Stocks Rise on Iran Talks, Trump Drops Weaponization Fund, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. And that's your closing bell following a record day on Wall Street, thanks to President Trump's update on talks with Iran and renewed enthusiasm on AI. The Dow gained about a tenth of a percent of 46 points. The Nasdaq was up four tenths percent, adding 114 points. The S&P also ended 20 points higher, up a quarter percentage point. The 10-year Treasury yields at 4.45%, the two-year yields at 4.03%, and oil paired its rally with Brent crude up 4% at $95 a barrel, WTI jumped 5% to $92 a barrel. We'll have more on the war in just a minute, but first, bipartisan backlash has now pushed the Trump administration to drop its plans to pursue a controversial weaponization fund.
That $1.8 billion legal fund would have paid victims who claimed they were mistreated by the Biden administration, including January 6 rioters. It's still unclear whether this will affect the president's settlement with the IRS, which barred the agency from looking into his tax returns. But several GOP senators had recently threatened to hold up an immigration enforcement package and funding for Trump's ballroom if that fund wasn't dropped. Now on to the Middle East, where President Trump says Israel and Hezbollah have agreed to dial back fighting in Lebanon. Iran threatened to suspend peace talks with the U.S. today over that escalation, but the president says he talked to Israeli Prime Minister Benjamin Netanyahu and representatives from Hezbollah in separate calls and says there will be no troops going to Beirut.
Bloomberg's Galit Alstein has more now from Israel.
So this day started out with Benjamin Netanyahu saying that Israel would ramp up its military operations in Lebanon against Iran-backed Hezbollah. And he said that Israel would be attacking in Beirut, the southern suburbs of the Lebanese capital that have been off limits for Israel since about mid-April, when President Trump basically said that the Iran ceasefire would be copied
That's Bloomberg's Galit Alstein reporting from Israel. Trump now says talks with Tehran continue at a, quote, rapid pace. Meantime, investors are keeping an eye on the Middle East and the continued standstill in the Strait of Hormuz, which is keeping energy prices and inflation higher. David Bianco is America's CIO at DWS.
Conflict is expensive. Conflict is inflationary. Conflict is a signal of maybe this world being less cooperative than it used to be. That weighs on productivity and that weighs on potential for growth as well.
David Bianco with DWS on Bloomberg's Businessweek Daily. Senior government officials are warning Russia's President Vladimir Putin that spending on its war in Ukraine is on an unaffordable path. It's the most serious sign of internal division in Moscow since the start of its full-scale invasion in Ukraine four years ago. According to documents reviewed by Bloomberg, Russia's finance ministry and central bank have both advised the Kremlin that the current level of projected defense expenditure risks the government's budget deficit widening dangerously.
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