Mamdani Allies Sweep Primary Elections; Trump Pushes Back On Iran

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Good morning.

I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Karen, let's begin with the race to the midterms. New York held primary elections last night, and in New York City, it was a big night for Mayor Zornmumdanie. Three of the Democratic Socialist Mayor's favorite House candidates swept to victory, including former City Comptroller Brad Lander. He unseated two term Congressman Dan Goldman in the tenth district with almost sixty six percent of the vote.

Dallid already is the force that we need to vanquish Trump's fascism, to abolish ice.

To stand up to the billionairesomy.

That was Brad Lander declaring victory last night. He'll face Republican Jennifer Moore, who ran uncontested in the general election in November.

On Nathan, it was a closer race for another Mom Donnie backed candidate in the thirteenth district, but with eighty eight percent of votes counted, activist Derera Lisa Avilia Chevalier is projected to defeat incumbent Adriano s Payot forty nine to forty six percent. And in the seventh district race to succeed retiring Congresswoman Nidia Velasquez, Mandamie backed state lawmaker Claire Valdez won with fifty six percent of the vote.

And in the crowded race for retiring Congressman Jerry Nadler's seat, Karen Mayor Mumdonnie did not make an endorsement.

That race went to Micah Lasher.

He won with thirty nine percent of the vote in a field that included Kennedy's grandson Jack Schlossberg, Trump critic George Conway, and state Assemblyman Alex Morris. Lasher is a former aide to Michael Bloomberg, the founder and majority owner of Bloomberg Radio parent company Bloomberg LP. Bloomberg endorsed Lasher in the race. He'll face Republican Caroline Shinkle.

This fall, Nathan Kate Connelly defeated a field of food. There were other Democrats in New York seventeen district, with forty nine percent of the vote, Democrats are hoping to unseat Republican Congressman Mike Lawler in that Hudson Valley swing district in November.

And some important primaries were held in Maryland last night as well. Karen Governor Wes Moore easily won his Democratic primary with almost eighty eight percent of the vote. He'll face Republican Dan Cox in November for a rematch of their twenty twenty two race.

And it was a runoff election night.

In the South Carolina Republican governor's race, Karen with nearly all those votes counted. State Attorney General Alan Wilson defeated Lieutenant Governor Pamela A. Vet by more than two to one margin, sixty nine to thirty one percent. President Trump endorsed Vett in the primary, but last week he said he'd be happy with either candidate. Wilson will face State Representative Jermaine Johnson in November. He won the Democratic primary outright two weeks ago.

Finally, Nathan, there was one more race to watch in Utah last night.

This was in the.

First Congressional District near Salt Lake City, which was recently withdrawn to favor Democrats. Former Congressman Ben McAdams won that race against three progressive candidates with fifty six percent of the vote.

Okay, Karen, Let's turn now to the latest on the Middle East. President Trump is defending his deal with Iran as he faces growing domestic pressure over his strategy. The President says Iran will only be able to use funds released from frozen accounts to buy food and medical supplies from the United States. But Tehran is disputing those comments.

They're all there are, They're all they know, they're wrong.

They told us inside and we have it down one hundred percent inspections.

And if they were right, I'd cancel the meetings right now.

And in a post on social media, the President said the billions in unlocked financing would go into ESCRO, controlled by the USA and be used to purchase American grown products such as corn, wheat and soybeans. Iran's president Massud Pezeshki and says is country's nuclear missile program was not included in the Memorandum of Understanding with the US and would not be negotiated.

I call him about our missile program was not included in the MoU and that shall not be I would like to say that if it was not for Iran's missile capabilities to defend ourselves. Our country would have been plundered and destroyed by the Zionist regime and the US.

Like Kaza, Iranian president must suit Pozeshki and spoke through an interpreter. Meanwhile, Iran and Alman say they'll begin work on finding an agreement over future administration of the Strait of Horror moves, including the cost of managing transit in the US.

Nathan the Republican Ledish Sunate has broken with President Trump and voted to end the war with Iran, and Bloomberg's Amy Morris reports from Washington.

On this motion, the yeaser fifty the nays or forty eight. The concurrent motion is agreed to.

The resolution already approved by the House requires the US to seize hostilities against Iran unless Congress votes to authorize further attacks, and does not allow the President to veto the resolution. It does not require the President's signature and does not carry the force of law, but it does reflect lawmakers growing concern over how the war is being handled.

Right, Amy, thank you.

While oil has dropped more than thirty five percent since mid March, President Trump says the price of the pump isn't falling fast enough. In a post on truth socially says he's ordered the Justice Department to look into gasoline prices. Triple A's average did tick up a bit to three ninety eight point eight a gallon today. What average retail prices have fallen fourteen percent since late May, and this morning, US diesel prices fell below five dollars a gallon for the first time since March.

Let's turn to the market, Snathan, where stocks are stabilizing following yesterday's take sel off, which saw the Nasdaq drop two point two percent. This morning, Nasdaq futures are higher, up four ten seven percent. In Asia, Korea's Cospy index rose more than three percent after plunging ten percent yesterday.

Karen investors are going to shift their focus now to earnings from one high flying tech stock. That would be Micron Technology. The memory chip maker, delivers its results after today's closing bell.

We get more from Bloomberg Stocks reporter Dan Curtis.

The memory company has been dominating US markets, not only as one of the largest contributors to the S and P five hundred rally this year, but has become the most traded stock in the US, with about fifty billion dollars worth of shares trading hands every day. The earnings will be a big test for the AI trade. Micron is one of the big three memory companies, which collectively

And Bloomberg's Dan Curtis notes Micron shares are up two hundred and sixty eight percent this year alone, and this morning the stock is up another nearly four percent.

Well one stock not delivering for investors this morning, Nathan is FedEx. It is down almost eight percent. The personal delivery company's earnings did top estimates, but profit margin declined to eight point four percent, and that was below analyst estimates.

Well SpaceX shares are up a tick in early trading, hired by about a half percent yesterday Elon Musk's Rocket Ai company snapped a three day losing streak with a one percent gain. SpaceX sold twenty five billion dollars of investment grade bonds, replacing costly debt that helped finance Elon Musk's acquisition of x and expensive loans and bonds issued by his AI startup Xai. The bond offering was supported by investors. Eighty nine billion dollars of orders were received at its peak.

Time. Now for 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.

France recorded its hottest day ever as a heat wave deepened, disrupting schools, transport, and tourist sites. Europe's power supplies being squeezed by low wind generation and heat related curbs at French nuclear plants. The extreme temperatures that forced major tours sites like the Eiffel Tower and the Louver Museum to close early. In southwest France, it hit one hundred and

He has no known connections to any of the victims in the library, and based on information revealed during the interviews, our detectives believe the suspect was influenced by the Columbine High School shooting.

Chief Aldridge says the two killed were forty six year old Cody Hull and seventy four year old Robert Johnson. It has been five years since the deadly collapse of a Florida beachfront condominium, and there are more details on what contributed to the tragedy. Federal investigators now say the college in the Champlain Towers in Surfside began falling three weeks before the larger catastrophic collapse. Judith Mittroni Riser is with the National Institute of Standards and Technology.

Once the first connection failed, other elements of the pool deck were left to carry their loads, but they were not strong enough to handle them due to problems that stemmed from the original design and construction of the building.

And IST's Judith Mittroni Riser Global News twenty four hours a day and whenever you want it with Bloomberg News Now, Michael barn This is Bloomberg Karen.

Thanks Michael.

Time now for our Bloomberg Sports update, and for that we bring in John Stashauer.

Thanks Garren.

The NBA draft again as expected, with Washington taking aj Devansa and then Utah going with Darren Peterson. Cameron Boozer headed to Memphis and Caleb Wilson to North Carolina. At the World Cup, a breakout victory for Cristiano Ronaldo and Portugal five nil over Uzbekistan. England surprisingly failed to score and ended with a scoreless tie against Ghana, much needed win for Croatia to keep hope alive one nil over Panama, and Columbia is advancing be Congo one nil.

That's the Bloomberg Sports Update.

Stay with us. More from Bloomberg Daybreak 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 On the morning after primary elections in New York, Maryland, and a couple other states. While Mayor Zoron Mumdani wasn't on the ballot in New York, his influence may have been in three key house races, including for former City Comptroller Brad Lander.

Brad brings a kindness to this work. He brings a sincerity to this work. He brings a vision of politics that is more than what we've seen for.

So long as Mayor mum Donnie.

Last night's victory party for Brad Lander and the race against Democratic incumbent Dan Goldman and for more were joined by Jennifer Lawless, professor of politics at the University of Virginia. Did we just see Mayor mum Donnie flex's political muscles last night?

Jen Good morning, Good morning.

There's no question that mum Donnie had a good night last night. All three of the congressional races in which he got involved saw his candidate win the race. So there is definitely a shift, at least in the New York Congressional delegation.

Is this a shift that has implications for the Democratic Party more broadly across the country or is it just centered in New York?

Do you think? I think it's a little bit of both.

There are implications because it's clear that when Democratic socialists and candidates running to the left of establishment Democrats run in certain areas, they can win, and it suggests that mum Donnie's victory was not a fluke. But when we look across the country, it's also very district specific. We saw a pretty establishment Democrat win in a very blue district in Utah. We saw an establishment Democrat win in

Okay.

We also saw no endorsement for the crowded race to succeed Congressman Jerry Nadler in Midtown Manhattan. Michah Lasher won that one with backing from Michael Bloomberg. Does that potentially send a counter narrative.

I don't know if it sends a counter narrative, but it does suggest that Mamdami and people like AOC are not going to be involved in every race across the country. They're not going to be involved in every race across the New York delegation. Even they're clear in that they're very strategic. There are certain political opportunities that they see that they can take and they can win. I think that Dan Goldman race was a perfect example of that.

Well, what's the message from last night?

As far as the results go for the establishment in New York City, many of whom are talking about potentially leaving the city.

It seems to me that both Chuck Schumer and Jakim Jeffries have to take very seriously the idea that residents in their districts and in their state are not content with the status quo. That doesn't mean they're going to vote Republican. It doesn't mean that they're going to walk away from Democratic nominees and districts where establishment candidates win.

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

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I'm Karen Moscow and I'm Nathan Hager.

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