Chapter 1: What financial market updates are shared at the beginning?
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
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Chapter 2: 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.
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Chapter 3: What impact do geopolitical events have on oil prices?
And there are a lot of big question marks on the new strategy and the big pivot that Elon Musk is making with this company.
Bloomberg's David Welch on Bloomberg Intelligence. Tesla shares fell more than 5% in regular trading. NASA's crew of astronauts on the Artemis mission are on their first day of a 10-day journey, slingshotting them around the moon. Bloomberg's Ed Ludlow is following from the Kennedy Space Center.
They conducted a burn this morning that took them from low Earth orbit to higher Earth orbit. The mission directors and flight directors have to decide if they are a go for the burn which propels Orion the 250,000 miles or so to the far side or dark side of the moon. That's what we're tracking toward.
The mission is a crucial in-space dress rehearsal, marking the biggest milestone yet in NASA's multi-year Artemis campaign to land humans on the moon as soon as 2028. President Trump says he'll soon sign an order to pay all DHS employees who have gone without paychecks during the partial government shutdown.
The move bypasses Congress and is expected to apply to other non-law enforcement employees at the department, including FEMA and the Coast Guard and support staff. The funding lapse had seemed likely to stretch into next week as the House is considering passing a Senate plan to fund the bulk of the agency, but not for ICE nor Border Patrol.
President Trump's new White House ballroom has gotten final approval from a key commission after a federal judge ordered a halt to construction unless there's approval from Congress. A spokesperson for the National Capital Planning Commission, which Trump has packed with allies, says the judge's ruling affects construction activities, not planning.
The ballroom is estimated to cost $400 million and has faced opposition and legal challenges. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
We're talking top-grade products across the board of over 80 bond funds. actively managed by a 200-person global squad of sector specialists, analysts, and traders. These folks live and breathe fixed income. So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at Vanguard.com slash audio. That's Vanguard.com slash audio.
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