Midterms Break Early Voting, Spending Records, Trump Cuts Israel Aid, More

0:00 News when you want it with Bloomberg News Now. I'm Amy Morris. Voting is underway on this midterm election day. Actually, it's been going on for a while. More than 57 million votes have already been cast in early voting. Bloomberg's Mike Dorning tells Bloomberg Intelligence, while the prediction markets have Democrats taking the House in a so-called blue wave, it doesn't always work that way for the Senate.

0:22 Typically in wave elections, often the toss-ups all go the same direction. In Senate races, that isn't actually always the case because unlike House races, the Senate candidates tend to be better known and have more of their own profiles.

0:37 And it might take days to get election results in some places, depending on legal challenges and rules in each state. Now, the key races to watch as election returns start to come in with control of both the House and Senate at stake, Senate races in Texas, Michigan, and Alaska. House races in Kentucky's 6th District and New York's Westchester County, and governor's races in Texas and Wisconsin. Democrats need to flip four Senate seats and three House seats to take control of both chambers. Democrats are cautiously optimistic. Senate Minority Leader Chuck Schumer says winning back the Senate seemed impossible.

1:13 A year ago, no one thought we could do this. No one thought we'd be even close.

1:17 To taking the Senate back. Republicans held out hope that their money advantage would help stem the tide, but they're bracing to lose control of the House and they are fighting to hang on to the Senate. This has already been the most expensive election in U.S. history, exceeding even the 2024 presidential race. Ad impact data show total spending on campaign ads this year is projected to surpass $ 12 billion, with Senate races in Texas, Ohio, Michigan, and California leading the pack. The Republican Party has had a huge advantage in terms of fundraising. The party and three super PACs tied to President Trump or House and Senate leaders raised more than $ 2. 1 billion. Democrats raised about $ 1. 4 billion. But

1:58 some Democratic candidates like James Tallarico in Texas and John Ossoff in Georgia have already built national fundraising vehicles, raising far more than their opponents. Voters are hitting the polls with gasoline averaging more than $ 4 per gallon. Gas prices have never been this high so late in the year.

2:15 AAA says diesel prices, which are averaging about $ 6. 29 per gallon, are the most expensive on record for Election Day. Stay with Bloomberg for complete election night coverage starting at 6 p.m. as the first polls begin to close. And all our election reporting is free out from behind the paywall today on Bloomberg.com. President Trump says he had an agreement with Israeli Prime Minister Benjamin Netanyahu to cut off $ 4 billion in U.S. aid by the end of the year. Trump tells Fox News Israel doesn't need it.

2:46 It gets cut off at the end of the year. Why? Because they don't need it. I mean, I asked them because they don't need it.

2:52 Trump says the U.S. will still sell weapons to Israel. The move is an attempt to neutralize an issue that has been seized on by Democrats who have criticized U.S. assistance to Israel. President Trump also confirmed a strike overnight on Iran's Keshem Island as both sides review the latest proposals to avoid a return to all-out war after the midterms.

3:11 Bloomberg's Abir Abu Omar is in Abu Dhabi.

3:13 We have a lot of mixed messaging. Of course, oil prices were moderating this morning and then they started escalating after a report by Reuters citing an Iranian source suggesting that both parties remain far away from coming to terms to the negotiating table.

3:27 Bloomberg's Abir Abu Omar. Crude oil moving lower at this hour. WTI crude oil nearing $ 96 a barrel. Brent crude topping $ 103 a barrel. Ukrainian President Vladimir Zelensky says he'll push for an energy truce, grain export security and prisoner swaps. Part of U.S.-led talks to end Russia's war on his country.

3:47 Zelensky and German Chancellor Friedrich Merz showed unity in demanding that Ukraine must be part of any negotiations about its future and that Europe should have a place at the negotiating table. Zelensky reiterated that he must meet Russia leader Vladimir Putin in person to end the war, dismissing the idea of a phone call. A revival of the AI trade now pushing stocks higher. We check markets for you all day long here at Bloomberg. The S & P 500 is up 0.5%. NASDAQ up just shy of 1% higher.

4:17 The Dow is down about 0.3%. The 10-year Treasury yield at 4.95%. The 2-year yield at 4.61%. And the 30-year Treasury yield at 5.32%. Philadelphia Semiconductor Index now 3% higher, led by NVIDIA. It's more than 3% higher. Stronger economic growth may be encouraging more hiring, employers ramping up their job postings in September to the largest number of job openings since May. Layoffs also fell to the lowest level in more than a year. And the so-called quits rate, which is how many people leave their jobs each month, has jumped to 2.1 percent, which is the highest in more than a year. All of this signals that hiring could get better, but the trend would have to continue for several months to suggest any real improvement. The Supreme

5:02 Court today heard arguments in a case brought by Catholic preschools that say it's unconstitutional to exclude them from a state-funded program over their admissions policy for LGBTQ families, arguing that it violates their free exercise rights. Lawyer Nicholas Reeves argued on behalf of the Catholic schools.

5:20 The role of the parish preschools is to support parents in the Catholic education of their children.

5:25 They ask all families who seek to enroll... to affirm in good faith the statement of community beliefs. Colorado says the preschool's refusal to admit kids from LGBTQ families violates the state's anti-discrimination law. Mark Walter has reportedly explored a sale of $ 71 billion in assets insured Delaware Life after a federal investigation into the billionaire financier's investment empire. Sources tell the Financial Times that Walter has weighed selling the insurer in a deal that could form part of a broader restructuring of his holding company, TWG Global. Sources say the planning is at an early stage. It might not result in a deal. That's news when you want it with Bloomberg News. Now, I'm Amy Morris and this is Bloomberg.