US Fresh Strikes on Iran, NYC Building Unstable, More
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. The U.S.
What recent actions has the U.S. taken against Iran?
has launched a series of new strikes against Iran. Now, this action comes after three ships were attacked in the Strait of Hormuz, apparently by Iran. A gas carrier and a Saudi crude oil tanker were struck, and naval forces in the region reported a third attack on an unspecified tanker. Now, we know that Tehran has repeatedly said it will not allow vessels to transit the strait without its permission. Now these attacks prompted the U.S. Treasury to revoke a waiver allowing for the sale of Iranian crude oil. All of these developments have created a lot of uncertainty about the fate of a final peace deal between the U.S. and Iran. crews are working to stabilize a high-rise building in midtown Manhattan.
This is the former headquarters of the drug maker Pfizer at 235 East 42nd Street. This building is being converted into residential units. Now, earlier in the day, the fire department of New York received reports that bricks were falling, and at the same time, cracks had developed in multiple columns. and floors began to sag, leading to the evacuation of nearby office buildings and a school during the height of the morning rush. Here is FDNY Chief John Esposito.
So we have specialized tools that we can watch the building from and see movement even in centimeters or fractions of an inch. And since we arrived on the scene and put that in place, we have seen continual movement. It does mean that it is not yet stable. It is still a very serious and dangerous situation.
That is FDNY Chief John Esposito. Now, this development project is being led by the company Metroloft. CEO Nathan Berman said the structural concerns for that building are very small, and he said the incident will set back the timeline for the project, but at no time was the building at risk of collapsing. The stock market wrestled with the question of whether massive AI investments are justified. The chip makers were under particular scrutiny. Not even Samsung's record profit could stanch the bleeding. Its shares tumbled 9% in Seoul. And in the U.S. session, the Philadelphia Semiconductor Index lost more than 4.5%. Here is Jordan Jackson, global market strategist at J.P. Morgan Asset Management.
markets price off expectations. And the bar for these earnings expectations continue to move higher. These chip makers delivered stellar earnings. We're in a historic earnings cycle right now. But again, that bar has been set significantly higher. So it becomes more challenging for the markets to kind of keep pace with this earnings projection.
That is Jordan Jackson from JPMorgan Asset Management. Today, the NASDAQ 100 fell 1.8% on the same day SpaceX joined the index. SpaceX shares were down 6.8% today, while the S&P 500 fell four-tenths of 1%. The U.S. stock listing for SK Hynix is multiple times oversubscribed ahead of its pricing on Thursday. We are told the South Korean memory chip maker's offering has drawn strong demand from global long-only funds and technology-focused investors. Yesterday, SK Hynix began marketing nearly 178 million ADRs valued at about $28 billion. We go to Ankara, Turkey next where the NATO summit is underway. Member nations have agreed to at least $50 billion in defense industry deals as a way of showing President Trump that Europe is heeding his calls for more spending.
Now, some of the contracts do show that Europe is moving to locally source some equipment it previously bought from the U.S. Here is Bloomberg's Anne-Marie Hordern.
We know that instead of Boeing, they're going to Saab for some sort of aircraft. So there are going to be other manufacturers they bring into the fold. Because remember, this meeting is about trying to meet the target they set last year. And that was a 5% of GDP defense target. 3.5% going to all the hardware, ammunition, the tools you're going to need to build that industrial base, and then 1.5% the support, the bridges, the roads, the ports, when it comes about providing the infrastructure for a defense industrial base.
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