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Chapter 1: What is the main topic discussed in this episode?
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.
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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.
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Chapter 2: 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. nuclear watchdog says he's not concerned.
There's a war of words here. Some say yes, the others say no.
Rafael Grossi, head of the International Atomic Energy Agency, says the interim peace deal clearly states there will be full monitoring of Iran's near-bomb-grade uranium at some point. Back in this country, former New York City Mayor Eric Adams, ex-chief of staff, has been arrested in an alleged bribery scheme.
Bloomberg News has learned Frank Caron, his brother, and two others are facing federal charges in an investigation focused on Caron's business dealings and his time at City Hall. The Democratic power broker has called corruption allegations against him baseless.
And the New York Times is reporting that federal agents and NYPD investigators searched the homes of several police officials this morning as part of a corruption probe into former Chief Jeffrey Madry. The report says those searches were unrelated to Caron's arrest. Back to the markets now. Gold is trading below $4,000 an ounce for the first time since November.
A stronger dollar, the prospect of higher interest rates have brought the shiny metals three-year bull run to a grinding halt today. The investor focus will turn to big tech earnings this afternoon when Micron Technology reports after the closing bell. The stock's up nearly 270% this year. Mandeep Singh with Bloomberg Intelligence says he's focused on the price of Micron's
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Chapter 3: What were the results of Mayor Mamdani's congressional primaries?
That hasn't seemed to happen, and that's where some of the assumptions are being tested.
Sandeep Singh of Bloomberg Intelligence said ahead of the earnings, Micron shares are up nearly 2% at the open. Broadcom is up more than 1%. That chipmaker just unveiled its first custom semiconductor with OpenAI designed to run the chat GPT makers models faster and about 50% cheaper. And shares of Wendy's are up 3%.
37 percent at the open no news behind this move but a now deleted post on the wall street bets subreddit urged members to quote save wendy's before it's too late at the world cup today scotland's looking for a historic breakthrough against five-time champion brazil tonight before that switzerland faces canada mexico and chechya are among the night caps that's news when you want it with bloomberg news now i'm nathan hager this is bloomberg
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