US and Iran Talk in Doha; Trump's $1.4 Billion Crypto Haul

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1:39Cards are issued by JPMorgan Chase Bank N.A. Member FDIC. 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 the latest developments in the Middle East. A senior administration official says U.S. negotiators have had positive discussions with regional leaders in Qatar, and technical talks with Iran are moving ahead. We get more from Bloomberg Middle East correspondent Abir Abu Omar. What we've heard from our own sources is that the meeting between Jared Kushner and Steve Whitcoff, those are President Trump's two top negotiators with the Iranian side in Qatar, had went positively.

2:26We don't have a lot of details yet. What we have from the American side was that some concessions were reached. What we have from the Iranian side through the top negotiator in Iran and the speaker of the parliament there, Khalibaf, he said that$12 billion in frozen assets are in the process of being released. We don't have American confirmation of that. And then he said that the oil sanctions on Iran have been lifted. We also don't have confirmation on that. Bloomberg Zabir Abu-Almar reports the indirect talks will continue today. Meanwhile, Iranian state television is reporting a foreign container vessel ran aground in the Strait of Hormuz today.

3:01The report says the ship did not follow Iran's approved route through the waterway, and shippers need to follow the Islamic Revolutionary Guard Corps' instructions in the strait. Now let's get to domestic politics, Nathan. Colorado held its midterm primary elections last night, and in several key races, progressive insurgents took down establishment incumbents in the Mile High State. In the 1st District, 29-year-old Democratic Socialist, Maylat Kuros unseated nearly 30-year Congresswoman Diane DeGette, 51 to 42 percent. Denver voters of all ages, of all races, of all religions, sent a clear message.

3:41We will not wait! That was Maylat Kuros in her victory speech last night. She'll face Republican Christy Peterson in November. She ran unopposed. Well, it was a bit of a different story in Colorado Senate primary, Karen. Incumbent John Hickenlooper held off a challenge from self-described insurgent progressive Julie Gonzalez, 55 to 45 percent. Hickenlooper will face unopposed Republican Mark Baisley in the general election. But in the closely watched eighth district, the more progressive Democrat in that race, Manny Routenel, beat Shannon Byrd in a landslide, 61 and a half to 34 percent. Rudinell will now try to unseat Republican Gabe Evans in a district that has changed hands since it was created five years ago.

4:23And in Colorado's Democratic governor's race, Nathan, State Attorney General Phil Weiser defeated Senator Michael Bennett 56 to 44 percent. And Colorado, in the face of a lawless, bullying Trump administration, trying to intimidate us, rip away our rights and freedoms, you made it clear that we need a leader who will fight back, never bend the knee. Phil Weiser will face the winner of the Republican primary to replace term-limited Governor Jared Polis. The race is still too close to call, with 88 % of votes counted. State Senator Barb Kirkmeyer has 40 percent, and Pastor and Marine Corps veteran Victor Marks is at 39.6 percent.

5:09In Washington, Karen, House Speaker Mike Johnson's latest attempt to advance the Save America Act has failed. That's caused a delay for a must-pass defense bill. Bloomberg's Amy Morris reports from the nation's Capitol. Thirteen Republicans voted against the measure that would have set rules for debate, with GOP hardliners arguing it would make it too easy for the Senate to remove provisions of the Save America Act. Senate leaders have said they can't pass it as a standalone measure, so Johnson moved to attach it to the must-pass defense bill, but that failed. Now Republicans are weighing their options, including amending the defense bill with provisions from the elections bill or using a fast-track process to bypass the filibuster.

5:49In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. Let's turn now to the Supreme Court. The justices used the final day of their term to reject a central plank of President Trump's immigration agenda, finding that his executive order to limit birthright citizenship to children with at least one U.S. citizen parent does not square with the 14th Amendment. Again, more from Bloomberg News senior reporter Miles Miller. It now throws the president's immigration agenda sort of into a flurry. What is left to figure out is what happens with USCIS. Is there further litigation risk? There's a lot of questions still unanswered, but a big win for people in the immigration community who were saying this was fundamentally going to change the way that the U.S.

6:34has operated for 150 years. And Bloomberg's Miles Miller reports the Supreme Court's six conservative justices spent much of the term issuing decisions to expand presidential power, enhance gun rights, eliminate campaign finance restrictions, and blunt the Voting Rights Act. But they took a more cautious tack on President Trump's tariffs, his bid to fire Fed Governor Lisa Cook, and birthright citizenship. President Trump may try to get the Supreme Court on his side one more time. His lawyers say he may ask the high court to reconsider its decision to turn away his appeal of E. Jean Carroll's$5 million sexual abuse lawsuit.

7:11Well, Karen, President Trump has issued his latest annual financial disclosures. and he reported a big return on some of his businesses. Bloomberg's John Tucker is here with a look. John, good morning. Yeah, good morning, Nathan. Trump reported earning at least$1.4 billion, yeah, that's billion with a B last year, from crypto and meme coin-related businesses. Now, this disclosure is reigniting concerns that Trump is using the presidency to churn out personal profit. Critics accused him of mixing his official duties with his financial interests. The crypto haul was by far the largest source of the president's income.

7:46The disclosure lists more than 680 pages of transactions. NVIDIA, Microsoft, Netflix, and ExxonMobil, among the most frequently traded stocks in his portfolio. Trump's net worth is now an estimated$7.6 billion, according to the Bloomberg Billionaires Index. And with all that money, Trump isn't paying for his own tickets. The disclosures show he received about$120 ,000 in tickets to high-profile sporting events. Most recently, watched the Knicks during the NBA Finals at MSG. In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. The U.S. government has lifted foreign access restrictions on Anthropics' Fable 5 AI model.

8:26The move comes after Bloomberg reported that Anthropic executives held private talks with Commerce Secretary Howard Lutnick about the model's safety parameters. The reversal comes three weeks after Washington blocked overseas access in what was its biggest intervention yet in the EI industry. Let's talk about the weather now, Karen, because extreme heat is expected across much of the Northeast and Mid-Atlantic. We get the very latest from Bloomberg meteorologist Craig Allen. The sweltering heat begins today and it will last into the July 4th weekend. And alerts for the heat, mostly extreme heat warnings, are in effect with temperatures reaching the upper 90s in D.C.

9:04today, middle 90s in New York City, Boston, and nearby urban areas. The humidity will be stifling, too. So from D.C. up through Philly to New York City, Boston, the heat index will make it feel like 100 to 110 degrees today, perhaps higher tomorrow. And nights may not drop below 80 in the urban areas. And this is dangerous. If there is no way to cool off the body, please adhere to the protocols if you are feeling any type of heat illness. All right, Bloomberg meteorologist Craig Allen, thank you. And, of course, we'll be checking in with Craig throughout the morning. The weather, not the only thing that's red hot.

9:41The first half of 2026 is in the books, and it was the best quarter for stocks in six years. Traders are now looking for the third quarter and beyond, and we get more with Bloomberg's Charlie Pellett. For the quarter, the S &P 500 index was up 14.9 percent, fueled by optimism over AI spending, a rally in chip stock signs of economic resilience, as well as the outlook for corporate earnings. Seema Shah is chief global strategist at Principal Global Investors. So we're very clear that the direction of travel is still upwards for markets, but you're unlikely to see the same kind of magnitude of gains that we've had in the last three months.

10:19Chip stocks were the standout during the quarter, with the Philadelphia Stock Exchange Semiconductor Index having its best quarter ever up 88 % in New York. Charlie Pellett, Bloomberg Radio. All right, Charlie, thanks today. Investor attention turns to Portugal, where central bankers, including Fed Chair Kevin Warsh, are speaking at the European Central Bank Forum in Cintra. Paul Dobson is Executive Markets Editor for Bloomberg. Rather than what they're hoping to hear, I think we can talk about what they're worried they're going to hear. which is the idea that the new Fed chairman is going to double down on his sort of stance on inflation which is that the Fed wants to get it back down to target to gain credibility.

11:02What that's been doing recently has been pushing up short-term interest rates in the U.S. and that in turn has been buoying the dollar and weighing on currencies all around the world. That's Bloomberg Executive Markets Editor Paul Dobson. And you can catch Kevin Warsh's remarks live starting at 9 a.m. Wall Street time on Bloomberg Radio and the Bloomberg Business app. Well, Nathan, the dollar is edging higher ahead of the Fed chairman's speech. In fact, the yen remains near a 40-year low. And when thin, the chief economist at Bank of Nassau says the Bank of Japan needs to take action. They need to hike rates.

11:36I think they're reluctant to because the economy is sort of vulnerable with the Iran conflict. But I think when push comes to shove, they'll have to intervene. and I think they'll have to hike rates a little more aggressively. And back up now, Chief Economist, Wim Thin, checking the yen right now, it said 162.68 against the dollar. We're watching shares of Nike in the pre-market, Karen. They're down nearly 4%. The sportswear makers are expecting a slowdown in the coming quarter. Nike blames the timing of wholesale shipments in North America, among other factors, and says its customers are under pressure around the world.

12:09Nike's stock is down 36 % this year. And Nathan, Microsoft is reportedly planning job cuts. The Insider reports the cuts will impact thousands of roles, including sales and consulting. Microsoft is reigning in costs as it ramps up spending on AI. The software giant erased about$600 billion in market value in June.

12:32Time 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. the death toll from the earthquakes that struck Venezuela rose to nearly 2 ,000 as authorities expanded recovery efforts. About 20 ,000 people survived the disaster in the hardest-hit coastal state of La Guaira, and the earthquakes left more than 10 ,000 people injured and 15 ,000 displaced. But almost a week after the twin quakes, there are moments of hope and joy. Survivors are still being pulled from the rubble, and rescue squads from all over the world have not given up.

13:09Rescue squad officer Sean Butler says that is why he and his team from Los Angeles are staying. Butler says they were on the roof of a collapsed building and heard sounds. We believe there's somebody alive right now. When we use our listening devices, we can hear tapping on the concrete when we call to them. One rescue included a three-year-old boy discovered by searchers from Jordan using cameras to monitor him until they could finally get him out. He is said to be in good shape. New Jersey Representative Tom Kane Jr. revealed that he has been treated for depression as he returned to the U.S.

13:45House to vote for the first time in nearly four months. Kane said he was diagnosed while undergoing testing for undisclosed health concerns and initially did not expect the treatment to involve such a long absence from Congress. Kane spoke on the House floor Tuesday. To my constituents, thank you. Thank you for your patience. Thank you for your understanding. Thank you for your prayers and thank you for allowing me the honor of serving you. Cain's Democratic opponent, Rebecca Bennett, said she is relieved that Cain is well, but criticized him for making stock trades while missing votes and failing to serve the community.

14:24Cain and Bennett will face off against each other in the fall. Thousands of demonstrators have gathered in South Africa to protest illegal immigration. This marks the largest migration-related protest since 2008. Activists blame migrants for unemployment and crime and gave the government a deadline that ended yesterday to remove all migrants in the country illegally. The government has rejected the deadline, stating only authorities can enforce immigration laws. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg Heron. Thanks, Michael.

15:00Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. On the day that 44-year-old Serena Williams came out of her retirement, 41-year-old LeBron James gave word that he's not retiring. He'll come back for a 24th NBA season, but it won't be with the Lakers. He'll be a free agent. The word is he could be hooking up with Steph Curry at Golden State or maybe returns to Miami or Cleveland. As for Serena, she lost her first-round match at Wimbledon to 20-year-old Maya Joint. That came in three sets. It's the U.S. against Bosnia-Herzegovina tonight in the World Cup.

15:34That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Support for the 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. You approve of the workflow and your agent handles the rest.

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17:46continue today in Qatar's capital. For the very latest and for more on the politics of the moment, we are joined by Terry Haynes, the founder of Pangea Policy. Great to have you on with us this morning, Terry. Positive tone coming out of Qatar. What's your read on the discussion, such as we've heard about them so far out of Doha? Good morning. Good morning, Nathan. A couple of things. One is that what we have here is a process of gradually kind of surrounding Iran and denying it, negotiating freedom of movement as much as anything else. Markets will always prefer, as Churchill said, jaw-jaw rather than war-war.

18:29So that's certainly a market positive. And more broadly, if Iran's endgame is straight of Hormuz as control as widely thought. I think there are four reasons why they don't get that. First, the UN law, the Sea Treaty, which would deny them that. Any final deal has to be approved by the UN. The UN is not going to blow up its own treaty over the Strait of Hormuz. The United States Congress would not approve any deal. The Gulf states wouldn't agree to any deal. They're not interested in giving up sovereignty over what heretofore has been international waters. Iran and Oman know all this. So the idea of maximum leverage over the Strait of Hormuz, I think, is a little bit overblown.

19:17So, you know, after the press reports today, including Bloomberg's, which I've read, the direction of travel is positive. That's a good thing for markets. There is a report from Iranian state television this morning that a foreign container ship ran aground because it didn't follow Iran's approved route through the straits, saying that vessels need to follow IRGC instructions. Could Iran be reasserting its influence over the strait this morning? It could be reasserting its influence. It could also be reasserting its influence over its own airwaves and putting out a lot of reports that have questionable credibility.

19:54We don't know, obviously. You know, and not only that, the situation I think is best is confused, which is leading to shipping, you know, not just deciding everything's open, everything's OK. This is going to be a gradual process. And so where we are, I think, is the gradualness of the straight reopening continues. But again, I think the direction of travel is good. You got to get your take on the direction of travel for the Democratic Party. after last night's Colorado primaries, a longtime incumbent in the first district, lost to a 29-year-old Democratic Socialist in the first congressional district.

20:34Is a progressive wave moving through the Democratic Party? I think there's been a lot of debate about whether or not how the progressive wing and the centrist wing are fighting with each other. My view has been for a few months now that that battle is over and the centrists have largely lost. The energy and the money in the party, including non-elected people and fundraisers, has long been with the progressive wing. They frankly kind of outstrip their coverage in that regard. And what you're seeing here in primaries, where only the hardcore come out, is that they're good at turning out their people.

21:20Now, will that turn into results in a general election? I'm very skeptical of that. I think what ends up happening is that Trump and Republicans are going to brand the Democrats as the crazy party. I think a lot of that sticks in places that aren't full blue states. And you're already seeing the air come out of the balloon a little bit in the generals where prominent candidates like Plattner in Maine, Tallarico in Texas can't get to 50 % in any polls. Polls aren't definitive, but generally speaking, if you're seeing a wave of support, you're seeing one candidate go over 50. They're not there. Not only that, at least one poll has Collins leading Plattner in Maine right now.

22:07If the progressives seem to prefer purism over electability, that trend seems to be continuing. It might even continue in Michigan, where El Sayed is leading Stevens and McMorrow. If that continues, Republicans continue to be 60 percent likely to take to Congress in November, as I've said for about a month. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look 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.

22:56Plus, 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.

23:32Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy, and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person, how you need it. Optum is helping make healthcare work as one for everyone. Learn more at business.optum.com. Follow the money in the world of sports every week on the Bloomberg Business of Sports podcast.

24:08Hello, I'm Randall Williams. Join Michael Barr, Vanessa Perdomo-Maglione, and me as we take you inside the deals, decisions, and innovations that power this multi-billion dollar industry. Plus, we'll speak with executives, athletes, and visionaries that are transforming sports across the globe. Subscribe to the Bloomberg Business of Sports podcast on Apple, Spotify, or anywhere you listen.