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Chapter 1: What is the main topic discussed in this episode?
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news when you want it with Bloomberg News Now. I'm Karen Moscow. Iran said 12 billion dollars of its frozen funds were set to be released as part of ongoing talks with the U.S. with the two sides broadly signaling progress and negotiations to formally end their war. We get more with Bloomberg Jerusalem reporter Dan Williams.
Either side is talking up, but often in different directions. The US, the Trump administration, saying that unfrozen funds will be used for humanitarian purposes, perhaps even to buy soy products from the United States. But the spokesman for the foreign ministry in Tehran saying there would not be a limitation on how Iran uses those funds.
That, of course, will stir concern in the US, in the West, and indeed in the region, that some, perhaps all of that money, could go toward rebuilding the Iran's military capacity, perhaps the capacities of Iranian allies like the Hezbollah militia in Lebanon.
And that's Bloomberg's Dan Williams posting on Truth Social this morning. President Trump said 19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Secretary of State Marco Rubio is expected to land in the United Arab Emirates today as the U.S.
seeks to reassure regional allies the interim agreement it signed last week with Iran is good for their security and economies. President Trump is going to a Mack truck facility in a battleground district in swing state Pennsylvania today, casting attention on the U.S. economy. It's his first major public event beyond the Capitol since he signed the Iran war agreement.
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Chapter 2: What recent developments have occurred regarding Iran's unfrozen funds?
And as Bloomberg's Zach Cohen, Mamdani has also endorsed activist Daria Lisa Avila-Chevalier against Congressman Adriano Espaillat. There's also a crowded field to succeed retiring Congressman Jerry Nadler in his midtown Manhattan district. It includes John F. Kennedy's grandson, Jack Schlossberg, and former never-Trump Republican-turned-Democrat George Conway.
Mamdani has not given an endorsement in the race, but in the interest of transparency, we should note that Michael Bloomberg has endorsed Michael Lasher for Congress. Bloomberg is founder and majority owner of Bloomberg LP. We're also keeping an eye on primary races in Maryland. Governor Wes Moore seeking re-election to a second term. He's facing a primary challenge from physician Eric Felber.
And the Republican governor's race features nine candidates. In the South Carolina runoff, Lieutenant Governor Pamela Yvette is facing State Attorney General Alan Wilson in the Republican governor's race. President Trump endorsed Yvette in the primary, but last week he said he'd be happy if either won. U.S.
tech stocks are set to slump after a sell-off in Korean chipmakers stoke concerns about the sustainability of the artificial intelligence-related rally. NASDAQ futures down 3% this morning. S&P futures down 1.5%. Dow futures down 0.5%. 10-year Treasury yield 4.48%. And NYMEX crude oil is down 0.5% at $73.51 a barrel.
South Korea's KOSPI index fell 10 percent, triggering a circuit breaker, with XK Hynix and Samsung Electronics each plunging more than 10 percent. A local media report said XK Hynix is slowing expansion of AI memory chip production and shifting emphasis to the cheaper commodity DRAM, and that's sparking worries among traders over demand for AI data centers.
The sharp drop in Korean chip bellwethers suggests investors are moving quickly to lock in recent gains, a warning sign for U.S. tech stocks. SpaceX shares have been fluctuating, flirting with a fourth straight day of losses for the Elon Musk-led rocket and satellite company. This morning, SpaceX shares down 2.6%.
And the pass rate for the first level of the Chartered Financial Analyst exam fell below its historical average as the largest cohort of hopefuls since before the pandemic sat for the test. In May, 39% of candidates passed the Level 1 exam, down from 45% who were successful in February. and 43% for those who took the test in November and August.
Lionel Messi set a World Cup scoring record as defending champ Argentina advances to the knockout stage with a 2-0 win over Austria in the World Cup, and France beat Iraq 3-0, Norway topped Senegal 3-2, and Algeria beat Jordan 2-1. That's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.
Hi, I'm Tom Keen, inviting you to join me for the Bloomberg Surveillance Podcast. It's about making you smarter every business day.
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