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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
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And I'm Karen Moskow.
Karen, let's begin with the race to the midterms. New York held primary elections last night. In New York City, it was a big night for Mayor Zoran Mamdani. 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 10th district with almost 66 percent of the vote.
Solidarity is the force that we need to vanquish Trump's fascism, to abolish ICE. And to stand up to the billionaires who are rigging our economy.
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Chapter 2: What were the results of the recent primary elections in New York?
In House races, State Delegate Adrian Boafo beat a crowded field of Democrats for retiring Congressman Steny Hoyer's fifth district seat with 32 percent of the vote. Boafo used to work for Hoyer and picked up donations from tech firms, the crypto industry and the pro-Israel AIPAC.
And Nathan, in Maryland's 6th District, incumbent April McLean Delaney won a primary challenge from the man she succeeded in 2022, David Trone, 44 to 37 percent. Trone loaned his own campaign about $25 million, while McLean Delaney lent herself more than $7 million. Delaney will face Republican Robin Ficker in November. He won the Republican primary with 43 percent of the vote.
It was also a runoff election night in the South Carolina Republican governor's race, Karen, with nearly all votes counted there. State Attorney General Alan Wilson defeated Lieutenant Governor Pamela Yvette by more than two to one margin, 69 to 31 percent.
Chapter 3: Who were the key candidates supported by Mayor Mamdani?
President Trump endorsed Yvette in the primary last week, though he said he'd be happy with either candidate. Wilson will face State Representative Jermaine Johnson in November. after he won the Democratic primary outright two weeks ago.
Now, Republican Nancy Mace lost the GOP primary for South Carolina governor, and in the runoff to succeed her in the first House district, Charleston County Councilmember Jenny Costa Honeycutt defeated State Representative Mark Smith 54 to 46 percent. Let's turn to the latest on the Middle East, Karen. Now President Trump is defending his deal with Iran as he faces growing domestic pressure.
He says Iran will only be able to use funds released from frozen accounts to buy food and medical supplies from the United States. Tehran is disputing that.
They're wrong. They're wrong. They know they're wrong. They told us inside and we have it down 100 percent inspections. And if they were right, I'd cancel the meetings right now.
And in a post on social media, President Trump said the billions in unlocked financing would go into escrow controlled by the USA. and be used to purchase American-grown products like corn, wheat, and soybeans. Iranian President Massoud Poseshkin says his country's ballistic missile program was not included in the Memorandum of Understanding with the U.S. and will not be negotiated.
Meanwhile, Iran and Oman say they'll begin working to find an agreement over the future administration of the Strait of Hormuz, including the cost of managing transit.
In the U.S., Nathan, the Republican-led Senate has broken with President Trump and voted to end the war with Iran. Bloomberg's Amy Morris reports from Washington.
On this motion, the yeas are 50, the nays are 48. The concurrent motion is agreed to.
The resolution already approved by the House requires the U.S. to cease 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.
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Chapter 4: What are the implications of Mamdani-backed candidates winning?
diesel prices dropped below $5 for the first time since March.
Let's turn to the markets, Nathan, where stocks are stabilizing following yesterday's tech sell-off, which saw the Nasdaq drop 2.2% this morning. Nasdaq futures are higher, up 0.4% up 126 points. In Asia, Korea's KOSPI index rose more than 3% after plunging 10% yesterday.
And today, Karen, investors shift focus to earnings from one high-flying tech stock, Micron Technology. We get more from Bloomberg Stocks reporter Dan Curtis.
The memory company has been dominating U.S. markets, not only as one of the largest contributors to the S&P 500's rally this year, but it has become the most traded stock in the U.S. with about $50 billion worth of shares trading hands every day. With memory as a bottleneck in building out AI infrastructure,
Investors will closely be listening for the company's forecasts and any signals about changes in demand.
That's Bloomberg's Dan Curtis. And this morning, shares of Micron are up nearly 4%.
Time now for the Bloomberg Sports Update. And we bring in John Staschauer. John.
Thanks, Karen. The NBA draft began as expected with Washington taking A.J. Devonsa and then Utah going with Darren Peterson. Cameron Boozer headed to Memphis and Caleb Wilson. to North Carolina. The World Cup, a breakout victory for Cristiano Ronaldo and Portugal. 5-0 over Uzbekistan. England surprisingly failed to score and ended with a scoreless tie against Ghana.
Much needed win for Croatia to keep hope alive. 1-0 over Panama. And Colombia is advancing. Beat Congo 1-0. That's your Bloomberg Sports Update.
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