Gold fell after vessels came under fire in the Strait of Hormuz at the weekend, renewing fears of energy-supply disruptions that have stoked inflation concerns during more than seven weeks of war in the Middle East. Bullion dropped to near $4,780 an ounce in early trading, wiping out much of last week’s 1.7% gain. President Donald Trump said the US Navy fired upon and seized an Iranian-flagged car...
Gold fell after vessels came under fire in the Strait of Hormuz at the weekend, renewing fears of energy-supply disruptions that have stoked inflation concerns during more than seven weeks of war in the Middle East. Bullion dropped to near $4,780 an ounce in early trading, wiping out much of last week’s 1.7% gain. President Donald Trump said the US Navy fired upon and seized an Iranian-flagged cargo ship, while Tehran warned that ships approaching the strait would be treated as violating a ceasefire. Several vessels were forced to abandon crossings only hours after the Islamic Republic had said the waterway was open. The latest incidents have jeopardized prospects for potential peace talks in Islamabad, with Trump saying he saw a chance for a deal while also renewing threats to destroy Iranian power plants and bridges. Iran said there was no “clear prospect” for an agreement. Oil soared on Monday, having slumped in the previous session after Iran declared Hormuz “ completely open ”. US equity futures slipped and a gauge of the dollar rose as much as 0.3%, pressuring gold that’s priced in the US currency. Failure to achieve a lasting diplomatic agreement to end the war has driven market volatility in recent weeks, with the latest episode again underscoring the fragility of a ceasefire that’s due to end Tuesday. Read More: Gunfire, U-Turns and Threats Mark a Chaotic Weekend in Hormuz The protracted conflict has triggered an unprecedented energy-supply shock that has intensified inflationary pressures, making central banks more likely to hold interest rates steady or even raise them – a headwind for non-yielding bullion. Gold has lost around 9% since the war began at the end of February. Spot gold fell 1% to $4,780.89 an ounce at 6:57 a.m. in Singapore. Silver slid 1.6% to $79.59 an ounce, with platinum and palladium also down. The Bloomberg Dollar Spot Index was up 0.2%.
Oil climbed, the dollar rose and US equity futures slipped as risk sentiment soured following a renewed flare-up in US-Iran tensions over the weekend and a continued standoff around the Strait of Hormuz. The dollar climbed against major peers with the risk-sensitive Australian and South African currencies leading losses. S&P 500 futures fell almost 1% after the underlying index closed at a fresh r...
Oil climbed, the dollar rose and US equity futures slipped as risk sentiment soured following a renewed flare-up in US-Iran tensions over the weekend and a continued standoff around the Strait of Hormuz. The dollar climbed against major peers with the risk-sensitive Australian and South African currencies leading losses. S&P 500 futures fell almost 1% after the underlying index closed at a fresh record on Friday. Brent crude jumped more than 7%. Iran has signaled it may not join a second round of talks this week while the US maintains a naval blockade, hardening a standoff that had appeared to thaw on Friday and sparked a broad rally in risk assets. The US also said it intercepted and seized an Iranian-flagged vessel in the Gulf of Oman. “It appears that investors may have celebrated too early,” said Martin Hennecke, head of Asia and Middle East investment advisory at St. James’s Place, adding that the weekend’s developments “could lead to some of the recent market gains to be retraced in the short term.” Iran warned over the weekend that ships approaching the waterway “under any pretext” would be treated as violating the ceasefire, with its Revolutionary Guard Corps firing on commercial vessels and leaving tanker operators waiting on Tehran. President Donald Trump, who on Friday said a deal with Iran was all but agreed, threatened by Sunday morning to destroy every power plant and bridge in Iran if negotiations fail. The whiplash underscores how much of last week’s rally was built on hope rather than resolution. The S&P 500 notched a third straight week of gains above 3% and is set for its biggest monthly advance since 2020. The dollar on Friday briefly erased all of its war-era gains. Brent crude plunged, while US bonds rallied. “We need to actually see transit through the Strait of Hormuz,” said Sarah Hunt, chief market strategist at Alpine Woods Capital Investors. “Until and unless that happens I think markets will stay volatile.” The bond market, however, never...
Nvidia (NASDAQ: NVDA) , along with many other growth stocks, had a rough start to the year. Investors worried about the war in Iran and potential weakness in the U.S. economy, and this hurt their appetite for stocks that generally require booming markets to thrive. And another element made the situation even worse for companies in the artificial intelligence (AI) industry, such as Nvidia. Question...
Nvidia (NASDAQ: NVDA) , along with many other growth stocks, had a rough start to the year. Investors worried about the war in Iran and potential weakness in the U.S. economy, and this hurt their appetite for stocks that generally require booming markets to thrive. And another element made the situation even worse for companies in the artificial intelligence (AI) industry, such as Nvidia. Questions circulated about whether the AI revenue opportunity really was as massive as initially thought, especially considering the level of spending in this area. And seeing the high valuations of many AI stocks, some investors decided to sell and shift into other industries. So, after leading stock market gains in recent years, AI stocks in the first quarter of this year actually led declines. All of these elements created significant turbulence. Continue reading
Futures fell and oil prices jumped with Iran keeping the Strait of Hormuz under "strict control." President Trump announced new talks Monday. Tesla earnings loom.
Futures fell and oil prices jumped with Iran keeping the Strait of Hormuz under "strict control." President Trump announced new talks Monday. Tesla earnings loom.
jetcityimage/iStock Editorial via Getty Images Eli Lilly ( LLY ) is in advanced negotiations to acquire Kelonia Therapeutics in a transaction valued at more than $2 billion, The Wall Street Journal reported Sunday, citing people familiar with the discussions. The agreement could be announced as soon as Monday if talks are completed successfully, the sources said. The final structure may also inclu...
jetcityimage/iStock Editorial via Getty Images Eli Lilly ( LLY ) is in advanced negotiations to acquire Kelonia Therapeutics in a transaction valued at more than $2 billion, The Wall Street Journal reported Sunday, citing people familiar with the discussions. The agreement could be announced as soon as Monday if talks are completed successfully, the sources said. The final structure may also include milestone-based payments tied to Kelonia’s future progress. Kelonia, a privately held biotechnology company, is developing a next-generation treatment for multiple myeloma, a form of blood cancer. An acquisition would strengthen Lilly’s presence in the fast-growing hematology segment of the global oncology market, estimated at roughly $240 billion. According to PitchBook data, Kelonia has raised just under $60 million and was last publicly valued at slightly above $100 million in April 2022. The company is focused on advancing a new type of CAR-T therapy, which uses genetic engineering to help a patient’s immune system recognize and destroy cancer cells. Kelonia Chief Executive Kevin Friedman said earlier this year that the company believes its platform could significantly reshape the treatment landscape. Traditional CAR-T therapies often require chemotherapy before treatment begins, followed by the collection of a patient’s immune cells. Those cells are then modified in a lab and infused back into the patient to target the disease. Kelonia aims to simplify that process by eliminating the need for chemotherapy and the customized manufacturing steps typically associated with CAR-T treatments. Its lead multiple myeloma program remains in the early stages of development. In January, the company said the U.S. Food and Drug Administration cleared the therapy to begin Phase 1 safety testing in as many as 40 participants. Cancer medicines remain a major business for Lilly, generating $9.4 billion of the company’s $65.2 billion in revenue last year. Its existing blood-cancer por...
Exit polls put his Progressive Bulgaria on 37%, more than double the score of the closest runner-up, but he will likely need to form a coalition to govern.
Exit polls put his Progressive Bulgaria on 37%, more than double the score of the closest runner-up, but he will likely need to form a coalition to govern.
Ruben Gallego's Political Career May Be Toast Ruben Gallego spent the better part of the past year positioning himself as the Democrat who cracked the code for Democrats to start winning back Latino voters. Gallego won his Arizona Senate seat in 2024, defeating Kari Lake by just over two points, even as President Trump carried the state with relative ease. That narrow but meaningful victory turned...
Ruben Gallego's Political Career May Be Toast Ruben Gallego spent the better part of the past year positioning himself as the Democrat who cracked the code for Democrats to start winning back Latino voters. Gallego won his Arizona Senate seat in 2024, defeating Kari Lake by just over two points, even as President Trump carried the state with relative ease. That narrow but meaningful victory turned him into something of a Democratic savior - proof that a certain kind of candidate, delivering a certain kind of message, could still resonate with the Latino and working-class voters the party has been hemorrhaging for years. " At a moment when the Achilles' heel for the Democratic Party is Latinos and working-class voters, this is his opportunity to rescue our country, " said Chuck Rocha, an adviser to Gallego, speaking to The Hill earlier this year. Gallego had mused about a 2028 run just two weeks before this spiral began, telling NBC News,” No matter who runs, even if it's not me, the candidate that wins in 2028 is going to have to get the Latino vote back to at least 62 percent. That is the 'Pass Go' line, collect $200 on the Monopoly board. We didn't hit that in 2024, and that's why we find ourselves in this situation." For Democrats, Gallego wasn't just a senator from Arizona; he was the future of the party. That was before Eric Swalwell. Last week, Swalwell resigned his House seat and withdrew from the California gubernatorial race following a wave of sexual assault allegations, and Gallego has been caught in the fallout. They were close friends, and he chaired Swalwell's 2020 presidential campaign and publicly backed his gubernatorial run. When the Swalwell allegations broke, the questions about Gallego's proximity followed almost immediately. What did he know? When did he know it? His answers have satisfied almost no one. He held a press conference on Tuesday, attempting to distance himself from Swalwell. "I fell for it," he told reporters, saying Swalwell "lied...
Traders work on the floor of the New York Stock Exchange during morning trading on April 17, 2026 in New York City. Michael M. Santiago | Getty Images Stock futures tumbled Sunday night as tensions between the U.S. and Iran escalated over the weekend with the seizure of an Iranian-flagged cargo ship. Dow Jones Industrial Average futures shed 425 points, or 0.9%. S&P 500 futures lost 8%, along with...
Traders work on the floor of the New York Stock Exchange during morning trading on April 17, 2026 in New York City. Michael M. Santiago | Getty Images Stock futures tumbled Sunday night as tensions between the U.S. and Iran escalated over the weekend with the seizure of an Iranian-flagged cargo ship. Dow Jones Industrial Average futures shed 425 points, or 0.9%. S&P 500 futures lost 8%, along with Nasdaq-100 futures . President Donald Trump on Sunday said the U.S. had fired on and seized an Iranian-flagged cargo ship in the Gulf of Oman. This comes after Iran declined to join another round of peace talks in Pakistan planned by the U.S. The Iranian ship "is under U.S. Treasury Sanctions because of their prior history of illegal activity. We have full custody of the ship, and are seeing what's on board," Trump said in Truth Social post. Trump also threatened to blow up all power plants and bridges in Iran if the country didn't agree to a deal with the U.S. A ceasefire between the two countries will expire this week. Crude prices surged in early trading. West Texas Intermediate futures popped 7% to $90.33 per barrel. International Brent advanced 7% as well to $96.88. Wall Street is coming off a winning week, with the S&P 500 and Nasdaq Composite climbing to all-time highs following a ceasefire between Iran and Lebanon. At the time, Iran had declared that the Strait of Hormuz was reopened, though by Saturday vessel traffic through that key shipping lane was restricted again, with state media saying the U.S. " did not fulfill their obligations ." Trump has reiterated that the U.S. blockade of the strait would remain in place until Iran agreed to U.S. demands, despite the Iranian declarations. The S&P 500 last week gained 4.5%, while the Nasdaq Composite popped 7.2%. The latter also posted on Friday its 13 th consecutive winning session, matching a streak not seen since 1992. Stocks were also lifted by a string of solid quarterly results. More companies are slated to repo...
Oil soared after the US Navy seized an Iranian ship during a chaotic weekend that saw Tehran firing at vessels and reimposing controls in the Strait of Hormuz just hours after opening the waterway. Brent jumped as much as 7.9% to $97.50 a barrel, after falling more than 9% on Friday on signs of a thaw in the conflict, while West Texas Intermediate traded near $90. Tehran on Saturday again closed t...
Oil soared after the US Navy seized an Iranian ship during a chaotic weekend that saw Tehran firing at vessels and reimposing controls in the Strait of Hormuz just hours after opening the waterway. Brent jumped as much as 7.9% to $97.50 a barrel, after falling more than 9% on Friday on signs of a thaw in the conflict, while West Texas Intermediate traded near $90. Tehran on Saturday again closed the vital chokepoint, after it said a US blockade of ships that left Iranian ports violated a ceasefire agreement that ends Tuesday. President Donald Trump said the US Navy fired upon and seized the ship in the Gulf of Oman after it failed to heed warnings to stop as it left the Strait of Hormuz, the first major encounter in the week-old blockade. The incident came hours after a back-and-forth over potential peace talks in Islamabad, with Trump saying he saw a chance for a deal and Iranians saying there was no “clear prospect” for an agreement. “The hopes that the war was nearing a conclusion have evaporated over the weekend.” said John Kilduff , a partner at Again Capital. “The Strait of Hormuz never opened, and the amount of disrupted supply continues to grow by the day.” The standoff over Hormuz — through which about a fifth of the world’s oil and liquefied natural gas flowed before the US-Israeli war on Iran began at the end of February — threatens to deepen the global energy crisis and is undermining Trump’s weekend prediction of a quick end to the conflict. The waterway is just one of the unresolved issues, which also include Iran’s nuclear capabilities and Israel’s ongoing invasion of Lebanon. The conflict has triggered an unprecedented supply shock, intensifying inflationary pressures and weighing on worldwide economic growth. The cumulative global impact of the war will begin to emerge this week, with business surveys from multiple countries potentially flagging risks of stagflation. To get Bloomberg’s Energy Daily newsletter in your inbox, click here . Brent for Ju...
Microsoft Corp's Fairwater data center in Mount Pleasant, Wisconsin, is now going live earlier than expected, CEO Satya Nadella announced on Thursday. Microsoft Touts ‘World's Most Powerful' AI Facility Nadella announced the development on X, calling it "the world's most powerful AI datacenter" that will connect "hundreds of thousands of GB200s into a single seamless cluster." "Congrats to all the...
Microsoft Corp's Fairwater data center in Mount Pleasant, Wisconsin, is now going live earlier than expected, CEO Satya Nadella announced on Thursday. Microsoft Touts ‘World's Most Powerful' AI Facility Nadella announced the development on X, calling it "the world's most powerful AI datacenter" that will connect "hundreds of thousands of GB200s into a single seamless cluster." "Congrats to all the teams who made this possible!" he added. Our Fairwater datacenter in Wisconsin is going live, ahead