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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.
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.
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Chapter 2: 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.
Bloomberg's Enda Curran tells us the numbers are likely to keep pressure on the Fed to raise interest rates this year. A record day for Micron technology today, with shares of the memory chip maker jumping 16 percent following its blockbuster forecast, projecting $50 billion in revenue. That's nearly $7 billion more than Wall Street forecast. Jake Silverman has been following Micron all day.
He's a semiconductors analyst for Bloomberg Intelligence.
Micron blowing out numbers is becoming less and less of a surprise and a little bit more of the expectation.
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Chapter 3: How did the oil market react to the attacks in the Strait of Hormuz?
Certainly, it was a little bit stronger than the street expected, given the reaction, although I don't think that's the whole story.
Jake Silverman with Bloomberg Intelligence there. He says Micron's CEO doesn't see a line of sight for supply catching up with demand through next year. Qualcomm was also up 3.7% today. The chipmaker forecasts annual sales of more than $15 billion over the next three years from AI components in data centers.
But Apple stock tanked 6.1%, the most in more than 14 months today, after raising prices on products including Macs and iPads. JPMorgan Chase has named Troy Rohrbaugh and Doug Petno as co-presidents following the abrupt departure of consumer banking chief Marianne Lake, which marks yet another twist in the race to succeed CEO Jamie Dimon. Bloomberg's Catherine Doherty reports.
The comments today from Diamond himself, he's saying that it marks an important step in the board's thoughtful process around succession planning.
Chapter 4: What are the implications of Iran's attack on commercial shipping?
Step? I don't know if I'm reading into that further than I need to. But it is supposed to be, I think, another signal of where things could go for the future of the biggest U.S.
bank. That's Bloomberg's Catherine Doherty on Bloomberg Open Interest. Diamond's eventual replacement has become one of Wall Street's favorite parlor games in the last decade. He's led J.P. Morgan since 2006. The U.S. is back in action at the World Cup tonight against Turkey. The match is until 10 p.m.
Eastern, but plenty of soccer to watch before then with Curacao now taking on the Ivory Coast and Ecuador's match against Germany now getting underway. Japan also plays Sweden tonight. Tunisia battles the Netherlands and Paraguay will take on Australia. And that's news when you want it with Bloomberg News Now. I'm Monica Ricks and this is Bloomberg.
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