Markets Close Mixed, SpaceX Aims for $2T Valuation, More
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What financial market updates are shared at the beginning?
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How is the bond market performing and what challenges are mentioned?
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News when you want it. With Bloomberg News Now, I'm Amy Morris. There's a closing bell for this Thursday on Wall Street where stocks cut earlier losses after a report that Iran is drafting a protocol for traffic through the Strait of Hormuz. That report says the protocol will not constitute restrictions. Iran's deputy foreign minister says Tehran will set tolls for ships passing through the strait. Oil surged after President Trump vowed an escalation in the war in Iran over the coming weeks. NYMEX Crude Oil is up more than 11% at $111 per barrel. And Brent Crude is up more than 7% at $108 per barrel. We also bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 7 points. NASDAQ gained 38.
The Dow lost 61 points. The 10-year Treasury yield at 4.3% and the 2-year yield At 3.79%, Bitcoin is down 1.8%, near $67,000. Sources tell Bloomberg that SpaceX is boosting its target IPO valuation to more than $2 trillion, which would be bigger than all but five of the companies in the S&P 500 index. Some tariff news from the White House. The Trump administration will maintain 50 percent tariffs on many imported steel, aluminum and copper products while simplifying duties for goods made with negligible amounts of those metals. The Trump administration will also impose tariffs on certain imported medications with rates of as much as 100 percent, pressuring drug makers to manufacture more in the U.S.
Attorney General Pam Bondi is being removed from her post as head of the Justice Department. President Trump posted on social media that Bondi will transition to a, quote, important new job in the private sector. It's not clear what that job would be. Constitutional lawyer Rob McWhirter says Bondi might have a hard time in the private sector.
I don't see how she keeps her bar license given that. the things that she did as Attorney General. Filing charges against James Comey without any probable cause when it was clear from the beginning that no crime occurred. And it was also clear that she was just doing it because Donald Trump wanted to attack his perceived political enemies. You know, lawyers get disbarred for that.
Constitutional lawyer Rob McWhirter on balance of power Trump says Deputy Attorney General Todd Blanch will step in to serve as acting. Democratic Representative Robert Garcia posted on social media that Bondi is still legally obligated to appear for a hearing on Capitol Hill regarding the Justice Department's handling of the Epstein files. Bloomberg White House correspondent Jeff Mason has more on Trump's motivation to oust his attorney general.
President Trump views the Justice Department and his Attorney General as an extension of the White House, essentially his personal lawyer. And when she didn't do everything that he wanted or didn't get all of the results that he wanted, because you could argue that she did do everything he wanted, he got fed up.
Bloomberg's Jeff Mason on balance of power. Sources tell Bloomberg that SBA Communications is exploring options, including a potential sale after receiving preliminary takeover interest. Any deal would be large considering the size of the company and its debt load, with SBA having an enterprise value of about $34 billion, including debt.
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