Erika Herskowitz

Bloomberg's Amy Morris reports from Washington.

Millions of Americans are kicking off the unofficial start of the summer travel season this Memorial Day by hitting the road despite rising energy prices and inflation.

Bloomberg Intelligence Senior Credit Analyst Jodi Lurie says people are prioritizing vacations.

What we're seeing is that high-income earners are still willing to travel.

They might not travel as fancy, but they're still willing to travel, and they're also more loyal to some of these brands.

So you will see that the Marriotts, the Hiltons, the Hyatts, the Delta, the United and the American might do a little bit better than some of these other lower tier, second level brands.

Bloomberg's Jodi Lurie on Bloomberg this weekend.

She says cruise lines aren't hurting either, even with everything happening in the Middle East and numerous health scares, including Hantavirus.

And in the NBA tonight, it is do or die for the Cleveland Cavaliers.

The Knicks can lock up a spot in the NBA final for the first time since 1999.

The two teams tip off in Cleveland with the Knicks leading the best of seven set, three games to none.

That's news when you want it with Bloomberg News Now.

I'm Erica Herskowitz and this is Bloomberg.

News when you want it with Bloomberg News Now, I'm Erika Herskowitz.

Global stocks approached record highs and oil is falling as U.S.

officials signal they're close to a deal with Iran to reopen the Strait of Hormuz and restore oil flows.

Secretary of State Marco Rubio says it's a work in progress.

Rubio talking to reporters in New Delhi this morning as he continues his visit to India to talk trade and energy security.

Brent crude's down nearly 5% at $98 a barrel.

U.S.