November 5, 2025 • 25 mins
On today's podcast:
1) Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. Mamdani — who will be New York’s first Muslim and South Asian mayor when he takes office Jan. 1 — campaigned on making the global business hub more affordable by using higher taxes on the wealthy to pay for free buses and city-run grocery stores, overcoming many voters’ concerns about his pro-Palestinian views.
2) Abigail Spanberger, a 46-year-old former CIA officer who left the House of Representatives after three terms in January, will be the first female governor in Virginia, a state that’s front-and-center in the battle over the government shutdown and efforts to trim the federal workforce. Likewise in New Jersey, Representative Mikie Sherrill, a former Navy helicopter pilot, won a race in which pocketbook concerns about utility bills, health care and schools were more central than culture war issues or government giveaways. About 6 in 10 voters in Virginia and New Jersey described themselves as “angry” or “dissatisfied” with the current state of the country, according to an exit poll conducted by the Associated Press, compared to just one-third who said they were “enthusiastic” or “satisfied.” Meanwhile, California voters passed a ballot measure that could flip as many as five congressional seats to Democrats from Republicans, handing Governor Gavin Newsom a major political victory in his fight against President Trump.
3) The fate of the majority of President Trump’s tariffs is in the hands of the US Supreme Court after lower courts ruled that they were issued illegally under an emergency law. The tariffs have remained in place to allow the Trump administration to appeal to the highest court, which is scheduled to hear arguments today. The Supreme Court case doesn’t touch upon the duties imposed on certain product categories using different legal foundations. For example, the Trump administration has put in place levies on steel, aluminum, automobiles, copper products and lumber by harnessing Section 232 of the 1962 Trade Expansion Act. Those tariffs depend on Commerce Department investigations that concluded that imports of such products pose a national security risk.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today, Karen.
Speaker 3 (00:15):
Election Night twenty twenty five is in the books from
coast to coast, and we begin this morning with results
from two key elections in the tri state area. Starting
in New York City, the Big Apple has a new mayor.
Bloomberg's Lisa Matteo joins us in Manhattan with more on
the historic win for Zorn Mumdani Lisa.
Speaker 4 (00:34):
Nathan New York City residence. They really came out in force,
producing the highest turnout in more than half a century,
with more than two million votes counted, and in the
end it was Democratic Socialist Zoram Mundanmi who came out
on top, receiving fifty point four percent of the votes.
Speaker 5 (00:50):
Tonight, you have delivered to fourteen.
Speaker 6 (01:00):
New kind of politics for a city we can afford,
for a government that delivers exactly.
Speaker 4 (01:11):
That, Immondami. He energized young voters with the campaign for
a more Affordable New York City. Former Governor Andrew Cuomo,
who ran as an independent after losing to Mandamie in
the primary, he garnered forty one point six percent, with
ninety eight percent of the votes counted. In his constant speech,
Well Cuomo said he is ready to help in any
way he can.
Speaker 1 (01:31):
We will all help any way we can because we
need our New York City government to work.
Speaker 5 (01:38):
We wanted to work.
Speaker 6 (01:39):
For all New Yorkers because our city is the greatest
city in the world.
Speaker 4 (01:45):
But Cuomo also said that the tally show almost half
of New Yorkers did not vote to support government agenda
that he said, quote makes promises that we know cannot
be met now Republican Courtiously, while he received seven point
one percent of the votes. When has sworn in on
January first as the one hundred and eleventh Mayor of
New York, The thirty four year old state lawmaker from
(02:06):
Queens will be the youngest person to hold the office
in a century. He'll also be the New York's first
Muslim mayor and first person of South Asian descent.
Speaker 3 (02:14):
Nathan all Right, Lisa, Well, it was a big night
for Democrats as well in New Jersey, wasn't it.
Speaker 7 (02:20):
Yeah?
Speaker 5 (02:20):
Sure, Mikey Cheryl.
Speaker 4 (02:21):
She has become the fifty seventh next governor of New
Jersey with fifty six point two percent of the votes,
defeating Republican Jack Chittarelli, who was actually backed by President
Donald Trump. It was Chittarelli's third bid for mayor. But
this is more than a local story. I mean, Cheryl's
win is drawing national attention as a potential preview for
what's to come in the twenty twenty six mid terms.
(02:42):
She touched upon it during her acceptance speech in East
Brunswick last night.
Speaker 8 (02:46):
Here in New Jersey, we know that this station has
not ever been nor will it ever be, ruled by kings.
Speaker 7 (02:57):
Cheryl.
Speaker 4 (02:57):
She is a former federal prosecutor, Navy helicopter pilot. She
won the support of former President Barack Obama. She will
replace Democratic Governor Phil Murphy, who was back bar from
law by seeking a third consecutive term. Her victory actually
marks the first time in sixty years that one party
has won three consecutive gubernatorial elections in the Garden State.
(03:18):
Lisa Matteo Bloomberg Radio.
Speaker 2 (03:20):
All right, Lisa, thank you. In another key race in
New Jersey, former Governor Jim McGreevy and James Solomon will
take part in a December runoff election in the race
for mayor of Jersey City with ninety two percent of
the vote. In Solomon received twenty nine percent, while McGreevy
got twenty five point four. They were the top two
vote getters in yesterday's nonpartisan election, but needed to get
(03:42):
to fifty percent a declare.
Speaker 3 (03:43):
Victory well the Democratic victories, Karen continued. In Virginia, Abigail
Spanberger is the Commonwealth's next governor.
Speaker 9 (03:51):
We sent a message to the whole world that in
twenty twenty five, Virginia chose pragmatism over partisanship.
Speaker 3 (04:03):
Abigail Spanberger defeated Republican Winsome Earl Sears fifty two and
a half percent to forty two point three percent with
nearly all the votes counted to become Virginia's first female governor.
The former congresswoman and EXCIA officer ran on economic issues
and argued that President Trump's tariffs and government cuts have
added to uncertainty in the state.
Speaker 5 (04:22):
We get more from Bloomberg's Joe Matthew.
Speaker 10 (04:24):
You've got somebody here who's going to probably try to
be a check on the Trump administration, but also has
a real good messaging when it comes to not only
federal workers but the huge concentration of members of the
military in Virginia.
Speaker 3 (04:38):
In Bloomberg's Joe Matthew notes about six percent of Virginia's
workforces in the federal government. In another closely watched race,
Democrat Jay Jones beat Republican incumbent Jason Miarez to become
Virginia's next attorney general. That was despite a texting scandal
in which Jones threatened to put quote two bullets in
the head of a political rival two years ago. Jones
(04:59):
received fIF fifty three point one percent of the vote
to forty six and a half percent for Mirs and
Boston Nathan.
Speaker 2 (05:05):
Michelle Wu has won her second term as mayor. She
ran unopposed after winning big in the preliminary election over
Josh Craft, who then dropped out of the race in September.
Wu spoke to supporters after the polls closed.
Speaker 11 (05:17):
Tonight and over the next four years, we will send
the same message we've sent since the day that Boston
was founded, that the fight for our freedom, for our families,
our friends, and the future we know to be possible
is always a fight worth fighting for.
Speaker 2 (05:36):
Boston Mayor Michelle Wu is sixty five percent of precinct
supporting WU earned ninety two percent of the vote, eight
percent went to write in candidates.
Speaker 3 (05:44):
And the other major race Karen that we were at
tracking was in California. Voters there passed Proposition fifty to
redraw the state's congressional map before the midterms. With seventy
one percent of votes counted, nearly sixty four percent of
California voters approved the ballot measure that could flip up
to five Republican held House seats to Democrats next year.
(06:05):
California Governor Gavin Newsom is calling on other states to
follow his lead.
Speaker 12 (06:09):
We can de facto and Donald Trump's presidency as we
know it. The minute Speaker Jeffries gets sworn in as
Speaker of the House of Representatives, it is all on
the line.
Speaker 3 (06:25):
California Governor Gavin Newsom pushed Prop fifty to counter a
move in Texas to flip up to five of that
state's House seats to the GOP.
Speaker 2 (06:34):
Well In Colorado, Nathan voters opted to keep a ban
on flavored tobacco in place. Bloomberg Dan Schwartzman.
Speaker 13 (06:40):
Reports Denver voters overwhelmingly voted to pass Resolution three ten,
which upheld the city's ban on selling flavored tobacco products.
Just last year, the Denver City Council passed an ordinance
to ban the products, but opponents filed the ballot initiative
to challenge it. The resolution became a national story as
the supporters of the band raise five point eight million dollars,
(07:02):
making the referendum one of the most expensive races in
the twenty twenty five election cycle. Dan Schwartzman, Bloomberg Radio.
Speaker 2 (07:09):
All right, Dan, thank you, and we should note nearly
all the funding for the committee and support of the band,
Denver Kids Versus Big Tobacco, came from Michael Bloomberg, the
founder and majority owner of Bloomberg LP, the parent company
at Bloomberg Television and Radio.
Speaker 5 (07:22):
Well careen.
Speaker 3 (07:22):
Another major story we're following this morning is that deadly
plane crash in Kentucky. At least seven people were killed
nearly a dozen injured after a UPS cargo plane crashed
and exploded shortly after takeoff from Louisville.
Speaker 5 (07:35):
Craig Greenberg is Louisville's mayor.
Speaker 6 (07:37):
I'd like to send my prayers to the families.
Speaker 5 (07:41):
Of the victims of this tragic crash.
Speaker 3 (07:46):
The aircraft was at UPSMD eleven with three crew on board.
It just had taken off on a flight to Honolulu
when it crashed in an industrial area close to the airport.
Speaker 2 (07:56):
Let's turn to Washington, Nathan, the government shutdown has reached
a new milestone. It is now the longest in US
history at day thirty six, and the standoff with Democrats continues.
For Senate Majority Leader John Thune, I.
Speaker 14 (08:08):
Still don't know exactly what it is they want. We
have accommodated a lot of their questions and concerns. They
want to have a discussion about healthcare. We offered that
up a long time ago.
Speaker 2 (08:19):
And Senate Majority Leader John Thune says he hopes this
will be the week they can negotiate an end to
the impass, but even if they do, they'll face another
funding fight. The stop gap spending bill the House passed
in September expires in a little more than two weeks. Meanwhile,
military pay and partially funded food eight are likely to
run out before the end of the month. The Congressional
Budget Office estimates the shutdown will cut fourth quarter GDP
(08:41):
by up to two percent if it continues for eight weeks.
Speaker 3 (08:44):
In Washington as well, Karen the Supreme Court is set
to hear arguments about whether President Trump can use the
International Emergency Economic Powers Act to impose import taxes after
lower courts ruled he exceeded his authority. Bloomberg's Amy Morris
has more from Washington.
Speaker 15 (09:00):
Earlier this week, on his way back to Washington, President Trump,
on board Air Force One, said he would not attend
the hearing, but called it an important decision.
Speaker 12 (09:09):
I think it's the most important decision in the history
of our country. Without our being able to use tariffs
really would suffer tremendously from a national security standpoint.
Speaker 15 (09:19):
There are other ways the president can impose tariffs, but
those come with more limits and procedural restrictions. And while
Trump's Supreme Court appointees have generally backed the president, this
case will be the first time the Court will directly
consider Trump's assertions of sweeping presidential power. In Washington, Amy
Moore as Bloomberg Radio.
Speaker 2 (09:38):
All right, Amy, thank you. Let's turn to the markets now,
where futures are mostly lower Following yesterday's sell off on
Walls Street at Global Chip Route saw roughly five hundred
billion dollars erased and combined market capitalization from the Philadelphia
Semiconductor Index and a Bloomberg gauge tracking Asia chip stocks.
Speaker 3 (09:56):
Well one chip stock under pressure this morning, Karen has
Advanced micro Devices. Those shares are down more than four percent.
The main contender to Nvidia in the artificial intelligence chip market,
failed to impress investors with its revenue forecast. AMD stock
had more than doubled this year heading into that earnings report.
Speaker 2 (10:13):
Shares of super micro Devices. They are down more than
eight and a half percent this morning. The server maker
missed reduced estimates for first quarter sales and profit, and
also gave it disabrning earnings forecast to the current period,
reinforcing concerns about its ability to capitalize on demand for
AI equipment. Time now for a look at some of
(10:34):
the other stories making news in New York and around
the world. For that, we're dooined by Bloomberg's Monica Ricks.
Speaker 7 (10:39):
Monica.
Speaker 16 (10:39):
Good morning, Well, good morning, Karen, and we watched a
lot of other key races last night in several states.
Speaker 5 (10:44):
Let's start in New York.
Speaker 16 (10:46):
Voters weighed in on six proposals in New York City,
but the big ones were three housing proposals Props two
through four on the ballot The City Council had been
very vocal about them leading up to election day, arguing
that changes would weaken their control over neighborhood development, but
advocates say the measures were crucial for building more housing quickly,
and New Yorkers agreed, passing all three between fifty six
(11:09):
point eight and fifty eight point three in favor. New
Yorkers also voted in favor of Prop Five, which would
replace borough controlled paper maps with a unified digital map
of New York City. That one favor of seventy three
to twenty seven percent, and Prop six was voted down.
Voters did not want to hold local elections in years
when presidential elections were held. The No votes took it
(11:32):
with fifty three percent to forty seven. This would have
moved local elections from odd number years to even numbered
to increase voter turnout. New York State's ballot Proposal one
still tight. Eighty nine percent of the votes are in
so far, with fifty two percent of votes approving a
measure that would amend the state constitution to authorize an
expansion of the Olympic Sports Complex in Exus County that's
(11:55):
located within the state's Protected Force preserve. The special election
for New York's one hundred and fifteenth State Assembly district
that's still too close to call, even though Democrat Michael
Cashman has declared victory over Republican retired State Police major
and Troop Commander Bret Davidson. This district covers all of
Clinton County, Franklin County, and a few towns in Essex County.
(12:18):
The winner would replace Democrat Billy Jones, who stepped down
back in September after nearly a decade in office. So far,
Cashman's leading with fifty two percent of the vote. Democrats
also scored big in mayoral races around New York State.
Democrat Dorsey Appler's want an overwhelming majority to become the
first black mayor in Albany's history. Sharon Owens, also the
(12:39):
first black mayor in Syracuse. Now Sean Ryan won the
race for Buffalo's mayor, and Mayor Malik Evans won a
second term in a landslide in Rochester's mayoral race. Over
in New Jersey, all eighty seats in the state's General
Assembly were up for grabs, and Democrats had held a
fifty two to twenty eight majority in the Chamber.
Speaker 5 (12:58):
Heading into Tuesdays electtion.
Speaker 16 (13:00):
A few races still close to call this morning, but
it looks like Democrats will hang on to that majority.
The current total is forty nine to nineteen seats, and
Pennsylvania voters retained three state Supreme Court justices. They preserve
Democrats five to two majority. The incumbents they're surviving to
keep their seats. Global News twenty four hours a day
(13:21):
and whenever you want it with Bloomberg News Now. I'm
Monica Rix and this is Bloomberg.
Speaker 5 (13:26):
Thanks Monica.
Speaker 2 (13:27):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 17 (13:31):
Thanks Daron. At the NFL trade deadline, that Jets traded
maybe their two best players, cornerback Sauce Gardner to Indianapolis
for two first round picks and defensive linemen Quinn and
Williams to Dallas for first and second round picks. The
college basketball season begins with Perdue rank number one. The
Boilermakers had an easy season opening win Duke be Texas
seventy five to sixty Oklahoma City Thunder defending NBA chams
(13:54):
and eight and oh. This year they meet the Clippers
in LA. That's a Bloomberg Sports Update.
Speaker 5 (14:00):
Stay with us.
Speaker 2 (14:01):
More from Bloomberg Daybreak coming up after this.
Speaker 1 (14:08):
Coast to coast on Bloomberg Radio, nationwide on Sirius Exam,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 7 (14:17):
This is Bloomberg Daybreak.
Speaker 2 (14:19):
And good morning. I'm Karen Moscow alongside Nathan Hager. And
Election night twenty twenty five is in the books and
it was a Democratic clean sweep in the major races
in New York, New Jersey, Virginia, and California. A great
night for self described democratic socialist mayor elect Zorn.
Speaker 5 (14:36):
Mom Donnie, tonight you have delivered.
Speaker 6 (14:42):
For change, for a new kind of politics, for a.
Speaker 5 (14:51):
City wee can afford.
Speaker 2 (14:53):
And again that is Zorn, Mom, Donnie in New York.
We're joined now by Bloomberg Daybreak editor Mark Perryer Mark,
good morning.
Speaker 5 (15:01):
Let's start in New York.
Speaker 2 (15:02):
I can't get past this, two million people coming out
to vote and us saying it's the highest turnout in
more than half a century. So a lot of people
came out to vote in this election. It was a
big deal. What did it for, Mom, Donnie?
Speaker 18 (15:16):
Good morning? Definitely a resounding victory. New Yorkers waking up
to a different political landscape in the city. I think
the lore here was the cost of living. He definitely
appealed to a younger electorate, really hitting on wanting to
bring change to the city, and that definitely appealed to
(15:41):
the wider electorate.
Speaker 7 (15:43):
In the city.
Speaker 2 (15:45):
Affordability and change. Though those are big undertakings. Can he
do it?
Speaker 7 (15:50):
Lots of challenges ahead.
Speaker 18 (15:52):
His populist approach definitely will have a lot of challenges.
He's got to find the funding to cover these bold
plans of his and he cannot forget Wall Street.
Speaker 7 (16:05):
I mean that's a fact.
Speaker 18 (16:06):
I mean he's got to, in my opinion, reach out
to Wall Street and make it work. So interesting last night,
late last night that Bill Ackman reached out through Twitter
through x saying, you know, I'm here for you if
you need be very interesting. I think there's potential there
(16:28):
to work. But again, very strong populist message, but there
has to be coalition building here.
Speaker 14 (16:35):
Yeah.
Speaker 2 (16:36):
Well, there are also wins for the Democrats in New
Jersey and Virginia. We also saw that redition ting vote
in California that passed as well. Does this tell us
anything about the midterms coming up.
Speaker 18 (16:48):
I think it does. I think we're seeing a platform
strategy forming within the Democratic Party that will hit on
the cost of living. That's certainly proved to be beneficial
to the Democrats in Virginia and New Jersey. So I
think we're going to see them hitting on that. But again,
(17:10):
within the Democratic Party, you have fraction and debate between
a younger, more progressive, you know, more progressive activists and
a more moderate wing. They need to work on that.
They need to be on the same page moving forward.
Speaker 2 (17:27):
But when you look at the bigger picture, when you
talk about the same page moving forward, I mean, these
were not major battleground states. Obviously, New York isn't, New
Jersey isn't. California isn't. So is there really a bigger
takeaway from this or is this mostly what we could
have expected in terms of election victories.
Speaker 7 (17:44):
It's what we were expecting.
Speaker 18 (17:47):
But I think they needed to see The Democrats needed
to see positive headlines this morning, hitting every major newspaper
in the country, and that's what they've achieved. It's a
good look for them this morning after you know, suffering
a lot, you know, a major loss to Trump last year.
(18:08):
So I think it's all about re energizing the party
and then moving forward with bigger victories.
Speaker 2 (18:17):
All Right, Bloomberg Daybreak editor Mark Perrier joining us this morning. Mark,
thank you, Nathan.
Speaker 3 (18:21):
All Right, Karen, thank you for more analysis on election
night twenty twenty five. We are joined now by Terry Haynes,
the founder of Pangaea Policy. Terry, as we've been saying,
it was a democratic sweep in the states of New York,
New Jersey, Virginia, California. Is this a democratic springboard into
twenty twenty six?
Speaker 5 (18:40):
Good morning, Good morning, Nathan.
Speaker 19 (18:44):
Is it's a little bit of a moment of clarity
for Democrats, that's for sure. To add on to a
point that was just made earlier. Democrats winning races they
should win, as the bare minimum test Democrats passed last night,
but reviving Democrats nationally is going to take a lot
(19:05):
more than doing the minimum. And you've got two approaches here,
you know, you've got a kind of this jarring juxtaposition
between New Jersey and Virginia centrists who focus on, as
Governor elect Spenberger and Virginia said, pragmatism and problem solving,
versus Mamdani, who has taken this sort of pie in
(19:27):
the sky approach, emphasizing things that you know they by
and large you really can't deliver. So you know, Democrats
by and large have a choice here and on paths.
But that path is going to have to involve actually
solving problems rather than expressing solidarity with the problems themselves.
Speaker 3 (19:51):
To that point, Terry, there was a focus from Mumdani
and the gubernatorial Are the governors elect now in New
Jersey and Virginia on economic issues, whether they expressed it
in different ways, does that point to a strategy for
Democrats in red states next year?
Speaker 7 (20:11):
It does?
Speaker 19 (20:11):
Yeah, absolutely, But the Democrats are going to have to
do more than than express solidarity with with the struggles
of people. Uh, They're going to have to not only
show how they're gonna how they're going to solve it,
but you know, you can look at the kind of
the Petri dishes of Virginia and New Jersey is offering
(20:34):
the first tests and whether those Democrats can be successful. Uh,
Mamdanie's got his own problem, and that problem, as I say,
is in part that his reach exceeds his grasp and
that he needs Albany to help. But he's also got
a choice. Does he become a builder and a change
agent to solve what he can and bring along with
(20:59):
him by doing the hard work of negotiating and persuading
with the rest of New York State Democrats, including the
national leader Schumer and Jeffries. Or does he become kind
of builde Blasio reducts and merely promise without delivering. And
(21:19):
that's the thing to watch in New York because if
that doesn't happen, with the kind of spotlight that mun
Donnie now has on him, if that doesn't happen, his
failures could actually redown to the benefits of Trump and
Republicans in the midterms.
Speaker 3 (21:33):
Does Mayor Elect Mumdanni have a problem with President Trump
as well? We saw the President on truth Social last
night during Mumdanni's victory speech, saying, and so it begins,
He's threatened to cut off federal funding, He's threatened to
deport mayor like Mumdani.
Speaker 5 (21:51):
What's in store for New York City?
Speaker 19 (21:52):
Now, Mamdani should be careful what he wishes for, because, uh,
in this particular time of politics, both parties have shown
that they're entirely capable of using whatever levers are available
to them. So I would take as as serious Trump's
(22:15):
threat to limit or even eliminate, if possible, funding to
New York City. And you know, just by the same token,
you have a situation in Washington where National Democrats have
decided that it's worth keeping the government shut down and
(22:37):
UH and causing delays to all kinds of services, whether
it be SNAP, whether it be UH air traffic, whether
it even be the data that markets and the Fed
need in order to keep going uh, for the sake
of political gain. So there's a situation here where uh,
(22:57):
you know, the kind of the bare knuckleness of politics
is kind of reaching a new dimension here Ocarius.
Speaker 3 (23:04):
So whether the election results these victories for Democrats could
lead to a shift in strategy from either of the
parties on the government shutdown.
Speaker 19 (23:12):
Now, I told markets last night and I will tell
you this morning. I think there are two negatives and
a positive from from from the situation. The first negative
is shut down. Shutdown just got a lot more difficult
to solve at a time where it's effects you're finally
starting to bite. Democrats just got emboldened and got more
(23:35):
difficult convinced that they should compromise with the immovable object
bad Orange Man, and you've got this, you know, more
New York City centric. You've got these jitters about about
Mondani and what and what he might do and how
you might be able to work with him if you're
Wall Street. The markets positive is that it increases even
(23:57):
more Trump and Republicans urgency to put in places much
as possible of their markets friendly, economic and geopolitical agendas
in the next twelve months, so to the extent that
markets like economically what Trump and Republicans are trying to do,
which by and large they very much do. Expect more
of that and more quickly.
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Speaker 5 (25:01):
I'm Karen Moscow and I'm Nathan Hager.
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Join us again tomorrow morning for all the news you
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Speaker 2 (25:08):
Ray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today, Karen.
Speaker 3 (00:15):
Election Night twenty twenty five is in the books from
coast to coast, and we begin this morning with results
from two key elections in the tri state area. Starting
in New York City, the Big Apple has a new mayor.
Bloomberg's Lisa Matteo joins us in Manhattan with more on
the historic win for Zorn Mumdani Lisa.
Speaker 4 (00:34):
Nathan New York City residence. They really came out in force,
producing the highest turnout in more than half a century,
with more than two million votes counted, and in the
end it was Democratic Socialist Zoram Mundanmi who came out
on top, receiving fifty point four percent of the votes.
Speaker 5 (00:50):
Tonight, you have delivered to fourteen.
Speaker 6 (01:00):
New kind of politics for a city we can afford,
for a government that delivers exactly.
Speaker 4 (01:11):
That, Immondami. He energized young voters with the campaign for
a more Affordable New York City. Former Governor Andrew Cuomo,
who ran as an independent after losing to Mandamie in
the primary, he garnered forty one point six percent, with
ninety eight percent of the votes counted. In his constant speech,
Well Cuomo said he is ready to help in any
way he can.
Speaker 1 (01:31):
We will all help any way we can because we
need our New York City government to work.
Speaker 5 (01:38):
We wanted to work.
Speaker 6 (01:39):
For all New Yorkers because our city is the greatest
city in the world.
Speaker 4 (01:45):
But Cuomo also said that the tally show almost half
of New Yorkers did not vote to support government agenda
that he said, quote makes promises that we know cannot
be met now Republican Courtiously, while he received seven point
one percent of the votes. When has sworn in on
January first as the one hundred and eleventh Mayor of
New York, The thirty four year old state lawmaker from
(02:06):
Queens will be the youngest person to hold the office
in a century. He'll also be the New York's first
Muslim mayor and first person of South Asian descent.
Speaker 3 (02:14):
Nathan all Right, Lisa, Well, it was a big night
for Democrats as well in New Jersey, wasn't it.
Speaker 7 (02:20):
Yeah?
Speaker 5 (02:20):
Sure, Mikey Cheryl.
Speaker 4 (02:21):
She has become the fifty seventh next governor of New
Jersey with fifty six point two percent of the votes,
defeating Republican Jack Chittarelli, who was actually backed by President
Donald Trump. It was Chittarelli's third bid for mayor. But
this is more than a local story. I mean, Cheryl's
win is drawing national attention as a potential preview for
what's to come in the twenty twenty six mid terms.
(02:42):
She touched upon it during her acceptance speech in East
Brunswick last night.
Speaker 8 (02:46):
Here in New Jersey, we know that this station has
not ever been nor will it ever be, ruled by kings.
Speaker 7 (02:57):
Cheryl.
Speaker 4 (02:57):
She is a former federal prosecutor, Navy helicopter pilot. She
won the support of former President Barack Obama. She will
replace Democratic Governor Phil Murphy, who was back bar from
law by seeking a third consecutive term. Her victory actually
marks the first time in sixty years that one party
has won three consecutive gubernatorial elections in the Garden State.
(03:18):
Lisa Matteo Bloomberg Radio.
Speaker 2 (03:20):
All right, Lisa, thank you. In another key race in
New Jersey, former Governor Jim McGreevy and James Solomon will
take part in a December runoff election in the race
for mayor of Jersey City with ninety two percent of
the vote. In Solomon received twenty nine percent, while McGreevy
got twenty five point four. They were the top two
vote getters in yesterday's nonpartisan election, but needed to get
(03:42):
to fifty percent a declare.
Speaker 3 (03:43):
Victory well the Democratic victories, Karen continued. In Virginia, Abigail
Spanberger is the Commonwealth's next governor.
Speaker 9 (03:51):
We sent a message to the whole world that in
twenty twenty five, Virginia chose pragmatism over partisanship.
Speaker 3 (04:03):
Abigail Spanberger defeated Republican Winsome Earl Sears fifty two and
a half percent to forty two point three percent with
nearly all the votes counted to become Virginia's first female governor.
The former congresswoman and EXCIA officer ran on economic issues
and argued that President Trump's tariffs and government cuts have
added to uncertainty in the state.
Speaker 5 (04:22):
We get more from Bloomberg's Joe Matthew.
Speaker 10 (04:24):
You've got somebody here who's going to probably try to
be a check on the Trump administration, but also has
a real good messaging when it comes to not only
federal workers but the huge concentration of members of the
military in Virginia.
Speaker 3 (04:38):
In Bloomberg's Joe Matthew notes about six percent of Virginia's
workforces in the federal government. In another closely watched race,
Democrat Jay Jones beat Republican incumbent Jason Miarez to become
Virginia's next attorney general. That was despite a texting scandal
in which Jones threatened to put quote two bullets in
the head of a political rival two years ago. Jones
(04:59):
received fIF fifty three point one percent of the vote
to forty six and a half percent for Mirs and
Boston Nathan.
Speaker 2 (05:05):
Michelle Wu has won her second term as mayor. She
ran unopposed after winning big in the preliminary election over
Josh Craft, who then dropped out of the race in September.
Wu spoke to supporters after the polls closed.
Speaker 11 (05:17):
Tonight and over the next four years, we will send
the same message we've sent since the day that Boston
was founded, that the fight for our freedom, for our families,
our friends, and the future we know to be possible
is always a fight worth fighting for.
Speaker 2 (05:36):
Boston Mayor Michelle Wu is sixty five percent of precinct
supporting WU earned ninety two percent of the vote, eight
percent went to write in candidates.
Speaker 3 (05:44):
And the other major race Karen that we were at
tracking was in California. Voters there passed Proposition fifty to
redraw the state's congressional map before the midterms. With seventy
one percent of votes counted, nearly sixty four percent of
California voters approved the ballot measure that could flip up
to five Republican held House seats to Democrats next year.
(06:05):
California Governor Gavin Newsom is calling on other states to
follow his lead.
Speaker 12 (06:09):
We can de facto and Donald Trump's presidency as we
know it. The minute Speaker Jeffries gets sworn in as
Speaker of the House of Representatives, it is all on
the line.
Speaker 3 (06:25):
California Governor Gavin Newsom pushed Prop fifty to counter a
move in Texas to flip up to five of that
state's House seats to the GOP.
Speaker 2 (06:34):
Well In Colorado, Nathan voters opted to keep a ban
on flavored tobacco in place. Bloomberg Dan Schwartzman.
Speaker 13 (06:40):
Reports Denver voters overwhelmingly voted to pass Resolution three ten,
which upheld the city's ban on selling flavored tobacco products.
Just last year, the Denver City Council passed an ordinance
to ban the products, but opponents filed the ballot initiative
to challenge it. The resolution became a national story as
the supporters of the band raise five point eight million dollars,
(07:02):
making the referendum one of the most expensive races in
the twenty twenty five election cycle. Dan Schwartzman, Bloomberg Radio.
Speaker 2 (07:09):
All right, Dan, thank you, and we should note nearly
all the funding for the committee and support of the band,
Denver Kids Versus Big Tobacco, came from Michael Bloomberg, the
founder and majority owner of Bloomberg LP, the parent company
at Bloomberg Television and Radio.
Speaker 5 (07:22):
Well careen.
Speaker 3 (07:22):
Another major story we're following this morning is that deadly
plane crash in Kentucky. At least seven people were killed
nearly a dozen injured after a UPS cargo plane crashed
and exploded shortly after takeoff from Louisville.
Speaker 5 (07:35):
Craig Greenberg is Louisville's mayor.
Speaker 6 (07:37):
I'd like to send my prayers to the families.
Speaker 5 (07:41):
Of the victims of this tragic crash.
Speaker 3 (07:46):
The aircraft was at UPSMD eleven with three crew on board.
It just had taken off on a flight to Honolulu
when it crashed in an industrial area close to the airport.
Speaker 2 (07:56):
Let's turn to Washington, Nathan, the government shutdown has reached
a new milestone. It is now the longest in US
history at day thirty six, and the standoff with Democrats continues.
For Senate Majority Leader John Thune, I.
Speaker 14 (08:08):
Still don't know exactly what it is they want. We
have accommodated a lot of their questions and concerns. They
want to have a discussion about healthcare. We offered that
up a long time ago.
Speaker 2 (08:19):
And Senate Majority Leader John Thune says he hopes this
will be the week they can negotiate an end to
the impass, but even if they do, they'll face another
funding fight. The stop gap spending bill the House passed
in September expires in a little more than two weeks. Meanwhile,
military pay and partially funded food eight are likely to
run out before the end of the month. The Congressional
Budget Office estimates the shutdown will cut fourth quarter GDP
(08:41):
by up to two percent if it continues for eight weeks.
Speaker 3 (08:44):
In Washington as well, Karen the Supreme Court is set
to hear arguments about whether President Trump can use the
International Emergency Economic Powers Act to impose import taxes after
lower courts ruled he exceeded his authority. Bloomberg's Amy Morris
has more from Washington.
Speaker 15 (09:00):
Earlier this week, on his way back to Washington, President Trump,
on board Air Force One, said he would not attend
the hearing, but called it an important decision.
Speaker 12 (09:09):
I think it's the most important decision in the history
of our country. Without our being able to use tariffs
really would suffer tremendously from a national security standpoint.
Speaker 15 (09:19):
There are other ways the president can impose tariffs, but
those come with more limits and procedural restrictions. And while
Trump's Supreme Court appointees have generally backed the president, this
case will be the first time the Court will directly
consider Trump's assertions of sweeping presidential power. In Washington, Amy
Moore as Bloomberg Radio.
Speaker 2 (09:38):
All right, Amy, thank you. Let's turn to the markets now,
where futures are mostly lower Following yesterday's sell off on
Walls Street at Global Chip Route saw roughly five hundred
billion dollars erased and combined market capitalization from the Philadelphia
Semiconductor Index and a Bloomberg gauge tracking Asia chip stocks.
Speaker 3 (09:56):
Well one chip stock under pressure this morning, Karen has
Advanced micro Devices. Those shares are down more than four percent.
The main contender to Nvidia in the artificial intelligence chip market,
failed to impress investors with its revenue forecast. AMD stock
had more than doubled this year heading into that earnings report.
Speaker 2 (10:13):
Shares of super micro Devices. They are down more than
eight and a half percent this morning. The server maker
missed reduced estimates for first quarter sales and profit, and
also gave it disabrning earnings forecast to the current period,
reinforcing concerns about its ability to capitalize on demand for
AI equipment. Time now for a look at some of
(10:34):
the other stories making news in New York and around
the world. For that, we're dooined by Bloomberg's Monica Ricks.
Speaker 7 (10:39):
Monica.
Speaker 16 (10:39):
Good morning, Well, good morning, Karen, and we watched a
lot of other key races last night in several states.
Speaker 5 (10:44):
Let's start in New York.
Speaker 16 (10:46):
Voters weighed in on six proposals in New York City,
but the big ones were three housing proposals Props two
through four on the ballot The City Council had been
very vocal about them leading up to election day, arguing
that changes would weaken their control over neighborhood development, but
advocates say the measures were crucial for building more housing quickly,
and New Yorkers agreed, passing all three between fifty six
(11:09):
point eight and fifty eight point three in favor. New
Yorkers also voted in favor of Prop Five, which would
replace borough controlled paper maps with a unified digital map
of New York City. That one favor of seventy three
to twenty seven percent, and Prop six was voted down.
Voters did not want to hold local elections in years
when presidential elections were held. The No votes took it
(11:32):
with fifty three percent to forty seven. This would have
moved local elections from odd number years to even numbered
to increase voter turnout. New York State's ballot Proposal one
still tight. Eighty nine percent of the votes are in
so far, with fifty two percent of votes approving a
measure that would amend the state constitution to authorize an
expansion of the Olympic Sports Complex in Exus County that's
(11:55):
located within the state's Protected Force preserve. The special election
for New York's one hundred and fifteenth State Assembly district
that's still too close to call, even though Democrat Michael
Cashman has declared victory over Republican retired State Police major
and Troop Commander Bret Davidson. This district covers all of
Clinton County, Franklin County, and a few towns in Essex County.
(12:18):
The winner would replace Democrat Billy Jones, who stepped down
back in September after nearly a decade in office. So far,
Cashman's leading with fifty two percent of the vote. Democrats
also scored big in mayoral races around New York State.
Democrat Dorsey Appler's want an overwhelming majority to become the
first black mayor in Albany's history. Sharon Owens, also the
(12:39):
first black mayor in Syracuse. Now Sean Ryan won the
race for Buffalo's mayor, and Mayor Malik Evans won a
second term in a landslide in Rochester's mayoral race. Over
in New Jersey, all eighty seats in the state's General
Assembly were up for grabs, and Democrats had held a
fifty two to twenty eight majority in the Chamber.
Speaker 5 (12:58):
Heading into Tuesdays electtion.
Speaker 16 (13:00):
A few races still close to call this morning, but
it looks like Democrats will hang on to that majority.
The current total is forty nine to nineteen seats, and
Pennsylvania voters retained three state Supreme Court justices. They preserve
Democrats five to two majority. The incumbents they're surviving to
keep their seats. Global News twenty four hours a day
(13:21):
and whenever you want it with Bloomberg News Now. I'm
Monica Rix and this is Bloomberg.
Speaker 5 (13:26):
Thanks Monica.
Speaker 2 (13:27):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 17 (13:31):
Thanks Daron. At the NFL trade deadline, that Jets traded
maybe their two best players, cornerback Sauce Gardner to Indianapolis
for two first round picks and defensive linemen Quinn and
Williams to Dallas for first and second round picks. The
college basketball season begins with Perdue rank number one. The
Boilermakers had an easy season opening win Duke be Texas
seventy five to sixty Oklahoma City Thunder defending NBA chams
(13:54):
and eight and oh. This year they meet the Clippers
in LA. That's a Bloomberg Sports Update.
Speaker 5 (14:00):
Stay with us.
Speaker 2 (14:01):
More from Bloomberg Daybreak coming up after this.
Speaker 1 (14:08):
Coast to coast on Bloomberg Radio, nationwide on Sirius Exam,
and around the world on Bloomberg dot Com and the
Bloomberg Business app.
Speaker 7 (14:17):
This is Bloomberg Daybreak.
Speaker 2 (14:19):
And good morning. I'm Karen Moscow alongside Nathan Hager. And
Election night twenty twenty five is in the books and
it was a Democratic clean sweep in the major races
in New York, New Jersey, Virginia, and California. A great
night for self described democratic socialist mayor elect Zorn.
Speaker 5 (14:36):
Mom Donnie, tonight you have delivered.
Speaker 6 (14:42):
For change, for a new kind of politics, for a.
Speaker 5 (14:51):
City wee can afford.
Speaker 2 (14:53):
And again that is Zorn, Mom, Donnie in New York.
We're joined now by Bloomberg Daybreak editor Mark Perryer Mark,
good morning.
Speaker 5 (15:01):
Let's start in New York.
Speaker 2 (15:02):
I can't get past this, two million people coming out
to vote and us saying it's the highest turnout in
more than half a century. So a lot of people
came out to vote in this election. It was a
big deal. What did it for, Mom, Donnie?
Speaker 18 (15:16):
Good morning? Definitely a resounding victory. New Yorkers waking up
to a different political landscape in the city. I think
the lore here was the cost of living. He definitely
appealed to a younger electorate, really hitting on wanting to
bring change to the city, and that definitely appealed to
(15:41):
the wider electorate.
Speaker 7 (15:43):
In the city.
Speaker 2 (15:45):
Affordability and change. Though those are big undertakings. Can he
do it?
Speaker 7 (15:50):
Lots of challenges ahead.
Speaker 18 (15:52):
His populist approach definitely will have a lot of challenges.
He's got to find the funding to cover these bold
plans of his and he cannot forget Wall Street.
Speaker 7 (16:05):
I mean that's a fact.
Speaker 18 (16:06):
I mean he's got to, in my opinion, reach out
to Wall Street and make it work. So interesting last night,
late last night that Bill Ackman reached out through Twitter
through x saying, you know, I'm here for you if
you need be very interesting. I think there's potential there
(16:28):
to work. But again, very strong populist message, but there
has to be coalition building here.
Speaker 14 (16:35):
Yeah.
Speaker 2 (16:36):
Well, there are also wins for the Democrats in New
Jersey and Virginia. We also saw that redition ting vote
in California that passed as well. Does this tell us
anything about the midterms coming up.
Speaker 18 (16:48):
I think it does. I think we're seeing a platform
strategy forming within the Democratic Party that will hit on
the cost of living. That's certainly proved to be beneficial
to the Democrats in Virginia and New Jersey. So I
think we're going to see them hitting on that. But again,
(17:10):
within the Democratic Party, you have fraction and debate between
a younger, more progressive, you know, more progressive activists and
a more moderate wing. They need to work on that.
They need to be on the same page moving forward.
Speaker 2 (17:27):
But when you look at the bigger picture, when you
talk about the same page moving forward, I mean, these
were not major battleground states. Obviously, New York isn't, New
Jersey isn't. California isn't. So is there really a bigger
takeaway from this or is this mostly what we could
have expected in terms of election victories.
Speaker 7 (17:44):
It's what we were expecting.
Speaker 18 (17:47):
But I think they needed to see The Democrats needed
to see positive headlines this morning, hitting every major newspaper
in the country, and that's what they've achieved. It's a
good look for them this morning after you know, suffering
a lot, you know, a major loss to Trump last year.
(18:08):
So I think it's all about re energizing the party
and then moving forward with bigger victories.
Speaker 2 (18:17):
All Right, Bloomberg Daybreak editor Mark Perrier joining us this morning. Mark,
thank you, Nathan.
Speaker 3 (18:21):
All Right, Karen, thank you for more analysis on election
night twenty twenty five. We are joined now by Terry Haynes,
the founder of Pangaea Policy. Terry, as we've been saying,
it was a democratic sweep in the states of New York,
New Jersey, Virginia, California. Is this a democratic springboard into
twenty twenty six?
Speaker 5 (18:40):
Good morning, Good morning, Nathan.
Speaker 19 (18:44):
Is it's a little bit of a moment of clarity
for Democrats, that's for sure. To add on to a
point that was just made earlier. Democrats winning races they
should win, as the bare minimum test Democrats passed last night,
but reviving Democrats nationally is going to take a lot
(19:05):
more than doing the minimum. And you've got two approaches here,
you know, you've got a kind of this jarring juxtaposition
between New Jersey and Virginia centrists who focus on, as
Governor elect Spenberger and Virginia said, pragmatism and problem solving,
versus Mamdani, who has taken this sort of pie in
(19:27):
the sky approach, emphasizing things that you know they by
and large you really can't deliver. So you know, Democrats
by and large have a choice here and on paths.
But that path is going to have to involve actually
solving problems rather than expressing solidarity with the problems themselves.
Speaker 3 (19:51):
To that point, Terry, there was a focus from Mumdani
and the gubernatorial Are the governors elect now in New
Jersey and Virginia on economic issues, whether they expressed it
in different ways, does that point to a strategy for
Democrats in red states next year?
Speaker 7 (20:11):
It does?
Speaker 19 (20:11):
Yeah, absolutely, But the Democrats are going to have to
do more than than express solidarity with with the struggles
of people. Uh, They're going to have to not only
show how they're gonna how they're going to solve it,
but you know, you can look at the kind of
the Petri dishes of Virginia and New Jersey is offering
(20:34):
the first tests and whether those Democrats can be successful. Uh,
Mamdanie's got his own problem, and that problem, as I say,
is in part that his reach exceeds his grasp and
that he needs Albany to help. But he's also got
a choice. Does he become a builder and a change
agent to solve what he can and bring along with
(20:59):
him by doing the hard work of negotiating and persuading
with the rest of New York State Democrats, including the
national leader Schumer and Jeffries. Or does he become kind
of builde Blasio reducts and merely promise without delivering. And
(21:19):
that's the thing to watch in New York because if
that doesn't happen, with the kind of spotlight that mun
Donnie now has on him, if that doesn't happen, his
failures could actually redown to the benefits of Trump and
Republicans in the midterms.
Speaker 3 (21:33):
Does Mayor Elect Mumdanni have a problem with President Trump
as well? We saw the President on truth Social last
night during Mumdanni's victory speech, saying, and so it begins,
He's threatened to cut off federal funding, He's threatened to
deport mayor like Mumdani.
Speaker 5 (21:51):
What's in store for New York City?
Speaker 19 (21:52):
Now, Mamdani should be careful what he wishes for, because, uh,
in this particular time of politics, both parties have shown
that they're entirely capable of using whatever levers are available
to them. So I would take as as serious Trump's
(22:15):
threat to limit or even eliminate, if possible, funding to
New York City. And you know, just by the same token,
you have a situation in Washington where National Democrats have
decided that it's worth keeping the government shut down and
(22:37):
UH and causing delays to all kinds of services, whether
it be SNAP, whether it be UH air traffic, whether
it even be the data that markets and the Fed
need in order to keep going uh, for the sake
of political gain. So there's a situation here where uh,
(22:57):
you know, the kind of the bare knuckleness of politics
is kind of reaching a new dimension here Ocarius.
Speaker 3 (23:04):
So whether the election results these victories for Democrats could
lead to a shift in strategy from either of the
parties on the government shutdown.
Speaker 19 (23:12):
Now, I told markets last night and I will tell
you this morning. I think there are two negatives and
a positive from from from the situation. The first negative
is shut down. Shutdown just got a lot more difficult
to solve at a time where it's effects you're finally
starting to bite. Democrats just got emboldened and got more
(23:35):
difficult convinced that they should compromise with the immovable object
bad Orange Man, and you've got this, you know, more
New York City centric. You've got these jitters about about
Mondani and what and what he might do and how
you might be able to work with him if you're
Wall Street. The markets positive is that it increases even
(23:57):
more Trump and Republicans urgency to put in places much
as possible of their markets friendly, economic and geopolitical agendas
in the next twelve months, so to the extent that
markets like economically what Trump and Republicans are trying to do,
which by and large they very much do. Expect more
of that and more quickly.
Speaker 2 (24:16):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (24:23):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (24:29):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
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Bloomberg ninety two to nine in Boston, and nationwide on
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Speaker 3 (24:43):
Plus listen coast to coast on the Bloomberg Business App
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Speaker 2 (24:49):
And don't forget to subscribe to Bloomberg and News Now.
It's the latest news whenever you want it in five
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Speaker 5 (25:01):
I'm Karen Moscow and I'm Nathan Hager.
Speaker 3 (25:03):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day.
Speaker 2 (25:08):
Ray
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