Trump Renews Iran Deal Claims; Knicks Drop Game 3 to the Spurs

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1:20At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering, and claims experience. Learn more at thehartford.com slash risk mitigation. Policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut. 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.

2:03Karen, we begin with the latest developments from the Middle East. Iran and Israel have agreed to stop fighting after a flare-up of missile attacks over the weekend. And now, President Trump says peace talks are back on track. We have ongoing negotiations in Iran and with Iran that hasn't stopped. and we could have at least an idea by one or two days from now. President Trump spoke with reporters in New York. We get more from Bloomberg's Zabir Abu Omar in Dubai. He said that we could see a deal within a day or two. He said that Prime Minister Netanyahu in Israel had the right to retaliate against Iran's attacks.

2:42But what we've seen unfold over yesterday was some escalation. I mean, I would say the most serious escalation since this ceasefire was reached in the beginning of April, especially that Israel had hit Iran, some plants there, a petrochemical plant where Iranian officials had to evacuate personnel. It had some cities in central Tehran and also western Tehran, leading Iran to also hit northern parts of Israel. In Bloomberg, Zabir Abu Omar reports both Israel and Iran have threatened to attack again if either side resumes strikes. Meantime, a U.S. Army Apache helicopter went down near the Strait of Hormuz overnight, though it's not clear if it was shot down or suffered mechanical problems.

3:23President Trump says the pilots are fine and a report will be released on the crash later today. Well, Nathan, former Defense Secretary Lloyd Austin is weighing in on the war with Iran. The Pentagon chief under former President Joe Biden says restoring freedom of navigation through the Strait of Hormuz is key. Well, certainly the United States Navy could open in the Strait of Hormuz and holding it open for a long period of time would be pretty costly. And so we'd like to see an international effort if that's the case. If we get it open, we want to get allies and partners involved in that. Former Defense Secretary Lloyd Austin spoke with Bloomberg at the HSBC Gulf Cooperation Council Exchanges Conference in London and catch the full conversation on our new video hub on the Bloomberg Business app.

4:11Well, Karen, now we want to get you caught up on politics, because after nearly a week of vote counting, the primary results appear set in the race for California governor. With 83 percent of ballots counted, Decision Desk HQ is projecting Republican Steve Hilton will advance to face Democrat Javier Becerra in the November general election. Right now, Becerra leads with 27.7 percent of the vote. Hilton's in second with 25.1 percent, and Democrat Tom Steyer's trailing in third with 22.4%. Mail-in ballots are allowed to arrive up to a week after Election Day in California. That's led President Trump to repeat claims the election is rigged.

4:48They voted five days ago, and nobody has any idea where the votes are, what's going to happen, and we don't want that. We're not going to allow that to happen to our nation. That was President Trump at a telephone rally in Kentucky last night. Many of the late arriving ballots have favored Tom Steyer, but he is ultimately projected to fall short of overtaking Steve Hilton. Nathan, primary elections continue today with voters heading to the polls in Maine, Nevada, North Dakota and South Carolina. And Bloomberg's Amy Morris reports Democrats may be taking a big risk in Maine. Graham Plattner is the leading contender for the Democratic nomination to challenge incumbent Republican Susan Collins.

5:27But a string of revelations about his behavior may tank his chances. The race is vital to any chance of Democrats winning back the Senate. Nevada's governor faces six Republican challengers in a state primary, while six Democrats will compete for the nomination to reclaim the seat in November. North Dakota's only U.S. House member is facing a primary challenge, and South Carolina voters will choose nominees for governor, one of whom, Lieutenant Governor Pamela Evett, has President Trump's endorsement. In Washington, Amy Morris, Bloomberg Radio. Amy, thanks. Let's turn our attention now to the NBA Finals where the San Antonio Spurs have made it a series.

6:03They beat the Knicks in New York to take Game 3. And Bloomberg's John Stashauer joins us with the recap. John. Nathan, it was the Knicks' first home game in two and a half weeks, and it turned out to be their first loss in 46 days. They had won 13 games in a row, but the Spurs in the final half minute led by three and had the ball. Had a nine-second difference shot clock and game clock. Towns holding on to Wemby. Fox gets into the paint, puts up jumper, got it! De 'Aaron Fox with a clutch bucket right there. And it's back to a five-point game. Timeout with 12.2 remaining. ABC had the call. San Antonio won 115-111.

6:42Victor Wembenyama scored 32 points. So did Jalen Brunson in defeat. The series now 2-1 Knicks with a big game for tomorrow at the Garden. John Stashauer, Bloomer Radio. All right, John, thank you. It was quite a scene at Madison Square Garden for the Knicks' first finals home game since 1999. President Trump, New York City Mayor Mamdani, those were just some of those in attendance as security concerns clogged his sidewalks outside of the arena itself. And Bloomberg's John Tucker joins us with the very latest. John, good morning. Good morning, Karen. Donald Trump became the first sitting U.S. president to attend an NBA finals game.

7:17And when the president's face was shown on the Jumbotron...

7:26Trump's attendance. It also brought a Bronx cheer from Senator Chuck Schumer. Trump can't bear letting anyone else be the center of attention for one night. Well, those with tickets were asked to get to the game two hours early. They also had to pass through magnetometers. Most fans did take it in stride. New Yorkers are very resilient. We'll find a way to make it fun. Well, the presidential security met Knicks fans who were hoping to stand outside the arena for the traditional watch parties. They had to find another spot. There was a long line to enter Wilman's Rink in Central Park where a series of pickleball courts had been converted into a fan viewing area.

8:01Central Park, local bars, or your living room were the only options for most. Tickets for the game on the secondary market approached and sometimes surpassed Manhattan rent checks. In New York, I'm John Tucker, Bloomberg Radio. Yeah, that's the truth. Thank you, John. Well, let's turn to the markets now. NASDAQ futures once again are leading the way. higher after yesterday's gains. The Nasdaq rose 9 tenths percent. Stocks in South Korea have recouped just about all of yesterday's. More than 8 percent plunged. Today, the Kospi index rose 8.2 percent. Nathan, we have several developments this morning on the IPO front.

8:33OpenAI has filed confidentiality for an initial public offering as it joins rivals in tapping public markets to fund ambitious growth plans. Sources say the maker of chat GPT is working on a potential listing as soon is this fall. Michael Haitha covers the IPO market for Bloomberg. Another week, another multi-billion plan for an IPO of an AI company, it seems. The race is on against Anthropic. What OpenAI is saying today is simply that they announced that they had filed confidentially for an IPO because they thought it was going to leak anyway, so they put that out there. The announcement notably says that they have not decided on timing, that the company is perhaps doing things which might be better done as a private company for a while, and the decision on that will come later.

9:13And Bloomberg's Michael Hythe says the Sam Altman-led firm also plans to launch a tender sale of its shares to provide liquidity to employees in the coming weeks before the company goes public. Meanwhile, Karen, SpaceX's IPO is said to be well oversubscribed with orders closing tomorrow. We get that story from Bloomberg's Charlie Pellett. Demand is building for a potentially record-setting debut. Emily Green is head of private wealth management at Ellevest, and she says there are very mixed investor views. The SpaceX IPO is so controversial. Like, there's the people who cannot wait to get access to it, and then there's the people I have gotten so many emails of, like, make sure that I do not own this.

9:53SpaceX's IPO is expected to price June 11th and trade the following day in New York. Charlie Pellett, Bloomberg Radio. All right, Charlie, thank you. Well, Apple has used its Worldwide Developers Conference to introduce a new generation of products, including an overhauled assistant called Siri AI to compete in the AI era. We get more with Bloomberg tech host Ed Ludlow in Cupertino, California. It is Siri AI. It comes in the form of a standalone app. It comes with a chatbot interface. It is also interoperable. Siri AI will work across iOS with iPhone, macOS with Mac, iPadOS with iPad. You get the idea.

10:33The whole point is that you can start a project, something meaningfully useful on one device and carry it over into another. And Bloomberg Tech host Ed Ludlow adds that this marked Tim Cook's 15th and final worldwide developers conference as chief executive of Apple. John Ternus takes over September 1st. We got some deal news this morning, Karen, that's got shares of New Valent surging 38.5 % pre-market. The Cambridge, Massachusetts-based biotech is being bought by the UK's GSK for$10.6 billion. New Valent designs precisely targeted therapies for oncology patients, including lung cancer. Time now for a look at some of the other stories making news in New York and around the world.

11:16And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Residents across eight northern California counties face potential power outages later this week as dry, gusty winds increase wildfire risk. Bloomberg meteorologist Craig Allen has the latest. Red flag warnings are already in effect for portions of northern California, especially in the Sacramento Valley, about 20 to 30 miles either side of Interstate 5. And north of Napa and Sacramento, many counties are also under the threat of losing power, purposely shut off by PG &E. Reason being, fires could instantly ignite from downed power lines and spread very rapidly in the hot, dry winds.

11:59And the threat will continue right through the rest of this week. Bloomberg meteorologist Craig Allen. Thank you, sir. Three more cases of the new world screw worm have been confirmed, demonstrating the difficulty of stopping a pest that could potentially devastate the nation's cattle industry. The U.S. Department of Agriculture announced, though, that the new cases were found in a dog from New Mexico. Agriculture Secretary Brooke Rollins confirmed another animal has been discovered with the pest. Just a couple of hours ago, we had an additional confirmation in a goat in Gillespie County, Texas.

12:35The screw worm is actually a fly which produces a larva that eats live flesh instead of dead material. A federal judge struck down a$100 ,000 fee President Donald Trump ordered for H-1B visa applications, saying it is an unlawful tax. The judge sided with California and 19 other states that sued to block the fee, arguing it exceeded President Trump's authority and would be detrimental to key public sectors. The government said it would appeal the decision. New York City will host a free watch party in Central Park for the World Cup final next month. Mayor Zoran Mamdani looks to make the international soccer tournament accessible to those who can't afford to attend matches in person.

13:21The most iconic match of the most iconic tournament in the world deserves to be watched in the most iconic park in the world with the most iconic skyline as its backdrop. The event on July 19th is expected to accommodate more than 50 ,000 people and will be held on the Great Lawn in Central Park. Global news 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. All right Michael Barr thank you.

13:54time now for the bloomberg sports update it's brought to you by flushing bank a division of ocean first bank and we bring back in john stash hour john good morning good morning karen yes the streak is over lasted six and a half weeks the knicks won 13 consecutive playoff games and all but two were in double figures it included two series sweeps and then two thrilling wins to start the NBA Finals in San Antonio, but back at the Garden with fans paying exorbitant prices. The Spurs prevailed in Game 3, 115-111. Victor Wemenyama, who made costly mistakes in the final minute of Game 2, had by far his best game of the series.

14:3032 points, 10 in the fourth quarter, eight rebounds, six assists, three blocks. Stefan Kassel added 23, sealed the win with two free throws with seven seconds to go. For the Knicks in defeat, Jalen Brunson and O.G. Ananobi combined to score 60. OG was the Knicks best player. There were three people on the court that Knicks coach Mike Brown was not happy about. They won the game tonight. They came and took the game. But I will say this. I never thought I'd be in the NBA finals and see a team get 24 free throw attempts in the second half to another team's eight. So clearly not pleased with the officiating Carl Anthony Towns offered another reason for the loss.

15:15Turned the ball over, didn't execute, didn't do what got us 13 straight wins in a row. That's how you lose the game. We didn't do what we've been doing for 13. We decided to do something different. It ain't going to work. And throwing the ball away is a clear indication of how you're going to lose the game, especially in the playoffs. So it's now 2-1, Nixon. You cannot overestimate the importance of tomorrow's game. For back at MSG and Nick's win, they're in good shape. Up 3-1. If Spurs win, it's 2-2. San Antonio will have regained home court advantage. Stanley Cup final game for tonight in Vegas.

15:47Golden Knights lead Carolina 2-1. They have split overtime games of the last two. Peter Labialette fired last year by the Rangers. Named the new coach of the LA Kings. This will be his sixth NHL job. He has coached. He has the seventh most wins in history. In Cleveland, a Cody Bellinger two-run single, 10th inning. The Yankees beat the Guardians 7-5. Tampa Bay beat the Red Sox 3-1. The Rays and Yanks stay tied for first. The Mets are home tonight to play the Cardinals. John Stash, our Bloomberg Sports. Karen, Ethan. Stay with us. More from Bloomberg Daybreak coming up after this. So there's a lot of noise about AI, but time's too tight for more promises.

16:24So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now, a global workforce of 300 ,000 can use AI to fill their HR questions, resolving 94 % of common questions. not noise proof of how we can help 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 the bloomberg sustainable business summit returns to singapore on july 22nd our fifth annual asia pacific summit will explore how business and finance leaders are shaping the next phase of globalization by strengthening resilience advancing climate adaptation and driving a multi-speed energy transition across Asia's diverse markets.

17:09Join us for solutions-driven discussions, interactive workshops, and networking opportunities. Learn more at bloomberglive.com slash SBS dash Singapore. Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. After one of the worst flare-ups in fighting since the U.S. ceasefire with Iran began two months ago, Israel and Iran say they've both agreed to stop attacks for now after a call for cooler heads from President Trump. And now the president says negotiations on an interim peace deal are back on track.

17:51We've been a very tough team, and I think we are winning that battle. But you're really going to win it over the next two weeks when we declare total victory. That was President Trump speaking at a tele-rally in Kentucky last night. Joining us this morning from Dubai is Bloomberg Middle East correspondent Abir Abu Omar. So, Abir, we've seen the flare-up since Sunday. Where do things stand now that things appear to be calming down? Good morning. Good morning, Nathan. But, yeah, stalemate again. We saw the worst hostilities yesterday since the ceasefire on April 8th was reached. And this is because Israel and Iran were exchanging fires directly with Iran hitting northern parts of Israel and then Israel hitting western and central cities in the capital, Tehran.

18:40It also hit a petrochemical plant leading Iranian officials to evacuate personnel. Now, President Trump had spoken to Benjamin Netanyahu over on Monday and told him to essentially not retaliate, to which Netanyahu agreed. Indeed, the Iranian side had also come out and said that it would hold fire, but it will respond if Israel continues hitting the southern part of Lebanon. But look, President Trump came out this morning as well and spoke to reporters in New York saying that ongoing negotiations with Iran are still happening. He said that we could have an idea on the Iran deal by one or two days at this point.

19:19And he said that the blockade in the Strait of Hormuz will continue to hold until this MOU or the interim deal that we've been talking about over the past couple of months comes to place, essentially. Now, this is not a narrative that we haven't heard over the past couple of months. President Trump does have the incentive to strike a deal. He does have the incentive to come to the table with Iran, especially with the pressure that he's facing domestically with those with those elections coming up, the midterm elections coming up. Iran, on the other hand, still keeps the same line that Lebanon, which has emerged as the final sticking point for it, continues to be a sticking point, essentially, and says that it will not come to the negotiating table unless those attacks against the suburbs of southern Lebanon cease to happen by Israel, to which Israel has said no, essentially.

20:15It sounds then like Hezbollah in Lebanon could still be a wild card. Is that the case, Abir? Yeah, look, absolutely. Hezbollah has been firing against the northern parts of Israel in the past few days. Israel has its deepest sort of entry into Lebanon over the past 25 years, since 2000. And so those hostilities between the militia that is backed by Iran and the IDF have been happening even since, even despite the ceasefire that is currently in place. And that really gets to show you how fragile this wider ceasefire is because you have a lot of smaller militants that are taking part in the fight.

21:00another militant group that is backed by Iran as well. The Houthis came out yesterday and they've been pretty silent since the start of this whole thing about 100 days ago, Nathan. But they came out yesterday when the attacks between Israel and Iran happened. And they said that they will issue a ban on maritime traffic, Israeli maritime traffic in the Red Sea and the Bab al-Mandab Strait, which has been immune from what we've been seeing happening in the Strait of Hormuz. So you're seeing these parallel fights that are happening at the same time as the wider fight between the U.S., Israel and Iran.

21:36In the meantime, oil prices are still at about$93 to$95 a barrel. The Strait of Hormuz is still closed. And the other concessions that we have been talking about over the past two months or so, including the highly enriched uranium, including the frozen assets,$24 billion of those, those are still very much not resolved. But again, we go back to wait and see mode and see whether President Trump's remarks about an imminent deal are actually going to materialize over the next few days.

22:241130 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. 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 Daybreak.

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