Stocks Fall on Fed Pressure, Paramount Sues Warner Bros., 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 Nathan Hager. New trading week is underway on Wall Street with new pressure on markets. That was the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, the S&P 500 is lower by four tenths of one percent, a drop of about 30 points. The Dow Jones Industrial Average is down more than 300 points at the open.
What are the latest market trends affecting Wall Street?
That's a drop of six-tenths of one percent. And the Nasdaq Composite is lower by four-tenths percent, down about 90 points to start this new week. So stocks and treasuries are under pressure as well with the 10-year up about two-and-a-half basis points to 4.19 percent with new legal pressure on the Federal Reserve.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.
In a video statement out last night, Fed Chair Jay Powell said the threat of criminal charges comes as the central bank faces ongoing threats from the Trump administration over interest rates.
We get more from Bloomberg's Michael McKee. It makes no strategic sense for the president, and so one has to wonder if this was just something done freelance by the U.S. attorney in Washington, Jeanine Pirro. One of those kind of, will no one rid me of this medal, some priest moments.
That's Bloomberg's Michael McKee reporting. Now, sources tell Bloomberg News the head of the Federal Housing Finance Agency, Bill Pulte, was a driving force behind the subpoenas. Pulte says that's outside his purview.
Obviously, I would never talk about anything that the president and I talk about. I would say this, that the president is laser focused on housing affordability and reversing what has happened these last four years.
FHFA chief Bill Pulte was a guest on Bloomberg surveillance. Sources tell us other Trump allies are worried these subpoenas could discourage Powell from leaving the Fed once his term as chair ends in May. Powell could stay on as a Fed governor until 2028. Breaking news in the Warner Brothers discovery bidding war. Paramount Skydance is suing as its hostile takeover bid against Netflix gets even more hostile. Bloomberg's Caroline Hyde has more.
What they're worried about ultimately is that the shareholders aren't going to get the ultimate say. They're trying to once again convince that their unchanged $30 offer is still more tantalizing than that of Netflix's. They're trying to attribute really saying that there is a $0 offer. equity value for global networks. And that is the main thesis.
Bloomberg's Caroline Hyde reports Warner's board has repeatedly urged shareholders to reject Paramount's hostile bid and stick with its existing deal with Netflix. At the open, Paramount's Skydance shares are little changed, but Warner Brothers Discovery is down one and a half percent. Netflix is higher by nearly one percent. President Trump says he's weighing options on Iran, including the military, as violent protests in that country enter a third week. The president says Iran's leaders want to negotiate.
I think they're tired of being beat up by the United States. A meeting is being set up. But we may have to act because of what's happening before the meeting.
That was President Trump aboard Air Force One last night. Golnar Motavali heads up Bloomberg's Iran coverage.
This is the biggest threat to the Islamic Republic since the 1979 revolution. The last thing we saw as big as this and as violent was the 2022 Women Life Freedom protests.
How is the Federal Reserve responding to legal pressures?
But this is much more broader.
Bloomberg's Goldnar Motavalli reports more than 540 people have been killed, more than 10,000 others placed under arrest since the unrest began on December 28th. This could be a decisive week for Greenland. Top diplomats from Denmark and its semi-autonomous territory are getting set for high-level talks in Washington. Bloomberg's Oliver Crook has more from Brussels.
This is clearly something that the Trump administration and Donald Trump is not letting go.
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