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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line.
Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
News when you want it with Bloomberg News Now, I'm Amy Morris. There's your closing bell for this Wednesday on Wall Street, which was rattled by a flare-up in tensions with Iran and a renewed sell-off in tech companies. And we bring you these closing numbers. We do it each day here at Bloomberg. The S&P 500 is down 119 points. That's more than 1.6%.
nasdaq down 509 points that's nearly two percent the dow down 1.8 percent that is more than 952 points the 10-year treasury yield at 4.54 percent the two-year yield at 4.13 percent wti crude at 90 a barrel and brent crude just over 93 a barrel president trump says iran will quote pay the price for delaying negotiations for an interim peace deal after renewed attacks overnight we're going to be attacking them and
attacking them very hard. You're resuming bombing? Yeah, well, based on the helicopter, I guess we have the right to do that.
Trump referring there to the downing of a U.S. military helicopter off the coast of Oman. Iran's president posted his response on social media saying that his country will, quote, stand firm against any threat and that targeting Iranian infrastructure is a sign of desperation. Nikki Haley, former U.S. ambassador to the United Nations, says Trump should stop negotiating.
Iran was never going to do a deal. They have excavated 50 of the 69 tunnels that hold missiles. They're rearming.
Hear more of our interview with former U.S. Ambassador to the U.N. Nikki Haley on the Bloomberg Talks podcast. Rising gas prices pushed inflation to its highest level in three years last month. Bloomberg's Michael McKee has the May CPI.
4.2% is the inflation rate for the last 12 months in the headline CPI. That's exactly what was anticipated. The month-over-month for the headline is up half a percent as anticipated. For the core, it is a two-tenths gain. And for the year-over-year number, it is 2.9%.
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Chapter 2: What are the latest market trends affecting Wall Street?
The Justice Department has reportedly sent subpoenas to several of America's largest banks, including JPMorgan Chase and Bank of America, requesting information about whether they debanked clients for political reasons.
The Wall Street Journal reports those subpoenas are part of a campaign by President Trump to root out evidence that banks allegedly discriminated against conservatives, including his own family. Banks have said they do not close accounts for religious or political reasons.
Supermicrocomputer announced a plan to raise $7 billion through a package of equity offerings to help pay for the production of more AI servers. Shares of Supermicrocomputer fell 20% in regular trading. Sources tell Bloomberg SpaceX's initial public offering has now attracted demand for more than four times the available shares. SpaceX is pricing more than 555 million shares at $135 apiece.
That pricing takes place tomorrow. Shares begin trading on Friday. Saudi Arabia's Public Investment Fund and Kuwait's Investment Authority have each placed orders for shares worth $1 billion to $5 billion. Banks leading the IPO have now stopped taking institutional investor orders. Bill Gates was on Capitol Hill for a closed-door hearing about his ties to Jeffrey Epstein.
telling the House panel that his meetings with Epstein were a grave error in judgment and that he never had any indication that Epstein had been involved in ongoing criminal conduct. Republican Representative Tim Burchette of Tennessee says some of the questions were intense.
It's pretty clear to me, though, that Epstein was a friend collector. You know, he just liked to have people around him that were big deal collectors. and get his picture made with them and hang out with them, and I think that's how he reeled them in.
House Oversight Chair James Comer says he wants Acting Attorney General Todd Blanche to testify about how he's handled the Epstein files.
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Chapter 3: How is Trump responding to tensions with Iran?
He wants that testimony set for next month. The reemergence of the New World Screw Worm and continued drought are complicating efforts to rebuild beef supplies in the U.S., and it's keeping prices high. Agriculture Secretary Brooke Rawlins told the House Agriculture Committee they were ready for this.
We know This development is a serious threat, but it did not catch us off guard. The last USDA had an equivalent of 10 full-time employees working on the New World Screw Worm. Before it was even confirmed, we had over 110 full-time staff in preparation.
The outbreak of the New World Screwworm has prompted restrictions, including quarantines and movement controls, which are further tightening already constrained cattle supplies. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line.
Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics.
Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
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