Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies. A joint statement from Tehran and Muscat is under review and in the final drafting stage, with Iranian Foreign Ministry spokesman Esmail Baghaei saying negotiations between the two countries are “forward-moving” and a deal would be struck “if certain third parties do not obstruct this process." Iranian Deputy Foreign Minister Kazem Gharibabadi said Iran and Oman are negotiating a “temporary route” that would remain active for two to four months, with a significant portion of traffic passing through the Islamic Republic’s territorial waters.
2) President Trump denied the US was running low on munitions, saying the country has “massive amounts” of them. Trump warned of punishment for those who say there’s a shortage, saying “leakers” of supposed “treasonous statements” are being pursued. The Pentagon’s request for emergency funding includes money to replace the US’s most advanced Patriot interceptors and other systems, amid concerns about weapons stockpiles.
3) President accused Michigan Democrat Abdul El-Sayed of being a “communist” who “hates” Jews and Israel. El-Sayed has accused the Israeli government of carrying out a “genocide” during its war in Gaza, supports cutting off aid to Israel and has questioned its right to exist as a Jewish state. Trump said El-Sayed’s brand of politics would bring “filth, crime, death, destruction, embarrassment” and that El-Sayed is a “man of hate."

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Today's top stories, with context, in just 15 minutes.  

On today's podcast:  

1) Abdul El-Sayed is projected to win the Democratic US Senate primary in Michigan, according to NBC, defeating Representative Haley Stevens. El-Sayed will face off against Republican Mike Rogers in the general election. Polls had forecast El-Sayed with as much as a double-digit lead over Stevens. Even with the narrower-than-projected result, El-Sayed’s win portends both a reckoning within the Democratic Party as well as smouldering ideological fissures with the Nov. 3 election looming. The 2026 Democratic primary season has been marked by the intra-party squabble between centrists and progressives over the party’s direction.  

2) Oil erased a decline as Yemen's Houthi militant group issued a fresh threat against Middle East shipping, tempering optimism over US-Iran talks. Houthi spokesperson Yahya Saree said the group would escalate attacks on Saudi vessels in the northern Red Sea — a key workaround route during disruption in the Strait of Hormuz. It comes as the prospect of an interim deal focused on the Strait of Hormuz gained traction after Qatar said a proposal had been drafted and both American and Iranian officials sounded hopeful about reopening the crucial waterway.  

3) SpaceX stock fell after it disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts. SpaceX reported revenue of $7.8 billion, greater than the $6.81 billion analysts estimated on average, and said it lost 9 cents a share for the quarter, less than the 24-cent loss analysts forecast. Musk told analysts that he expects the cadence of AI development to improve dramatically and that SpaceX would reach a $100 billion annual run-rate revenue by year’s end, which is higher than the $38.6 billion forecast by analysts.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Oil rose after its biggest drop in a week, as President Trump said his latest offer of talks is Tehran’s “last chance” and that he expects a full reopening of the Strait of Hormuz. Tehran denied it was talking with the US, but said discussions with Oman to get more ships moving through Hormuz are making progress, with an adviser to Iran’s Supreme Leader saying Washington must “take the first step and change its behavior." Commodity flows through the Strait of Hormuz have slowed to a trickle, with a cargo vessel northeast of Al Khasab, Oman, broadcasting that it had been hit by an unknown projectile on Monday.
2) Acting Attorney General Todd Blanche shared documents on social media that seemed to clear a major hurdle to the top job, but drew skeptical reactions from former Justice Department officials and administration critics. The documents addressed concerns about a $1.8 billion fund for alleged victims of government “weaponization” and immunity for President Trump, his family members and the Trump Organization from audits of past tax filings, but the original documents that sparked bipartisan outrage remain unchanged. Critics say the latest documents do not have much permanent legal effect and that the door is open for officials, Trump, or others in his orbit to try to enforce the terms in the future.
3) Michigan's Senate primary today will serve as a litmus test of whether the Democrats' progressive wing can win in a presidential battleground state. The primary pits Representative Haley Stevens, a moderate, against progressive Abdul El-Sayed, with Black voters being central to the case. A win by El-Sayed would vault him into national prominence, but a defeat would spark questions about whether progressives can win outside of deeply Democratic areas.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Iran suggested negotiations to get more ships moving through the Strait of Hormuz are making progress, after President Donald Trump called off what he said was a major attack on the Islamic Republic. Oil fell on Monday, with Brent crude down about 4.5% to just over $83 a barrel, after Iran’s foreign minister, Abbas Araghchi, said discussions between Tehran and Oman over management of the strait are in the final stages. Trump said Sunday that a deal to open the waterway may be close and that new unspecified talks with Iran would begin on Monday.

2) Stocks and bonds rose as the latest sign of easing tensions between the US and Iran pushed oil prices lower, allaying concerns about faster inflation. S&P 500 futures added 0.5%, signaling a positive start to a week awash with key economic data and corporate earnings. Brent crude slid as much as 7.3% to $81.55 a barrel after President Donald Trump called off a planned attack on Iran. Treasuries rose across the curve, with the benchmark 10-year yield dropping four basis points to 4.69%.

3) The US and Japan’s first joint action on the yen in 15 years, with warnings they won’t “hesitate” to move again, has underscored their unprecedented determination to defend the Asian currency. It’s still unclear how much Washington spent to help lift the yen from its four-decade low. But the currency’s rebound points at interventions larger than in 1998 and 2011, when US contributions didn’t surpass the $1 billion mark. Japan alone is estimated to have spent $53 billion on Thursday — a likely single-day record.

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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 the July jobs report in the U.S with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to some of the most consequential earnings releases of the year in Europe.
• In Asia – a look ahead to key economic data for Vietnam in the week ahead, including numbers on consumer prices and trade.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) A rebound in global chipmakers carried into Friday, buoying stocks to end a month that saw a steep derating in this year’s most popular trade on a positive note. South Korean stocks surged on Friday, with the benchmark Kospi index rising a record 18% and chip heavyweights SK Hynix Inc. and Samsung Electronics Co. climbing 30% and 27%, respectively. The rebound was fueled by positive factors, including bullish reports on the artificial intelligence buildout overseas and a pledge of regulatory support from the government.

2) Amazon shares jumped after the company reported cloud-computing revenue accelerated for a fifth straight quarter, easing investors’ concerns that it won’t produce a return on huge expenditures to meet the booming demand for artificial intelligence. Apple tumbled in late trading after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated.

3) The yen lost more than half of its intervention-driven gains on Friday as the Bank of Japan kept interest rates steady and Governor Kazuo Ueda offered little fresh support for the currency. Japan’s currency weakened as much as 0.9% to 160.88 per dollar on Friday after advancing as much as 3.3% versus the dollar in New York trading on Thursday.

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Apple tumbled in late trading after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated. Revenue will rise 9% to 11% in the fiscal fourth quarter, which runs through September, the company said on a post-earnings conference call Thursday. Analysts had estimated growth of more than 12%.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Ed Ludlow, Bloomberg Tech co-host
• Anurag Rana, Bloomberg Intelligence Senior Technology Analyst
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech

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Amazon.com reported cloud-computing revenue that beat analyst estimates, with booming demand for artificial intelligence services accelerating sales for the fifth straight quarter. Revenue jumped 37% to $42.2 billion at Amazon Web Services, which generates about a fifth of the company’s revenue and most of its operating profit, the company said Thursday in a statement. It was the fastest pace of growth since the fourth quarter of 2021. Analysts, on average, forecast sales of $40.6 billion, according to data compiled by Bloomberg.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Ed Ludlow, Bloomberg Tech co-host
• Poonam Goyal, Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure
• Anurag Rana, Bloomberg Intelligence Senior Technology Analyst

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US retaliated against Iranian strikes on American forces with a fresh wave of attacks, escalating a conflict that is spreading wider across the Middle East. The US hit dozens of targets in a two-hour operation aimed at degrading Tehran’s ability to threaten American forces, its Arab allies and commercial shipping in the region. Two liquefied-natural-gas vessels were hit by projectiles on Egypt’s Mediterranean coast and caught fire, with a security firm saying the vessels had been struck by drones.

2) Investors dumped 30-year Treasury bonds, sending the yield up as much as 14 basis points to nearly 5.23%, after the Fed kept interest rates unchanged for a seventh consecutive month. Market measures of inflation expectations rose, the dollar slid, and stocks tumbled as investors wagered Chairman Kevin Warsh was only delaying an inevitable rate hike.

3) Meta gave a disappointing quarterly revenue forecast, stepping up pressure on Chief Executive Officer Mark Zuckerberg to allay investor concerns that the company isn’t swiftly benefiting from its massive outlay on artificial intelligence. The social media giant reported the lowest free cash flow in years, a sign of ballooning expenses for AI bets, including data centers and smart glasses, which could amount to $145 billion this year. Meanwhile, Microsoft's Azure cloud revenue rose 43% during the fiscal fourth quarter, the fastest quarterly growth since early 2022. CFO Amy Hood said she expected growth in the cloud unit to accelerate further in the current quarter, to about 45%, and that demand continues to exceed available supply.

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Listen for instant reaction and analysis of megacap tech earnings from Meta, Microsoft and Qualcomm. 

Meta Platforms gave a disappointing revenue forecast for the current quarter, intensifying investor concerns about the social media giant’s unprecedented spending on artificial intelligence and sending shares lower afterhours. Microsoft’s cloud unit grew at the fastest pace in four years, suggesting that the company’s computing infrastructure and artificial intelligence services continue to make inroads with businesses. Shares of Microsoft rose in extended trading. Qualcomm, the largest maker of smartphone processors, gave a weak profit forecast for the current quarter, signaling that component shortages and rising costs are taking a toll on its main market. The company’s stock fell afterhours. 

To break down all of this, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: 

• Ed Ludlow, Host, Bloomberg Tech
• Mandeep Singh, Global Head of Technology Research, Bloomberg Intelligence

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