Iran Says No Progress in US Talks, Knicks Take NBA Finals Game 1

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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. Israel and Lebanon have agreed to a cease fire if Hezbola stops fighting. That has emerged as a key condition for Iran, and it's nearly two months truce with the US. Israel's US ambassador Leechiel Leiter says, this is an unprecedented agreement.

We brought the people of Lebanon to the understanding that we're not the enemy Gizballes, and now we're going to work together to rid the country of this Iranian proxy on Israel's border.

Israeli ambassador Yehiel Leiter spoke after the negotiations in Washington. Bloombergs of Birabu Omar has more from.

Dubai Asbella has not given an answer yet to this. It could very well stop those hostilities and that could you will again answer the last sticking point between Iran and the United States. Were reported earlier this week that Iran's sticking point of Lebanon particularly had hindered the progress of negotiations between Israel, the US, and Iran.

Bomberg Sabirabo Omar reporting from Dubai. Meantime, clashes did continue overnight in southern Lebanon. Iran's foreign minister Abbas Arakchi says meanwhile, there's been no recent progress in peace deal talks with the US. That's according to a report from Iran's semi official Cosdam News agency.

Back in Washington, Nathan, President Trump's war effort has taken.

Up political below.

The Republican led House has approved a resolution to stop the war.

On this boat.

The a's are two hundred and fifteen of the days were two hundred and eight.

The concurrent resolution is adopted.

Four Republicans joined with every Democrat president to pass the war powers resolution. Democratic Senator jan Shaheen says she hopes this sends a message to the president.

Howson Senate have both passed resolutions on the war in Iran with majorities that say the President needs to rethink his policy on Iran and needs to come to Congress.

A new Hampshire Democrat, Jan Jaheen, appeared on Bloomberg's Balance of Power. This was the fourth time this year that Democrats forced a vote on the war and the first time they got enough support from Republicans to pass it.

Karen.

They're still counting the votes in the California governor's race, more than twenty four hours after the polls closed. With fifty eight percent of precinct reporting, Republican Steve Hilton is maintaining a lead with twenty seven point six percent of the vote. He's followed by Democrat Javier Bserra with twenty five point six percent, Fellow Democrat Tom Steyers holding on in third with nineteen point eight percent. The top two finishers go on to the general election, regardless of party.

In Los Angeles Nathan, where voters also wih in on mayor, early results suggested a runoff between Democratic incumbent Karen Bass and reality TV star Spencer Pratt, a registered Republican party. His heavy reliance sun mail in ballots means a final result could be days away. According to the Associated Press, with sixty three percent of the votes counted, Bass holds the lead with roughly thirty five percent of votes, followed by Pratt with about thirty percent and city council member

Well, let's move from California to New York, Karen, where Knicks fans are celebrating a comeback win in Game one of the NBA Finals in Bloomberg's John stashires here with more on the game to remember in San Antonio, John.

All right, Nathan the Next trailed the Spurs by fourteen in the second half, and they rallied back, led by their captain Brutson.

Keeps it alive.

Bridges looks back to Brunson. Quarter three US up time, Joylen Brutsen from downtown.

Well next check out two point late.

Let me go on ABC. Nixt scored the last eleven points of the game, and they won one oh five to ninety five runs and scored thirty points. The Knicks haven't lost in six weeks, twelve wins in a row, seventh straight on the road, all in double figures. It's the next first win in an NBA Finals Game one in fifty three years. Will John stash Away Bloomberg Radio, all.

Right, John, thank you. We turned out to the markets for the nine day winning streak for stocks is over the s and P five hundred fell from our record and closed down three quarters of a percent. Goldman Sax CEO David Solomon says investors have a lot to digest.

We have a lot of things going on in the macro, with the war, with the oil shock, supply chains, inflation getting stickier, that are going to have an effect, and you know, the market may absorb all that differently than it's absorbing it at the moment. At the moment, it's kind of brushing it aside.

And Goldman Sax CEO David Solomon made the comments on the latest edition of the Bloomberg Odd Lots podcast. Get the full conversation on Apple, Spotify or anywhere else you download, and also on our new video hub on the Bloomberg Business app.

Well, Karen Nasdaq futures are leading declines this morning, and Broadcom is helping fuel the losses. That stock is down more than thirteen percent in early trading. The company delivered a disappointing forecast for artificial intelligence chip revenue. Gil Luria is head of technology research at DA Davidson.

This company has a big role in the growth of AI.

It's just expectations were well beyond what consensus estimates were, and so a small bee just wasn't enough to keep the stock where it's at. And again it's trading at a premium ten Video and Videos trading in the low twenties on next twelve months earnings, Broadcoms trading in the thirties on next twelve months earnings.

DA Davidson's Giloria notes that shares of Broadcom were already up almost forty percent this year.

Another tech high flyer, Nathan, also pulling back This morning. Shares of CrowdStrike down eleven percent. The cybersecurity firm second quarter revenue forecast failed to impress investors who had been up the stock in recent months. The stock was up almost sixty percent this year ahead of earnings. Well.

Speaking of high flyers, Karen space X is closing in on the biggest IPO of all time. Bloomberg's John Tucker joins us with the very latest John and Nate.

According to its latest filing, Elon Musk's SpaceX plans to market about five hundred and fifty five point six million shares for one hundred and thirty five dollars each. That's seventy five billion dollars and at that price the company would be worth one point seven seven trillion dollars. The share sale now sent for June eleventh. Alex Morris at FM Investments expressed some concerns about the IPO.

There's some knock on effects.

I do have some worries about elsewhere in the AI supply chain.

If they take all the oxygen away from everybody else.

Well, the SpaceX offering should clear the path for other mega IPOs from Open AI and Anthropic. Most decision to offer shares at a fixed price ahead of the order taking almost unheard of for sizeable usipos. SpaceX would be bigger than all but six of the companies in the S and P five hundred. I'm John Tucker, Bloomberg Radio.

All right, John, thank you. SpaceX's initial public offering will likely make President Trump's a wealthy administration even richer. Ten officials, ranging from Special Envoys Steve Whitcoff to Small Business Administration had Kelly Leffler, reported financial interests in Elon Musk Rocket

Well Karen JP Morgan Chase CEO Jamie Diamond plans to discuss SpaceX's upcoming debut with thousands of the bank's high net worth clients. Steimond will host a live interactive discussion later today from JP Morgan's headquarters. That's according to invitations seen by Bloomberg.

Well Staying on Wall Street, Nathan Bank of America CEO Brian moynihan is talking about the affordability issue in America. On moynihan spoke with The Bloomberg's Danny Berger at the Forbes Summit in New York.

Affordability is a real issue, but the fundamentally change affordability. We have to build more housing so that there's the supply pressure, bring the prices down affordability. Gas price is at four dollars and fifty cents above. We've been there before, so it is affordable.

It's just not pleasant.

You can catch our entire interview with Bank of America CEO Brian Monahan on the Bloomberg Business app and on Bloomberg dot Com. Time 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. A burial team was attacked and eleven of Bola patients fled isolation facilities in Eastern Democratic Republic of Congo as the outbreak spread to another health zone in a toury. However, the director of the World Health Organization says the response is catching up. Tedros anonam Gabriees has listed some challenges that remain, like scaling up testing and cutting back on delays in confirming cases.

The number of suspected cases has now been reduced to one hundred sixteen from over one thousand last week as we worked through the bucklog either confirming them or ruling them out.

Meanwhile, Kenya's health secretary says they will continue to work on an isolation and treatment unit at an airbase in the East African nation that can be used to house US servicemen exposed to the Ebola virus. Homeland Security Secretary Mark Wayne Mullen was questioned by the House Homeland Security Committee on ice Enforcement operations the current tensions at Delaney Hall in New Jersey came up. Protesters claim inhumane conditions

Agents Delaney Hall.

I've had officer's bit hit scratched.

We had one get threatened.

They were going to kill him and his family as peaceful.

Delaney Hall, run by a private company, is being sued by New Jersey over conditions at the Newark facility. Incumbent New Jersey Congressman Tom Kane Junior has missed a slew of vote since March fifth, over what House Republicans say is a medical issue. House Speaker Mike Johnson says Cain told him what the issue was and a private phone call. Johnson says he needs a little longer to recover. Cain, who ran unopposed in Tuesday's primary, will face Democrat Rebecca Bennett.

It's different being here, Miss We're better than watching a game by yourself at home like this.

This is a Vibe.

It's a represented for new more on the game in sports with John stash Hour in moments, global news twenty four hours a day and whenever you want it with the Bloomberg News Now Michael Barr and this is Bloomberg Karen.

All right, Michael Barr, thank you, and it is time now for the Bloomberg Sports updating. We get more with John stash Hour, John, good morning you everyone to care.

In the NBA finalds opener was a game of runs. The Spurs a twenty to three run and the first time they went from down seven to up ten. They built the lead to fourteen, and the Knicks then led by eight with five minutes to play, but with less than two minutes ago San Antonio backup.

I won.

That's when the Knicks scored the last eleven one game won one oh five to ninety five. The eleven nothing run, six free throws in two huge oops by Jalen bruns And, who scored thirty points and nicked coaches.

Mike browt he he was the MDP in the second half. He was huge for us. He did what MVP candidates are supposed to do. He carried us home. We put the ball in his hands and he got it done for us down the stretch. But a good win. We have to keep taking it one game at a time and stay present and see what happens.

So now twelve playoff wins in a row. They won the opener in the last round when they trailed by twenty two, this time from fourteen down. Josh Hart asked about the comebacks.

Everybody in his locker room has had adversity, you know, and they wouldn't be here if they did it, and they wouldn't be here if they didn't make it. Food at adversity. So whenever we're down, we don't panic. Andy, continue to play our brand of basketball, and you know that's always you know, that's cool.

Hard had fifteen rebounds. Nicks held the Spurs to thirty six percent shooting, Victor wembin Yama just six of twenty one. Game two tomorrow night at the Stadium, the Yankees, again without the injured Aaron Judge, again lost to Cleveland Guardians at three home runs up Garrett Cole and won five to four. Yanks day a gee behind Sampa Bay, who since winning twenty two of twenty six, has lost eight of ten. Mets had fourteen hits and a seven to one win at Seattle National. Has lost at third straight

Can you stay with us more from Bloomberg day Break coming up after this.

Coast to coast on Bloomberg Radio nationwide on Serious Exam.

And around the world on Bloomberg dot Com and the Bloomberg Business app.

This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Iron peace effort seemed to be running through Israel and Lebanon this morning. The US says both those countries have agreed to a ceasefire if Iron backed hes Bula stops fighting. But President Trump says anything can happen.

And I'd say you that.

Part of the world cease fires when you're shooting in a more moderate.

Better I was President Trump speaking from the Oval Office. We're joined this morning for more by Mark Champion, who covers the Middle East for Bloomberg Opinion. Mark, great to speak with you once again. It is a pretty big if if Hesbola stops fighting, isn't it good morning?

Good morning? Yes, absolutely. I mean this is in a sense, this is a it's a good uh, it's it's a good step, you know. So what you want in Lebanon is for uh, the Lebanese government to be making these kinds of decisions to be filling the vacuum as Hezbollah is removed, and so it's it's it's a good framework. But there's a huge question as to whether Hesbola would want to do that. You know, this war they were very much on the back foot before February when the

We've been watching headlines just this morning that fighting seems to be continuing in southern Lebanon between Israel and Hezbola as well.

Well.

How important is this for Iran when it comes to their peace talk track.

With the US?

Very very important.

I mean, the Uranians have made clear throughout that they believe they're in a position where they can make demands, and one of the demand's key demands they have is that other theaters where their proxies are in conflict with Israel will be included in any peace deal. So, in other words, if they're going to agree to a peace deal, Israel will have to agree to, you know, cease fire

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.

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And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg dabray