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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 Erika Herskowitz. A drop in chipmakers ahead of Micron Technologies' earnings weighed on stocks today with the results expected to provide clues on whether this year's artificial intelligence surge will be justified. The Dow closed ahead 184 points, up a third of a percent, but the Nasdaq fell 110, down nearly half a percent.
The S&P closed a fraction lower. The 10-year Treasury yield at 4.40%. The two-year Treasury yield at 4.14%. After the bell, Mike Rahn reported adjusted gross margin for the third quarter that beat the average analyst estimate. The results are considered one of the most important in months as investors find themselves suddenly on edge over the sustainability of the AI rally.
President Trump nixed today's plan to sign a bipartisan bill aimed at lowering housing costs, escalating his feud with Republicans in the Senate. Trump's decision spoils an opportunity for lawmakers in both parties and the president himself to tout progress toward addressing voters' affordability concerns ahead of the November midterm elections.
Bloomberg deputy congressional editor Mike Dorning was a guest on Bloomberg's Balance of Power.
These signing ceremonies are a chance for them all to pat themselves on the back. And this was something that the Republican leaders had been hoping to show, like, we're doing something related to Americans' affordability concerns heading into the election. And then not only is he not going to sign it, but he's disparaging it online as sort of puny.
Bloomberg's Mike Dorning on Bloomberg's balance of power. The president said he wouldn't sign the bill until Congress approves voting restrictions that previously failed to pass the Senate. The Save America Act would require photo IDs and proof of U.S. citizenship in elections across the country. House Speaker Mike Johnson.
I've talked about this a lot. He has expressed the priority and the preference of the Save America Act. We share that. We passed it three times in the House. The latest version was passed a few months ago, and it has proof of citizenship to register to vote and the proof of showing a photo ID when you show up to vote. Basic issues that 90% of Americans agree.
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Chapter 2: What trends are influencing the stock market today?
Trump also posted today that he's been informed Iran is not charging for transit through the Strait of Hormuz and won't be able to spend its unfrozen funds on anything but American food and medicine. Iran is disputing that. We get more from Bloomberg's Abir Abu Omar in Dubai.
One thing that has come out over the past couple of days is that Bakai, who is the foreign ministry spokesperson for said that the Strait of Hormuz will be free of tolls over the next 60 days, but then they will work with Oman to establish some kind of mechanism to start tolling it. He also said that the waterway will never go back to the state it was in before the war.
President Trump and the U.S. administration has refused this narrative and says that no tolling is going to be allowed in the Strait of Hormuz unless it is for the U.S.
Bloomberg's Abir Abu Omar in Dubai. Brent crude is trading below $74 a barrel for the first time since the U.S. war with Iran began. More ships are openly clearing the Strait of Hormuz. And while crude is falling, the president says gas prices aren't falling fast enough. He says he's ordered the Justice Department to look into it. Bloomberg's Tyler Kendall has more from the White House.
WTI is down about 25% so far this month compared to 14% for retail gasoline. The national average is now hovering just below $4 a gallon according to AAA. But we should say that gasoline prices don't adjust immediately to crude oil changes because the effect has to move through the supply chain. It can actually take weeks to get from the pipelines to the processing to the distribution.
Bloomberg's Tyler Kendall at the White House. Treasury Secretary Scott Besant was on CNBC this morning expressing confidence that the U.S. economy can get back on the path to 3% growth as the Iran war nears conclusion, adding that his 3-3-3 plan is still in reach.
3-3-3, the three components where we could have 3% growth, I think we might have been growing at 4% in February. I think we're going to get back and we can have something with a 3% in front of it this year. As I said, the underlying economy has been strong.
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Chapter 3: How did Micron Technologies perform in their latest earnings report?
The other one of the other threes is three million more barrel a day equivalents. So crude and net gas export LNG, which we're well on our way to. We've never produced so much energy, never exported so much. And then deficit to GDP of three percent.
Treasury Secretary Scott Besson on CNBC. Anthropic is accusing Alibaba of waging a large-scale effort to illicitly access its Claude artificial intelligence model using thousands of fraudulent accounts. According to a document seen by Bloomberg News, the effort involved 28.8 million exchanges with Claude between April and June through almost 25,000 fraudulent accounts.
Anthropic warns that Alibaba and other Chinese labs are making systematic and unauthorized use of results from leading U.S. models to develop a rival generation of chatbots at a fraction of the cost via a practice known as adversarial distillation. Former New York Mayor Eric Adams, ex-chief of staff, has been arrested in an alleged bribery scheme.
Bloomberg News has learned Frank Caron, his brother, and two others are facing federal charges in an investigation focused on Caron's business dealings and his time in City Hall. The Democratic power broker has called corruption allegations against him baseless.
The New York Times is reporting federal agents and NYPD investigators searched the home of several police officials this morning as part of a corruption investigation into former Chief Jeffrey Madry. The report says this is unrelated to Caron's arrest.
Tesla is being sued by the family of a 76-year-old woman who was killed after a Model 3 sedan, allegedly using driver assistance software, slammed into her home near Houston.
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Chapter 4: What impact did Trump's decision have on housing legislation?
The lawsuit claims Tesla's automated technology failed to detect the end of the roadway and stop before slamming into a brick house. The U.S. National Highway Traffic Safety Administration announced a special crash investigation into the incident. Tesla has faced more than a dozen lawsuits that blame defective technology for fatal crashes. Sales of new homes in the U.S.
fell in May to the lowest level since the start of the year as heavy discounts failed to offset high mortgage rates. The median sales price edged higher to $424,900. Little changed from a year earlier as builders have focused on smaller homes and cut prices to improve affordability. That's news when you want it with Bloomberg News Now. I'm Erica Herskowitz and this is Bloomberg.
I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader.
Make decisions. A poor decision is always better than no decision.
Listen to new episodes every other Monday. Follow Leaders with Francine Lacroix wherever you get your podcasts.
Gain insight on the innovators, disruptors, and tech-driven trends shaping today's complex economy. I'm Carol Masser. And I'm Tim Stenevek.
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