wes Moore easily won his Democratic
primary with almost eighty eight percent of the vote. He'll
face Republican Dan Cox in November for a rematch of
their twenty twenty two race.
And it was a runoff election night.
In the South Carolina Republican governor's race, Karen with nearly
all those votes counted. State Attorney General Alan Wilson defeated
Lieutenant Governor Pamela A. Vet by more than two to
one margin, sixty nine to thirty one percent. President Trump
endorsed Vett in the primary, but last week he said
he'd be happy with either candidate. Wilson will face State
Representative Jermaine Johnson in November. He won the Democratic primary
outright two weeks ago.
Finally, Nathan, there was one more race to watch in
Utah last night.
This was in the.
First Congressional District near Salt Lake City, which was recently
withdrawn to favor Democrats. Former Congressman Ben McAdams won that
race against three progressive candidates with fifty six percent of
the vote.
Okay, Karen, Let's turn now to the latest on the
Middle East. President Trump is defending his deal with Iran
as he faces growing domestic pressure over his strategy. The
President says Iran will only be able to use funds
released from frozen accounts to buy food and medical supplies
from the United States. But Tehran is disputing those comments.
They're all there are, They're all they know, they're wrong.
They told us inside and we have it down one
hundred percent inspections.
And if they were right, I'd cancel the meetings right now.
And in a post on social media, the President said
the billions in unlocked financing would go into ESCRO, controlled
by the USA and be used to purchase American grown
products such as corn, wheat and soybeans. Iran's president Massud
Pezeshki and says is country's nuclear missile program was not
included in the Memorandum of Understanding with the US and
would not be negotiated.
I call him about our missile program was not included
in the MoU and that shall not be I would
like to say that if it was not for Iran's
missile capabilities to defend ourselves. Our country would have been
plundered and destroyed by the Zionist regime and the US.
Like Kaza, Iranian president must suit Pozeshki and spoke through
an interpreter. Meanwhile, Iran and Alman say they'll begin work
on finding an agreement over future administration of the Strait
of Horror moves, including the cost of managing transit in
the US.
Nathan the Republican Ledish Sunate has broken with President Trump
and voted to end the war with Iran, and Bloomberg's
Amy Morris reports from Washington.
On this motion, the yeaser fifty the nays or forty eight.
The concurrent motion is agreed to.
The resolution already approved by the House requires the US
to seize hostilities against Iran unless Congress votes to authorize
further attacks, and does not allow the President to veto
the resolution. It does not require the President's signature and
does not carry the force of law, but it does
reflect lawmakers growing concern over how the war is being handled.
Americans overwhelmingly opposed the war, with sixty nine percent saying
it was not worth it, and seventy eight percent saying
the US should end the conflict now in Washington, Amy
more as Bloomberg Radio.
Right, Amy, thank you.
While oil has dropped more than thirty five percent since
mid March, President Trump says the price of the pump
isn't falling fast enough. In a post on truth socially
says he's ordered the Justice Department to look into gasoline prices.
Triple A's average did tick up a bit to three
ninety eight point eight a gallon today. What average retail
prices have fallen fourteen percent since late May, and this morning,
US diesel prices fell below five dollars a gallon for
the first time since March.
Let's turn to the market, Snathan, where stocks are stabilizing
following yesterday's take sel off, which saw the Nasdaq drop
two point two percent. This morning, Nasdaq futures are higher,
up four ten seven percent. In Asia, Korea's Cospy index
rose more than three percent after plunging ten percent yesterday.
Karen investors are going to shift their focus now to
earnings from one high flying tech stock. That would be
Micron Technology. The memory chip maker, delivers its results after
today's closing bell.
We get more from Bloomberg Stocks reporter Dan Curtis.
The memory company has been dominating US markets, not only
as one of the largest contributors to the S and
P five hundred rally this year, but has become the
most traded stock in the US, with about fifty billion
dollars worth of shares trading hands every day. The earnings
will be a big test for the AI trade. Micron
is one of the big three memory companies, which collectively
account for about ninety percent of the world supply. With
memory as a bottleneck in building out AI infrastructure, investors
will closely be listening for the company's forecasts and any
signals about changes in demand.
And Bloomberg's Dan Curtis notes Micron shares are up two
hundred and sixty eight percent this year alone, and this
morning the stock is up another nearly four percent.
Well one stock not delivering for investors this morning, Nathan
is FedEx. It is down almost eight percent. The personal
delivery company's earnings did top estimates, but profit margin declined
to eight point four percent, and that was below analyst estimates.
Well SpaceX shares are up a tick in early trading,
hired by about a half percent yesterday Elon Musk's Rocket
Ai company snapped a three day losing streak with a
one percent gain. SpaceX sold twenty five billion dollars of
investment grade bonds, replacing costly debt that helped finance Elon
Musk's acquisition of x and expensive loans and bonds issued
by his AI startup Xai. The bond offering was supported
by investors. Eighty nine billion dollars of orders were received
at its peak.
Time. Now for look at some of the other stories
making news in New York and around the world, and
for that we're joined by Bloomberg's Michael Barr.
Michael, good Morning, Good Morning Karen.
France recorded its hottest day ever as a heat wave deepened,
disrupting schools, transport, and tourist sites. Europe's power supplies being
squeezed by low wind generation and heat related curbs at
French nuclear plants. The extreme temperatures that forced major tours
sites like the Eiffel Tower and the Louver Museum to
close early. In southwest France, it hit one hundred and
twelve degrees. We're learning more about Monday's shooting at a
library in northern California that left two people dead and
a young girl injured. First responders were on the scene
within two minutes of the nine to one to one
call at the Butte County Library. Chico Police Chief Billy
Aldridge said the shooter who was arrested is eighteen year
old Bradley Scott Sayer of Chico.
He has no known connections to any of the victims
in the library, and based on information revealed during the interviews,
our detectives believe the suspect was influenced by the Columbine
High School shooting.
Chief Aldridge says the two killed were forty six year
old Cody Hull and seventy four year old Robert Johnson.
It has been five years since the deadly collapse of
a Florida beachfront condominium, and there are more details on
what contributed to the tragedy. Federal investigators now say the
college in the Champlain Towers in Surfside began falling three
weeks before the larger catastrophic collapse. Judith Mittroni Riser is
with the National Institute of Standards and Technology.
Once the first connection failed, other elements of the pool
deck were left to carry their loads, but they were
not strong enough to handle them due to problems that
stemmed from the original design and construction of the building.
And IST's Judith Mittroni Riser Global News twenty four hours
a day and whenever you want it with Bloomberg News Now,
Michael barn This is Bloomberg Karen.
Thanks Michael.
Time now for our Bloomberg Sports update, and for that
we bring in John Stashauer.
Thanks Garren.
The NBA draft again as expected, with Washington taking aj
Devansa and then Utah going with Darren Peterson. Cameron Boozer
headed to Memphis and Caleb Wilson to North Carolina. At
the World Cup, a breakout victory for Cristiano Ronaldo and
Portugal five nil over Uzbekistan. England surprisingly failed to score
and ended with a scoreless tie against Ghana, much needed
win for Croatia to keep hope alive one nil over Panama,
and Columbia is advancing be Congo one nil.
That's the Bloomberg Sports Update.
Stay with us. More from Bloomberg Daybreak coming up after this.
Coast to Coast on Bloomberg Radio nationwide, on Serious Exam
and around the world on Bloomberg dot Com and The
Bloomberg Business app This is Bloomberg Daybreak.
Good morning.
I'm Nathan hager On the morning after primary elections in
New York, Maryland, and a couple other states. While Mayor
Zoron Mumdani wasn't on the ballot in New York, his
influence may have been in three key house races, including
for former City Comptroller Brad Lander.
Brad brings a kindness to this work. He brings a
sincerity to this work. He brings a vision of politics
that is more than what we've seen for.
So long as Mayor mum Donnie.
Last night's victory party for Brad Lander and the race
against Democratic incumbent Dan Goldman and for more were joined
by Jennifer Lawless, professor of politics at the University of Virginia.
Did we just see Mayor mum Donnie flex's political muscles
last night?
Jen Good morning, Good morning.
There's no question that mum Donnie had a good night
last night. All three of the congressional races in which
he got involved saw his candidate win the race. So
there is definitely a shift, at least in the New
York Congressional delegation.
Is this a shift that has implications for the Democratic
Party more broadly across the country or is it just
centered in New York?
Do you think? I think it's a little bit of both.
There are implications because it's clear that when Democratic socialists
and candidates running to the left of establishment Democrats run
in certain areas, they can win, and it suggests that
mum Donnie's victory was not a fluke. But when we
look across the country, it's also very district specific. We
saw a pretty establishment Democrat win in a very blue
district in Utah. We saw an establishment Democrat win in
the most competitive and most expensive primary in Maryland. So
I think there's six of one and half a dozen
of another.
Okay.
We also saw no endorsement for the crowded race to
succeed Congressman Jerry Nadler in Midtown Manhattan. Michah Lasher won
that one with backing from Michael Bloomberg. Does that potentially
send a counter narrative.
I don't know if it sends a counter narrative, but
it does suggest that Mamdami and people like AOC are
not going to be involved in every race across the country.
They're not going to be involved in every race across
the New York delegation. Even they're clear in that they're
very strategic. There are certain political opportunities that they see
that they can take and they can win. I think
that Dan Goldman race was a perfect example of that.
Not only were their issues regarding Israel and Gaza, but
there were also affordability issues that resonated in that district
with those voters with that incumbent.
Well, what's the message from last night?
As far as the results go for the establishment in
New York City, many of whom are talking about potentially
leaving the city.
It seems to me that both Chuck Schumer and Jakim
Jeffries have to take very seriously the idea that residents
in their districts and in their state are not content
with the status quo. That doesn't mean they're going to
vote Republican. It doesn't mean that they're going to walk
away from Democratic nominees and districts where establishment candidates win.
But I think it does send a very clear signal
that the Democratic Party needs to think about how to
build a broader tent and be more inclusive to people
and candidates who might have always been seen a little
bit too far to the left.
This is Bloomberry Daybreak, your morning podcast on the stories
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I'm Karen Moscow and I'm Nathan Hager.
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