Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Texas Attorney General Ken Paxton won the state's Republican Senate runoff, defeating incumbent John Cornyn with approximately 63% of the vote. Paxton will face Democrat James Talarico in the November election, and Talarico has released a video focusing on Paxton's 2023 impeachment by the Texas House of Representatives. Republican leaders in Washington will have to decide how much to spend to back Paxton, who has significant baggage, including a history of scandal, to ensure the Texas seat stays in GOP hands.
2) There is some optimism that the US and Iran will reach a peace deal despite fresh hostilities and uncertainty over the vital Strait of Hormuz. The strait remains essentially shut, subject to blockades by the US and Iran, but at least two non-Iranian supertankers exited the chokepoint on Tuesday. Secretary of State Marco Rubio has cautioned that any peace pact would likely take a few days to finalize. Meanwhile, US forces hit targets near the strait, while the Islamic Revolutionary Guard Corps said it fired at multiple US aircraft after they entered Iranian airspace.
3) Strategists at Goldman Sachs Group Inc. joined peers at Morgan Stanley and Deutsche Bank AG in seeing a 17% return for the S&P 500 Index this year. Earnings growth powered by the AI boom will drive further gains in stocks, the Goldman team led by Ben Snider said as they increased their year-end target for the US benchmark to 8,000 points, ditching a previous forecast of 7,600.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US and Israeli jets struck Iranian vessels in the Strait of Hormuz and other targets, hours after President Donald Trump had suggested negotiations with Tehran over an interim deal were progressing.The attack took place south of Larak Island in the Strait of Hormuz, with several Iranian personnel killed, Iran’s state-run Nour News reported, without providing further details. Trump earlier said negotiations between the US and Iran over an agreement to extend their ceasefire and reopen the strait were “proceeding nicely.”
2) Russian Foreign Minister Sergei Lavrov called US State Secretary Marco Rubio to advise him to evacuate US citizens and diplomats from Kyiv, as the Kremlin plans to continue heavy strikes on the Ukrainian capital, according to a statement published by the Russian Foreign Ministry Monday.
3) Ferrari NV shares fell almost 8% in Milan after the Italian super-car maker unveiled the Luce, its first fully electric vehicle, marking a sharp setback for one of the industry’s most closely watched EV debuts.The drop shows the challenge Ferrari is facing as it tries to extend one of the world’s most profitable luxury-car brands into battery-powered models. Early negative reactions across analysts as well as social media zoomed in on the four-door, five seater’s design, judged too similar to other electric models such as by Tesla Inc.
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On this special Memorial Day edition of Bloomberg Daybreak - hosted by Nathan Hager.
We look at the challenges ahead for new Fed Chair Kevin Warsh with Bloomberg News International Economics & Policy correspondent Michael McKee and Anna Wong, Chief US Economist with Bloomberg Economics
We preview Costco and Best Buy earnings with Bloomberg Intelligence Analysts Jenn Bartashus and Lindsay Dutch
And as we we kick off the unofficial start of summer, we will tell why this could be one of the most expensive Memorial Days on record. We break it all down with Bloomberg's Julia Fanzeres and Mark Niquette
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to U.S PCE and personal spending data, along with a focus on three stocks for the week ahead.
In the UK – a look ahead to the Reykjavík Economic Conference in Iceland.
In Asia – a look ahead to Australia CPI data.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran said the latest US proposal partly bridged the gap between the warring sides, but comments from the Islamic Republic's supreme leader clouded the outlook for a breakthrough. The US has demanded Tehran hand over its enriched uranium and commit to ending enrichment, while Iranian leaders have balked at those terms in public. The conflicting statements on key issues left it unclear if the two sides were any closer to a deal after renewed threats of escalation in recent days.
2) NATO Secretary General Mark Rutte welcomed President Donald Trump's announcement to send additional troops to Poland. The announcement increased a sense of confusion within the alliance, with officials saying they would prefer US moves to be coordinated. The US is expected to announce adjustments to national forces set to be made available in case of crisis or war, which may include cuts to troops in NATO's force model.
3) Stephen Colbert hosted the last episode of his namesake show on CBS, mostly steering clear of political jokes and criticism of President Trump. The show featured a parade of actors and comedians, including Bryan Cranston and Paul McCartney, who closed the program with a performance of the Beatles hit Hello, Goodbye. Colbert's show is being replaced by Comics Unleashed, a program hosted by Byron Allen, who said the show steers clear of politics and intends to make money selling ads.
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