News [music] when you want it with

Bloomberg News Now. I'm Amy Morris. A

divided US Supreme Court rejected

President Trump's plan to restrictions

on birthright citizenship, invalidating

a central plank of his immigration

agenda. Bloomberg's Tyler Kendall is at

the Supreme Court.

>> John Roberts said that the

administration's argument was quote

quirky. It essentially rested on five

words of the citizenship clause of the

14th Amendment, which says that if you

were born in the US and quote a subject

to the jurisdiction thereof, then you

are a US citizen.

>> The court said the executive order Trump

issued hours after his inauguration last

year could not be squared with the

Constitution's 14th Amendment, which has

long been understood as guaranteeing

citizenship to virtually anyone born on

US soil. The Supreme Court also tossed

long-standing federal limits on spending

by political parties in coordination

with candidates in a ruling likely to

help Republicans in the November

midterms. The 6-3 decision extends a

line of Supreme Court rulings rolling

back campaign finance regulations as

violating the Constitution's free speech

clause. President Trump reacted to this

on social media, calling it a big win

for Republicans and the First Amendment.

Now, this does not change donor limits,

but it could be a blow to smaller

movements like the Democratic Socialists

and the Tea Party. And it could

undermine the effectiveness of super

PACs. And the Supreme Court has upheld

state laws banning transgender girls and

women from competing for their schools

on women's athletic teams. The justices

rejected contentions that the measures

violate the Constitution. The Supreme

Court has also agreed to hear more cases

going forward. They'll consider the

right to own assault weapons, and the

court will also hear Apple's appeal in a

case versus Epic Games over its App

Store fees.

In world news, two US envoys, Steve

Witkoff and Jared Kushner, arrived in

Qatar for talks with mediators about the

implementation of an initial deal to end

the war in Iran. The envoys will not be

having direct negotiations with Iranian

diplomats, but instead mediators will

work as go-betweens for the talks.

Treasury Secretary Scott Bessent said

most nations aren't yet ready to

purchase Iranian oil, wary over the

potential of the US reimposing

sanctions, and that this would be an

incentive for Tehran to negotiate. He

tells Fox News that the Trump

administration is keeping an eye on oil

retailers to discourage price gouging.

>> I would encourage all the gasoline

retailers, some of them are owned by big

oil, some are independent, some are

international convenience chains. I

would encourage them to be good actors,

especially in the 250th anniversary, cuz

we're watching.

>> Bessent says only China has bought

Iranian oil since the US lifted those

sanctions. Turning now to the markets,

chip stocks are heading for their best

quarter ever, extending an extraordinary

start to the year, driven by insatiable

demand for AI equipment. Mandeep Singh

is global head of tech research at

Bloomberg Intelligence.

>> it's partly explained by the backlog

that these companies see, whether it's

Nvidia or the

customers of Nvidia, which are the

hyperscalers. And we're talking about $2

trillion

of combined backlog for the

hyperscalers.

>> Mandeep Singh is with Bloomberg

Intelligence, and a tech rally is

powering forward. We check the markets

for you all day long here at Bloomberg.

The S&P 500 up 7/10 of a percent, Nasdaq

up 1 and 1/4 percent, the Dow up 3/10 of

a percent, the 10-year Treasury yield at

4.4% and the 2-year yield at 4.12%.

WTI crude oil now at $70 a barrel and

Brent crude just over $73 a barrel. And

consumer confidence has edged up in

June, thanks to those falling gas

prices, but Americans are still worried

about the labor market. The Conference

Board's gauge of confidence increased to

91.2 after a downward revision to the

prior month. The median estimate in a

Bloomberg survey of economists was 94.4.

And job openings stayed at a

surprisingly strong 7.6 million in May

as the labor market appears to remain

resilient in the face of the economic

shock from the Iran war. Forecasters had

expected employers to post to just 7

million openings in May. Now, after the

closing bell today, we get earnings from

Nike. Poonam Goyal covers retail for

Bloomberg Intelligence. She says CEO

Elliott Hill's turnaround plan is front

and center.

>> is really going to be all on guidance.

We're not expecting anything momentous.

The turnaround is underway, especially

in North America. So, expecting positive

sales there, a low single-digit

increase. Though, the rest of the world

is going to be down, notably China down

in the high teens. So, a lot of work

still needs to be done.

>> Poonam Goyal with Bloomberg

Intelligence. And ahead of those

earnings, Nike shares are less than 1%

lower. Representative Tom Kean Jr. has

returned to the House of Representatives

for the first time in nearly 4 months.

The New Jersey Republican has been out

of sight and his whereabouts unknown

since early March. And his office had

said he was being treated by doctors for

a medical condition. Kean addressed the

House this morning.

>> Several months ago, due to health

concerns, I entered the hospital for

some testing.

I did not believe that this would result

in a long-term stay.

I was given the diagnosis of depression.

>> Kean is running for re-election in one

of the most hotly contested House races

in the 2026 midterms. And his

months-long disappearance from public

view poses a challenge for his

re-election. That's news when you want

it with Bloomberg News Now. I'm Amy

Morris, and this is Bloomberg.