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Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump says the U.S. and Iran are making progress in peace negotiations while addressing Iran's frozen assets, which have been a major hurdle in talks. Trump says assets will remain under U.S. control and will only be available to buy food and medical supplies from the U.S. once they're released.
Bloomberg's Dan Williams has details.
Either side is talking up, but often in different directions. The US, the Trump administration, saying that unfrozen funds will be used for humanitarian purposes, perhaps even to buy soy products from the United States. But the spokesman for the foreign ministry in Tehran saying there would not be a limitation on how Iran uses those funds.
That, of course, will stir concern in the US, in the West, and indeed in the region, that some, perhaps all of that money, could go toward rebuilding Iran's military capacity, perhaps the capacities of Iranian allies like the Hezbollah militia in Lebanon.
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Chapter 2: What progress is being made in U.S.-Iran peace negotiations?
What we've seen over the course of the last three months with the Strait being closed, of course, has been a price hike in oil. But at the same time, it's also shown us that there's a reckoning going on right now between where we get our energy and where we should be getting our energy.
American Petroleum Institute President Mike Summers on Bloomberg's balance of power. President Trump said 19 million barrels of oil flowed out of Hormuz just yesterday, and he called that a record. But the International Energy Agency says pre-war levels were at 20 million barrels a day.
On Wall Street, tech stocks are dragging down indexes after a sell-off in Korean chipmakers stoked concerns about the sustainability of an AI rally. The Dow is up 0.2% right now, but the Nasdaq is down 1.4%. The S&P is down about 1% as well.
Chapter 3: How will Iran's unfrozen funds be utilized according to the U.S.?
The 10-year Treasury yields at 4.48%. The 2-year yields at 4.18%. And the dollar also touched the highest level since November today as traders cement views on the Federal Reserve hiking interest rates this year. Those tech stocks, by the way, are giving Wall Street a bit of an AI wake-up call. Bloomberg's Michael Ball tells us stocks like SK Hynix and Samsung both plunged 13 percent today.
It's positioning. People got ahead of themselves. I mean, they're really YOLO cowboys over there. They're totally leveraged up. They're chasing after two names. They've got a fundamental story that makes sense. And funny enough, the valuations aren't quite as crazy as you'd think, given the price moves.
But overall, when it's built on this much leverage, this much option buying, it has to eventually correct because the implied vol or how much you need to get basically compensated by is just unreachable.
Bloomberg's Michael Ball, Micron shares fell 11% ahead of reported earnings tomorrow, and shares of Nvidia are also down 2.9% this hour. Shares of SpaceX are rebounding up 5.5% right now as it gears up to sell investment-grade bonds for the first time to fund a massive borrowing spree for its AI ambitions. Robert Schiffman is a senior tech credit analyst for Bloomberg Intelligence.
Bondholders are going to welcome SpaceX with arms wide open. You know, nobody owns this deal, right? There's hundreds of billions of... AI-related tech bonds that have been issued this year. There's hundreds of billions of tech bonds outstanding. But this is an inaugural offering, so everyone's going to want a little piece.
Bloomberg's Robert Schiffman on Bloomberg Intelligence. He says the bond market's giving SpaceX the benefit of the doubt, despite shedding more than $600 billion in value over the last three sessions.
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Chapter 4: What are the implications of Iran's military spending with unfrozen assets?
President Trump just touched down in the swing state of Pennsylvania today, where he's set to visit a Mack truck facility in Allentown for his first major public event beyond the Capitol since signing an interim peace agreement with Iran. Trump's expected to address the conflict and higher gas prices ahead of midterms.
This comes, of course, as primary elections are underway in four states today, including New York. Senior congressional reporter Zach Cohen's covering some of those races for Bloomberg government.
I'm particularly interested in the race between Congressman Dan Goldman, who represents parts of Manhattan and Brooklyn, against Brad Lander, the New York City comptroller, who's backed by Mayor Zor-Mamdani, in sort of a key litmus test for where the party is, especially in New York, especially on issues like the U.S.
's support for Israel, and obviously not just in this war with Iran, but before that. in its pursuit of the destruction of Gaza since the October 7th attack by Hamas.
Bloomberg's Zach Cohen reporting, primaries are also happening in Maryland, Utah and South Carolina today. In World Cup action, a match between Portugal and Uzbekistan is now underway. Then later, England will face Ghana, Panama takes on Croatia and Colombia will go up against the Democratic Republic of the Congo. And that's News When You Want It with Bloomberg News Now.
I'm Monica Rick, and this is Bloomberg.
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.
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