US Launches New Strikes on Iran, NYC Unstable Building, More
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices are higher at this hour after the U.S. launched a new series of airstrikes on Iran. These actions follow an Iranian attack on three vessels in the Strait of Hormuz. U.S. Central Command says the strikes were meant to impose heavy cost for targeting commercial shipping crewed by innocent civilians in an international waterway. And we got reaction from Jonathan Panikoff, senior director at the Atlantic Council.
I think for the Iranians, there's not a lot more leverage to be gained. They've gone from having one big piece in the nuclear weapons program to having two with control over the Strait of Hormuz. And for the U.S., it's not likely that any additional attacks are really going to have an impact on changing this new regime's mind or willingness to concede points that are already seen to be heavily in Iran's favor. So I think there's still a fairly good chance that you get to a moment of de-escalation. The problem is every time this happens, it gets a little harder to put it back in the box the next time and just to revert to the status quo.
That was Jonathan Panikoff from the Atlantic Council. Now, those Iranian attacks prompted the U.S. Treasury to revoke a waiver allowing for the sale of Iranian crude oil. Now, Iran says both the U.S. military operation and the waiver revocation were violations of that memorandum of understanding reached last month, and the Iranians have vowed to take decisive actions in response. In New York City, 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.
What recent actions did the US take regarding Iran?
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.
What were the implications of the Iranian attacks on commercial shipping?
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 J.P. Morgan Asset Management. Today, the Nasdaq 100 fell 1.8% on the same day SpaceX joined the index.
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