Stocks Stall on New Iran Clashes, IAEA's Nuclear Warning, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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On Apple, Spotify, YouTube or wherever you get your podcasts. Now there it is, the sound of the opening bell from the floor of the New York Stock Exchange on this Wednesday morning. The S&P 500 at the open is little change to the downside, down about a tenth of 1% or about 10 points, trading right around the 7,600 level. The Dow Jones Industrial Average opens lower by about six-tenths of 1%, a drop of about 300 points. And the Nasdaq Composite is swinging between gains and losses at the open. It's right now little change to the downside. But oil prices are picking up again. Brent's up 1.3%, trading above $97 a barrel. West Texas Intermediate's close to $95 on a new surge in fighting between the U.S.
and Iran. Kuwait and Bahrain... have been caught in the crossfire, as we hear from Bloomberg's Paul Wallace in Dubai.
It seems to start off with the U.S. disabling, as it said, an empty oil tanker heading towards Iran's ports. That's part of the U.S. 's blockade of Iranian ports. Iran reacted by firing on ships in the Strait of Hormuz and on Kuwait and Bahrain. And whilst it didn't manage to hit military bases in those two countries, it did damage Kuwait's main airport. So it was pretty serious.
Bloomberg's Paul Wallace reports at least one person was killed at Kuwait's airport, but the U.S. says all of Iran's missiles missed their targets. President Trump says he's still hopeful for a deal. They've already agreed they're not going to have a nuclear weapon.
Have that? Oh, yeah. They've agreed to that. I mean, now they can change their mind, but that was one of the things they had to agree. They've agreed to that.
President Trump spoke on the Pod Force One podcast. Iran has long maintained it's never sought a nuclear weapon, but the International Atomic Energy Agency is warning that the risk is higher than it was a year ago that Iran is pursuing the bomb in secret. A new report from the U.N. 's nuclear watchdog says Iran's highly enriched uranium was subject to weekly inspections before the U.S. and Israel's air assault on Iran's underground sites last year. Now the U.N. report says that is no longer the case. Ukraine says its drones attacked St. Petersburg and Russian officials reported downing dozens of unmanned aircraft. That's as the city hosts Russian President Vladimir Putin's flagship annual economic forum.
They're still counting the votes in California's primary election, but at last check, it is shaping up to be a two-man race for governor. Between Republican Steve Hilton at 28 percent and Democrat Javier Becerra with 25 percent, Democratic billionaire Tom Stiers nipping at their heels with almost 20 percent. Jennifer Lawless is a politics professor at the University of Virginia.
This race has been up and down and all over the place for months. The Democrats didn't get the candidate that they expected when Eric Swalwell dropped out. And Becerra kind of resurrected himself from the dead. And so there's been a lot of uncertainty, a lot of late decision making. And I wouldn't count Tom Steyer out yet either, because there were so many votes cast on Election Day that we've got to be patient as they come in.
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