S&P 500 Hits 7,000, Trump Warns Iran, Minneapolis Tensions, More
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What are the latest updates on the S&P 500 and Wall Street trading?
News when you want it with Bloomberg News Now. I'm Nathan Hager. Wednesday morning trading is underway on Wall Street with First Lady Melania Trump ringing the opening bell this morning as she promotes her new documentary. At the open, the S&P 500 is higher by three-tenths of one percent, trading right around the 7,000 level. We did see it break 7,000 just at the open. The Dow Jones Industrial Average is higher by a tenth of 1% to start, and the Nasdaq Composite is up six-tenths of 1%. A busy day is on tap with a Fed decision this afternoon and big tech earnings after the close. We'll get more on all that in a moment, but we have new tensions. Geopolitically, President Trump is warning Iran on Truth Social that time is running out for nuclear talks.
He says Tehran could face military strikes far worse than the attack he ordered last June. United Nations spokesman Stefan Dujarric is appealing for calm.
The secretary-general is very concerned indeed about the reported military buildup. In the Persian Gulf region, U.N.
spokesman Stefan Dujarric, President Trump says the USS Abraham Lincoln carrier group is, quote, ready, willing and able to rapidly fulfill its mission. Iran responded with a post on X saying it's ready for dialogue, but if pushed, it will defend itself and respond like never before. There are new tensions in Minneapolis as well. The president is warning the mayor, Jacob Fry, he's, quote, playing with fire. He posted that on social media after the mayor said he would not change his city's immigration laws in exchange for federal agents leaving. All this after the president sent border czar Tom Homan to Minneapolis in a bid to cool temperatures after the killings of two U.S. citizens by federal agents.
Bloomberg's Bill Ferrys has more.
What we've seen in Minneapolis is what I think people have been worried about as ICE really ramped up its presence in these and a lot of these places and really seem to have this social media forward interest or aggressiveness in being very public about pushing back on protesters and making arrests.
Bloomberg's Bill Ferrys reports President Trump had called Holman's conversations with Mayor Fry and Minnesota Governor Tim Walz good before this latest social media post. On Capitol Hill, Senate Republicans and Democrats are in talks to avoid a government shutdown over the Minneapolis tensions. Bloomberg's Laura Davison reports today will be key.
Republicans have asked for Democrats to put together a list of their demands, of their asks, of what they need to see in this bill be changed. They're looking to see if there's any sort of off ramp that if these Democratic demands could be met by executive orders or some other actions to avoid a shutdown on Friday night at midnight going into Saturday.
Bloomberg's Laura Davison reports one demand gaining steam may be for Homeland Security Secretary Kristi Noem to resign. Two Senate Republicans, Lisa Murkowski and Tom Tillis, are joining Democratic calls for Noem to step aside. She has come under fire for saying that shooting victim Alex Preddy attacked federal officers in Minneapolis before video evidence showed he brandished a cell phone, not a gun, before he was killed. Secretary of State Marco Rubio is set to testify about the strike in Venezuela that led to Nicolas Maduro's capture. In prepared testimony to the Senate Foreign Relations Committee, Rubio says the U.S. is not at war with Venezuela and its interim leaders are cooperating. But he says the Trump administration is not ruling out military action if those leaders don't meet expectations.
On Wall Street, all eyes will be on the Federal Reserve this afternoon. Bloomberg's Michael McKee is in Washington for the first rate decision of the year.
We are not expecting the Fed to change anything with its benchmark rates.
What warning did Trump give regarding Iran's nuclear talks?
The kind of key question for Wall Street is, what do they say about the future? Do they continue to include the phrase that in considering the extent and timing of additional moves in the Federal Reserve rate?
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