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Chapter 1: 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.
Chapter 2: 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.
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Chapter 3: 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. And for the Europeans, coming up with a collective response here that is both firm but also does not anger or too confrontational with the United States has been a very difficult path for them to follow. As you mentioned, the Danish foreign minister will be in Washington, D.C. on Wednesday.
So will the sort of foreign minister for Iceland. They, of course, would potentially be quite concerned as well from what they're hearing about Greenland and also the German foreign minister in D.C. today.
Bloomberg. Zolleykirk reports Germany is proposing a joint NATO mission on Greenland to try to tamp down President Trump's security concerns. Russia ramped up attacks on civilians in Ukraine after President Trump's efforts to end the war. That's according to the first assessment of 2025 casualties undertaken by European governments.
It says about 2,400 Ukrainian civilians were killed in Russian attacks last year. Another almost 12,000 were injured. Back on Wall Street, shares in banks with credit card businesses are slumping. That's after President Trump said those firms would be breaking the law if they don't heed his call to cap interest rates at 10% for one year.
Shares of Capital One Financial at the open are down more than 6%. Citigroup is down more than 3%. The Supreme Court has turned away a bid from Hertz Global Holdings to avoid paying bondholders more than $320 million. It's a case stemming from the rental car company's COVID-era bankruptcy. At the open, Hertz shares are lower by nearly 4%.
Meta Platforms has named a former Trump advisor, Dina Powell McCormick, to a newly created president and vice chairman role focused on AI strategy. Powell McCormick resigned from Meta's board last month. She served just eight months there. She will report directly to Meta CEO Mark Zuckerberg in her new position. That's news when you want it with Bloomberg News Now. I'm Nathan Hager.
This is Bloomberg.
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