Episode summary
Trump Shifts to Remote Rallies; Binance Suffers Largest-Ever Crypto Hack | Bloomberg Daybreak:...
Bloomberg Daybreak: US Edition
· · 21 min · Hosts: Tom Keene, Jon Ferro, Lisa Abramowicz, David Gura, Kailey Leinz
Summary
President Trump is shifting from in-person campaign stops to tele-rallies in the final days before the midterm election, canceling planned appearances in Kansas and Iowa and relying more heavily on remote events to boost Republican turnout. A guest argued the move is not necessarily a sign of weakness, but a practical response to a race that is now mostly about turnout and the limits of time, especially in competitive Senate contests and selected House races.
The episode also focused on the political fallout from election disputes in Alaska and California, where allegations over ballot tactics and mail-in ballots are drawing investigations. The guest said these controversies add to the likelihood of volatility after November 3rd, alongside possible market-moving fights over fiscal policy and a renewed escalation with Iran.
On markets, the show covered a major crypto security shock at Binance, where $6.3 billion in funds were affected and withdrawals were suspended, while TRM Labs said North Korea was behind the hack. It also highlighted pressure on tech shares after Intel’s weak revenue outlook and Amazon’s higher-than-expected capital spending, which raised investor concerns about profitability and returns on AI-related investment.
Key takeaways
- The guest said Trump’s switch to tele-rallies is a turnout calculation, not necessarily a sign of weakness, because the campaign is trying to reach more voters before Tuesday.
- The guest said the race is mostly a turnout game now, with competitive states showing a much smaller enthusiasm gap than national polling suggests.
- The guest warned that post-election volatility could come from election disputes, fiscal fights, and a likely ramp-up in tensions with Iran.
- Binance said $6.3 billion in funds were affected by the hack, and TRM Labs attributed the attack to North Korea’s TraderTraitor unit.
- Intel’s stock dropped after revenue guidance missed estimates, with the guest citing weakness in the PC market and limited IT budgets as headwinds.
Notable quotes
“the president will hold almost 20 events like these before election day Tuesday”
“the cake is probably pretty well baked at this point”
“this is a turnout game”
“November is volatility, not just because of the post election”
How the episode opens
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 are now just 4 days away from the election. And with tight Senate races in several key battleground states, President Trump is shifting his campaign strategy. He has cancelled upcoming rallies in Kansas and Iowa this weekend and is holding tea rallies in the final days instead. But President Trump's dismissing the idea that Kansas Senator Roger Marshall is in trouble against Democrat Adam Hamilton.
I'm not doing Kansas cuz he's doing very well. I'm going to do a teller rally tomorrow. I'm doing Florida.
Was President Trump speaking to reporters yesterday in a planned rally in Debuke, Iowa on Sunday for Republican Senate hopeful Ashley Henson has also been switched to a tea rally. The Republican National Committee says the president will hold almost 20 events like these before election day Tuesday. And multiple outlets are reporting that Vice President JD Vance has also canled an in-person event that was scheduled for today in Minnesota.
That was related to fraud. No reason given. And it's unclear whether that event will be rescheduled.
Well, before that announcement, Nathan, President Trump made one last trip to South Carolina to boost Darlene Graham's campaign to hold her late brother Lindseay's Senate seat. You know, she's leading, but I had to come here to We got to make sure we're not taking in politics. Politics, you never you never know, right? So, you got to get out and vote.
The president rallied his supporters in Rock Hill, South Carolina. The latest New York Times Sienna College poll has both Graham and Democrat Annie Andrews with about 48% support. That's led Fox News to shift its rating on the race to a tossup, though the Cook Political Report still sees it as leaning Republican.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- midterm elections
- trump remote rallies
- crypto hack
- tech earnings rotation
- capital spending slowdown
Companies and tickers mentioned
- AMZN
- INTC
- Binance
- Amazon
- Intel
- TRM Labs
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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