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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line.
Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
News when you want it. With Bloomberg News Now, I'm Doug Krisner. President Trump has called off military strikes against Iran planned for this evening. This was a sharp reversal from a vow Trump made just hours earlier when he said the U.S. would hit the Islamic Republic very hard and seize its oil infrastructure.
Now, the president cited a breakthrough in negotiations to end the war, and he's expecting an agreement to extend the ceasefire to be finalized over the next few days. Here is Trump.
We just made a great settlement of the war with Iran, and we're going to be subject to finalization of documents. We should get done over the next few days.
Now, Iran's semi-official news agency, Fars, said officials had not yet approved the text of any agreement with the U.S., and Israel said it was not a party to the memorandum of understanding. SpaceX is set to make history with the largest ever IPO. The company has raised $75 billion in this offering, pricing 555.6 million shares at $135 each.
Now, at that IPO price, SpaceX has a market value of $1.77 trillion. Incidentally, shares will begin trading in the public market tomorrow. Here is Bloomberg's Anthony Hughes.
Price is driven more by technical factors, supply and demand of the stock. And that's what we'll see tomorrow. We're going to see probably there's more demand than supply. And the stock, it seems to be a degree of confidence the stock's going to trade fairly well. But further out, as we go, as over time, people are going to look more at more fundamental factors for sure.
That is Bloomberg's Anthony Hughes. Now we are told far more than 20% of the available SpaceX stock was reserved for retail investors. Crude oil prices fell today after President Trump scrapped plans to strike Iran. In New York, trading WTI was down 2.6%. to 87.71. And that drop sparked a rally in equities. After a two-day slide, the S&P 500 rose more than 1.7%.
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Chapter 2: What recent decision did Trump make regarding military action in Iran?
Here is Liz Thomas, Chief Market Strategist at SoFi.
What this does today is remove one of those risks, remove some of the growth risk. If this was a prolonged war that really drove inflation to a sticky place and started to threaten growth in the economy later in the year, I think what we're seeing today is a reaction to that saying, OK, that's less likely now.
That is Liz Thomas, chief market strategist at SoFi, speaking earlier to Bloomberg. And the chipmakers rebounded today with the Philadelphia Semiconductor Index rallying by 7.9%. President Trump is nominating Jay Clayton to be the next director of national intelligence. We have more from Bloomberg's Amy Morris in Washington.
Jay Clayton has been serving as the top federal prosecutor in Manhattan and was chairman of the Securities and Exchange Commission during Trump's first term. The cabinet position oversees and coordinates 18 U.S. intelligence agencies. President Trump.
Jay Clayton's an incredible talent, head of Sullivan & Cromwell. He was head of the SEC. He's now Southern District. I mean, nobody has better credentials. But Bill will run it for sure. Well, he's done a fantastic job.
Trump's nomination of Clayton comes hours after the House failed to pass an extension of the Foreign Intelligence Surveillance Act, part of pushback over Trump's selection of Bill Pulte to serve as acting director of national intelligence. In Washington, Amy Morris, Bloomberg Radio.
In business news, Adobe reported better than expected quarterly results, backed by strong demand for its AI products. And at the same time, the company said its chief financial officer, Dan Dern, is leaving the company. Adobe is already searching for a new CEO to succeed Shatonu Narayan, who announced he will step aside from his post in March. Here is Gil Luria, analyst at D.A. Davidson.
The CFO job is in good hands until they find a long term solution. There's a very deep bench of executives at Adobe. They will be fine. They may decide to go externally. They have some great candidates internally. But clearly, investors right now are uneasy with transition at both of those positions.
Gil Luria there from D.A. Davidson. Shares in Adobe were down 5% in late U.S. trading. U.S. producer prices rose in May at the fastest pace in more than three years due to fallout from the war with Iran. PPI rose last month at an annual rate of 6.5%. Neela Richardson is chief economist at ADP.
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Chapter 3: How is SpaceX's IPO setting new records in the market?
My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics, change businesses. This is a really stunning development for the AI world. And how you think about your bottom line.
Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets. Chair Powell opened the door to this first interest rate cut. Impact politics.
Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.