Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran exchanged fresh strikes overnight into Monday as they continued their tit-for-tat attacks while issuing conflicting declarations over whether the Strait of Hormuz was open to shipping. US Central Command said American forces carried out a new round of attacks to degrade Iran’s ability to threaten shipping in the narrow waterway, hitting dozens of targets including Iranian air-defense systems and missile capabilities. Tehran retaliated with attacks on US allies in the Persian Gulf and beyond, targeting US bases in Kuwait, Bahrain and Jordan, and oil prices rose on fears that renewed clashes could further disrupt flows through Hormuz.
2) The death of Senator Lindsey Graham leaves key US allies like Ukraine without one of their most effective conduits to the White House. Graham had spent much of President Trump’s second term trying to sustain US support for Ukraine’s defense against a Russian invasion, despite the US president’s testy relationship with Ukrainian President Volodymyr Zelenskyy. Ukraine and other US allies will have to find other advocates, which won’t be easy, as Graham had honed a unique skill set, combining a close relationship to Trump, the ability to work with Senate Democrats and deep ties with foreign leaders.
3) South Korea’s AI-fueled stock rally came under renewed pressure Monday as SK Hynix Inc. tumbled by a record 15%, underscoring growing investor concerns that the boom had become overstretched. The selloff sent the benchmark Kospi index down 9% and triggered a market-wide trading suspension, with peer Samsung Electronics Co. dropping nearly 11% and foreign investors offloading 1.7 trillion won worth of Kospi shares. SK Hynix’s market cap closed the day at $875 billion, with the company’s shares down at least 30% from peaks last month, as the excitement that powered the rally gives way to a much harsher reset in expectations.
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Bloomberg Daybreak Weekend with Host John Tucker 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 CPI and PPI data, along with a focus on three stocks for the week ahead.
In the UK – a look ahead to what lays ahead for the European Central Bank as it grapples with a uncertain inflation landscape.
In Asia – a look ahead to South Korea’s Constitution Day.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Talks between the US and Iran over a permanent peace deal are continuing, according to an American official, despite clashes that threatened to shatter an already fragile ceasefire. The US is still committed to finding a diplomatic solution with Iran, with ongoing discussions described as technical talks, aiming to agree a permanent peace by around mid-August. The US and Iran are trying to resolve issues including the Islamic Republic's nuclear program, with the US seeking a moratorium on Iran enriching uranium and the relinquishment of existing stocks of near-bomb grade uranium.
2) President Trump fired two Democratic members of the US Election Assistance Commission, and the Republican member resigned, according to a White House official. The commission's bipartisan mission is to help election officials improve the administration of elections and help Americans participate in the voting process, as stated on its website. The terminations were called "deeply concerning" by Michael Waldman, president of the Brennan Center for Justice, who said they leave the agency without leadership and unable to carry out its major responsibilities.
3) SK Hynix's US debut is paving the way for a fresh wave of leveraged products tied to the South Korean memory giant's shares. At least half a dozen products will launch next week, delivering two times the daily return of SK Hynix's American depositary receipts, with some preparing inverse wagers. The emergence of leveraged ETFs is not viewed as a healthy sign as it may be indicative of late-cycle retail behavior and could fuel already heightened volatility.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US military struck Iran for a second day, hitting about 90 targets to further degrade the Islamic Republic’s ability to attack commercial shipping in the Strait of Hormuz. Iran responded by targeting US bases in Bahrain, Kuwait and Qatar, according to the semi-official Iranian Students’ News Agency. The attacks raise fears that the tit-for-tat attacks may derail talks on a permanent peace deal, with the US and Iran having accused each other of violating a memorandum of understanding that established a short-term truce.
2) Graham Platner suspended his US Senate campaign in Maine following a sexual assault allegation that caused his support from fellow Democrats to collapse. The Maine Democratic Party will hold a nominating convention to choose a new nominee if there is a vacancy to fill, with the process to replace Platner needing to play out before a July 27 deadline. The race to replace Senator Susan Collins is considered essential to the Democratic party's chances of taking control of the Senate, with several potential candidates taking steps to prepare for a run.
3) SK Hynix's US listing is more than seven times oversubscribed, according to people familiar with the matter, underscoring strong investor appetite despite recent volatility in the Korean memory chipmaker's shares. The sale of 177.9 million American depositary receipts has attracted demand from institutional investors including global long-only funds and sovereign wealth funds, some of the people said. The offering would raise about $24.5 billion, according to Bloomberg calculations, and would rank among the largest ever debuts in the US by a foreign company, second only to Alibaba Group Holding Ltd.'s $25 billion debut.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said his tentative ceasefire with Iran is done, raising the prospect of a renewed military conflict between the two countries. Trump's remarks came after the US launched a new wave of strikes against Iran and revoked a waiver that allowed the sale of Iranian oil, in response to recent attacks on ships transiting the Strait of Hormuz. The developments marked the most serious threat to the interim peace deal, with the US blaming Iran for the attacks on shipping, and Tehran saying the military strikes and waiver revocation violated the agreement between the two countries.
2) New York City officials were racing to stabilize a high-rise building in Manhattan after cracks developed in multiple columns and floors began to sag. The building remains unstable, according to Mayor Zohran Mamdani, who said this is an extremely serious situation. A team entered the structure and determined that contractors can move forward with the installation of temporary shoring to stabilize the building, according to city officials.
3) Nvidia's stock is the cheapest it's been since before the AI boom, after losing roughly $1 trillion in market value in less than two months. The chipmaker's stock has tumbled 16% since hitting an all-time high on May 14, as investors favor competing semiconductor manufacturers, particularly those in the memory market. Nvidia is expected to deliver the fourth-fastest revenue growth in the S&P 500 this year, but its shares are still cheaper than about half of the stocks in the index, including Hershey and Dominion Energy.
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