Stocks Whipsaw on Tech Volatility, Oil Rises, Iran Attacks, 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 Monica Ricks. And that's your closing bell on Wall Street with stocks ending mixed today thanks to a renewed wave of tech volatility. The Dow added 72 points, up about a tenth of a percent. The Nasdaq lost close to a half a percentage point, down 118 points. The S&P closed flat. The 10-year Treasury yields at 4.39%, the two-year yields at 4.1%. And oil is up more than 2% now, with Brent crude trading just over $75 a barrel, thanks to new attacks in the Strait of Hormuz. Senior U.S. officials confirm Iran attacked a Singapore-flagged cargo ship off the coast of Oman this afternoon, essentially testing its ceasefire with the U.S., which requires Iran to ensure the safe passage of commercial vessels in return for the U.S.
lifting its blockade. Earlier today, Secretary of State Marco Rubio met with Persian Gulf allies in Bahrain to address concerns about the war, including the vital waterway, which he says will remain toll-free.
How would that work? It's not doable. Because what's the consequence for not paying? Let's say a ship says, well, I'm not going to pay the fee. It's not like a toll on a road. You don't get a ticket in the mail. They get shot at. You shoot at one ship, you sink one ship, no other ship is going to move. So that sort of system is not only unwise, it can't happen, it's not even workable. So you might as well abandon the fantasy now.
Pakistani officials say initial peace talks are complete, but further talks are set to take place in Switzerland next week. Rubio also mentioned rescue efforts in Venezuela today following two major earthquakes and says American teams from L.A. and Virginia are on their way to help. Tomaso de la Longa is with the International Federation of the Red Cross and says they're looking for potential survivors who may be trapped under debris.
A lot of people who lost everything, even the Red Cross in Caracas has been affected. We have colleagues, we were talking a couple of hours ago with them, who lost their homes. Their families don't have any more homes.
What caused the recent tech volatility in the stock market?
They are themselves affected.
At least 188 people died in those earthquakes. Nearly 1,000 were injured. In Washington today, the U.S. Supreme Court handed down some major decisions, including a couple big rulings on immigration cases. The conservative majority rejected arguments of immigrant rights groups, allowing the Trump administration to block asylum seekers along the southern border. It also ended legal protections for Haitians and Syrians. Another ruling today shields Bayer from tens of thousands of claims that its Roundup herbicide should have been labeled a cancer risk, ending a decade-long flood of lawsuits that have cost the company more than $10 billion. And justices strengthened the constitutional right today to carry a gun.
That move strikes down a law in Hawaii that banned people from bringing firearms to stores and other private properties without the owner's permission. We expect even more decisions on Monday. U.S. consumer spending accelerated in May, even as prices rose at the fastest pace in more than three years, suggesting that Americans are powering through the fallout from the war in Iran. The Fed's preferred measure of inflation, the PCE price index, rose 4.1 percent last month from a year earlier. Bloomberg's Enda Curran has more on that from Washington.
These numbers, more or less in line, but certainly not where the Fed would want them to be, and it leans into this new hawkish narrative that we have.
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