US-Iran Exchange Strikes; Platner Wins Maine Primary

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2:25The military is describing the attacks as proportional. They came hours after President Trump blamed Tehran for shooting down an American military helicopter. ABC Chief Washington correspondent Jonathan Karl was on the phone with President Trump when the strikes were announced. The president made it clear to me that these U.S. strikes on Iran are specifically in response to Iran's downing of that Apache helicopter. He brought up the peace deal that he is trying to negotiate with the Iranians. It seemed clear to me that even as he was ordering U.S. attacks on Iran, he still believes he can get a peace deal with the Iranians.

3:03And ABC's Jonathan Karl says President Trump told him he does not see the strikes as the start of a major new offensive. Bloomberg Middle East correspondent Abir Abu Omar says Iran has retaliated. Now, the Iranian response came in the shape of attacks against some GCC countries that includes the U.S. 5th Fleet in Bahrain, but also some U.S. bases in Kuwait and in Jordan as well. A U.S. base was attacked there. The IRGC came out and said that any attack will be responded to. President Trump maintains that discussions to reach the ceasefire truce are still underway and that Pakistan is still very much mediating those truce discussions.

3:40discussions. Bloomberg's Zabir Abu Omar says Iran has not acknowledged shooting down the U.S. helicopter. Well, let's turn to politics at home, Nathan. Primary election results are in for four states across the country. Much of the nation's focus was on the Democratic Senate race in Maine, where with 80 percent of ballots counted, progressive military veteran Graham Plattner is the winner, with 72 percent of the vote. Governor Janet Mills suspended her campaign in April due to lackluster fundraising, but she still picked up 19.5 % last night. Plattner's campaign was plagued by a series of scandals and accusations of past misbehavior, and he alluded to it in his victory speech last night.

4:19Every day I wake up and I try to be a little bit better and a little bit kinder than I was the day before. And if you give me the chance, I will be a senator for the people who cannot afford to buy a senator. Graham Plattner will now go on to face Republican Susan Collins in November. She ran uncontested in her bid for a sixth Senate term. Karen, it was also a busy election night in South Carolina, where the Republican governor's race is headed for a runoff. Lieutenant Governor Pamela Yvette had President Trump's endorsement in the five-way field. With 99 percent of votes counted, Yvette came in first with 28.9 percent.

4:57State Attorney General Alan Wilson is second with 26.2 percent. They'll face each other again in two weeks. Congresswoman Nancy Mace came in last place with 12.1 % after President Trump snubbed her with his endorsement. But Mace says she has no regrets. I voted to release the Epstein files and lost some support for that. As a survivor, I chose to stand on principle and stand against the Epstein cover-up. Along with Nancy Mace, fellow Congressmember Ralph Norman failed to make the cut. He was a strong supporter of President Trump's first term, but endorsed Nikki Haley in the 2024 campaign. In another key South Carolina race, Nathan Republican Senator Lindsey Graham avoids a runoff.

5:39He defeated conservative businessman Mark Lynch 56.8 to 28.9 percent after winning President Trump's early endorsement. Graham will face Annie Andrews in November. She won the Democratic primary with 61.5 percent of the vote. Andrews ran unsuccessfully against Nancy Mace for Congress in 2022. And longtime Democratic Congressman Jim Clyburn clinched his party's nomination for an 18th term with more than 90 percent of the vote after Republicans dropped plans for a mid-decade redistricting. There were some other key races last night in Nevada, Karen. In the governor's contest, State Attorney General Aaron Ford ran away with the Democratic nomination with nearly 64 percent of the vote.

6:20Ford will face Republican incumbent Joe Lombardo in an election that's become a referendum between President Trump's no tax on tips policy and a slumping tourist economy in Las Vegas and Reno. Lombardo won his primary with almost 91 percent of the vote. And in Nevada's second congressional district, Nathan, the Republican race is still too close to call with 83 percent of votes counted. Trump-backed military veteran David Filippo leads former state Senator James Settlemyer 45.7 to 35.3 percent. Retiring Congressman Mark Amaday endorsed Settlemyer to replace him. And finally, in North Dakota, Karen, Julie Federchak won the Republican primary for her state's only House district with 73 percent of the vote.

7:03Fedorchak will face Democrat Trigva Hammer in November. He ran uncontested. Well, Nathan, billionaire Bill Gates is set to appear behind closed doors before the House panel investigating Jeffrey Epstein. And now we're learning that Gates is getting help from the former counsel for the committee. And Bloomberg's Amy Morris reports from Washington. The co-founder of Microsoft has reportedly been getting some help from Jake Greenberg, who the New York Times says was spearheading the oversight panel's Epstein inquiry until December. The Gates Foundation, which has launched an external review of Gates' ties with Epstein, told the Financial Times that it regretted having any employees interact with Epstein in any way.

7:41Gates has not been charged with anything. He has called his relationship with Epstein a huge mistake and has denied any wrongdoing. In Washington, Amy Morris, Bloomberg Radio. Okay, Amy, thank you. Let's turn to markets now. Futures are adding to yesterday's declines on Wall Street. At one point, the tech-heavy Nasdaq 100 index was down more than 4%. It paired those losses to close down 1.1%. This morning, the tech retreat is spreading to Asia. South Korea's KOSPI index slid 4.5%. We're just one day away from the highly anticipated IPO of SpaceX. Bloomberg's John Tucker joins us with the very latest.

8:17John, good morning. Good morning, Karen. Demand for what's expected to be the largest ever IPO is blasting off, way oversubscribed. It's around$250 billion. That's more than three times the$75 billion that SpaceX is trying to raise. Multiple institutional investors place orders for about$10 billion or more of shares each. Banks leading the IPO, they're expected to stop taking orders from institutional investors after the market closes today. Now, mom-and-pop investors can still submit orders for SpaceX shares on some platforms beyond tonight's deadline. The company allocating as much as 30 % of the offering to retail.

8:56The SpaceX's IPO set to price tomorrow. It'll trade on Friday. In New York, I'm John Tucker, Bloomberg Radio. John, thanks. Paramount Skydance's$110 billion takeover of Warner Brothers Discovery is now under review in the European Union. Regulators there are probing the involvement of Middle Eastern funds in the takeover. Scrutiny from the EU is one of the last hurdles Paramount has to overcome after outmaneuvering rival suitor Netflix. with multiple bids for Warners over more than five months. Well, Nathan, if it turns out you're not excited for this week's World Cup, you're not alone. In a recent survey, more than half of U.S.

9:31adults said they are unlikely to watch any of the games on TV. Only 13 % said they were absolutely certain to watch, according to a morning console poll conducted by Bloomberg. Views on the tournament varied by age. Gen Z, whose oldest members are in their late 20s, show the most enthusiasm. Baby boomers now in their 60s and 70s displayed the least excitement. Three-quarters of them say they are not soccer fans, and about half have never heard of star Lionel Messi. The World Cup, which is co-hosted by the U.S., Mexico, and Canada, kicks off tomorrow.

10:08Time 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 Game 4 of the NBA Finals is tonight. There will be a watch party outside Madison Square Garden, but NYPD officials will copy Monday night's security perimeter, and you'll need a ticket. Meanwhile, MSG and the Knicks aren't happy with police, and the mayor calling Commissioner Tish and Zoran Mamdani party poopers. More on the game with John Stash Hour in a moment. Meanwhile, a Knicks watch party Monday night at Bryant Park turned violent.

10:42The NYPD arrested more than 20 people. Residents in California face potential power outages later this week as winds will increase wildfire risks. Bloomberg's Craig Allen. The heat is beginning to intensify and expand across more of the U.S. And this heat, the dry air, the strong winds will be a major hazard in the Plains, Rockies and especially in Northern California. Red flag warnings cover these regions and we're keeping a very close eye on the potential danger. in the Sacramento Valley, about 20 to 30 miles either side of I-5. Heat advisories now have also been posted, and many counties could lose power intentionally as PG &E shuts it down to prevent fires from overloaded transformers or winds knocking down the lines.

11:29Any spark or flames would spread very, very rapidly. The threat for this may continue right through the rest of the week. Bloomberg's Greg Allen. It is the first new ultraviolet filter for sunscreens in more than 20 years. The FDA announced it is adding an ingredient to its list of what is permitted. Dr. Darian Sutton. It's been engineered in a way where it can sit on top of the skin. It doesn't deeply penetrate, but it still does that job of preventing those UV rays from causing damage. Dr. Sutton spoke to ABC. Kim Jong-un called ties with China a top priority during Chinese President Xi Jinping's visit to Pyongyang.

12:04The two leaders vowed to expand cooperation in trade and tourism. Pope Leo delivered a message of hope and unity to about 40 ,000 people at the Olympic Stadium in Barcelona Tuesday.

12:17Today, the pontiff will celebrate Mass at the famed Sagrada Familia. 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. Game four, the Stanley Cup final in Las Vegas. Carolina Hurricanes scored a goal a minute six in. They led 2-0 and 3-1 in the first period. Vegas tied the game in the second, 3-3 in the third one. Jordan Stahl scored six and a half minutes in. The Hurricanes added an empty netter. They won 5-3, and the series is tied at two.

12:52The Knicks and Spurs play their game for the NBA Finals tonight in New York. 44-year-old Serena Williams victorious in her return to professional tennis. She teamed with Victoria Imboco to win a doubles match in England. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this.

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14:50This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. There are fresh tensions this morning in the Middle East with the U.S. and Iran exchanging attacks after the downing of an Apache helicopter near the Strait of Hormuz. And U.S. election season's heating up with important primaries in Maine, South Carolina, Nevada, and North Dakota. Joining us for more on all this this morning is Terry Haynes, the founder of Pangea Policy. Great to speak with you, as always, Terry. I want to start with what's happening in the Middle East. We heard U.S. Central Command say its response to the downing of the Apache helicopter was proportional.

15:23But just this morning, Iranian state media are reporting Tehran is going to reassess peace talks after the latest attacks. Where do you see things at this point? Good morning. Good morning, Nathan. A couple of things. One is that I think there is an increased likelihood, certainly more than a trailing risk, that the United States response is unlikely to remain proportionate, frankly, because Iran isn't. And this is being covered in the United States press largely as kind of a tit-for-tat. But Iran's been kind of disproportionate for quite some time. You'll recall a couple of weeks ago there was an attack on a nuclear reactor in the Emirates by Iran that the IAEA says was more dangerous than attacking Zaporizhia in Ukraine.

16:14and is even warning of a possible nuclear event in the Gulf region of this sort of kind. Iran now is also saying that the Gulf states need to make a moral choice to stop U.S. and Israel. Moral is their word. And what they're trying to do is present the specter of destabilizing the Gulf in a more fundamental way. Now, I think the Gulf already made the choice militarily and economically to be kind of on the United States side. But Iran's going to try to push this sort of advantage. That by itself seems to me to be a dangerous escalation on their side that risks the United States making the response less proportional.

16:59Up to now, the market has been able to look past many of the developments in the Middle East and focus on the AI trade. Are you thinking that we're getting to a point where the market needs to start pricing in a prolonged conflict in the Middle East? I think the answer is probably not, certainly at this point. But what I would warn of is that there's going to be a rising shot of more volatility than less. Markets think they have this pigeonhole. What I suggest today is that that confidence is misplaced. I want to turn to the election results. Of course, a lot of the focus on the main Democratic Senate primary landslide win for Graham Plattner, but maybe not as big a landslide as was expected before some of the scandals surfaced surrounding him.

17:50What's your read on last night's result? Well, a couple of things. One is I've been, for the last couple of weeks, been non-consensus that Republicans are 60 percent likely to keep Congress in the fall. I expect a lot of change, in my view, over the next five months, and believe it or not, it will be five months before this is resolved. You've got progressive purists that are triumphing here, but beyond the many Plattner personal issues, which are real and won't go away, you've got purism, but kind of an inauthentic candidate. You've got pessimism instead of solutions. He's given away a lot of the center in a state where Collins is the ultimate centrist.

18:33And I note you're right to say he had a landslide, but Governor Mills got 20 percent. She's not even a candidate anymore. The bigger threat with Plattner and one reason why I'm at 64 hours is that you can nationalize that negative perception. It won't just be Plattner in Maine. It's Tallarico in Texas. It might be a candidate in Michigan as well. And the main Michigan candidates are both anti-Israeli candidates. Plus, you've got the Bidens coming back this summer and fall to remind everybody of what that was like. National Democrats are already seeing a lot of this, starting to shy away from Plattner.

19:16And finally, I would note, too, that Wall Street's got rising concern about the potential of waning influence from Senate Democratic leader Schumer. Mills was Schumer's candidate, not Plattner. for example. And so this fight for the soul of the Democratic Party is also a fight over its leadership, particularly in the Senate and particularly with a leader that's very close to Wall Street. Just one minute left here, Terry, but I got to get your take on the South Carolina governor's race where President Trump's endorsement led to a runoff now for Pamela Yvette against Dallin Wilson? I think what you get here is you have two establishment candidates, two establishment, you know, successful statewide-run candidates, the lieutenant governor and the attorney general.

20:08So, you know, and South Carolina has proved itself, as Nikki Haley can tell you, to be very focused not only institutionally on the Republican Party, but also focused very solidly to keep on the right, the proper side of Donald Trump. So you've got kind of two Trump-like candidates, or endorsed candidates, one at least, that's a candidate already. You notice the people that Trump disfavored are out. 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.

20:52You 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. 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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