CA Voting Map Approved, Trump: Iran Should Worry, Oil Jumps, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now, I'm Amy Morris. The Supreme Court has cleared California to use its new congressional map that favors Democrats during this year's midterm election. The justices denied a request from the California Republican Party and the Department of Justice to prevent the state from using its new voter-approved map on the grounds it was racially gerrymandered and therefore illegal. California leaders have maintained their new map was drawn purely to counteract the Republican redistricting in Texas. We're learning that the talks with Iran could be collapsing. Axios is reporting the U.S. won't agree to Iran's demands that talks be moved to Oman and focus only on nuclear issues.
Secretary of State Marco Rubio says any arms deal must include China.
The president's been clear in the past that in order to have true arms control in the 21st century, it's impossible to do something that doesn't include China because of their vast and rapidly growing stockpiles.
President Trump spoke with Chinese President Xi Jinping today in a lengthy phone call including talks about trade and geopolitical flashpoints, including Taiwan. China says it has no intention of stepping away from its long-term plans of reunification with Taiwan. President Trump is scheduled to visit Beijing in April. And oil is jumping as the tech route deepens. We check the markets for you all day long here at Bloomberg. The S&P 500 is down 0.8%. NASDAQ down 1.9%. The Dow is up about 0.1%. The 10-year Treasury yield at 4.27%. The 2-year yield at 3.56%. Oil has now jumped more than 3.25%. Bitcoin is down about 3.5%. Advanced micro-devices shares have tumbled as much as 17%, their biggest intraday drop since October of 2018, after the chipmaker's sales forecast was seen as weak.
Now, NVIDIA CEO Jensen Wong says this week's tech sell-off makes no sense. He says software products are tools, and AI will use those tools, not reinvent them.
What recent changes were made to California's congressional map?
He spoke during an appearance at a Cisco Systems event on Tuesday. SpaceX held meetings with banks from outside the U.S. for its IPO, targeting a listing this year on ambitious timeline. The meetings were for junior roles to fill out the bank lineup for the initial public offering. No final decisions have been made and details of the IPO could change, with the combined company still expecting to hold the IPO later this year. The Department of Homeland Security will immediately reduce its enforcement presence in Minneapolis. Trump administration border czar Tom Holman says they'll refocus their efforts on more targeted immigration operations at local jails.
As a result of the need for less law enforcement officers to do this work in a safer environment, I have announced effective immediately. We will draw down 700 people affected today.
About 2,000 federal immigration agents remain in Minnesota. The drawdown follows weeks of uproar over tactics in Minnesota after immigration agents shot and killed two U.S. citizens. Treasury Secretary Scott Besant today warned lawmakers that excessive regulation could lead to stagnation in the economy.
Too often in the past, we've seen regulation by reflex. Rather than preempting crises, regulators have frequently reacted to them after the fact.
Besant also declined to express a view on whether President Trump has the authority to fire a member of the Federal Reserve Board over a policy disagreement. Folding County, Georgia, has filed a motion in federal court seeking the return of all documents from the 2020 election that were seized by the FBI. That's about 700 boxes of election files. County Chairman Rob Pitt believes his county is a test case for other actions nationwide ahead of the midterms and the 2028 elections.
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