Trump Talks Up Diplomacy, Chip Rout Deepens, More
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Next week on Leaders, with me, Francine Lacqua. I speak with investor and entrepreneur Amanda Stavely on the boldest deal of her career.
That was bold. That was brave.
Walking away from Newcastle.
It was the toughest decision I've made.
And what she's looking for in her next football club.
I just want a challenge, and that's what excites me.
Listen and watch Leaders with me, Francine Lacqua, on Bloomberg Television or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Karen Moscow. We begin with the latest on the war in Iran. The US and Iran are extending their pause in hostilities with the focus turning to talks between Tehran and Oman over restoring traffic in the Strait of Hormuz. President Trump says the talks are only happening because the US has been striking Iran.
We destroyed most of their drone manufacturing capability, their missile manufacturing capability. And right now they're talking to us about making a deal, but if we didn't do it tough, there would be no talk.
Despite President Trump's optimism, it remains unclear whether substantive negotiations are ongoing. Meanwhile, sources tell Bloomberg Oman and Iran are trying to reach an agreement to restart shipping through the Strait of Hormuz. Sources tell us Omani officials hope to make an announcement signaling progress in the next few days, although they caution there is no guarantee. Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with President Trump in Washington today. Netanyahu says he plans to press Trump to keep a constant watch on Iran's nuclear program. The two are scheduled to meet at 11 a.m. Wall Street time. Ahead of that, the president is expected to visit with Ukrainian President Volodymyr Zelensky.
Both leaders are in Washington to attend funeral services for the late Senator Lindsey Graham. Satellite imagery shows damage to two Amazon data centers in Bahrain, supporting Iran's claims last week that it struck the sites with missiles. The Islamic Revolutionary Guard Corps alleges that they were targeted because of Amazon support for U.S. military operations. In Europe, French authorities ordered nearly 4,000 people evacuated from tourist sites on France's Atlantic coast as returning heat threatened firefighters' fragile hold on a vast wildfire west of Bordeaux. The order underscored a wildfire emergency of exceptional scale across southwestern Europe. Fires in France and Spain have forced roughly 330,000 people to evacuate.
Spain braced for its fourth heat wave of the summer, with several blazes still out of control, including its largest on record. There are developments on President Trump's overhaul of mail-in voting. The Justice Department is asking the Supreme Court to let officials move ahead with the overhaul ahead of the midterm elections. The move comes after a federal appeals court had ruled against the government over the weekend. Now to the chip sell-off that's weighing down markets this morning, just as some of the Mag7 are getting ready to report earnings.
How is the US-Iran pause in hostilities evolving and what talks are underway?
We get more with Bloomberg's John Tucker. John.
And good morning, Karen. Yeah, you can pin the sell-off on competition from China. It looks like they're making progress on developing advanced chips. Skittish investors have dumped many of this year's biggest AI winners and then toss into the mix the fears over circular spending. NVIDIA, $750 billion in AI infrastructure deals. That has investors worrying over debt levels. And for anybody thinking about buying the dip, a word of caution from Steve Sosnick at Interactive Brokers.
Even though that strategy has worked more or less perfectly for the better part of several years, it doesn't always work, and it doesn't work in every stock every time.
Asia's benchmark headed for a correction. Traders are rotating into consumer stocks and other sectors. All happening as we get earnings this week from Microsoft, Meta, Apple, and Amazon.
Why does President Trump say US strikes prompted Iran-Oman negotiations over the Strait of Hormuz?
In New York, I'm John Tucker, Bloomberg Radio.
All right, John, thank you. Meta and BlackRock will establish a joint venture to develop a data center campus in El Paso, Texas.
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