Stocks Drop, Oil Surges, Trump: No AI Guardrails with Xi, More
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What’s driving today’s volatile Wall Street opening and stock index drops?
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Thursday morning trading is underway on Wall Street on a morning that has already seen some pretty volatile action. That is the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, the S&P 500 is down a half percent, down nearly 40 points. The Dow Jones Industrial Average is lower by 0.3%. That's a decline of more than 150 points. And the Nasdaq Composite opens lower as well by about 0.75%. The 10-year Treasury Yield is down about a basis point at 5.09%. And Crude Oil is back on the rise this morning. We will get to what is driving all this action in just a moment. But all eyes are on Washington for the official kickoff of Chinese President Xi Jinping's state visit to the White House.
How is the upcoming state visit of China’s President Xi affecting U.S.–China relations?
The Chinese leader will get a formal welcome ceremony from President Trump and First Lady Melania Trump this morning after a rare tarmac greeting from the president when Xi's plane landed last night. In a Truth Social post this morning, the president said he does not expect any moves to put guardrails around artificial intelligence during his meetings with Xi today. The president wrote, our guardrail is the DOJ, but he didn't elaborate. The summit has already had at least one outcome, a two-month extension of the trade truce that the U.S. and China agreed to last year in Switzerland. Bloomberg's Tyler Kendall has more from Washington.
Not the three- to six-month extension that we had heard from the USTR Jameson Greer and not the two-year extension that we know that Beijing had been pushing for, which would have covered relations through the end of of President Trump's second term. Still, this is considered to at least be movement in the right direction. It means that stability in the US-China relationship is going to be the theme of Chinese President Xi Jinping's first state visit here to Washington
since 2015. Bloomberg's Tyler Kendall reports the two months will cover two more potential meetings for both leaders in China and Miami later this year. Tonight, a who's who of tech and finance leaders will be on the guest list for the White House state dinner. The South China Morning Post reports a small group of Chinese CEOs has arrived in Washington this morning. The report says they're still waiting to see if they're invited.
Why did President Trump say there won’t be AI guardrails in his talks with Xi?
Oil is surging this morning as Iran threatens to expand the war in the Middle East if the U.S. resumes attacks. This follows a defiant speech from Iran's president at the U.N. General Assembly and the first indirect talks in months between the U.S. and Iran on the U.N. sidelines. Bloomberg's Paul Wallace has more from Dubai.
The Iranians were pretty clear after that meeting between Aragshi and Wyckoff and Kushner that things hadn't changed much. They didn't get too excited in the aftermath of that meeting. They said that all Aragshi did was reiterate Iran's lines, Iran's stance. And, you know, number one on that list pretty much is that the U.S. has to lift its naval blockade of Iran. And then the president yesterday in his U.N. speech did that, too.
Bloomberg's Paul Wallace in Dubai and checking crude prices right now. Brent is up 2.2 percent above $105 a barrel. West Texas Intermediate's up 2.1 percent at around $94. Today, Israeli Prime Minister Benjamin Netanyahu addresses the U.N. General Assembly.
What’s behind the recent surge in oil prices and how might it impact fuel costs?
His office says he's on a tight schedule, has to return to Israel before the start of a Jewish holiday tonight. Netanyahu is due to meet with several world leaders today, but not President Trump.
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Chapters
6 chapters
1
What’s driving today’s volatile Wall Street opening and stock index drops?
0:00–1:20
2
How is the upcoming state visit of China’s President Xi affecting U.S.–China relations?
1:20–2:43
3
Why did President Trump say there won’t be AI guardrails in his talks with Xi?
2:43–3:50
4
What’s behind the recent surge in oil prices and how might it impact fuel costs?
3:50–5:27
5
How is Israeli Prime Minister Netanyahu’s UN address linked to the broader geopolitical picture?
5:27–6:47
6
Why is Oracle’s stock falling and what’s the story with its New Mexico data‑center project?
6:47–7:41
Speakers
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