Qatar: Interim Deal Drafted, Report: Parasite Outbreak Expanded, More

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Bloomberg News Now 7 min 9 speakers 4 chapters transcribed 1 month ago

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What is the main topic discussed in this episode?

Barry Ritholtz 0:00

Hi, I'm Barry Ritholtz inviting you to join me for the Masters in Business podcast. Every week we bring you conversations with the people who shape markets, investing and business. I speak with CEOs, Nobel laureates, market innovators and legendary investors. Whether you own stocks, bonds, real estate, commodities, even crypto, these are discussions you absolutely need to hear. Subscribe to the Masters in Business podcast on Apple, Spotify or anywhere you listen.

Amy Morris 0:30

News when you want it with Bloomberg News Now, I'm Amy Morris. Qatar says a proposal for an interim deal focused on the Strait of Hormuz has been drafted with American and Iranian officials sounding hopeful about an agreement to reopen the waterway. Diplomats say Iran is also considering allowing European nations to remove mines from the Strait of Hormuz. Treasury Secretary Scott Bassett told CNBC he expects a deal to come soon.

Scott Bessent 0:55

Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now. So I'd expect the energy prices to settle back down.

Amy Morris 1:09

Oil slumped on Besson's comments, WTI at $75 a barrel and Brent Crude at $79 a barrel, the first time it's dropped to less than $80 a barrel since mid-July. Sources tell the Washington Post the CDC is expanding the largest known U.S. cyclospora outbreak to 15 states. Missouri and five other states have been added to the CDC's list. Investigators continue to trace the outbreak to shredded iceberg lettuce sourced from central Mexico. Health officials report many of those patients reported eating at Taco Bell. Yum shares now more than 1% lower. Chipotle is taking jalapenos off their menus in multiple locations in Minnesota after learning the peppers may be linked to a salmonella outbreak in that state.

Amy Morris 1:52

The chain removed the suspect jalapenos from all of its stores that received the product while assisting with a probe of the outbreak by Minnesota health officials. Shares of Chipotle now nearly 9 percent lower. This is primary day in Michigan. The Justice Department has sent election monitors to four Michigan cities. Henrietta Trace with Veda Partners says the race will be key for Democrats in the Senate.

Henrietta Trey 2:14

Our forecast is that Dems pick up the House between 8 and 16 seats. That's with pretty high confidence, 85, 90 percent odds. I feel pretty comfortable with that. It's normal for an election cycle. On the Senate side, the map is not in Democrats' favor. It's very much in favor of Republicans. They got to go through states like Ohio and Texas and obviously this Michigan race.

Amy Morris 2:33

Voters are also heading to the polls today in Virginia, Kansas, Missouri and Washington state. Well, hopes for that deal in the Middle East pushed stocks toward all-time highs.

What is the drafted interim deal for the Strait of Hormuz and who is involved?

Amy Morris 2:43

We check markets for you all day long here at Bloomberg. The S&P 500 closing in on 2% higher. NASDAQ now 2.75% higher. The Dow is almost 2% higher. So is the Russell 2000 index. The 10-year Treasury yield at 4.62% and the 2-year yield at 4.18%. The Philadelphia Semiconductor Index nearly 7% higher, led by Broadcom, which has advanced more than 7%. Paramount Skydance is scheduled to report second quarter financial results after markets close as it deals with an antitrust lawsuit that challenges its planned merger with Warner Brothers Discovery. Shares of Paramount more than 2% higher. Advanced Micro Devices reporting earnings after today's close, offering fresh insights on the state of the personal computer market and AMD's push into artificial intelligence infrastructure.

Amy Morris 3:32

AMD shares nearly 9% higher. Palantir Technology shares jumped by the most in almost 16 months after the company boosted full-year revenue and income forecasts and described commercial demand for its data analytics tools as otherworldly. Shares of Palantir now 30% higher. SpaceX is issuing its first earnings report as a publicly traded company after today's closing bell. Bloomberg Intelligence Global Head of Tech Research Mandeep Singh says he's focusing on the company's AI spending plan.

Mandeep Singh 4:01

What is SpaceX going to do?