Stocks Extend Gains, UAE Urges Diplomacy, Warsh Era Set, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Nathan Hager. The final trading day before a long holiday weekend is here, and stocks are on the front foot on this Friday morning. 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 higher by four-tenths of 1%, a gain of 30 points, adding to its record this morning. The Dow Jones Industrial Average is higher by a half percent, up about 300 points. And the Nasdaq Composite is up four-tenths of 1%. a gain of about 100 points. So stocks are set for their best weekly winning streak in three years with signs of progress in the Middle East. Bloomberg News has learned Pakistani Field Marshal Asim Munir is on his way to Iran as part of peace talks.
Sources tell Bloomberg News the United Arab Emirates is joining Saudi Arabia and Qatar in urging President Trump to give negotiations a chance. Secretary of State Marco Rubio says there's been slight progress.
I don't want to exaggerate it, but there's been a little bit of movement and that's good.
Secretary of State Rubio spoke at a NATO meeting in Sweden. Bloomberg's Paul Wallace reports the diplomatic push comes after a drone attack last weekend on a UAE nuclear plant.
It's saying the drones came from Iraq. Now, that's also a pretty interesting and potentially alarming development because it seems as if Iran's supported militias in Iraq are playing an increasingly important role in this war and are being used to carry out attacks on Arab states.
Bloomberg's Paul Wallace reports the U.S. Gulf allies are growing concerned that if hostilities resume, their economies will plunge into chaos. The Kevin Warsh era is set to begin at the Federal Reserve. Later this morning, President Trump will take part in a White House swearing-in for the former Fed governor. White House economic advisor Kevin Hassett says Warsh is the change the Fed needs.
The Fed has lost its way a little bit, that it's sort of... lost track of its mission, it's doing DEI stuff, climate change, and all that kind of stuff.
White House economic advisor Kevin Hassett told CNBC he hopes former chair Jay Powell leaves the Fed board soon so Warsh has full control. Bloomberg's Michael McKee reports the change Warsh has promised could be tough to deliver.
say productivity is going to be high so we can have lower interest rates. That's task number one. He wants a smaller balance sheet and possibly take us back to the era of scarce reserves the so-called corridor system. He doesn't like forward guidance. He wants members of the Fed to speak less and stop talking about where they think interest rates will go at the next meeting. And he's also going to be looking to import new and different kinds and hopefully better kinds of forecasting models into the Fed to try to get a better idea of where the economy is.
That's Bloomberg's Michael McKee. The swearing-in for Kevin Warsh is set for 11 a.m. Wall Street time. Catch live coverage on Bloomberg Radio and Television and the Bloomberg Business app.
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