Dan Schwartzman

News when you want it with Bloomberg News Now.

I'm Dan Schwartzman.

Wall Street ends a five-day losing streak with a record-setting day as the Dow gained 846 points, a nearly 2% spike.

The Nasdaq also ended the day close to a 2% gain, advancing 396 points.

while the S&P 500 gained 97 points, or 1.5%.

Markets reacting to Fed Chair Jerome Powell's speech on Friday from the Federal Reserve Symposium in Jackson Hole, Wyoming, where Powell suggested an interest rate cut is on the table in September due to risks to the labor market.

Here's Powell in remarks broadcast on Bloomberg Radio.

That's Fed Chair Jerome Powell.

The Trump administration has stopped all work on an offshore wind farm off the coast of Rhode Island.

The project is 80 percent complete, with all offshore foundations and 45 out of 65 wind turbines already installed, with the project set to be operational next year.

Danish from Morstead, who is building the wind turbines, say it is, quote, evaluating all options to resolve the matter expeditiously.

The Revolution Wind Project, which would provide power to 350,000 homes in Rhode Island and Connecticut, was approved by the Biden administration in 2023.

President Trump met with Intel's chief executive officer, Lipu Tan, at the White House to finalize a deal giving the U.S.

government a nearly 10 percent equity stake in the chipmaker.

The government will receive 433.3 million shares of common stock in Intel.

Trump gives details on the meeting with Tan.

Meanwhile, a Trump administration official says the administration will not seek to take equity stakes in shipmakers that are boosting their U.S.

investments.

Canada extended an olive branch to President Trump and will now remove retaliatory tariffs on U.S.-made products that comply with the U.S.-Mexico-Canada trade agreement.

Canada will, though, keep in place the 25% tariffs on U.S.-made steel and aluminum, as well as on U.S.-made autos.