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Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
We begin with politics.
Primary elections were held last night in Arizona, Florida, Illinois, Kansas, and Ohio, and former President Donald Trump won all five Republican primaries with seventy five to eighty one percent support. President Biden did the same on the Democratic side, except in Florida, which canceled its primary. He won with eighty three to ninety one percent of the vote. Kansas was the only state with a none of the above option on the Democratic ballot that took ten percent.
Well as for the down ballot races, Nathan, it was a good night for Trump back candidates. In Ohio, businessman Bernie Moreno defeated two other Republicans with fifty percent of the vote to take on Democratic incumbent Sharon Brown for US Senate.
I want to President Trump for all he did for me, for this campaign, for his unwavering support, for his love of this country.
Several other Republicans advanced with the former president support. Derek Merin will take on Democratic Congresswoman Marcy Captor in Ohio this November, he won the GOP primary with fifty two percent of the vote. In Illinois, Mike bost is leading Darren Bailey fifty two percent to forty eight percent. The Associated Press is not called the race, but Bailey has conceded.
And in California, Trump backed Republican Vince Fong advanced to a runoff with forty two percent of the vote to fill the seat left open by former House Speaker Kevin McCarthy. He'll face fellow Republican Mike Boudreau, who won twenty four percent in the May twenty first special election.
Thank Karen.
There are new developments this morning regarding that migrant arrest law in Texas.
It is back on hold.
Just hours after the law briefly took effect, a federal appeals court prevented Texas from arresting and deporting migrants who accused of entering the US illegally. The three judge panel acted after the Supreme Court returned the matter to the New Orleans based Fifth US Circuit with instructions to quickly resolve open questions in the case.
Now, Nathan to the latest on the war in the Middle East. Israeli Prime Minister Benjamin Netanya, who will speak with Senate Republicans later today, and we get this story from Bloomberg Steve Potisk in Washington.
The call will be via video and comes a week after the Chambers top Democrat, Chuck Schumer, called for elections to replace him. Schumer, an ally of Israel and Congress for decades, had urged Netting Yahoo's government to do more to avoid civilian casualties and allow a to flow more freely to Gaza residents. Senate Republican Conference Chairman John Barrasso invited Netting Yahoo to speak today. Barrasso, along with other Republicans,
have condemned Schumer's remarks in Washington. Steve Potisk Bloomberg Radio.
All right, Steve, thank you.
Another geopolitical news, the Biden administration is said to be considering sanctions for Huawei's secretive chip network. Bloomberg's Brian Curtis has more. From Hong Kong.
Sources say the US could blacklist Chinese semiconductor firms. This comes after Huawei not a significant technological breakthrough last year. Now, such a move would mark another escalation in a US campaign to ring fence China's AI and semiconductor ambitions. Source to say most of the Chinese entities affected were previously identified as chip making facilities. These are facilities built by Huawei. No final decisions have yet been made in Hong Kong. Brian Curtis, Bloomberg.
Radio, All right, Brian, thanks well, Futures are mostly lower this morning, a day after the S and P five hundred closed at an all time high. Today's attention turns to the Fed. Well, there might not be much anticipation on the decision. No rate cut expected. There is a lot of interest in what Jay Powell and companies say about the future of monetary policy, and we get a preview from Bloomberg's Michael McKee.
It's not about rates this time. The first thing investors will look at is the dot plot sticky inflation readings the past two months of spawned predictions. The median will indicate fewer rate cuts this year, to just two from three forecasts last December. Second on the watch list the Summary of Economic Projections, the economic forecasts of the nineteen members of the Fed's Rate Setting Committee. Those inflation readings have endless anticipating Fed officials will revise their twenty twenty
four rate projections higher. There are also questions about whether the year end forecast unemployment rate will move higher as well. And finally, bond investors in particular will want to know what officials discussed about future plans for running down the Fed's balance sheet. Was a decision made to taper the runoff? Michael McKee, Bloomberg Radio.
Okay, Mike thanks. The economy is also in focus in Europe. UK inflation fell more sharply than expected. In fact, it cooled to the lowest level in two and a half years. The consumer price index rose three point four percent in February from a year earlier. That's slower than the four percent pace the month before. Economists say the data keep the Bank of England on track to reduce interest rates later this year.
In company news this by Morning, Nathan shares of JP Morgan Chase are little change in early training. It is boosting its dividend by nine and a half percent. We get this story from a Bloomberg's Charlie Pellett.
The New York based bank lifted its dividend to a dollar fifteen a share after reporting a record profit last year. The unexpected increase marks the second time in the past twelve months, the JP Morgan Chase has boosted its quarterly payout. JP Morgan Chase generated about fifty billion dollars of net income in twenty twenty three and had raised the payout by five percent to a dollar five a share for
the third quarter. So far this year, JP Morgan Chase shares are up thirteen point nine percent at next reports earnings April twelfth in New York. Charlie Pellett, Bloomberg Radio, all right, Charlie, thank you. It's a very big day on the IPO market. Bloomberg News has learned a Stereo Labs is said to raise about seven hundred and thirteen million dollars, tapping demand for investors related to artificial intelligence. Sources say Astera and the current stockholder are selling almost
twenty million shares for thirty six dollars each. Jay Woods is chief Global Strategistic Freedom Capital Markets and Stara is.
An AI plane. What's hotter than AI? Right now?
That to me, you could see a little euphoria and you could see that thirty percent pop. It's not where it opens and how it trades after the opening and then the subsequent a few days, Let's see how they do a week two weeks later.
Jay Woods of Freedom Capital says the starebackers include Intel, along with Sutter Hill Ventures and Nathan.
Another highly anticipated ipo prices tonight. We're talking about Reddit, and we get more from Bloomberg's Bailey Lipschaltz.
Social media platforms first time share sale will price later this evening before debuting on Thursday. Expectations are for it to be valued around six billion dollars.
That's a sharp drop off from the.
Ten billion dollars where it was valued in a private round back in twenty twenty one. Analysts and investors are keen to see how it does after selling shares to loyal users, which could draw some flack. Those moderate and people with so called high karma scores are able to buy into the ipo, so it'll be interesting to see how Reddit performs in trades in the wake of a dearth of technology IPOs after arm back at the end of last year.
And that's Bloomberg's Bailey Lipshaltz, who says redd It will trade under the ticker RDDT. And it's time now for a look at some of the other stories and making news in New York and around the world. For that. We're joined by Bloomberg's Michael Barr, Michael good Morning, Good.
Morning Care and New York Mayor Eric Adams again denied allegations in a lawsuit accusing him of sexually assaulting a former colleague in nineteen ninety three. Adams says it did not happen. The woman first filed a notice of claim in November under the Adult Survivors Act. It is a state law that suspends for a year the usual time limit to sue over an alleged sexual assault. Adams once again denied the allegation yesterday during a news conference.
I don't recall a meeting in person, and that is not who I am as a person.
In the lawsuit, the accuser says she was seeking a promotion in the New York Transit Police Department and asked Adams for help. Adams, then a police officer and member of the Guardians Association, is alleged in the lawsuit to have driven the woman to a vacant lot and demanded sexual acts. A US district judge sentenced two of six Mississippi law enforcement officials for the racist torture of two black men. Former deputy Hunter Elward received more than seventeen years,
and Lieutenant Jeffrey Middleton got twenty years. They were among the six who gave themselves the name the Goon Squad because they did not follow the rules and often subjected the people they deemed suspects to humiliating torture. Last year, the Goon Squad burst into the home of a white woman without a warrant after a white neighbor reported several
black males were staying in the home. Victims, Michael Jenkson, who was shot in the mouth, and any park brought a lawsuit, which led to an investigation that put a stop to the violence. Parker spoke after the sentencing, you know, it's given him what it's done. I forgive that part he still did, you know what I'm saying, what he did and he has to be punished with it. Four
more deputies will be sentenced today and tomorrow. Donald Trump is suggesting that he'd support a national ban on abortions around fifteen weeks of pregnancy, voicing for the first time support for a specific limit on the procedure. The former president, in a radio interview yesterday, says people are agreeing on fifteen and I'm thinking in terms of that hor mortal contraceptives can now be dispensed by New York pharmacists without
a prescription. Those participating pharmacies can provide up to a twelve month supply of the medication. Meanwhile, it said that the Governor is trying to make it a way for New York and healthcare sanctuaries for women as.
Long as I'm governor, their rights are protected.
That this is deeply personal to me as a mother and a woman in this state.
New York Governor Kathy Hokel Global News twenty four hours a day, whenever you want it with Bloomberg News. Now, I'm Michael barrb this is Bloomberg Karen.
All right, Michael Barr, thank you, but his time now for the Bloomberg Sports Update, brought to you by Tri State Outie, and we bring in John Stashaur.
John, Good morning, Give morning, Karen.
The Jets started slowly in free agency, but after recently adding veteran jackal Tyron Smith of Dallas State signed longtime LA charger whiteout Mike Williams, seventh pick of the twenty seventeen draft. He's had injuries, including the torn acl this past season, but went healthy. Williams has had a couple of recent thousand yard seasons. Tackle Trent Brown signed with Cincinnati.
He'd been with New England. Sixty seven NCAA Tournament games, the first team to advance Little Wagner College out of Staten Island. It's the first NCAA win school history, only the second game the Seahawks have played at the first four and date in a seventy one sixty eight win over Howard. Wagner only has seven scholarship players. The coach is Donald Copeland.
Having seven players, you know, I would imagine some places they might just come in the gym and just say, listen, we got seven. We just got to go through the motions.
We never did that.
We prepare the right way, we expected to win even when we did lose, and then now to fight and in NEC tournament. The way we did it speaks volume, I think to the culture. I think it speaks to the kids I have.
And it'll be a tad tougher for Wagner tomorrow and Charlotte against North Carolina, top seeds in the West. Also Colorado State cross Virginia sixty seven to forty two. Two more games in Dayton tonight than the turny begins in Earn It's sixteen games tomorrow. Saint Peter's, who's a fifteen seed, has a game late tomorrow against Tennessee the nit Underway BC wanted Providence at the Garden, rare loss with the
Rangers only the ninth all year at home. Winnipeg got a hat trick from Mark Steifeley won four to two, Rangers fourth loss in their last twenty one games. Play tomorrow in Boston. Bruins got a hat trick from David pasternaife I was six to two. Devil's got a pair of goals from Timomyer down Pittsburgh five to two. The Islanders lost to Carolina four to one. At Barclay's Net's loss of the Pelicans one O four ninety one. That's
fourth straight loss since Christmas. Brooklyn is eleven and twenty eight. Wizards lost by twenty five to Houston Johns Danshan. We're Bloomberg Sports.
Let's get back to the latest primary results, what they say about the battle for control of Congress and the White House. We're joined now by Bloomberg News Senior editor Bill ferries So, Bill Arizona Florida, Illinois, Kansas, and Ohio. No surprise, President Biden and former President Trump swept them all. So we looked down ballot, what is the victory for Bernie Moreno in the Ohio Senate race?
Say about Trump's hold on the GOP.
Yeah, you're right, Nathan, it's we're having to look elsewhere for clues about what might happen in November. How strong the support is for both of the candidates, Prisident Biden and former President Trump. And certainly the Trump campaign is going to look very happy, happily on this victory by former car dealer and cryptocurrency mogul Bernie Moreno. He has
been closely aligned with President Trump. He's had President Trump himself attending rallies in support of him and a lot of very very pro Trump friends and allies adjoining in that. So there's one sign there. It was also closely watched because people less associated with the Trump wing of the parties, such as Governor Mike DeWine, were favoring other candidates in
the race who lost. So, you know, Ohio in the past has not been one of the more I guess like pro Trump Republican states, but there will be a big question about whether his forces are able to defeat Shared Brown come November.
Yeah, that's going to be the big question, not just in that race, but in all the other races where Trump back candidates did well. Does the Trump wing of the GOP prevail in November or is the establishment wing going to be shown to be right that Trump's support doesn't necessar barely translate into results in a general election.
You're right, President Trump has a very mixed history when it comes to endorsing candidates, particularly at the Senate level. But I think one thing that people will take note of in these Ohio races. In Ohio, of course, in the middle of the country, not bordering Mexico, immigration was a key issue in this You did hear a lot of talk about the need by Trump supporters to build a wall and force immigration law more strictly, come down
harder on immigration. So if that's happening in Ohio, that's going to be something you have to wonder whether it reverberates more nationally in the former president's favor.
Well, it seems like immigration is going to reverberate nationally in the courts as well. What do you make of this back and forth over this Texas migrant deportation law that the Supreme Court allowed to go forward, and then just hours later Appeals panel decided to blog, Yeah.
It's pretty remarkable back and forth there between the Supreme Court and the Texas Court. The Texas Court has blocked that law. That that law, if you remember, basically makes it a state crime to enter Texas illegally or to leave it illegally. So it basically it was an attempt by Texas officials to take over immigration control at some level. It's still not clear how they were going to be enforcing that, what facilities they had, how were they going
to make that determination? And it may again go back to the Supreme Court now that now that the lower court has ruled, but it has put officials actually on the border in a very strange position of trying to figure out at which point in time which laws they're supposed to be trying to carry out.
Only about thirty seconds left, Bill, but we're expecting a call today from Israeli Prime Minister Benjamin Natanyahu to Republican senators, just days after Democratic Leader Chuck Schumer rebuked him on the Senate floor.
Right, Republicans are really trying to take advantage of this issue that has strongly divided the Democrats. Chuck Schumer basically said there should be maybe new elections in Israel. That's been heavily criticized by Republicans. Of course, you had President former President Trump coming out just recently saying Jewish voters who support Democrats hate Israel and hate their religion, So
really trying to inflame this issue. We'll see you know whether this, whether this takes hold, and whether you know this actually helps Netanyahu or Republicans going forward.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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I'm Nathan Hager and I'm Karen Moscow.
Join us again tomorrow morning for all the news you need to start your day, right here on Bloomberg Daybreak