US-Iran Talks Stall; Senate Passes Bill to Fund ICE and CBP

0:28Small businesses are the pulse of every community. JPMorgan Chase Bank, N.A., member FDIC. Copyright 2026, JPMorgan Chase and Company. 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. Support for the show comes from Public. Lately, it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently.

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1:44Crypto services by ZeroHash. All investing involves risk of loss. See complete disclosures at public.com slash disclosures. 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 from the Middle East. The U.S. and Iran are showing little signs of progress in ceasefire talks after one of the worst bursts of violence in the region in weeks. President Trump says negotiations are in the final stages, But Iran's foreign minister says there's been no tangible progress. The president says time is on his side.

2:25When you look at hundreds of thousands of soldiers were killed in these various wars, they lasted many, many years. We're in there for a few months. And what we've done is amazing. President Trump spoke from the Oval Office. Meanwhile, Iran-backed Hezbollah has rejected a U.S.-brokered ceasefire in Lebanon. Bloomberg's Zabir Abu Omar reports that's adding further complication to the peace process. The hostilities between Israel and Hezbollah continue within the southern part of Lebanon, but also the northern parts in Israel. President Trump, on the other hand, has said that he did not see the rejection from Hezbollah.

2:58And as a matter of fact, he's been in touch with representatives who told the president that they wanted to have the ceasefire. Bloomberg's Abir Abu Omar reports Israeli strikes in Lebanon have killed at least eight people, according to the Lebanese health ministry. Israel says Hezbollah fired several rockets at its soldiers, but no one was hurt. We have breaking news on Capitol Hill this morning, Nathan. The Senate has passed a$69.5 billion bill that gives more than three years of funding to two immigration enforcement agencies. The measure passed 52 to 47 after a marathon vote that saw Democrats try to corner Republicans on politically tricky amendment votes.

3:36The bill passed the Senate after weeks of negotiations over funding for the Secret Service to secure President Trump's ballroom. That money was ultimately dropped from the package but drew rebuke from seven Republican senators. Republicans also stripped out funds for the Justice Department that got bogged down by concerns about a now-defunct fund to compensate victims of alleged politically motivated prosecution. Also on Capitol Hill, Karen, the House has approved a new round of aid to Ukraine and sanctions on Russia in a backhanded rebuke of President Trump's foreign policy. The ayes are 226.

4:09The nays are 195. The bill is passed without objection. The motion to reconsider is laid upon the table. House Democrats forced to vote on the package through what's known as a discharge petition. That's a procedural tool that Republican leaders oppose. President Trump's raised questions about the cost of assisting Ukraine in its defense against Russia's invasion. That's put him at odds with moderate Republicans who signed the petition and joined with Democrats in advancing the bill. Meanwhile, Nathan, Ukrainian President Volodymyr Zelensky is proposing direct peace talks with Russian leader Vladimir Putin in an effort to end the war.

4:42He did so in a rare and combative open letter. Ben Sills is Bloomberg's managing editor for European politics and economy. This is not a letter which is going to persuade Putin to come to the negotiating table. The tone of it is so incredibly assertive. I read it last night when it dropped and I was really quite struck by just how self-confident Zelensky sounds and how he's talking down to Putin. He's talking about how his drones hit St. Petersburg yesterday, the day before Putin turns up. He's threatening to hit other Russian targets deep inside Russia. He's saying that he knows Putin is afraid of Ukraine's military potential.

5:23So that's no way to bring Putin to the negotiating table. And Bloomberg's Ben Sills says Zelensky is proposing a face-to-face meeting in a neutral country. A Russian spokesman says if Zelensky wants to meet Putin, he can come to Moscow. Well, turning back to Washington now, Karen, Federal Housing Finance Agency Director Bill Pulte has been named Acting Director of National Intelligence, but President Trump says that appointment will be temporary. Bloomberg's Amy Morris reports from the nation's capital. President Trump says FHFA's Bill Pulte will not become the permanent director of national intelligence.

5:54He's not going to be permanent because, you know, I don't think he'd want to be permanent. But he's a very smart guy and he may find out some things about the rigged elections, etc., etc. But it's somebody just to take it over for a little while. President Trump says they're interviewing people for that permanent position. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. We turn to the markets where the S &P 500's historic weekly run of gains is in jeopardy. Right now, the AI euphoria is fading as tech shares lead equity futures lower. Slide today would mean the S &P 500 misses out on a 10th week of gains, which would have been the longest such streak since 1985.

6:33In Asia, South Korea's KOSPI, the world's best performing gauge this year, and a bellwether for AI investments, dropped 5.5%. Well, this morning, Karen, investors are awaiting the jobs report for the month of May. It's expected to show an increase of 89 ,000 on-farm payrolls and an unchanged employment rate of 4.3%. San Francisco Fed President Mary Daly says there's too much uncertainty in the economy to offer a view on where rates are headed. We spoke to Daly at the Bloomberg Tech Conference in San Francisco. We are prepared to respond either way, whatever the economy brings. But I think giving more forward guidance about what's possible could be misguiding in the end because we just have to wait for the economy to evolve.

7:13Everybody wants to resolve the uncertainty today, but I think that's a mistake because it will close off our mind about what we really have to look at. You catch our full interview with Mary Daly and others from the Bloomberg Tech Conference in San Francisco on the Bloomberg Business app and at Bloomberg.com. Well, Nathan, the roadshow continues as we're just days away from the mega IPO of SpaceX. And Bloomberg's John Tucker joins us with the latest. John, good morning. Karen, SpaceX sent out its IPO launch with a flashy video. short on detail and heavy on Elon Musk's vision for the future. Investors ate it up.

7:48Ron Barron is head of Barron Capital Management. Well, right now we own almost$20 billion of SpaceX, and we're buying another billion. I think we're going to make a lot of money for our clients and ourselves. The investors emerging for the marketing event at J.P. Morgan's imposing headquarters on Park Avenue called it an epic event. The head of Aon Capital said SpaceX will be the most iconic company in human civilization. Musk spoke to his host Jamie Dimon about space travel, vacations on the moon, and a Mars colony. Back on Earth, some research analysts are telling would-be buyers their models show 100 times revenue growth for SpaceX's AI division by the end of the decade.

8:26That's to help justify the target evaluation of$1.8 trillion. For investors emerging from the event, those numbers sounded entirely justified. The share sales set for next week. In New York, I'm John Tucker, Bloomberg Radio. Well, John, don't expect SpaceX to join the S &P 500 anytime soon. S &P Dow Jones Indices says it will not shorten its 12-month seasoning period for newly public companies or waive existing profitability and public float requirements based on a company's size. The decision means firms like SpaceX would not be eligible for inclusion in the S &P 500 until at least one year after listing and would also need to satisfy the index's existing requirements for profitability and public float.

9:07Nathan, NVIDIA has certified the three biggest memory chip makers to supply their most advanced high-bandwidth products for its AI accelerators. They're Samsung XK Hyninks and Micron. NVIDIA CEO Jensen Wong spoke earlier in Seoul. We are going to use a lot of high-speed memory. And, of course, memory is constrained, and so we have to be smart about using it in all of our systems. And so we're continuing to work with our partners here to make sure that we support as much supply as possible, but use the supply as smartly as possible. NVIDIA CEO Jensen Wong will have dinner with some of Korea's top business leaders tonight.

9:44He plans to attend a baseball game over the weekend.

9:50Time 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. They are still counting the votes from Tuesday's primary in the California governor's race with an estimated 60 percent in. Republican Steve Hilton still leads with 27.2 percent. Democrat Javier Becerra is second with 26 percent of the vote. Fellow Democrat Tom Steyer is third with 20.2 percent. Under California rules, the top two finishers advance from the primary regardless of party affiliation. President Donald Trump criticized California's ballot counting, accusing state Democrats of big cheating as the vote count continues.

10:32I hope the media looks at this election that's taking place in California where they think it'll take seven or eight days to count the votes. Can you believe this? I mean, they spend all that money on the machines, the big voting machines. President Trump didn't present evidence on his claims. The latest strain of the Ebola virus continues to spread in Congo. At least 62 people are dead from 363 confirmed cases. However, WHO officials have warned the numbers might not reflect the true scale of the epidemic. On top of the Knicks in the NBA Finals, Mayor Zoran Mamdani and Governor Kathy Hochul say New York City is ready to host soccer's World Cup.

11:15The city is taking measures to accommodate the expected surge in visitors, including running additional subway trains and restricting traffic in certain areas on match days. Governor Hochul. We can handle this. We've got this. This is what we do best. And for those who are saying, you know, stay home from work, no, come to the city, celebrate, otherwise you're missing the excitement and the energy. Mayor Ben Donning. We are ready for this moment because we are New York. We know, as the governor said, how to put on big events. from the Macy's Thanksgiving Day Parade to the NBA Finals, let's go Knicks, to the UN General Assembly.

11:54We have done it before, and we will do it again. Officials are asking the public to be patient with crowds, security lines, and traffic. Meanwhile, Mayor Memdani says he will be at Game 3 of the Knicks at Madison Square Garden along with President Trump, who says that he was planning to attend Monday night. Global News, 24 hours a day and whenever you want it. With the 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, Darren. A back and forth Stanley Cup final game two in Raleigh, Carolina rallying to take the lead.

12:29Vegas scored late in regulation to force overtime. The Hurricanes scored. They won 4-3, and the series is tied at 1. The Knicks bring their 12-game playoff winning streak into game two of the NBA bundles tonight in San Antonio, looking to go home with a 2-0 series lead. Men's semifinals at the French Open. Alex Zavero takes on Jakob Mensik. And then a battle of Italians between Matteo Arnaldi and Flavio Caballi. That's a Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Support for the show comes from Public. Lately, it feels like there are two types of investing platforms.

13:05Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. public is positioned differently it's an investing platform for people who are serious about building their wealth on public you can build a portfolio of stocks options bonds crypto without all the bugs or the confetti retirement accounts yep high yield cash yes again they even have direct indexing public has modern design powerful tools and customer support that actually helps go to public.com slash market and earn an uncapped one percent bonus when you transfer your portfolio That's public.com slash market.

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15:02Coast 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. The U.S. and Iran may be in a holding pattern now, close to two months into their ceasefire that has seen some of its heaviest tests this week, but President Trump is urging patience. We're going to win our paper, or we're going to win military. One way or the other. It's going to be militarily or on paper. Well, that was President Trump speaking to reporters in the Oval Office. Joining us this morning from Dubai is Bloomberg Middle East correspondent Abir Abu Omar.

15:38Abir, where do things stand this morning? Good morning. Good morning, Nathan. So, look, the latest from overnight is that Hezbollah, that is the militia that is backed by Iran in southern Lebanon, has rejected the deal that was reached between Lebanese officials and Israeli counterparts in Washington earlier this week. Now, from the get-go, Hezbollah refused to take an active part in those negotiations. Its chief this morning, Naim Qasim, saying that the deal was absurd and he does not acknowledge it as long as Israel continues its attacks against southern Lebanon. Now, we've reported earlier this week now that Israel has its deepest incursion in Lebanon since 2000.

16:22That's 25 years almost, Nathan. And so Hezbollah refuses to acknowledge the deal that happened between the Lebanese government and Israeli counterparts. On the other hand, you've got President Trump saying that the talks to reach an MOU, That has been what we've been calling it, which is the interim deal to sort of reopen the Strait of Hormuz and then extend the ceasefire we're talking about for about 60 days to then talk about other concessions. He says that this MOU is in final stages, that he's talking to Hezbollah representatives who actually have accepted the deal. But then you get the Iranian side and Foreign Minister Abbas Araqsh said, actually, talks have stalled and there is no tangible progress in them.

17:08Now, Iran has made Lebanon an important sticking point to its concessions. That's on top of its enriched uranium, on top of the frozen assets,$12 billion of those, and oil sanctions. So those are the sticking points that we know about Lebanon emerging over the past couple of weeks as one important one. Iran saying that if hostilities in Lebanon continue by Israel, the deal is not going to go through. Negotiations are not going to go through. Meanwhile, we're seeing firing across the region earlier this week. We saw attacks against Kuwait where Kuwait reported one person was killed in its airport, several others injured.

17:48It actually halted flights as well because of some significant damage to the infrastructure there. So we're seeing a pickup in Hasiri since the ceasefire was breached in early April. The talks not going anywhere for now, unlike what President Trump has been suggesting. And meanwhile, the Strait of Hormuz remains effectively shut. Oil prices not really knowing what to do with all this back and forth. So you're not seeing Brent ticking up in a tremendous way as it would have at the start of this war, Nathan. Just 30 seconds left here, Abir. But what potentially breaks the logjam? Is the status of Lebanon the central focal point now?

18:28Short answer, yes. This in Lebanon, Lebanese officials and Iranian officials have asked for hostilities in Lebanon to seize, and that would bring them back to the table. That's on top of the other concessions that we've spoken about. But we understand that a deal on those other concessions could be reached, or some understanding on them could be reached after the MOU is signed. But essentially, Iran says no MOU signing unless the attacks against Lebanon stop. 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.

19:06Eastern 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. I'm Karen Moscow.

19:42And 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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