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 Good morning. Donald Trump’s affordability agenda is faltering. The hantavirus outbreak on a cruise ship shows up a blind spot in virus detection. And one chicken finger is mightier than most. Listen to the day’s top stories. — Angela Cullen
Donald Trump’s efforts to address Americans’ affordability concerns ahead of the midterms is falling flat, and voters have taken note. The ripple effects of the war in Iran are harming business owners—and not just US ones. Filings show the labor market overall remains in a “low-hire, low-fire” state, while tech-sector layoffs continue to mount. Wall Street openings haven’t been great either, but there’s one bright spot: digital-asset jobs. Experience in Bitcoin trading or blockchain development alone may not cut it though; it helps to have some traditional finance, or “tradfi,” somewhere in the mix. That said, it’s a lucrative time to be a banker. Wall Street bonuses are projected to jump for a third year as market volatility fuels trading demand and dealmaking makes a long-awaited comeback. For investment bankers who advise corporate clients on deals, incentive pay is poised to be up 10% to 20% or more from a year earlier, according to Johnson Associates. “It’s the year of the bank,” said MD Alan Johnson. Still, the biggest banks on Wall Street didn’t let record earnings stop them from trimming more than 5,000 jobs last quarter. Prediction markets have demonstrated an impressive level of accuracy on political polling, but when it comes to forecasting the monthly jobs numbers, they haven’t lived up to the hype. In April, when the Labor Department reported that the economy added 178,000 jobs, the final aggregate estimate from bettors on Kalshi was off by over 90,000 jobs, after close to $1 million in wagers were placed. Susquehanna founder Jeff Yass has been busy this election season, giving more than $80 million so far to midterm candidates and causes. The donations put him behind only George Soros and Elon Musk as the biggest individual donor of the cycle, data compiled by Bloomberg show. As ultra-wealthy donors look to shape the final two years of Trump’s presidency, political committees have raised $4.7 billion to date for the November contests. Was it the socks? GameStop CEO Ryan Cohen said his eBay account was suspended after a publicity stunt in which he listed personal items—including a pair of socks—to help fund his $56 billion bid for the company. The fundraising gimmick is unlikely to sway skeptics who view GameStop’s play for a company four times its size as a nonstarter. Coming soon: Get the AI Today newsletter—chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom. Deep Dive: Virus Blind Spots The cruise ship MV Hondius sits off Praia, Cape Verde, on May 3. Photographer: AFP/Getty Images The hantavirus outbreak on an expedition cruise ship that’s killed three passengers and sickened five others now spans continents. As investigators race to trace its source, the incident exposes a critical blind spot in virus detection.
The Big Take The Pentagon in Arlington. Photographer: Stefani Reynolds/Bloomberg A botched blacklisting of Chinese tech firms offers a rare window into how the Trump administration can be at war with itself on a Beijing strategy. Big Take Podcast Opinion Heading to China on the back foot. Photographer: Andrew Harnik/Getty Images The White House’s goal for next week’s summit in Beijing should be simple: Don’t make matters worse, Bloomberg’s Editors write. If the US is to win enduring advantage over its competitor, it’ll be through actions at home, not at the bargaining table. More Opinions Play Alphadots!Our daily word puzzle with a plot twist.  Today’s clue is: Discord channel Before You Go Todd Graves, CEO of Raising Cane’s, at the drive-thru window. Photographer: Annie Flanagan for Bloomberg Businessweek If at first, you don’t succeed. Long before Raising Cane’s success, founder Todd Graves pitched the idea of a fast-food spot centered around chicken fingers that his professor hated. Now he heads one of the fastest-growing restaurant chains in the US. A Few More More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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