Oil extended declines after President Donald Trump said a peace deal with Iran could be signed as soon as the weekend following two days of US military strikes that cast doubt over progress to end the war. West Texas Intermediate fell almost 3% at the open toward $85 a barrel after closing 2.6% lower on Thursday. Brent settled near $90. Trump vowed to hit Iran again and threatened to seize its oil...
Oil extended declines after President Donald Trump said a peace deal with Iran could be signed as soon as the weekend following two days of US military strikes that cast doubt over progress to end the war. West Texas Intermediate fell almost 3% at the open toward $85 a barrel after closing 2.6% lower on Thursday. Brent settled near $90. Trump vowed to hit Iran again and threatened to seize its oil infrastructure , before announcing attacks were off and a deal was close, without confirmation from Tehran. The US president has previously insisted an agreement with Iran was within reach dozens of times, but none has yet materialized. The war has led to the near-total closure of the Strait of Hormuz , choking off crucial supplies of crude, fuels and natural gas to global customers, while stoking inflation. Iran has not yet approved any text for an agreement with the US, the semi-official Fars news agency reported. The American military launched strikes against the Islamic Republic early Thursday after Trump accused the country of dragging out talks on an interim peace deal. Trump told reporters in the Oval Office that a signing could take place as soon as this weekend in Europe and that Vice President JD Vance would attend if it materializes. He also said Iran’s supreme leader had agreed to a deal, though he cautioned the pact was not finalized. To get Bloomberg’s Energy Daily newsletter in your inbox, click here . WTI for July delivery was 2.5% lower at $ 85.50 a barrel at 6:04 a.m. in Singapore. Brent for August settlement closed 2.9% lower at $90.38 a barrel on Thursday.
AMC Entertainment (NYSE:AMC), which operates movie theaters worldwide, closed Thursday at $2.29, up 9.86%. The stock moved higher after news broke that AMC completed a $150 million at-the-market equity offering. Investors are watching to see whether stronger box-office trends sus
AMC Entertainment (NYSE:AMC), which operates movie theaters worldwide, closed Thursday at $2.29, up 9.86%. The stock moved higher after news broke that AMC completed a $150 million at-the-market equity offering. Investors are watching to see whether stronger box-office trends sus
Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world's first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his...
Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world's first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses. While admirers view Musk's no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions.
Stocks in Asia were set to advance Friday, tracking a rally on Wall Street after President Donald Trump said the US was nearing an agreement with Iran, raising hopes for a diplomatic end to a conflict that has rattled global markets. Equity-index futures for Japan, Australia and Hong Kong pointed to gains at the open. Contracts on US stocks edged higher after the S&P 500 rose 1.8% and the Nasdaq 1...
Stocks in Asia were set to advance Friday, tracking a rally on Wall Street after President Donald Trump said the US was nearing an agreement with Iran, raising hopes for a diplomatic end to a conflict that has rattled global markets. Equity-index futures for Japan, Australia and Hong Kong pointed to gains at the open. Contracts on US stocks edged higher after the S&P 500 rose 1.8% and the Nasdaq 100 jumped 3.3% on Thursday. The Philadelphia Semiconductor Index surged nearly 8%, leading a broad risk-on move across technology shares. SpaceX raised $75 billion , making history with the biggest-ever IPO. West Texas Intermediate crude fell 2% in early trading after Brent oil slid over 4% on Thursday as Trump pulled back threatened military attacks against Iran, citing “discussions” that “have been brought to the highest level of Iranian leadership” for a negotiated end to the war. He said a signing could take place as soon as this weekend in Europe with Vice President JD Vance in attendance. Treasuries rallied on Thursday, sending yields lower across the board, as oil dropped. The dollar also weakened broadly. The latest push for a deal has buoyed risk sentiment by raising hopes that a widening Middle East conflict can be avoided and attention shifted back to strong earnings and the AI-driven rally. Investors see a de-escalation as removing a major source of uncertainty for markets and reducing the threat of energy-supply disruptions that have driven volatility in oil. “While the path toward a resolution is likely to be uneven, our base case is that diplomacy ultimately prevails, allowing investors to refocus on resilient economic fundamentals and robust earnings growth,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office. Trump’s pullback of threatened military strikes against Iran was a stark reversal that came just hours after he vowed to hit the Islamic Republic “VERY HARD” and threatened to seize its oil infrastructure. Asked whether Iran’s supreme leader...
Andy Andrews/DigitalVision via Getty Images June 11th seems to be a day that fate has determined will be forever important for Dana Incorporated ( DAN ). Last year, on June 11th, news broke that the company decided to sell off its Off-Highway segment in a transaction worth $2.7 billion. This was part of the company's transformation toward a leaner operation focused on long-term growth in core cate...
Andy Andrews/DigitalVision via Getty Images June 11th seems to be a day that fate has determined will be forever important for Dana Incorporated ( DAN ). Last year, on June 11th, news broke that the company decided to sell off its Off-Highway segment in a transaction worth $2.7 billion. This was part of the company's transformation toward a leaner operation focused on long-term growth in core categories. Fast forward exactly a year to the day, and on June 11th of 2026, news broke that Dana Incorporated has agreed to combine with Eaton Mobility, which is part of Eaton Corporation ( ETN ). This is a massive transaction and will, according to management, pave the way for even greater shareholder value creation in the years to come. However, the market hated this development, sending shares down 15.3% in response to the news. I understand why the market is displeased with this development. However, I don't view this in the same light. At worst, I see this as a neutral transaction. And at best, it does offer the opportunity for a bit of additional upside for shareholders in the long run. I have long been bullish about Dana Incorporated, and that bullishness has paid off. Since I last reaffirmed the company as a Strong Buy candidate back in June of last year, shares have rallied 76.3%. The S&P 500 is up 21.4% in that same window of time. And since I originally upgraded it to a Strong Buy in February of 2025, the stock has jumped 93.6%. That dwarfs the 20.1% increase that the market experienced. Even after this big move higher, I would argue that further upside potential exists. And I am not ready to downgrade it just yet. A Transformative Move Dana Incorporated Before the market opened on June 11th, the management team at Dana Incorporated announced that it has decided to combine with Eaton Mobility, which is a subsidiary of Eaton Corporation that serves as a provider of mission-critical and safety-critical engineered solutions involving the commercial and light vehicle m...
Detectives ‘keeping an open mind to the motivation’ of Tuesday’s attack, but believe there is no further threat to the public Police have confirmed that a counter-terrorism unit is leading an investigation into three stabbings at a school in Manchester. A 14-year-old girl was arrested after two students and a staff member were stabbed at the Co-op academy in Blackley on Tuesday morning. Continue r...
Detectives ‘keeping an open mind to the motivation’ of Tuesday’s attack, but believe there is no further threat to the public Police have confirmed that a counter-terrorism unit is leading an investigation into three stabbings at a school in Manchester. A 14-year-old girl was arrested after two students and a staff member were stabbed at the Co-op academy in Blackley on Tuesday morning. Continue reading...
JHVEPhoto/iStock Editorial via Getty Images Amgen ( AMGN ) has procured the services of the Duke Clinical Research Institute, a unit of the Duke School of Medicine, to re-evaluate data from its anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis drug Tavneos (avacopan) as the US FDA is considering pulling the therapy from the market. The biopharma made the revelation in a June 1 ...
JHVEPhoto/iStock Editorial via Getty Images Amgen ( AMGN ) has procured the services of the Duke Clinical Research Institute, a unit of the Duke School of Medicine, to re-evaluate data from its anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis drug Tavneos (avacopan) as the US FDA is considering pulling the therapy from the market. The biopharma made the revelation in a June 1 letter to the agency's Center for Drug Evaluation and Research posted on Thursday. In February, Duke began "an independent and fully blinded re-adjudication of primary endpoint results from the ADVOCATE study," per the letter . In April, the FDA proposed withdrawing Tavneos due to safety concerns with Tavneos given potential manipulation of data. CDER identified 76 cases of serious drug-induced liver injury, including vanishing bile duct syndrome associated with Tavneos. "We will review the findings carefully and continue engagement with regulators, investigators and the healthcare community as appropriate," an Amgen spokesperson told Bloomberg , which was the first to report the development. More on Amgen Amgen Inc. (AMGN) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript Amgen: Time For An Upgrade? Yes, I Think So Amgen Inc. (AMGN) Presents at Jefferies Global Healthcare Conference 2026 Transcript Amgen wins EU approval for Imdylltra in small cell lung cancer Amgen announces CFO transition
JHVEPhoto General Motors Defense ( GM ) announced on Thursday it won a $143M firm-fixed-price U.S. Army contract for infantry squad vehicles and winch kits. Following the deal, the total cumulative value of the contract reaches $623.8M. The work locations and funding will be assigned separately under each order, with an estimated completion date of June 24, 2027. The contract is awarded by Army Co...
JHVEPhoto General Motors Defense ( GM ) announced on Thursday it won a $143M firm-fixed-price U.S. Army contract for infantry squad vehicles and winch kits. Following the deal, the total cumulative value of the contract reaches $623.8M. The work locations and funding will be assigned separately under each order, with an estimated completion date of June 24, 2027. The contract is awarded by Army Contracting Command. More on General Motors Optimism For General Motors Shares Contains A Flaw: The United Auto Workers Union General Motors: The Q2 Setup Looks Too Good To Ignore General Motors: A Compelling Valuation Story Despite Macro Volatility General Motors pivots battery strategy, puts LMR ahead of widely used LFP - report General Motors ramps up energy storage to power AI data center growth
The stuck narrator records the minutiae of the forest and her harrowing life in a purposeful novel that demands a slow read but doesn’t always reward it A large branch falls to the forest floor one morning. Moments later, a woman named Nellika returns to consciousness. “Belly-down, cheek jammed against dirt, trunks horizontal, the track’s edge a disorienting vertical. She had opened her eyes to th...
The stuck narrator records the minutiae of the forest and her harrowing life in a purposeful novel that demands a slow read but doesn’t always reward it A large branch falls to the forest floor one morning. Moments later, a woman named Nellika returns to consciousness. “Belly-down, cheek jammed against dirt, trunks horizontal, the track’s edge a disorienting vertical. She had opened her eyes to the world on its side.” The branch struck her across the back, and now she is trapped, in great pain. “How could it be a tree that had done this to her?” she wonders. This event inaugurates the two timelines of Ilka Tampke’s new novel, How to Love the World. The first is the slow tick of the clock; subheadings record the time as it passes, with the tension of the novel achieved through the slow unfurling of this day. Will Nellika be able somehow to free herself? Will a prince appear? The novel is narrated in a very intimate third person, so there are no hints to the reader whether or not this is a survivor’s tale. I won’t puncture that suspense here. Continue reading...
One Forgotten Housing Supply-Side Lever Could Unfreeze Affordability Rental affordability remains far superior to mortgage affordability, with the U.S. 30-year fixed mortgage rate trending around 6.5% in early June. With home prices still at record highs, last week's housing report showing sellers pulling listings at a near-record pace as buyers balk at prices is yet another warning sign that the ...
One Forgotten Housing Supply-Side Lever Could Unfreeze Affordability Rental affordability remains far superior to mortgage affordability, with the U.S. 30-year fixed mortgage rate trending around 6.5% in early June. With home prices still at record highs, last week's housing report showing sellers pulling listings at a near-record pace as buyers balk at prices is yet another warning sign that the frozen housing market remains well intact. The Trump administration's affordable housing strategy focuses on market deregulation, expanded homeownership, stricter citizenship requirements for federal housing assistance, and Fannie Mae and Freddie Mac purchasing $200 billion of their own mortgage-backed securities to artificially lower mortgage rates and increase home affordability. Even with all that, the housing market remains locked in a deep freeze into early summer, as the math for prospective homebuyers just does not add up , largely due to a housing shortage. JPMorgan analysts recently said that the current housing shortage of around 2.8 million homes could take about 10 years to resolve. That is simply not enough time for the Trump administration to make good on its promise to unfreeze the market, as younger generations are forced into rentals. But there is good news: Goldman analysts led by Arun Manohar outlined that manufactured housing remains one of the most underused affordability tools , as the estimated housing shortage is well north of 3 million and as high as 4 million homes. Manohar pointed out that shipments of manufactured homes averaged about 265,000 units annually before 2000, but plunged to around 80,000 per year since 2010 after the 1990s boom ended in delinquencies, tighter lending standards, and more zoning restrictions. " One approach for increasing the supply of homes at more affordable price points is to promote access to manufactured housing ," Manohar wrote in the report last week. Manufactured homes now account for about 6% of owner-occupied U...
The decision by US President Donald Trump and Israel Prime Minister Benjamin Netanyahu to wage a surprise war on Iran, and the global energy crisis triggered by its retaliation, has damaged two-thirds of the world’s economies . This from the World Bank, which on Thursday cut its outlook for growth in part because of the war’s disruption of commodity flows and rising import costs. The global econom...
The decision by US President Donald Trump and Israel Prime Minister Benjamin Netanyahu to wage a surprise war on Iran, and the global energy crisis triggered by its retaliation, has damaged two-thirds of the world’s economies . This from the World Bank, which on Thursday cut its outlook for growth in part because of the war’s disruption of commodity flows and rising import costs. The global economy will expand 2.5% in 2026, it said, the slowest pace since the Covid-19 pandemic caused a global recession in 2020. “This is the biggest supply shock in more than 50 years,” said Chief Economist Indermit Gill. “If the conflict persists, the next thing that will be affected is food prices.” The bank said risks to its outlook are skewed to the downside. Global growth could fall to 1.3% this year if “energy supply disruptions prove more severe than assumed and are accompanied by substantial financial stress.” What You Need to Know Today SpaceX has made history with the biggest-ever initial public offering, launching it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world’s first trillionaire . The company raised $75 billion in the IPO, pricing 555.6 million shares at $135 each, according to a statement on its website Thursday. SpaceX’s IPO is more than double the size of Saudi Aramco’s $29.4 billion listing in 2019. Also, a few of Musk’s Silicon Valley buddies are set to take home tens of billions of dollars as a result. SpaceX Said to Draw Over $100 Billion in Retail Orders Read more Trump reversed himself on attacking Iran over just a few hours Thursday as the continued threats, step-downs and tit-for-tat leave the president with less credibility , Andreas Kluth writes in Bloomberg Opinion . With its advanced munitions increasingly depleted, the US military nevertheless resumed attacks on the Islamic Republic in recent days, in turn causing Iranian volleys aimed at US assets in the region and nearby shipping. Th...
Super Micro Computer (NASDAQ:SMCI) , a developer of server and storage solutions based on modular and open-standard architecture, closed at $31.97, up 9.22%. The stock rose as investors evaluated the company’s $7 billion equity and equity-linked financing plan for its large but cancellable AI server backlog, with ongoing attention to dilution risk and legal overhangs. The company’s trading volume ...
Super Micro Computer (NASDAQ:SMCI) , a developer of server and storage solutions based on modular and open-standard architecture, closed at $31.97, up 9.22%. The stock rose as investors evaluated the company’s $7 billion equity and equity-linked financing plan for its large but cancellable AI server backlog, with ongoing attention to dilution risk and legal overhangs. The company’s trading volume reached 243.4 million shares, which is about 409% above compared with its three-month average of 47.8 million shares. Super Micro Computer went public in 2007 and has grown 3550% since its IPO. S&P 500 (SNPINDEX:^GSPC) rose 1.75% to 7,394.30, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 2.54% to 25,809.66 as growth and tech names advanced. Among computer hardware peers, Dell Technologies (NYSE:DELL) closed at $391.45 (+5.85%) and Hewlett Packard Enterprise (NYSE:HPE) ended at $46.80 (+2.88%), highlighting broad strength across server and infrastructure stocks. Continue reading
The day after the New York Knicks mounted the biggest comeback in NBA Finals history, Salaar Rabbani lined up bright and early at a pop-up store near Madison Square Garden, hoping to scoop up as much exclusive Nike merchandise as he could. “I don’t have to worry too much about budget,” said Rabbani, 25, who works in sales and trading at JPMorgan Chase & Co. “I’m just gonna grab as many as I can an...
The day after the New York Knicks mounted the biggest comeback in NBA Finals history, Salaar Rabbani lined up bright and early at a pop-up store near Madison Square Garden, hoping to scoop up as much exclusive Nike merchandise as he could. “I don’t have to worry too much about budget,” said Rabbani, 25, who works in sales and trading at JPMorgan Chase & Co. “I’m just gonna grab as many as I can and swipe the card and just whatever it is, it is.” A lifelong Knicks fan from Harlem, Rabbani said that he took the day off for a LASIK eye-surgery appointment and arrived at the store three hours before it opened. He’d been there Wednesday as well, but the Knicks’ momentous 107-106 Game 4 win over the San Antonio Spurs inspired him to return. Rabbani is far from alone. Knicks fans have been snapping up team swag, whether from the official team outlet or the NBA Store in Midtown, or from enterprising makers of unlicensed gear who have seemed to pop up on every street corner. And the Knicks’ breathtaking playoff push has become a money-making opportunity for businesses all over town, from bars and restaurants hosting watch parties to bakeries and bagel shops serving up Knicks-inspired confections. Zabar’s is selling blue-and-orange cookies , a riff on the classic black-and-white treat the legendary Upper West Side food store and deli has sold for years. Downtown, Tompkins Square Bagels is selling the Brunson Bodega Bagel sandwich , a tribute to the team’s gritty point guard, with eggs, cheese, hash browns and spicy mayo on an everything bagel, toasting optional. Broad Nosh Bagels & Catering in Midtown is making dozens of blue-and-orange bagels everyday, and Tall Poppy in Chelsea has Knicks cinnamon rolls on offer, with orange glaze and blue drizzle. Barachou, a pastry shop with two locations in Upper Manhattan, created custom Knicks cream puffs with an edible sugar logo on top, and since introducing them on June 3 have sold 200 boxes — a big windfall for a local business. “It...
There is rarely a dull day for investors in Elon Musk's companies. Now that the SpaceX IPO is done (secondary market trading will start Friday), thoughts can turn back to the long-term plans Musk might have for his business empire. A merger with Tesla is on the table.
There is rarely a dull day for investors in Elon Musk's companies. Now that the SpaceX IPO is done (secondary market trading will start Friday), thoughts can turn back to the long-term plans Musk might have for his business empire. A merger with Tesla is on the table.
Nell Minow, Chair of Value Edge Advisors and Former President of ISS, advised caution regarding SpaceX's IPO, which was priced at $135 per share in the largest debut ever. She highlighted significant corporate governance issues being raised by pension managers and investors. She speaks with Romaine Bostick & Katie Greifeld on "The Close." (Source: Bloomberg)
Nell Minow, Chair of Value Edge Advisors and Former President of ISS, advised caution regarding SpaceX's IPO, which was priced at $135 per share in the largest debut ever. She highlighted significant corporate governance issues being raised by pension managers and investors. She speaks with Romaine Bostick & Katie Greifeld on "The Close." (Source: Bloomberg)
The United States must ensure the next chapter of responsible innovation is written in America, not in China, lawmakers and witnesses told a congressional hearing on Thursday as they sounded the alarm over US-China competition for global supremacy in artificial intelligence (AI). “Cyber security and national security must be taken seriously. The United States cannot afford to let China or any othe...
The United States must ensure the next chapter of responsible innovation is written in America, not in China, lawmakers and witnesses told a congressional hearing on Thursday as they sounded the alarm over US-China competition for global supremacy in artificial intelligence (AI). “Cyber security and national security must be taken seriously. The United States cannot afford to let China or any other adversary gain a technological edge in artificial intelligence,” said Tim Scott, chairman of the...