US-Iran Debate Frozen Funds, Senate Votes to Halt Iran War, More
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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.
More on that story from Bloomberg's Amy Morris in Washington.
On this motion, the yeas are 50, the nays are 48. The concurrent motion is agreed to.
The resolution already approved by the House requires the U.S. to cease hostilities against Iran unless Congress votes to authorize further attacks and does not allow the president to veto the resolution. It does not require the president's signature and does not carry the force of law, but it does reflect lawmakers' growing concern over how the war is being handled. Americans overwhelmingly opposed the war, with 69 percent saying it was not worth it and 78 percent saying the U.S. should end the conflict now.
What are the latest developments in the US-Iran relationship?
In Washington, Amy Morris, Bloomberg Radio.
It's primary night in New York, Maryland and Utah, and we have runoff races in South Carolina. And this, a call from the Associated Press. Alan Wilson, the state attorney general in South Carolina, has won the Republican nomination for governor. Wilson was in a runoff against Lieutenant Governor Pamela Yvette. Now, President Trump initially endorsed Yvette, but last week he said he'd be happy if either candidate won. In Maryland, the Associated Press says Governor Wes Moore has won the Democratic nomination for governor. 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%. 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.
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