Stocks Close Lower, EPA Revokes Climate Finding, ICE Ends Minnesota Surge, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. And there's a closing bell for this Thursday on Wall Street, where prices buckled across several asset classes as concerns over technology profits and weaknesses in commodities spurred losses in the stock market. We do bring you those closing numbers each day here at Bloomberg. The S&P 500 lost 109 points. That's about 1.6%. NASDAQ down more than 2%, losing 469 points. And the Dow down 1.3%. That's 669 points. The 10-year Treasury yield at 4.15%. The 2-year yield at 3.45%. Checking Bitcoin now, down 3.5%, around $65,000. The EPA has revoked a key scientific finding that supported U.S. regulations on greenhouse gas emissions. This decision rescinds a 2009 declaration that carbon dioxide and other gases endanger public health.
EPA Administrator Lee Zeldin calls it a major deregulatory action. President Trump says it will ultimately save money.
We are officially terminating the so-called endangerment finding. This action will eliminate over $1.3 trillion of regulatory costs and help bring car prices tumbling down dramatically.
Former EPA officials warn the changes will boost pollution and exacerbate health conditions like asthma, cardiovascular disease and urological development issues. White House Border Czar Tom Holman says the immigration enforcement surge in Minnesota is ending.
In success that has been made arresting public safety threats and other priorities since this surge operation began, as well as the unprecedented levels of coordination we have obtained from state officials and local law enforcement, I have proposed and President Trump has concurred that this surge operation conclude.
The decision marks a major step to de-escalate the operation that sparked protests and congressional scrutiny. A Saturday shutdown of the Department of Homeland Security is all but inevitable now. After the Senate failed to advance a funding bill, Republican Senator Shelley Moore Capito says more training for ICE could help resolve a lot of issues.
More cameras, more training, more... IG or inspectors, inspections. These improvements can be made. They're already built into the bill that the Democrats will not accept. And I think they're using this as a political statement. I think if we pull it out, it becomes even more polarized and more political.
The effects of a DHS shutdown will be minimal, with 92% of DHS employees remaining at work and activities essential to protecting life and property will continue. Venezuela plans to grant more oil production land to Chevron and Spain's Repsol as the Trump administration pushes for private companies to rebuild the nation's energy sector. Energy Secretary Chris Wright touts the partnership between the U.S. and Venezuela. They can bring capital. They can bring American technology and American can-do culture.
Americans are risk takers. Americans are innovators. They've got welcoming partners here.
America and Venezuela have been partners for many decades. Bloomberg's Anne-Marie Hordern is traveling with Secretary Chris Wright in Venezuela. Defense Secretary Pete Hegseth is blocked, for now, from penalizing Senator Mark Kelly over a video. Kelly appeared in the video in November, telling service members they can refuse illegal orders. Judge Richard Leon wrote, In response to the government's argument that Kelly is trying to exempt himself from the rules of military service. The judge says disciplinary action, including censure, cutting his retirement benefits and prosecution, are all a violation of Kelly's First Amendment rights. Republican Senator Tom Tillis rejected a suggestion that the Senate Banking Committee conduct its own investigation into Fed Chair Jay Powell.
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