Chip Stocks Slide into Bear Market, US Renews Strikes on Iran, More
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.
The cutthroat competition to get a gig on a cruise ship. They get to enjoy all the amenities and a one-week contract can pay like thousands of dollars for them. I know this is a good gig. Like you're booked through six months and you can pay your bills for like a year and a half. And you may get norovirus.
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. A losing week for the S&P 500 index with chip stocks moving into a bear market. We get the story from Bloomberg's Charlie Pellett.
The SOX, the Philadelphia Stock Exchange Semiconductor Index, is now down 20% from a recent high, and that meets the definition of a bear market. Stocks finished the week lower. Semis dipped following the reveal of an AI model from a Chinese startup. The S&P 500 index was down 1.5% on the week, snapping two straight weeks of gains. The Dow fell for a second week, down 0.9%. NASDAQ this week down 2.9%. In New York, Charlie Pellett, Bloomberg Radio.
China's Moonshot AI brought out its latest addition, comparable in many respects to the best American models. Bloomberg Senior Technology Editor Mike Shepard discussed its significance on balance of power.
It really is another step level change in China's effort to not only keep up with the U.S., but really assert its own global dominance in this space. We did see Xi Jinping, president of China, lay out his vision and his country's vision for trying to assert that leadership worldwide.
Bloomberg Senior Technology Editor Mike Shepard. The U.S. and Iran traded attacks again on Friday, pressuring oil prices and making a quick return to the fragile ceasefire deal signed last month even less likely. U.S. Central Command said a new round of airstrikes were underway beginning at 3 p.m. Eastern on Friday with the goal of degrading Iranian military capabilities. A week of back and forth strikes by both sides has expanded beyond strictly military targets to include bridges, utilities and port facilities. CENTCOM earlier confirmed that it had destroyed a surveillance tower at the Iranian port of Chabahar on Thursday, saying it was part of a string of maritime outposts. along the Gulf of Oman that Tehran used to track and target commercial vessels.
Produce supplier Taylor Farm says it's recalling all iceberg lettuce in the U.S.
How did chip stocks fall into a bear market this week?
sourced from central Mexico. After a farm there was linked to a diarrhea-causing parasite outbreak that sickened thousands in Michigan and nearby states. Taylor Farm said its Mexican subsidiary is voluntarily removing the product on information provided by the U.S. Food and Drug Administration. It added, that no other Taylor Farms products are affected by the recall and that its branded salad kits sold in supermarkets don't contain iceberg lettuce. Apple and the U.S. Justice Department are in early discussions about settling a 2024 lawsuit that alleges the iPhone maker violated antitrust laws. No trial date has been set in the case. Apple has made multiple offers this year to the Justice Department. to bring the case to a close.
Apple declined to comment. The Justice Department did not immediately respond to a request for comment. At least 178 million Americans are breathing in smoky air, enduring high heat or contending with catastrophic flooding. That's more than half of the U.S. population. About 151 million people living from the northern Rockies to the mid-Atlantic and down to the Gulf Coast We're again experiencing high heat Friday.
Why did semiconductors dip after a Chinese AI model reveal?
Yellow-tinged wildfire smoke from Canada has blanketed a large swath of the Northeast, Mid-Atlantic and Midwest, affecting the air quality of about 87 million Americans on Friday. About 70 million people are experiencing smoke and heat concurrently. Homeland Security Secretary Mark Wayne Mullen held a press conference Friday to elaborate on President Trump's vote fraud speech Thursday night. He talked about a perceived vulnerability of voting machines.
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