Stocks Close Higher, Intel Slides on 1Q Miss, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bell for this Thursday on Wall Street where the cooling of geopolitical tensions, a rally in big tech and some solid economic data fueled gains in stocks. We do bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 38 points. NASDAQ gained 211 points.
How did stocks perform at Thursday's close and which indexes led gains?
The Dow is up 307 points. The 10-year Treasury yield at 4.25 percent, the two-year yield at 3.61 percent. And Intel shares are sliding now down more than 5 percent as its first quarter sales forecast missed estimates. Intel's lackluster forecast for the current quarter was caused by supply shortages, making it harder to meet customer demand. President Trump is suing JPMorgan Chase and its chief executive officer, Jamie Dimon, for at least $5 billion over allegations that the lender stopped offering Trump banking services for political reasons. Back in February, Dimon denied allegations of debanking.
We don't debank people because of the political religious affiliations. The rules and the requirements are so onerous and it does cause people to be debanked who, in my opinion, should not be debanked.
JP Morgan denied rejecting business on ideological grounds. EU lawmakers now expected to vote on ratifying the bloc's trade deal with the U.S. now that President Trump has walked back his latest threat to impose tariffs on European allies. The deal Trump struck with NATO Secretary General Mark Rutte paves the way for NATO to beef up security in the Arctic region. Secretary General Rutte.
We discussed how can we protect Greenland, how can we protect the wider Arctic region. And again, I think President Trump was the one who reinvigorated NATO at the summit in The Hague, was the famous 5%.
The issue of sovereignty was not on the table. NATO Secretary General Mark Rutte speaking with Bloomberg at the World Economic Forum in Davos. President Trump's pivot on Greenland has left many European allies questioning whether the U.S. can be trusted. Energy Secretary Chris Wright says they should not need to worry.
I think the rhetoric or the speculation was so over the top. It's going to be the end of NATO. The U.S. military is going to invade Greenland. These were never on the table.
Secretary Wright says he'll be in Venezuela in the next few weeks, meeting with government officials and oil companies, and that the U.S. will not provide security guarantees to those oil majors.
I'll go down to meet with government officials and look at the existing oil facilities down there.
Why did Intel shares slide after its first-quarter forecast miss?
We will definitely see a number of American oil and gas companies going down as well and investigating opportunities on the ground.
Wright spoke to Bloomberg surveillance on the sidelines of the World Economic Forum. Ukrainian President Vladimir Zelensky took a last-minute trip to the World Economic Forum in Davos, where he tore into Europe for its apparent lack of willingness to stop Russian President Vladimir Putin, now four years into the war.
Europe must do more so its sanctions block enemies as effectively as American sanctions. Why is that important? Because if Europe is not seen as a global force, if its actions don't scare bad actors, then Europe will always be reacting.
Zelensky accused European allies of lacking the will to act as a real global power. Argentinian President Javier Mele defended his country's economic ties with China, saying he really doesn't have a lot of choice.
And the way we see it, China is a great trading partner. It means a lot of opportunities for us to expand markets. So that is not any source of conflict.
Millais sat down with Bloomberg editor-in-chief John Micklethwaite on the sidelines of the World Economic Forum. Bank of America CEO Brian Moynihan criticized President Trump's proposal to impose a cap on credit card interest rates, saying it would slow consumer spending and make credit less available.
If you actually make this a policy, it can reallocate credit.
What is Trump suing JPMorgan over and how did Jamie Dimon respond?
That will slow down spending, it will slow down credit availability, and that might not be what you're trying to achieve.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:25
2
How did stocks perform at Thursday's close and which indexes led gains?
0:25–2:32
3
Why did Intel shares slide after its first-quarter forecast miss?
2:32–3:59
4
What is Trump suing JPMorgan over and how did Jamie Dimon respond?
3:59–5:55
Speakers
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