NYC, NJ and VA in Focus on Election Day; Shutdown Pressure Builds

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, we begin with election day from coast to coast,
starting with a key race in New York for mayor
of the city. Bloomberg's Lisa Matteo is in Manhattan with
the very latest Lisa.
Good morning, Good morning, Nathan, and now one of the
candidates getting a last minute endorsement from President Donald Trump.
In a social media post, a president said, quote, whether
you personally like Andrew Cuomo or not, you really have
no choice. You must vote for him and hope he
does a fantastic job. He is capable of it. Mundummy
is not now. President Trump also called Democratic Socialist frontrunner Zora.
Mundami a communist.
He threatened to withhold federal funds quote other than the
very minimum as required from the city if Mundummy is elected.
Now the post didn't seem to bother Mamdanni. He campaigned
across the city yesterday.
The MAGA movements embraced at Andrew Cuomo is reflective of
Donald Trump's understanding that this would be the best mayor
for him.
Now, both Cuomo and Mundammi have promised to defend the
city from President Trump. Cuomo made that evidence while talking
to voters yesterday.
I can stand up to Trump.
Tump will go through Mamdani like a hot knife through
butter Well.
Meanwhile, Republican candidate Curtis lee Wamp still on the ballot,
he despite calls to drop out of the race President
Trump saying a vote for Sleewha is a vote for Mundammi.
Elon Musk agreed with a post on next saying, quote,
a vote for Curtis is really a vote for Mundummy
or whatever his name is, because he spelled his name
wrong in the post and he ended it by saying
vote Cuomo. Lisa Matteo, Bloomberg Radio, all.
Right, Lisa, thank you. We want to stay in the
Tri state area. There's a key gubernatorial race in New
Jersey with Republican politician and businessman Jack Chitdarelli facing off
again to Democrat congresswoman Mikey Cheryl for the seat held
by term limited Governor Phil Murphy. For more on that race,
we go to Bloomberry's de Niche spelling Greene.
The stakes are high in New Jersey, where the governor's
race is seen by many as a test for just
how much ground Republicans can gain in a one's very
heavily democratic state. Cheryl has been slamming Chitarelli's support for
President Trump on.
Every single occasion. Jack has decided, I'm going.
To defend Trump. Chittarelli has heavy praise for the President.
We're very thankful of all that he's done to secure
the border and enhance national security. We're very thankful all
that he's done to improve the economy.
President Trump in New Jersey campaigning for Chittererelly Mikey will
send New Jersey into a death spire, and former President
Barack Obama has been campaigning for Cheryl.
We need leaders like Mikey, public servants who are in
it for the right reason.
And this race has tightened appreciably in the past few
weeks as voters expressed dismay of arising electric bills and
the overall cost of living. Hee's Pelgrity Bloomberg Radio.
Denise, thank you. We're also tracking one more governor's race
in Virginia. Democrat Abigail Spanberger and Republican Winsome Earl Sears
are vying to become the Commonwealth's first woman governor. Earl
Sears would be the first black woman to lead any
state if she wins, but University of Virginia Center for
Politics Director Larry Sabato says, the odds are in Spanburger's favor.
You have to search hard in Virginia, the state in
which I live, to find any analyst who thinks Earl
Sears has any real chance of winning. Most people will
bet that it's going to be a Spanburger landslide.
Larry Sabato with the University of Virginia. Spanberger has been
running as a center left candidate focused on living costs
and the impact of President Trump's tax cut law on healthcare.
Earl Sears has given high marks to the President, but
he has not actively campaigned for her Well Nathan.
The other major race to watch is in California, where
voters are deciding on Proposition fifty. It's a ballet question
that would replace the state's congressional map drawn by and
independent commission and replace it with one from the Democratic
controlled legislature. Democratic Governor Gavin Newsom as spearheading the effort.
Prof fifty is not about drawing lines on a map.
It is about holding the line to what makes us.
Who we are. California Governor Gavin Newsom's push could a
race up to five Republican held districts and offset redistrict
efforts in Texas and other Republican led states. More than
one hundred million dollars have been spent on TV and
cable ads in the Prop fifty campaign. More than two
thirds of it came from supporters.
Let's turn back to markets now. Karen stocks are selling
off on this election day morning. Wall Street chief executives
say investors should race for an equity pullback, and that
such a correction may be positive. Goldman Sachs CEO David
Solomon spoke at the twenty twenty five Global Financial Leader's
Investment Summit in Hong Kong.
Of course, it is likely they'll be, you know, at
ten to twenty percent draw down an equity market sometimes
in the next twelve to twenty four months. And I'd
say there are very few people in this room that
don't think that that's a meaningful possibility. It doesn't mean
that the general direction of capital flows, investment portfolio allocations changing.
It just means things run and then they pull back.
So people can reassess.
Goldman Sachs CEO David Solomon's sentiments of a possible stock
pullback re echoed by Morgan Stanley, CEO Ted Pick and
Mike Gitlan, who helps oversee about three trillion dollars at
Capital Group. The S and P five hundred is trading
at twenty three times forward earnings estimates. That is above
its five year average of twenty times.
Well Nathan also adding pressure to the overall market this morning,
Pallenteer shares of the AI darling are falling. They're down
more than seven and a half percent right now, despite
beating earnings estimates and raising his annual revenue outlook. We
get more from Bloomberg's Tom McKenzie in London.
This is a company that has not missed estimates for
twenty one consictive coolses. In fact, it is beaten estimates
for twenty one consictive coolses. So that comes down to
evaluations story. This is a stock that's been one of
the darlings of AI. The stock is up around one
hundred and sixteen hundred and sent percent year to date,
and the valuation for many is just too is just
too rich. The valuation concerns this price to sales ratio,
for example, one metric of looking at valuations at eighty
five that is the highest in the SMP five hundred.
And Bloomberg's Tom mackenzie says profit excluding some items is
twenty one cents a share, compared with analysts average estimates
of seventeen cents.
Karen, We're watching shares of iHeartMedia this morning. They are
up thirteen percent in early trading. Bloomberg News has learned
Netflix is in talks to licensed video podcasts distributed by iHeart.
Sources say the streaming giant is seeking exclusivity for the
video programs, meaning full episodes would no longer be uploaded
to YouTube. iHeart distributes popular programs like The Breakfast Club,
Las Colta Ristas, the Jay Shetty Podcast and Stuff You
Should Know Well.
In Europe, Nathan BP's profits topped estimates. The British Energy
and also maintained its quarterly share buyback plan, and operational
improvements in higher oil and gas production outweighed lower prices.
Turning back to politics, Karen, it is now day thirty
five of the government shut down, now tied for the
longest in US history. Now after suspending federal food assistants
at the start of this month. The Trump administration says
it will comply with the judge's order to resume the benefits,
but only at half the level that households normally receive.
Senate Minority Leader Chuck Schumer says that doesn't go far enough.
Everyone can get full benefits. The only person standing in
the way is Donald Trump.
Senate Minority Leader Chuck Schumer says the administration could draw
from tariff proceeds to pay for snap. Agriculture Secretary Brook
Rowland says that could lead to a shortfall in other programs,
like school meals for low income students.
Time now for a 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 John Tucker. John
Good h.
Good morning Karen. As voters head to the polls across
the nation, elections face a security test as the Department
of Homeland Security cots its local cyber support. Let's get
more from Washington and Bloomberg's Amy Morris.
Cybersecurity and Infrastructure Security Agency, or CISA, has ended its
regular election day situation room that shared intelligence with state
and local authorities. This is after the dismantling of the
agency's election security team earlier this year, and remaining election
personnel are not allowed to work with nor contact state
election officials. These cuts have sent state and local officials
responsible for running elections searching for ways to shore up
potential gaps in cybersecurity, threat monitoring and physical protection of
polling places. In Washington, Amy Moore as Bloomberg Radio.
A nail bider national election. In the Netherlands, it came
down to postal votes from Dutch citizens living abroad. The
Centre's D sixty six party has eked own a in
over the anti Islam lawmaker Gerd Wilder's far right Party
for Freedom. A word this morning that European leaders, including
German's chance Germany's Chances of Friedrich Mertz and the European
Commission President Ursula Vonderland, will skip the EU's summit with
Latin American and Caribbean states, doing part to concerns over
angering President Trump. The European Union Sealock Summit is coming
under scrutiny as the US targets countries including Columbia, which
is hosting the summit, and Venezuela over drug trafficking claims,
and the Department of Homeland Security directing border patrol agents
to screen all foreign travelers with facial recognition tools as
they enter and leave the US. The Wall Street General
reports the move, set to take effect in late December,
would also create a massive biometric database. Global news twenty
four hours a day and whenever you want it with
Bloomberg News. Now, I'm John Tucker, and this is Bloomberg Karen.
Thanks Jean. Time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
Thanks Deren.
Whether that I pootball was in Dallas. Arizona ended a
five game losing string beat the Cowboys twenty seven to seventeen.
The NFL trade deadline comes today. Washington quarterback Jane Daniels
has another injury. He's already missed time with injuries to
his knee and hamstring, and now he's got a dislocated
left elbow. Waltwise named the new manager of the Atlanta Braize.
He finished his playing career playing for the Brads. He's
been the bench coach of J. Bryan Sticker. He formerly
was the manager at Colorado. That's the Bloomberg Sports Update.
Stay with us. More from Bloomberg day Break coming up after.
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Good morning.
I'm Nathan Hager. A New York City mayor's race that
has caught the nation's attention is now in the final
stretch and heading into this election day, former Governor Andrew
Cuomo and Democratic nominee z Or and Mam Donnie have
been sparring over the Trump factor.
We need a mayor who can stand up to Donald Trump.
We know and have known for months that Donald Trump
would favor Andrew Cuomo as the mayor.
That wors Andrew Cuomo and Zorn Mumdanni in their final
campaign stops before this election day. This morning, we were
joined by Bloomberg Daybreak editor Mark Perrier. Mark, good morning.
At the final stretch, we do have a Trump factor,
A final or last minute endorsement of former Governor Cuomo
from the President. Does that affect the race at this
final stretch?
Good morning, Good morning, And just to add on to
what you said, not only the nation is looking at
this is you know, major international news as well. Will
it impact on the electorate today, We shall see. It
may impact on undecided voters, as the funding being cut
may rattle the undecided. I suspect that people who are
locked in for Coup or Mam Danny will remain locked in.
But again, we shall see how this plays out today.
How have the candidates moved to expand their coalitions since
the primary.
It's been rather afraid, I would say, especially with the
shutdown looming in the background. I think today may set
the tone, you know, the outcome of today's election may
set the tone for the next year, leading into the
midterms next year. And we're also looking obviously at other
key elections today in California, in Virginia, in New Jersey.
So I think, you know, I'm not sure if this
will repair anything, but again, it's such an interesting story
to follow.
We had early voting record setting early voting in New
York City. I think it blew past, maybe more than
doubling the previous record from just four years ago. What
does that tell us about how this could turn out
after tonight?
I think this tells us that people are really concerned
about the issues that Mahamdani has hit on the cost
of living crisis. But again I think you also have
maybe an older electorate coming in as well to support Cuomo,
So it could be from both sides. This election means
so much for the city and again nationally, it will
set the tone for the next year. So I think
people felt very compelled to take part in this election.
Yeah, I could say a lot as well about the
direction of the Democratic Party if, as the opinion polls
have it, Zorn Mumdani does win this race, in contrast
to what we've been seeing in the races in New
Jersey and Virginia, where you have somewhat more center left
candidates running in those contests.
Exactly, so the city might be looking at a left
leaning government, you know, from tomorrow whenever this decision comes out.
You know, it's going to be interesting to see how
people actually react to this win and also how the
Democrats react to it as well. Since Mom Donnie does
not have the full support of all the major players
in the Democratic Party, I think people are engaging with them,
but again they're being very careful about what they say
and what they write. I think people are waiting to
see what the outcome will be. Before making any moves
on this.
In our last minute, Mark, let's talk about the ballot
question in California as well. I mean, this could have
some serious mid term implications if indeed the Democratic push
to redraw the maps sort of offsets what we've been
seeing from Republican led states.
Absolutely, it's all eyes on New York, but also all
eyes as well on Gavin Usom and this Proposition fifty,
which is looking to redraw the congressional map in order
to win more seats for the Democrats in the midterms. Again,
the risk is other states might jump in as well
and want to do the same. It's also a moment
for Gavin Newsom to exercise his power and to potentially
gain of leading into the year, perhaps as a potential
lead for the Democratic Party. We shall see, but it's
definitely all very interesting. Today we're all watching.
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
You can also listen live each morning starting at five
am Wall Street time. On Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one plus.
Listen coast to coast on the Bloomberg Business App now
with Apple CarPlay and Android Atto interfaces.
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Ray