Stocks Fall at Open After GDP, Oil Holds on Iran Warning, More
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What economic data influenced stock market performance at the opening?
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News when you want it with Bloomberg News Now. I'm Karen Moscow. Data showing the world's largest economy grew at a weaker than anticipated pace as driving stocks lower at the open with separate figures showing stubborn inflation pressures. The S&P 500 down a quarter percent. The Dow Jones Industrial Average down a third of a percent. The Nasdaq down a quarter percent.
How did GDP figures impact consumer spending and inflation?
Ten-year Treasury yield at 4.07 percent. And we get more on the data with Bloomberg's Michael McKee.
The number getting, of course, all of the headlines is GDP because it came in significantly lower than anticipated at 1.4%. Consumption fell off, and we see that reflected in those spending numbers. Business spending did rise, most of that for software and intellectual property, AI, I guess. Inventories and trade contributed only a fraction to the numbers this time. But the big question is what happened with the government shutdown. The BEA says the government shutdown cost one percentage point to GDP.
And that's Bloomberg's Michael McKee. Consumer spending decelerated to a 2.4 percent pace.
What are the implications of the recent government shutdown on GDP?
Meanwhile, the Fed's preferred measure of underlying inflation. Known as the Core Personal Consumption Expenditures Price Index, rose 0.4% in December, the most in nearly a year. On an annual basis, the Core PCE, which excludes food and energy, climbed 3% compared to 2.8% at the start of 2025. Meanwhile, U.S. consumers are seeing lower egg prices due to a glut of eggs after producers ramped up production to meet last year's demand. Consumer prices have fallen to their lowest levels in two years, squeezing farm margins and pushing some operators below break-even. Oil holding near a six-month high after President Trump warned Iran had 15 days at most to reach a deal over its nuclear program as the U.S.
assembles a vast array of forces in the Middle East. Bloomberg's Mike McGlone says it's hard to know how high oil prices will go.
We don't know exactly what's going to happen.
How are oil prices affected by geopolitical tensions with Iran?
Will there be a sustained supply destruction? Probably not. Will there be some kind of action? Probably. You don't move an armada there like that and not do anything. But the bottom line is every time we have these pumps due to potential risks of supply curtailment in the Middle East, it pumps up prices to the upper end of the range. The Western Hemisphere, mostly the top producers on the planet now, which is U.S., Canada, and all the way down to Argentina, sell forward on the curve. They bring on more supply, rinse and repeat. The prices go back down. So to me, it's just a question of how high we go.
What is the current state of consumer prices and inflation trends?
And I think we're in that point of putting in the peak. It's just hard to trade it when you have such uncertainty.
And that's Bloomberg's Mike McGlone. Currently, NYMEX crude oil is at $66.14 a barrel. It's lower, down four-tenths of a percent. Brent is down about half percent at $71.34. President Trump is shifting his messaging on cost of living concerns as he prepares for his State of the Union address next week. As Bloomberg Government's Maeve Sheehy reports, the president now says he's won affordability.
Affordability has been kind of a number one messaging issue for both parties at this point. Democrats especially are trying to seize on it more after kind of some big losses in 2024.
How is President Trump's messaging shifting regarding cost of living?
They see this as their best shot to win back some of the seats they lost in 2024. But Trump is kind of downplaying it and saying, you know, affordability is not the biggest issue here because he's already essentially solved it.
And that's Bloomberg Government's Maeve Sheehy, who says it's a change in tone on an issue the president has called a Democratic hoax in the past. Police continue their search of the former home of Andrew Mountbatten-Windsor, a day after the former prince was held in custody for the best part of 11 hours on suspicion of misconduct in public office linked to his friendship with the late convicted sex offender Jeffrey Epstein.
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Chapters
7 chapters
1
What economic data influenced stock market performance at the opening?
0:00–0:51
2
How did GDP figures impact consumer spending and inflation?
0:51–1:37
3
What are the implications of the recent government shutdown on GDP?
1:37–2:32
4
How are oil prices affected by geopolitical tensions with Iran?
2:32–3:02
5
What is the current state of consumer prices and inflation trends?
3:02–3:42
6
How is President Trump's messaging shifting regarding cost of living?
3:42–5:07
7
What recent developments are occurring in the investigation of Prince Andrew?
5:07–8:13
Speakers
8 identifiedMore from Bloomberg News Now
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