Stocks Pause, Mamdani's House Sweep, Brent Below $75, More
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I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader.
Make decisions. A poor decision is always better than no decision.
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Cash trading is underway on this Wednesday morning on Wall Street and that is the sound of the opening bell from the floor of the New York Stock Exchange. At the open, the S&P 500 is up a tick, about a tenth of a percent higher, trading around 73.70. The Dow Jones Industrial Average is kind of swinging between gains and losses at the open, trading right around 51,600 for the Dow Jones level. And the Nasdaq Composite opens little change to lower, actually fluctuating between gains and losses on the tech-heavy index as well. We're going to get to what's driving this market in a moment, but reaction continues to pour in to New York City Mayor Zoran Mamdani's clean sweep in last night's congressional primaries.
When we think about what our country needs, as Meg said, We need an understanding of what Mr. Rogers would talk about all those decades ago. We need a good neighbor.
Mayor Mamdani spoke at the victory rally for Brad Lander. He defeated Democratic incumbent Dan Goldman last night and two other progressives with the mayor's backing won their races as well.
Republicans are already jumping on it. Mayor Mamdani is the leader of the Democratic Party and the establishment Democrats. Finally, we are seeing where the Democrats are going. Treasury Secretary Scott Besant on CNBC this morning.
University of Virginia politics professor Jennifer Lawless says Mamdani did flex his political muscle in New York City.
But when we look across the country, it's also very district specific. We saw a pretty establishment Democrat win in a very blue district in Utah. We saw an establishment Democrat win in the most competitive and most expensive primary in Maryland. So I think there's six of one and half a dozen of another.
And you can hear my full conversation with UVA politics professor Jennifer Lawless on the Bloomberg Daybreak U.S. edition podcast. Moderate Democrat Kate Conley won her race to challenge Republican Congressman Mike Lawler in November in a New York swing district. In the crowded race for retiring Jerry Nadler's House seat, Micah Lasher took the win there in the Democratic primary. Lasher was backed by his former boss, Michael Bloomberg, the founder and majority owner of Bloomberg Radio parent company Bloomberg LP. Now to the latest on peace talks with Iran. Crude oil is trading below $75 a barrel for the first time since the war began.
What is the current status of the stock market?
More ships are openly clearing the Strait of Hormuz. And in a social media post this morning, President Trump said he's been informed that Iran is not charging for transit through the Strait and won't be able to spend its unfrozen funds on anything but American food and medicine. Iran is disputing that. We get the latest from Bloomberg's Abir Abu Omar in Dubai.
The crux of this is essentially both sides wanting to come out with their own perspectives on this MOU or this agreement that is supposed to be temporary leading us into the next 60 days. At the heart of this is the Strait of Hormuz, for example. Yes, it is open. A trickle of movement is going through the water way more so than what we had seen over the past two, three weeks. And this is continuing to accelerate.
Bloomberg's Abir Abu Omar in Dubai and checking crude right now. Brent is down more than 4.5%, trading below $74 a barrel. West Texas Intermediate's just shy of $70. That's a drop of 4.4%. Iran and the U.S. are also sending conflicting messages about whether nuclear inspections are part of the deal, but the head of the U.N.
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