Most of Wall Street Rises, VP of Apple Leaves, Hormuz Toll, More
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News when you want it with Bloomberg News Now, I'm Matt Piper. Stocks rebounded from earlier losses in the day on a survey showing cooler than expected inflation expectations and easing rate hike concerns. Everything was in the red though, but not by much. The Dow lost 1 tenth of a percent, or 45 points. The S&P lost a fraction, or 4 points. The Nasdaq lost 2 tenths, or 61 points. SpaceX's blockbuster bond sale is weakening quickly in the secondary market, with traders saying they cannot recall another recent deal that widened this sharply. Paper losses on SpaceX's $25 billion offering have mounted since the debt began trading. SpaceX closed one-tenth higher at $153 a share. The selling pressure suggests fast money accounts piled into the deal, looking to flip it for a quick profit.
Federal Reserve Bank of Minneapolis President Neil Kashkari says that signs of widespread inflation led him to pencil in one interest rate increase for this year. Kashkari, who is a voting member of the FOMC, said that the wave of AI investment could keep interest rates higher than they were before the AI boom.
The thing we wrestle with is we could move interest rates up as high as we need to to get inflation down quickly. That will cause a lot of harm to the economy. That will cause a lot of harm to the labor market and to employment. And so how do we get inflation back down in a reasonable period of time without doing a lot of damage to the labor market? And that's the challenge that we're wrestling with.
Neil Kashkari speaking on a panel moderated by Bloomberg's Lisa Abramowitz at the 2026 Aspen Ideas Festival. Paul Meade, a vice president at Apple, is leaving the company to join OpenAI's hardware unit, where he will work on AI-powered devices. Meade's departure is a blow to Apple, as he has led hardware engineering for the Vision Pro headset and has been responsible for the development of display-free Apple smart glasses. Oman tells allies that ships going through the Strait of Hormuz may have to pay up. While Omani officials said they will always abide by international maritime law, they say there could be fees for services related to depolluting the strait or helping ships navigate through it.
Bloomberg's Abir Abu Ammar from Dubai on what traffic looks like there today.
What we're seeing across the street generally today is that, yes, there are some ship owners that are taking a little bit more cautious steps when going through the Strait of Hormuz, but it hasn't really affected or derailed the slow movement or the slow return to normalcy across the waterway.
This comes as President Trump accuses Iran of violating their ceasefire agreement by firing at cargo ships transiting the Strait of Hormuz. The president says at least four one-way attack drones targeted ships in the waterway, with one hitting the upper deck of a cargo ship and the other three being downed.
What are the latest updates on Wall Street's performance?
Bloomberg's David Gurra reports security in the Strait is emerging as a key sticking point in talks on a permanent peace deal with the U.S.
We saw Secretary of State Marco Rubio in the region this week talking with Gulf allies, really stressing, as we heard him do several times, that the Strait... Needs to remain open and being really adamant that neither Iran or Oman, which border it, of course, can't charge ships any fees or any tolls.
Bloomberg's David Gurr reporting. Israel and Lebanon have signed a framework agreement after four days of negotiations in Washington mediated by the Trump administration.
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