US Had 'Good Meeting' With Iran, Chip Stocks Climb, More
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AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash Tech London.
News When You Want It with Bloomberg News Now. I'm Doug Krisner. We begin at the U.N. General Assembly here in New York City. In a speech to the gathering, President Trump said he faces a choice on whether to make a deal with Iran or annihilate the Islamic Republic.
I can't imagine why they wouldn't want to do it. It's a greatness, potential greatness or obliteration. In one case, it's obliteration. And the other alternative is potential greatness. It could be a great country.
Later, Trump said U.S. officials had a very productive meeting with Iranian representatives, and he said another meeting is scheduled for the very near future. Axios reports today's meeting included U.S. envoys Steve Witkoff and Jared Kushner and Iran's foreign minister, Abbas Irachi. Here is Bloomberg's Becca Wasser.
Any type of engagement, I do think, is a positive thing forward. Just talking, being able to at least keep those lines of communications open. How else are you ever going to negotiate an end to a conflict if you're not talking? So having these discussions is a really useful thing.
That is Bloomberg's Becca Wasser. In the stock market today, the AI trade drove the Nasdaq composite to a fresh record with a gain of more than four-tenths of one percent, but the remainder of the market was mixed. The S&P 500 closed flat and the Dow Industrial Average slipped three-tenths of one percent. Here is Anastasia Amoroso, Chief Investment Strategist at Partners Group.
I do think the market has sort of climbed this wall of worry, has gotten over a lot of fears in the last couple of weeks, whether it's the AI slowdown fear, whether it's the rates fear, whether it's the oil fear. And now, especially as we sit here this week, it seems like oil prices are potentially coming back down. Maybe there's a deal in Iran. Maybe we get past the midterms. We will get past the midterms. And that in and of itself actually tends to lift market spirits. So I do think, you know, the path is set for stocks to move higher if we clear some of those uncertainties.
Anastasia Amoroso, Chief Investment Strategist at Partners Group. Chip stocks climbed for a sixth straight session. We had the Philadelphia Semiconductor Index rising 2% today. However, shares in big banks were down with the KBW Bank Index losing 2.4%. Now, some of that weakness was tied to breakthroughs of AI assistants like Meta's Muse. These agents have shown potential to disrupt businesses that benefit from so-called consumer inertia, the tendency to keep buying something out of habit even when a better alternative exists. Insurers and online travel agencies are other examples. Today, shares in all states fell 5.5%. Booking holdings lost 2.5% today. President Trump signed a security deal with Denmark and Greenland to end a bitter dispute over the Arctic island.
This agreement gives the U.S. permanent control over security and all other needs of the territory and it leaves the island under Danish sovereignty. President Trump said the U.S. will begin building two major military bases on the island. Anthropic CEO Dario Amadei and OpenAI chief Sam Altman are planning to hold a virtual briefing with the U.N. Security Council tomorrow on the future of AI. Today, President Trump dismissed calls for an international agreement to regulate artificial intelligence. Despite warnings, Trump said the U.S. will be able to mitigate any risk.
The United States also totally rejects any attempt to construct a globalist scheme to control for the artificial intelligence being spoken of so much now, here and after officially called superintelligence.
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