US Close to Interim Deal with Iran, SpaceX Historic IPO, More
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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 Monica Ricks. The U.S. and Iran may be closer to a deal than ever before. Pakistan's prime minister is now confirming both sides have agreed to a wording of an agreement aimed at ending the war and are now working to finalize it. Retired Vice Admiral and former Deputy Commander of U.S. Central Command Robert Harward tells us a deal is in Iran's best interest.
I think the economic embargo, the oil commerce that has dried up, all of that is driving Iran to a point where they need to capitulate. It's inevitable in my mind.
The U.S. has an interim peace deal that reopens the Strait of Hormuz and ends Iran's nuclear weapons ambitions could be signed within days. Meantime, CENTCOM says U.S. forces shot down multiple Iranian drones near the Strait yesterday as talks continued. They called it self-defense after Iran downed an Army helicopter earlier this week. Oil dropped 3 percent to end the week, and gas is a little cheaper this morning on hopes for a peace agreement with Iran. For now, though, Energy Secretary Chris Wright says roughly 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz. That's about half the volume left stranded there at the start of this war.
Certainly after an agreement is reached, you'll see free flow of traffic of all products out of the Gulf or whatever. You'll see that either way, if there is no deal with Iran, eventually we would restore that militarily full flow as well.
Wright tells Bloomberg the U.S. will fully reopen the waterway with or without Iran's help, but the two sides may sign a deal on the sidelines of the G7 summit next week. President Trump says the U.S. has killed the leader of a Venezuelan drug cartel known as Tren de Aragua. We get more on that from Bloomberg's Ed Kalecki.
The president says Nino Guerrero was killed in a strike that was coordinated with Venezuela. Trump designated the group as a terrorist organization as one of his earliest acts after returning to office last year. After starting in a prison in Venezuela over a decade ago, the organization spread across Latin America and entered the U.S.
What recent developments indicate the U.S. is close to a deal with Iran?
in part through its participation in human trafficking and undocumented migration. Some of its senior leaders are thought to be outside Venezuela.
Workers started removing President Trump's name from the Kennedy Center early this morning, hours after a court-ordered deadline to clear his name from the building. The Kennedy Center had requested more time due to thunderstorms. SpaceX ended its first day on the stock market at $2.1 trillion, making it one of the world's most valuable public companies and handing buyers of its IPO a 19% return. Data Trek research co-founder Nick Kolas says it's a big bet on Elon Musk.
This is a very expensive stock relative to any rational measure of value. But we're talking about Elon Musk, who has a tremendous track record of not just success, but convincing people that success is durable.
The IPO makes Musk the world's first trillionaire. He's now three times richer than his closest rival. Artificial intelligence giant Anthropic took its latest AI models offline overnight to comply with a directive from the Trump administration to prevent their use by foreign nationals. The company had just released Fable 5 this week. It was a limited version of Mythos, which the company had widely held back due to cybersecurity fears. And the Justice Department has cleared the way for Paramount Skydance to buy Warner Brothers Discovery.
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