Mamdani Allies Sweep Primary Elections; Trump Pushes Back On Iran

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1:14And when losses do happen, the Hartford can pair that risk control work with insurance coverage grounded in underwriting, risk engineering, and claims experience developed over time. Learn more at thehartford.com slash risk mitigation. This dog salon? Operational excellence. Thanks to Genius from Global Payments. Scheduling? Personalized. Checkouts? Instant. Absolutely genius. Big League reliability for any business. That's genius. 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.

2:01New York held primary elections last night, and in New York City, it was a big night for Mayor Zorn Mamdani. 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 10th District with almost 66 percent of the vote. Solidarity is the force that we need to vanquish Trump's fascism, to abolish ICE, and to stand up to the billionaires who are rigging our economy. That was Brad Lander declaring victory last night. He'll face Republican Jennifer Moore, who ran uncontested in the general election in November.

2:42Well, Nathan, it was a closer race for another Mamdani-backed candidate in the 13th district, but with 88 percent of votes counted, activist Darylisa Avila-Chevalier is projected to defeat incumbent Adriano Espayot, 49 to 46 percent. And in the seventh district race to succeed retiring Congresswoman Nidia Velasquez, Mamdani-backed state lawmaker Claire Valdez, won with 56 percent of the vote. Velasquez endorsed Brooklyn Borough President Antonio Reynoso in that race. He took just 36 percent of the vote. And in the crowded race for retiring Congressman Jerry Nadler's seat, Karen Mayor Mamdani did not make an endorsement.

3:18That race went to Micah Lasher. He won with 39 percent of the vote in a field that included Kennedy grandson Jack Schlossberg, Trump critic George Conway and State Assemblyman Alex Boris. 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 Schenkel this fall. Nathan, Kate Conley defeated a field of four other Democrats in New York's 17 district with 49 % of the vote. Democrats are hoping to unseat Republican Congressman Mike Lawler in that Hudson Valley swing district in November.

3:55And some important primaries were held in Maryland last night as well. Karen, Governor Wes Moore easily won his Democratic primary with almost 88 % of the vote. He'll face Republican Dan Cox in November for a rematch of their 2022 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 Yvette by more than two to one margin, 69 to 31 percent. President Trump endorsed Yvette in the primary, but last week he said he'd be happy with either candidate.

4:25Wilson 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 redrawn to favor Democrats. Former Congressman Ben McAdams won that race against three progressive candidates with 56 percent of the vote. OK, 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.

5:05But Tehran is disputing those comments. They're wrong. They're wrong. They know they're wrong. They told us inside and we have it down 100 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 escrow controlled by the USA and be used to purchase American grown products such as corn, wheat and soybeans. Iran's President Masoud Pazeshkian says his country's nuclear missile program was not included in the Memorandum of Understanding with the U.S. and would not be negotiated.

5:40Our missile program was not included in the MOU, and it 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 U.S. like Gaza. Iranian President Masoud Pazeshkian spoke through an interpreter. Meanwhile, Iran and Oman say they'll begin work on finding an agreement over future administration of the Strait of Hormuz, including the cost of managing transit. In the U.S., Nathan, the Republican-led Senate has broken with President Trump and voted to end the war with Iran.

6:12And Bloomberg's Amy Morris reports from Washington. On this motion, the yeas are 50, the nays are 48. The concurrent motion is agreed to. The resolution, already approved by the House, requires the U.S. to cease 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 69 percent saying it was not worth it and 78 percent saying the U.S.

6:47should end the conflict now. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. While oil has dropped more than 35 percent since mid-March, President Trump says the price of the pump isn't falling fast enough. In a post on Truth Socially, he says he's ordered the Justice Department to look into gasoline prices. AAA's average did tick up a bit to 398.8 a gallon today. But average retail prices have fallen 14 percent since late May. And this morning, U.S. diesel prices fell below five dollars a gallon for the first time since March. Let's turn to the markets, Nathan, where stocks are stabilizing following yesterday's tech sell-off, which saw the Nasdaq drop 2.2 percent.

7:26This morning, Nasdaq futures are higher, up four-tenths of a percent. In Asia, Korea's Kospi index rose more than 3 percent after plunging 10 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 U.S. markets, not only as one of the largest contributors to the S &P 500 rally this year, but it has become the most traded stock in the U.S. with about$50 billion worth of shares trading hands every day.

8:04The earnings will be a big test for the AI trade. Micron is one of the big three memory companies which collectively account for about 90 % of the world's 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 268 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 8.4%, and that was below analyst estimates.

8:45Well, SpaceX shares are up a tick in early trading, higher by about a half percent. Yesterday, Elon Musk's rocket AI company snapped a three-day losing streak with a 1 % gain. SpaceX sold$25 billion 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. $89 billion of orders were received at its peak.

9:19Time 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 Michael Barr. Michael, good morning. Good morning, Karen. And 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 have forced major tourism sites like the Eiffel Tower and the Louvre Museum to close early. In southwest France, it hit 112 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.

9:58First responders were on the scene within two minutes of the 911 call at the Butte County Library. Chico Police Chief Billy Aldridge said the shooter who was arrested is 18-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 aldrich says the two killed were 46 year old cody hull and 74 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 columns in the The Champlain Towers in Surfside began falling three weeks before the larger catastrophic collapse.

10:50Judith Mitrani Reiser 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. NIST's Judith Mitrani Reiser. Global news, 24 hours a day, and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg. Karen. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. The NBA draft began, as expected, with Washington taking A.J.

11:29DeBonsa, 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. 5-0 over Uzbekistan. England surprisingly failed the score and ended with a scoreless tie against Ghana. Much-needed win for Croatia to keep hope alive. 1-0 over Panama, and Colombia is advancing. Beat Congo 1-0. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand, but by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work.

12:22Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. Support for this show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English. Like, if the VIX hits 25, buy a put option on the S &P 500. Or, if my cash balance goes above$20 ,000, move the excess into my direct index.

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14:57This 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 Zoran Mamdani 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. That was Mayor Mamdani at last night's victory party for Brad Lander in the race against Democratic incumbent Dan Goldman. And for more, we're joined by Jennifer Lawless, professor of politics at the University of Virginia.

15:38Did we just see Mayor Mamdani flex his political muscles last night? Jen, good morning. Good morning. There is no question that Mamdani 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.

16:19And it suggests that Mamdami'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. OK, we also saw no endorsement for the crowded race to succeed Congressman Jerry Nadler in Midtown Manhattan. Micah 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 Momdami and people like AOC are not going to be involved in every race across the country.

17:06They'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 the Dan Goldman race was a perfect example of that. Not only were there 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?

17:39It seems to me that both Chuck Schumer and Hakeem 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 in 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 Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.

18:20Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto 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.

18:58I'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 Daybreak.

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