Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Nathan Hager. Monday morning trading is underway on Wall Street on time. Despite the massive winter storm bearing down on the Northeast, that's 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 two-tenths of one percent, a drop of about 12 points.
The Dow Jones Industrial Average opens in the red by about three-tenths of 1%. That's a drop of about 160 points. And the Nasdaq Composite opens the week lower as well, down a tenth of 1%. We'll have more on what's impacting markets in a moment, but it is the weather making an impact this morning.
I'm sick of the winter. I don't want it to be all done.
That woman in New York City may sum up the sentiments of a lot of New Yorkers, but winter is not done yet. A powerful Northeaster has dumped 15 inches of snow on Central Park this morning. The city is under a travel ban through noon today. More than 10,000 flights canceled through tomorrow. Bloomberg meteorologist Rob Carroll is checking the snow totals.
Looks like we're going to find the highest totals from Long Island up across southeastern Massachusetts. Many areas have already had a foot. They're going to see at least 18 inches, if not more than that. As you move north and west, it's about 10 to 16 inches from much of the rest of the Tri-State area.
There'll be a few areas that do a little bit better than that just because of locally heavy bursts of snow.
Bloomberg meteorologist Rob Carolin says blizzard warnings remain in effect into New England through tomorrow morning. A blizzard on trade policy is underway after the Supreme Court's ruling against President Trump's emergency tariffs. This morning, the president posted on Truth Social that he can impose duties in a much more powerful and obnoxious way.
He's starting with a 15 percent global rate under the Section 122 of the Trade Act. Bloomberg's Brendan Murray has more.
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Chapter 2: What are the latest stock market trends at the opening bell?
In the meantime, Bloomberg's Brendan Murray reports the Trump administration is urging trade partners to stick to existing deals. The European Union is not. It is suspending ratification of its trade agreement with the U.S. while it seeks more clarity on the new tariff program. The European People's Party's lead trade negotiator told Bloomberg News they have no other option.
Then there are the negotiations between the US and Iran. The State Department has ordered non-essential diplomats out of the embassy in Lebanon ahead of the latest talks in Geneva this Thursday. The New York Times is reporting if diplomacy or an initial strike don't bring Iran closer to a nuclear deal... President Trump could consider a much bigger attack in coming months aimed at regime change.
Bloomberg's Jumana Bersetchi has more from Dubai.
We're very much a region on tenterhooks over here. Perhaps some progress on the potential for diplomatic windows since where we were on Friday. But at the same time, the fact that you have such a huge military buildup of assets in the region, Bigger than that prior to the Iran-Israel 12-day war last year suggests that military action is still very much on the table.
Bloomberg's Jumana Bersetchi reporting from Dubai. And it all comes ahead of President Trump's first State of the Union address since his return to office. That's set for tomorrow night at 9 p.m. Wall Street time. Our coverage begins at 8 on a special edition of Balance of Power with Joe Matthew and Kaylee Lines.
Catch it on Bloomberg Radio, Bloomberg Television, and at Bloomberg.com slash videos. The Supreme Court has agreed to hear an appeal from ExxonMobil and Suncor Energy in an industry bid to stop dozens of city and state lawsuits that blame oil companies for climate change.
The justices have agreed to review a ruling from the Colorado Supreme Court that said the city and county of Boulder could use state law to press a lawsuit against those two major oil companies. Back to the markets now. Fed Governor Chris Waller says tariffs won't play a role in whether he'd support another interest rate cut next month, but the labor market will.
He says he's waiting for another round of data on jobs and inflation.
If these data support the idea of an improvement in the labor market in January that continued into February, along with additional progress towards 2% inflation, that could result in my outlook turning a bit more positive, and my view of appropriate policy may tilt toward a pause at our upcoming meeting.
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Chapter 3: How is the winter storm affecting the Northeast's economy?
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth. The news doesn't stop on the weekends.
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