US Blockade to Begin Wednesday, ICE Kills Man in Maine, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. The U.S. is ready to enforce a blockade of Iranian ports starting Wednesday. U.S. Central Command in a social media post says the military continues to support traffic moving through the Strait of Hormuz. saying that the blockade will impact vessels going to and from Iranian ports only. Iran says the agreement with the U.S. has, quote, undoubtedly entered a crisis phase. Rebecca Heinrichs of the Hudson Institute says now the military is in the driver's seat.
Very skeptical that the Iranians are anywhere near a place where they're going to negotiate in good faith. So even if there was anybody in the diplomatic channels working with the United States, those are not the people who are in the seat of command.
Rebecca Heinrichs of the Hudson Institute on Balance of Power. President Trump told Fox News he wants a 20% reimbursement on all other cargo shipped through the waterway, and oil prices extended their gains after Trump's comments. WTI now topping $77 a barrel. Brent crude topping $82 a barrel, both more than 8% higher. A standoff between the U.S. and Iran lifting those oil prices and dragging down stocks and bonds. We check markets for you all day long here at Bloomberg. The S&P 500 down 7 tenths of a percent. NASDAQ down 1.4% and the Dow down 3 tenths of a percent. The 10-year Treasury yield at 4.61% and the two-year yield at 4.26%. The Philadelphia Semiconductor Index is nearly 5% lower, with Micron being the biggest drag on the index, falling more than 5%, followed by NVIDIA and Marvell.
SK Hynix fell 17%, the biggest full-day retreat on record. Delta CEO Ed Bastian says Delta will do just fine with the international travel season looking healthy, but he says those higher oil prices will be here for a while.
I think oil is going to stay sticky for longer. I'm not sure it's going to be in crude, though. I think the refined costs or cracked spreads are where you're going to find it's going to take a lot longer for that to come down.
Here, our entire interview with Delta CEO Ed Bastian on the Bloomberg Talks podcast. Delta shares now more than 1% lower. A U.S. immigration officer shot and killed a person in Biddeford, Maine.
How will the U.S. blockade of Iranian ports begin and what limits does it place on shipping?
The Department of Homeland Security says the person who was killed, a 26-year-old Colombian man, tried to run agents over. Officials have not said what led to the encounter, nor have they provided any more details. The incident is under investigation by Maine State Police, the State Department of Public Safety, and the Office of the Attorney General. A group of about a dozen states plans a lawsuit to block Paramount Skydance from buying Warner Brothers Discovery. Paramount has responded, saying the challenge defies evidence-based antitrust enforcement and must be rejected. FCC Chairman Brendan Carr. For our part, we do have a piece of this with respect to some of the foreign investment, and we're running a standard process on that, and we haven't made a final decision there yet.
FCC Chairman Brendan Carr was a guest on Bloomberg Tech. The Justice Department has cleared the deal. It is still under review in Europe. Both Paramount and Warner Brothers shares nearly 3% higher. Fed Governor Christopher Waller says policymakers may need to raise rates in the near term if underlying inflation continues to signal broad price pressures. Waller emphasized the economy is in good shape and the labor market appears stable and consumer demand resilient. But he says monetary policy is at a crossroads.
I'm concerned about the equally plausible case that data in the coming weeks will show that inflation will remain at its elevated level or even trend higher. requiring tighter monetary policy in the near term.
Treasuries fell on Fed Governor Waller's comments that a near-term rate hike is possible. A federal appeals court says Canview, the maker of Tylenol, must face lawsuits claiming Canview hid alleged risks of autism in children if their mothers took Tylenol while they were pregnant.
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