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Chapter 1: What is the main topic discussed in this episode?
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 Doug Krisner. The Trump administration is dismissing claims from Iran that there are no plans for inspectors to check out Iranian nuclear enrichment sites. Here is Secretary of State Marco Rubio.
We know what they agreed to. I don't know why they have to say the things they say. Whatever their internal or domestic politics is, I guess they'll navigate it. But we know what they agreed to do, and now they'll either do it or they won't.
That is Secretary of State Marco Rubio. Now, this dispute over nuclear inspections was sparked by a claim on Sunday from Vice President J.D. Vance that Iran had agreed to grant... the International Atomic Energy Agency, access to its nuclear sites. But Iran rejected that claim the following day. At the same time, the U.S. and Iran are at odds over what financial relief could look like.
President Trump said Iran would only be able to use funds released from frozen accounts to purchase food and medical supplies from the U.S. However, Iran says the funds would be used freely in whatever manner it deems appropriate. In Washington, the Republican-led Senate has voted to end the U.S. war with Iran, breaking with President Trump.
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Chapter 2: What are the latest developments in the US-Iran financial negotiations?
In Washington, Amy Morris, Bloomberg Radio.
On Wall Street, semiconductor stocks plunged to give in doubt about the durability of the AI-driven rally. This move began overnight in South Korea, where the KOSPI tumbled 10 percent. Local media reported memory chip maker SK Hynix was slowing expansion of its production and shifting emphasis to the cheaper DRAM chips. This report sparked worries over softer demand from AI data centers.
Now, shares in SK Hynix and rival Samsung each plunged more than 10%, and in the U.S., memory chip maker Micron tumbled 13%. Even so, Marianne Bartels, chief investment strategist at Sanctuary Wealth, tells us not every sector is hurting right now.
this is going to be a very specific type of correction that we have. It's not it's not going to be a broad based market type of massive sell off because you're seeing sectors rally or industry groups rally like the banks look good. Small caps. We haven't talked about small caps. Small caps are performing very well in this tape. Biotech is starting to break out.
That is Marianne Bartels, chief investment strategist at Sanctuary Wealth. Shares in SpaceX added 1% today, enough to snap a three-day losing streak. The company's market capitalization was about $2 trillion as of Tuesday's close. After the bell, FedEx posted quarterly earnings above expectations, and the company said profit would grow this year.
However, FedEx saw its profit margin for the past quarter decline to 8.4%, and the company warned of negative financial impacts due to changes in global trade policy. We got reaction from Peter McNally at Third Bridge.
The company has consistently found ways to unlock value, whether it be in cost-cutting, buying back stock, getting more efficient in terms of their CapEx, which has been also going on for years. But I would say the unique thing at this point in FedEx's history as an investment is that the expectations were quite high.
That is Peter McNally from Third Bridge shares in FedEx down about 5% in late U.S. trading. A divided U.S.
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Chapter 3: How is the Trump administration responding to Iran's nuclear claims?
appeals court is allowing the Trump administration to resume speedy deportations of undocumented migrants throughout the U.S. The court threw out a lower court decision that temporarily blocked the president from expanded use of expedited removal. That's defined as quick deportation without a chance to appear before a judge. Needless to say, this is a key win for President Trump.
His administration views the expansion of so-called expedited removal as a key tool for carrying out its mass deportation policy. It's primary election day in New York and Maryland, as well as a runoff day in South Carolina. In New York, a number of congressional races could be a test of Mayor Zoran Mamdani's political power.
The mayor has endorsed rivals to two Democratic incumbents, Dan Goldman and Adriano Espaillat. Now, Congressman Goldman is running against former New York City Comptroller Brad Lander, and we spoke earlier with Goldman.
Look, I think broadly, we generally agree on what the problems are. Life is just way too expensive for the vast majority of Americans. And we have to address the dramatic escalation in wealth inequality and the difficulty that so many people have in accessing opportunity in this country and the American dream.
That is New York Congressman Dan Goldman speaking on Bloomberg's balance of power. Now, Mayor Mamdani has also endorsed activist Daryliza Avelia Chevalier against Congressman Espaillat. There is also a crowded field to succeed retiring Congressman Jerry Nadler in his midtown Manhattan district.
This includes John F. Kennedy's grandson, Jack Schlossberg, and former never-Trump Republican-turned-Democrat George Conway. Also in this race is Michael Asher. Mayor Mamdani has not given any endorsement in this race. And in the interest of transparency, we should note that Michael Bloomberg has endorsed Michael Asher.
Michael Bloomberg is founder and majority owner of Bloomberg LP, the parent company of Bloomberg Radio. And we're also keeping an eye on primary races in Maryland. Governor Westmore is seeking reelection to a second term. He is facing a challenge from physician Eric Felber.
And the Republican governor's primary race features nine candidates, including former state delegate Dan Cox, who lost to Moore back in 2022. And there are 24 candidates vying for the House seat of retiring Representative Steny Hoyer, the former Democratic leader. They include former U.S. Capitol Police Officer Harry Dunn, who helped defend the Capitol during the January 6th attack.
And in the South Carolina runoff, Lieutenant Governor Pamela Yvette is facing State Attorney General Alan Wilson in the Republican governor's primary race. Now, President Trump has endorsed Yvette, although last week he said he'd be happy... if either candidate won. And that is news when you want it with Bloomberg News Now. I'm Doug Krisner, and this is Bloomberg.
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Chapter 4: What did the Senate vote to end the US war with Iran signify?
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. 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.
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