Midterms Setting Cost, Voting Records, US to Cut Israel Aid, More

0:00 News when you want it with Bloomberg News Now, I'm Amy Morris. President Trump says, quote, everything's going good as midterm elections that will serve as a referendum on his second term come to a close. Americans angry over high prices and an unpopular war with Iran are deciding whether to drastically shift power in Washington. Bloomberg's Mike Dorning tells Bloomberg Intelligence, if Democrats do well tonight, Trump will have to find a way to work with Congress.

0:25 He will now have a Congress that will investigate... him. The current Congress has kind of given him a pass. He will have to negotiate with Congress over funding and budget. He wants money, more money for the Iran war. He's got to go to Congress for that.

0:42 The election results may take weeks to be known because of individual states' rules around counting mail-in votes and legal challenges. The key races to watch as election returns 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, but Senate Minority Leader Chuck Schumer phrases it another way.

1:17 Now, we don't want to count our chickens before they hatch, so I characterize our mood as nauseously optimistic.

1:26 Republicans held out hope their money advantage would help them stem the tide, but they are bracing to lose control of the House and they are fighting to hang on to the Senate, an outcome that seemed unlikely earlier this year. Now, Democrats did score their first flip of this election cycle in Guam, which is a U.S. territory and strategic military hub in the Pacific, where Alicia and Garrido Lemtiaco defeated Republican James Moylan. That's according to unofficial results posted by the Guam Election Commission. The non-voting delegate seat will not affect control of the House. Guam is 15 hours ahead of the U.S. This has already been the most expensive election in U.S. history, exceeding even the 2024 presidential race.

2:08 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. And 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. And AAA says diesel prices, 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. Wall Street time as the first polls begin to close. And our election reporting is free out from behind the paywall today on Bloomberg.com.

2:48 The Supreme Court today heard arguments in a case brought by Catholic preschools that say it is unconstitutional to exclude them from a state-funded program over their admissions policy for LGBTQ families, arguing that it violates their free exercise rights. Several justices appeared to side with the parish, including Justice Brett Kavanaugh.

3:08 There are 2,000 schools. There are only 34 Catholic schools. There are plenty of opportunities to respect the rights of the religious believers and respect the ability of LGBT parents to find and among the 2,000 schools appropriate fit for their children.

3:28 Colorado says the preschool's refusal to admit kids from LGBTQ families violates the state's anti-discrimination law. A revival of the AI trade is powering Wall Street gains. We check markets for you all day long here at Bloomberg. The S & P 500 up 0.6%. NASDAQ up a little more than 1%. The Dow is about 0.25% lower. Ten-year Treasury yield at 4.94 percent, the two-year yield at 4.61 percent, and the 30-year Treasury yield at 5.32 percent. The Philadelphia Semiconductor Index, 3 percent higher, led by NVIDIA, which is also about 3 percent higher. Job openings unexpectedly jumped in September to a four-month high, and layoffs fell to their lowest level in more than a year. The increase in job openings

4:12 is welcome news, but it would need to be sustained over several months to signal the labor market is shifting into a higher gear. 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, telling Fox News that Israel just doesn't need it.

4:30 It's a bad talking point because you say, why don't we give everybody $ 4 billion?

4:34 Israel's our number one.

4:35 We give them more than anybody else.

4:36 Trump says the U.S. will still sell weapons to Israel. The move is an attempt to neutralize an issue that was seized on by Democrats who have criticized U.S. assistance to Israel. President Trump also confirmed a strike overnight on Iran's Keshom Island, both sides reviewing the latest proposals to avoid a return to all-out war after the midterms are over.

4:56 Crude oil is moving lower on the news, WTI crude oil near $ 96 a barrel and Brent crude topping $ 103 a barrel. Ukrainian President Volodymyr Zelensky says he's pushing for an energy truce, grain export security and prisoner swaps, part of U.S.-led talks to end Russia's war on his country. Zelensky reiterated that he must meet Russia's Vladimir Putin in person to end the war, dismissing the idea of a phone call. Mark Walter has reportedly explored a sale of $ 71 billion in assets insured Delaware Life following a federal investigation into the billionaire financier's investment empire. Sources tell the Financial Times Walter has weighed selling the insurer in a deal that could form part of a broader restructuring of

5:40 his holding company, TWG Global. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.