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You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris. on Apple, Spotify, YouTube, or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we will have much more on a busy week for markets and the latest developments on the war with Iran in a moment. But we begin with the very latest on the shooting over the weekend at the White House Correspondents Association dinner. Bloomberg's Alexis Christophorus kicks off our team coverage. Alexis. The California man accused of opening fire at the White House Correspondents Association dinner referred to himself as a friendly federal assassin in writing sent to family members just minutes before the shooting. Law enforcement officials say the writings made repeated references to President Trump without naming him directly. The president spoke on CBS's 60 Minutes, where he weighed in on the alleged shooter's manifesto. He's radicalized. He was a Christian believer, and then he became an anti-Christian, and he had a lot of change. He's been going through a lot based on what he wrote. His brother complained about him, and I think reported him to the police, and his sister likewise complained about him. His family was very concerned. He was probably a pretty sick guy. Acting Attorney General Todd Blanche says investigators are still looking into the alleged shooter's motivation. We believe that he traveled by train from Los Angeles to Chicago and then Chicago to Washington, D.C., and we've executed search warrants on his devices as well. We've started talking to folks that know him. 31-year-old Cole Thomas Allen is in custody. He is set to be arraigned on felony charges later today. In New York, Alexis Christophorus, Bloomberg Radio. All right, Alexis, thank you. Well, according to a law enforcement intelligence profile reviewed by Bloomberg, Cole Thomas Allen spent years quietly acquiring his arsenal. Bloomberg's Laura Davison continues our team coverage. He's a 31-year-old from California. He took a train from the West Coast to Washington, D.C., and was able to check into the hotel where the event was taking place a day early. And that's one of the ways he was able to avoid scrutiny and some of the security coming into the building. You know, he has allegedly written this manifesto that Bloomberg News has seen, which, you know, calls Trump a traitor and also refers to himself as a potential assassin. But it's not clear exactly what his motives were. Bloomberg's Laura Davison says Allen earned a mechanical engineering degree from Caltech in 2017 and was pursuing a master's degree in computer science at California State University, Dominguez Hills, as recently as last year. Well, Karen, as you can imagine, it was a frightening time for the thousands attending the dinner. David Gurra was among them, covering the event for Bloomberg this weekend and continues our team coverage. The ballroom, which is in the basement of the Washington Hilton, was packed. It seats about 2,600 people, and we milled about, gathered around our tables, taken our seats, and then there were speeches. The president of the White House Correspondents Association spoke, and we were digging into our salads when in the corridor beyond the ballroom, we heard the sound of gunfire. And those of us who heard that noticed it, wondered what was happening. That was most eerie was the silence that kind of descended on the room as those doors to the corridor busted open. And we saw police and Secret Service coming in with their weapons drawn, and they made their way through the well of this ballroom to the stage. They did that by knocking over chairs, stepping on tables, making their way onto the stage. And we saw the president, other dignitaries, along with the reporters who were members of the White House Correspondents Association executive board, taken off of that stage. And then Secret Service, with their guns drawn again, pointed them at the audience as they looked to see if there was anyone with a gun in the audience as well. In Bloomberg this weekend, host David Gurra notes the White House Correspondents Association President Weijia Jiang said the board would meet, quote, to assess what happened and determine how to proceed. Well, Nathan, President Trump is arguing the chaos at the Correspondents' Dinner shows why the White House needs a new ballroom, and the president made the case in an interview with Fox News. Military and Secret Service have wanted it for many years, and I'm getting it built, and the one good thing is that now everybody knows how badly needed it is. President Trump's ballroom would be used for state dinners and other events planned by the White House if it's built. The Correspondents' Dinner is organized by the White House Correspondents' Association, which is an outside group. Last month, a federal judge ordered construction halted on the ballroom until President Trump gets approval from Congress. The Justice Department filed yesterday for the lawsuit to be dismissed, citing the attack on the dinner. We're going to turn now, Karen, to the latest from the Middle East. There may be a new development with the U.S.-Israeli war with Iran nearing the two-month mark. Axios is reporting that Tehran is signaling it's willing to accept an interim deal with the U.S. where it would reopen the Strait of Hormuz if the U.S. lifts its blockade of Iranian ports. The report says Iran's told mediators in Pakistan that negotiations over its nuclear program could be dealt with later. We get more from Bloomberg's Jumana Barsechi in Dubai. What Iran are putting forward via the mediators is not an end or a solution to these peace discussions. In fact, it is just the conditions under which the negotiations with the U.S. can continue. So it's important to make that distinction. What they're saying here is in order for them to come back to the negotiating table, these are the conditions that need to be satisfied. Bloomberg's Jemana Bersetchi reporting from Dubai. Iran's foreign minister Abbas Aragchi is now in Russia for a meeting with President Vladimir Putin with the U.S. talks now at an impasse. Well, Nathan, amid the souring relations between the U.S. and the U.K. over the war in Iran, King Charles is visiting Washington to try to restore the relationship. We get more from Bloomberg's UNPots in London. UN, good morning. Karen and Nathan, to say the US-UK special relationship is going through something of a rough patch would be a little bit of British understatement. King Charles arrives in Washington today against the backdrop of relations with the United States at a multi-decade low point. President Trump has mocked Prime Minister Keir Starmer as weak and unreliable for refusing to join the initial strikes on Iran and he threatened to reopen the trade deal signed with the UK last year We do know that Donald Trump has spoken warmly about the king calling him a fantastic man Whether any of that royal magic helps heal the relationship between the countries well, that remains to be seen. In London, I'm Ewan Potts, Bloomberg Radio. Okay, Ewan, thanks. Let's update markets now as we begin this new trading week. Right now, Oil is on the rise. Brent is up more than 2% at $107.82 a barrel. West Texas Intermediate is higher by 2% as well at $96.28. Stock futures are mixed with the Dow futures down about a tenth of a percent. But equities head into the week at record highs. Chip stocks have gained for 18 straight sessions. And it's another busy week for earnings with a focus on tech, specifically the MAG7. Bloomberg's Charlie Pellett reports. Wednesday, it's Alphabet, Microsoft, Amazon, and Meta Platforms. Thursday, it's Apple. Amy Wu Silverman is head of derivative strategy at RBC Capital Markets. Just from a concentration perspective, that really has the ability to pump up the market even more. We're really watching that bid to call options, particularly in tech, because once you see that start going, it typically gets more upside momentum, not less. Also this week, earnings from Caterpillar, Chevron, General Motors, NXP Semiconductor, UPS, and Verizon in New York. Charlie Pellett, Bloomberg Radio. All right, Charlie, thank you. In addition to the slew of big tech earnings, investors will have a Fed decision to look forward to, and we get a preview with Bloomberg's Michael McKee. This will be one of the most widely followed Fed meetings in years, not because the central bank is going to do anything. Rates won't change. They're not going to issue new economic forecasts or a dot plot. But it is likely to be Chairman Jay Powell's last at the helm of the Policymaking Open Market Committee and his last news conference before his term as chair ends on May 15th. It is possible, of course, he'll stay on his chair for a bit if successor Kevin Warsh is not confirmed by the Senate in time. Wall Street will want to know if Powell thinks that will change the rate calculus at all, as well as the thinking around the table about the impact of the Iran war and tariffs. Investors and even folks at the Fed will be listening for any hints about whether Powell will remain at the Fed itself. His term on the Board of Governors doesn't end until 2028. Michael McKee, Bloomberg Radio. All right, Mike, thanks. So Kevin Warsh's path to succeed Powell as chair just got a little easier. We get that story from Bloomberg's John Tucker. John, what's the latest? All right, Nathan. Well, Republican Senator Tom Tillis dropping his blockade of Warsh's nomination to head the Fed. Tillis now seems satisfied after receiving assurances from the Justice Department that they're ending a criminal probe targeting Fed Chair Jerome Powell. They have made it very clear that the current investigation is completely and fully ended. Tillis appeared on NBC's Meet the Press, heard here on Bloomberg Radio. He had called the criminal probe an attack on the central bank's independence. The Senate Banking Committee has scheduled a vote on Warsh's nomination for Wednesday. I'm John Tucker, Bloomberg Radio. All right, John, thank you. The tensions between Elon Musk and Sam Altman are front and center this week as Musk's case against OpenAI and its backer Microsoft heads to trial. Bloomberg's Lisa Mateo has more. The biggest feud in tech is headed to court. Elon Musk has tried just about everything to undermine Sam Altman's leadership at OpenAI, the company they founded together more than a decade ago. Musk launched a rival artificial intelligence startup, made an unsolicited and unsuccessful $97 billion bid for the company, and is waging a legal battle. So what's at stake? Musk's lawsuit against OpenAI is looking to unwind the company's for-profit conversion and could cost OpenAI big money, as well as trigger an overhaul of the chat GPT maker. Musk has also asked that Altman be removed from his roles at the company. Lisa Mateo, Bloomberg Radio. Lisa, thanks. In another big tech development, China has decided to block Meta Platform's $2 billion acquisition of agentic AI startup Manus. Analysts say it's a surprise move to unwind a controversial deal that had drawn fire for the leakage of technology to the U.S. Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. At least two people have died from a severe tornado-producing storm that hit northern Texas, and many homes have sustained major damage. The storm came through the town of Runaway Bay over the weekend, killing one person. Weiss County Judge J.D. Clark says that about 20 families are displaced as search and rescue efforts continue. Texas weather, it can devastate in an instant, and unfortunately we've seen that here in Runaway Bay. The storm also hit the Springtown area where a second person died. In Brooklyn Park, Minnesota, authorities, including the FAA and the NTSB, are investigating a plane crash that left two people dead, one of whom was North Dakota State Lawmaker Representative Liz Conmey, near Crystal Airport over the weekend. According to early reports, the plane, a single-engine Beach F-33A, departed Crystal Airport and crashed soon after in a small park northwest of the airfield, bursting into flames. This man lives near the Crystal Airport. I always listen to him, you know, because it just didn't sound right. It was cutting out. And all of a sudden a thump and a crash or a crunch, you know, and I go, that ain't right. Went around the house, looked up, and there was a big orange ball. While both people on board the Plain Parish, Brooklyn Park officials say no one was injured on the ground and the airport resumed normal operations a short time later. A search and rescue effort is underway off the shores of Massachusetts after a crew member fell off a cruise ship late Saturday night. The U.S. Coast Guard's southeastern New England sector has been searching for the crew member. Norwegian cruise lines say that the ship's security cameras caught the fall from one of the upper decks. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. Thanks, Michael. Time now for our Bloomberg Sports Update, and for that, we bring in John Stashauer. Thanks, Karen. A quartet of NBA playoff game fours, including the Celtics winning by 32 in Philadelphia. They had an earlier win in this series by 31. Boston leads the series three games to one. San Antonio up 3-1. The Spurs came from 19 down to win in Portland. The Lakers lead three games to one. They lost game four in Houston. Toronto beat Cleveland. That series tied at two. Stanley Cup playoffs, Buffalo, Colorado, and Tampa Bay all won on the road. The Avs won their series in a sweep. Anaheim won in overtime with Edmonton. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real. Lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard institutional quality isn a tagline It a commitment to your clients We talking top products across the board of over 80 bond funds actively managed by a 200 global squad of sector specialists analysts and traders These folks live and breathe fixed income. So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at Vanguard.com slash audio. That's Vanguard.com slash audio. All investing and subject to risk, Vanguard Marketing Corporation Distributor. I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader. Make decisions. A poor decision is always better than no decision. Listen to new episodes every other Monday. Follow Leaders with Francine Lacroix wherever you get your podcasts. What separates good leaders from transformational ones? I'm Jessica Chen, and in Season 2 of Leading by Example, we'll sit down with executives like Grace Chen of Birdie Gray to find out. It's important to understand where you spike, but also really acknowledge where you don't and find people who can fill those gaps. Listen to Leading by Example, executives making an impact on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. And now we have more on our top story this morning. The suspect in the White House Correspondents' Dinner shooting is due in court today. He has been identified as 31-year-old Cole Thomas Allen. Police say he opened fire at the Washington Hilton, where more than 2,500 people gathered Saturday night. And David Gura was covering the event for Bloomberg. The ballroom, which is in the basement of the Washington Hilton, was packed. It seats about 2,600 people. And we milled about, gathered around our tables, taken our seats. And then there were speeches. The president of the White House Correspondents Association spoke. And we were digging into our salads when in the corridor beyond the ballroom, we heard the sound of gunfire. And those of us who heard that noticed it, wondered what was happening. That was most eerie was the silence that kind of descended on the room as those doors to the corridor busted open. And we saw police and Secret Service coming in with their weapons drawn. And they made their way through the well of this ballroom to the stage. They did that by knocking over chairs, stepping on tables, making their way onto the stage. And we saw the president, other dignitaries, along with the reporters who were members of the White House Correspondence Association executive board, taken off of that stage. And then Secret Service, with their guns drawn again, pointed them at the audience as they looked to see if there was anyone with a gun in the audience as well. All the while, guests were quick to move onto the ground. some ducked beneath tables. And we were left in that moment of silence wondering what was happening and what was going to happen next. And there wasn't clear guidance over the next 15 or 20 minutes. I was seated on the rim of that room. Again, it looks kind of like a well. The bulk of the tables are a little bit lower than where I was on this mezzanine surrounding it. After about 15 minutes, law enforcement, again, came through those doors and told many of us that we had to leave, rushed us out of the room. And we went up a set of escalators, another set of escalators to the lobby and waited, wondering what was going to happen next. There were reports at the time that the president wanted to come back out and have the event continue as it was scheduled. So we were waiting to see if that was the case. Some of us tried to get back downstairs. We were buffed in those efforts. And it became clear once we were able to use our cell phones, it was very difficult to get service, that because of protocol, they weren't going to continue with the event. And then in another 15 minutes time or so, the rest of the guests at the dinner, and we're talking about journalists and members of Congress, diplomats, business leaders began to make their way back up to the lobby. Once again, there was just an incredible presence of law enforcement outside of this hotel, which is in downtown Washington, D.C. It was also the site of where Ronald Reagan was shot in March of 1981. Then began another round of chaos as people tried to leave Connecticut Avenue. This major thoroughfare was closed down. It was very difficult to get a car or a taxi back to hotels. So again, throngs of people, more than 2,000 people just trying to find their way back to their hotels after this. We got word that the president was going to speak to the press at the White House, and some members of the White House press corps headed back to the White House for that briefing, and the president was there alongside the vice president, J.D. Vance, who was also at the dinner, members of the cabinet as well. The acting attorney general, Todd Blanche, was there with Kash Patel, the head of the FBI. Marco Rubio, the secretary of state, was there as well. And the president was very gracious in his remarks about the president of the White House Correspondents Association dinner. He said he was very pleased with the event and really wanted it to continue. Again, protocol prohibited that from happening. But he said within the next 30 days, he wanted to have that dinner rescheduled. Once again, he said that he wouldn't allow someone to tear apart the fabric of society that would prevent something like that from happening. He delivered those remarks. The bulk of the questions from the reporters in that room had to do with the president having lived through a couple of events like this before, that attempt on his life in Butler, Pennsylvania, another incident at a golf course of his in Florida where law enforcement killed somebody who had a gun on that golf course. The president very contemplative, introspective about that, sharing his thoughts on the prospect of him being targeted once before. And before the night ended, we had some clarity on who the suspect was in broad strokes. They identified him as a 31-year-old male from Torrance, California. Then on Sunday morning, Todd Blanche, the acting attorney general, went on television and shared a bit more information about what they'd learned about the suspect. He'd traveled from California to Washington, D.C. via train, the guns that he had he'd purchased eight months ago, and he was staying in the Washington Hilton in that hotel. The U.S. attorney for the District of Columbia, Janine Pirro, said in remarks that she made at the Hilton after the incident took place. She anticipates filing two charges against the suspect on Monday and invoke the specter of there being more charges as they learn more about both the suspect himself and what transpired there. But a very sobering night here in Washington, D.C. And that's Bloomberg's David Gura, who says police say the suspect spent years quietly acquiring his arsenal. Nathan. All right, Karen, thank you. We want to get more now on what we are learning in the aftermath of the events on Saturday night at the Washington Hilton. Joining us now is Bloomberg News Deputy Washington Bureau Chief Laura Davison. Laura, we heard a bit about what we've started to learn about this suspect. What more are we hearing as we await his first court appearance today? Good morning. Good morning. Yes, we're waiting to hear more details about what his motive was and what his targets might have been in this. There is a a manifesto that Bloomberg News has reviewed that seems to suggest that the attacker here referred to Trump as a traitor and referred to himself as a potential assassin It not at all clear exactly what sort of the ideological methods and motives were but these are details that may come out as we hear more in the arraignment and additional charges that may be filed. There were two preliminary felony counts that he was charged with related to his handling of weapons, charged over the weekend. But we have heard from prosecutors that they anticipate that more charges are still to come. So lots of details there. They also searched his house over the weekend in California. So there may be additional evidence as that comes out. There's also reports that the family is cooperating and they have actually tipped off the police to some of it as action. So there's a lot of pieces that investigators are putting together as we speak here. But there's sort of a – always the questions are raised after an event like this of what went wrong, what is sort of the Secret Service's response to this. In past incidents, we've seen top officials at the Secret Service lose their jobs, step down, resign. That is not the indication we're getting, at least so far from the White House, who has sort of indicated support for the law enforcement and authorities involved here. They put out a statement in support of the Secret Service. So lots of questions exactly on how this unfolds and what this means for both this event and other events involving the president going forward. Familiar questions, particularly at a time when the nation's capital has been under heightened security almost from the time that President Trump returned to office with a higher National Guard presence all around Washington, D.C. as well. And now the president sort of putting out this idea that this incident at the Hilton shows why he wants a ballroom at the White House that's now, I guess, on hold in terms of the construction. What to make of that, Laura? Yeah, this is sort of to quote Rahm Emanuel and sort of never let a political crisis go to waste. You see that the White House very quickly pivot to using this as an example of why that they should have a large scale ballroom on the White House grounds that can be more secured, that is behind the White House gates and is fully within the control of the federal government and the Secret Service protection. However, it begs the question of would this event actually happen in that ballroom if it were to exist. That is not clear, both if the White House Correspondents Association would want that, or even if the size of this ballroom that Trump is planning would accommodate an event of this size and scale. But this is an issue that Trump has really viewed as close to his legacy. Once this ballroom, it's hit several legal snags in the process. Trump has been using this method of go ahead and push forward with the construction first, ask questions later, face the legal challenges later. And he's in this moment where he's faced a series of legal setbacks. This may give him a fresh boost, both politically in terms of support for a project like this, as well as for members of Congress. We've already seen at least one bill from a Republican lawmaker put forward to advance the construction of this. But there's a lot of different avenues here and different steps that would need to happen for Trump to be able to push forward with the ballroom. But this gives him at least rhetorically a reason and a very concrete example on why he should be able to have a larger ballroom on the White House campus. You mentioned that this raises questions around other events. It just so happens we have another event starting today in Washington with the arrival of King Charles III for a state dinner. I mean, there are a lot of questions about the US-UK relationship for one thing, but does the security situation sort of overshadow all that now? It certainly does. And this is, you know, kind of a concern, you know, that the king and queen England who are scheduled to arrive have a very ambitious trip. It's a four-day trip. They'll be both at the White House, but also on Capitol Hill. They're headed to several sites, New York and as well as in Shenandoah. So they'll be out and about a lot. And typically their security is far less than what the US president typically has. They're out shaking hands with people in crowds and open air. These are all the kinds of scenarios that make at least US Secret Service very nervous. And they have liked to have lots of control over that, as we saw during the campaign after Trump and the assassination attempt at Butler, Pennsylvania, and that big open-air rally, Trump stopped doing outside events for a period of time until they felt like they could get the security situation under control. All indications are that this visit from the king and queen will continue, will continue largely as scheduled. But one has to imagine that all the various authorities, you're working with both Secret Service as well as local and state authorities who are in charge of securing these events are working very, very carefully to make sure that this goes out without any sort of breaches of the protocols in place. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak. This is Tom Keen inviting you to join us for the Bloomberg Surveillance Podcast. It's about making you smarter every business day. I'm Paul Sweeney. we bring you complete coverage of the U.S. market open. 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I'm Jessica Chen, and in Season 2 of Leading by Example, We'll sit down with executives like Grace Chen of Birdie Gray to find out. It's important to understand where you spike, but also really acknowledge where you don't and find people who can fill those gaps. Listen to Leading by Example, executives making an impact on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.
