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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on the standoff between the US and Iran. With the US blockade of Iran sports still in effect and the Strait of Horror moves at a near standstill, President Trump says the US will begin guiding some neutral ships through the strait starting today. The President announced the effort, dubbed Project Freedom, in a social media post. We get more from Bloomberg's Jumana Borsecci in Dubai.
Certainly there is a humanitarian necessity to get some of those vessels out of the Persian Gulf. They've been stranded there since the beginning of the wars. Estimated that they're about eight hundred ships just sitting there, twenty thousand seafarers facing pretty dark conditions, extreme stress, fatigue, food and water shortages. So yes, most certainly there is a humanitarian needs to help those that are chopped there.
Bloombergs Jumana Burssecci reports the President did not give specifics on how the US would help ships through the Strait, but US Central Command says it will provide military support, and Iranian official posted on x that any US interference in Horror moves would violate the ceasefire.
Well, Nathan, President Trump is suggesting Around's latest proposal to end the war, it might not be enough to satisfy him. Oxio supports The plan would set a one month deadline for a guilt to reopen the strait of Horror Moves and end both the US blockade and fighting in Iran and Lebanon. And after that another month of discussions could begin on around's nuclear program. And again more from Bloomberg, Defense reporter Jen Judson.
Iran wants sanctions relief and reopening shipping first, and that does not want what the US wants. They want to see a resolution when it comes to nuclear concessions. So we're really in a very tough spot right now.
And Bloomberg Jen Judson appeared on Bloomberg this weekend. Treasury Secretary Scott Besson says the US can keep waiting around out.
We're running a marathon over the past twelve months, and now we are sprinting towards the finish line. And I can tell you that we are suffocating the regime, and they are not able to pay their soldiers. This is a real economic blockade.
Treasury Secretary Scott bess And tells Fox's Sunday Morning Futures the pressure may force around to start shutting in oil wells in the next week as its fruit storage fills up, and pressure may be building in the US as well. Triple A says the nationwide average for a gallon of gasoline is four dollars forty six cents. That's the highest since July twenty twenty.
Two, Karen.
Another major story we're following this morning involves the health of former New York City Mayor Rudy Giuliani. He is in critical but stable condition at a hospital. This morning, Bloomberg's Michael Barr joins us with the latest from New York.
A spokesperson for Rudy Giuliani says the former mayor remains in critical but stable condition in a floor a hospital. However, spokesman Ted Goodman did not specify by Giuliani has been hospitalized. In a social media post, President Trump called Giuliani, who will turn eighty two later this month, a true warrior and the best mayor in the history of New York City by far. Giuliani became America's mayor while serving in office in the aftermath of the September eleventh, two thousand
and one terrorist attacks. However, in recent years, Giuliani served as Donald Trump's lawyer.
I voted for Trump, but mostly I voted for America to save us.
He also aided in efforts to overturn the result of the twenty twenty presidential election won by President Joe Biden. In twenty twenty five, Giuliani agreed to pay two Georgia election workers one hundred and forty eight million dollars in a defamation case in New York. Michael Barr Bloomberg Radio.
Hurray Michael, thank you. Authorities have determined that book shot from the gun of the man charged with trying to storm the White House Correspondence Association dinner struck a Secret Service agent. Janine Piro, the US Attorney for the District of Columbia, is the federal prosecutor overseeing the case, and she spoke with CNNX Jake Tapper.
We now can establish that a pellet that came from the buckshot from the defendant's Mosburg pump action shotgun was intertwined with the fiber of the vest of the Secret Service office.
So it's definitively his fault.
Is definitively his bullet he hit at that Secret Service agent. He was had every intention to kill him and anyone who got in his way on his way to the killing the President of the United States.
Federal prosecutor Janine Piro says a suspect called Thomas Allen has been charged with attempted assassination of the President and faces up to life in prison if convicted of the assassination count alone.
Turned out to the markets, Karen Tech stocks continue to lead equities higher. Nasdaq futures are up once again after rising almost one percent Friday. Both the Nasdaq and S and P five hundred closed it record highs. Liz Anne Sanders is chief investment strategist at Charles Schwab.
SMP sitting at an all time high right now, but only seven percent of the index members are at fifty two week highs, and it's only fifteen percent of the index that's even just at a four week high.
So we're again we're.
Developing a little bit of that concentration problem, and it would be a better backdrop for the market medium to longer term if we had some better breadth.
Not yet, Charles Schwab, Chief investment strategist Liz Anne Sanders notes the SMP five hundred index has risen for five straight weeks.
Well, Nathan, game Stop is proposing to buy eBay for about fifty six billion dollars in cash and stock. We get the story with Bloomberg's Charlie Pellett.
It's a bold attempt by Ryan Cohen to take over a storied e commerce name several times larger. The gaming retail chain offered one hundred and twenty five dollars a share in cash and stock for the online retailer, or about a twenty percent premium to its Friday close. Game Stop is built a roughly five percent stake in eBay and says it has secured a commitment from TD Bank to provide about twenty billion of debt financing to help bankroll the deal. In New York, Charlie Pellets Bloomberg.
Radio, Charlie, thank you. Shares an eBay up nine and a half percent in early trading, and shares a game Stop they're lower. They're down about eight tens of a percent.
Well after the collapse of Spirit Aviation holdings Karen. Transportation Secretary Sean Duffy says he does not think the government needs to provide financial lifelines for now to other low cost carriers. Duffy blames the Biden administration for Spirits failure.
Spirit I tried to merge with.
Jet Blue, the Joe Biden pe put to judge administration.
And DOJ tanked that deal.
Immediately after that they filed for bankruptcy.
Transportation Secretary Sean Duffy appeared on ABC's This Week Heard Every Sunday on Bloomberg Radio. Spirit CEO Dave Davis says the low cost carriers succumb to crushing fuel prices.
Well, we have new developments, Nathan. On the global trade front, China has ordered its companies to ignore US sanctions. Beijing is now directed companies not to abide by US sanctions on private refiners linked to the Iranian oil trade. China's move will test the US sanctions system and comes ahead of a plan meeting between President Trump and China's sheeshin Ping.
Time now for a look at some of the other stories making news in New York and around the world, and for them, we're joined by Bloombergy's Michael Barr Michael, good Morning.
Good morning, Karen. United Airlines flight landing at Newark on Sunday struck a light pole on the New Jersey Turnpike. The plane, en route from Benic, Italy, was carrying two hundred twenty one passengers and ten crew. Official said no one on the airplane was heard, but the light pole struck a truck injuring the driver. Officials say he'll be okay. After the plane landed, air traffic controllers on ATC dot com send a ground vehicle to inspect the runway.
They felt something over the threshold and there's a hole in the side of the airplane.
Retired Marine Corps pilot Steve Ganiard says everyone on board the plane was fortunate.
This aircraft was literally inches from disaster.
United says its maintenance team is now evaluating the plane. There are calls to protest the met Gala tonight in New York City over the events ties this year to Amazon founder Jeff Bezos. The critics call the Galatone deaf for its lavishness during a time of economic uncertainty for many. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg Karen. Thanks Michael.
A time now for our Bloomberg Sports update, and for that we bring in John stashauerd and care.
Are a pair of game sevens in the NBA's Eastern Conference and wins by the home team. Detroit came back from three games to one and beato Orlando in game seven one sixteen ninety four. Key Cunningham and Tobias Harris combined for sixty two points. Cleveland Toronto won fourteen one oh two. The home team won every game. The Pistons will now play the Caves in Round two Game seven the Stanley Cup Playoffs for a series where all seven
games were decided by one goal. Montreal, with only nine shots on goals, still won at Tampa Bay two to one. In the West, Colorado be Minnesota ninety six. That to Bloomberg Sports Upteate.
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Good morning, I'm Nathan Hager. Nearly a month into the ceasefire, where Iran President Trump says the US will kick off a humanitarian effort today to guide stranded ships through the Strait of horror moves. That's, as he suggests to Ron's latest proposal to end the war might not be enough. Joining US from Tel Aviv this morning is Bloomberg News Israel Bureau Chief Ethan Bronner.
Ethan, good to have you with us. What do we know about the.
US plan to guideship through the Strait at this point?
Good morning, Good morning, Nathan.
Well, we don't know a lot. We know pretty much what you've just said, which is that there is this plan. He's calling it an enhanced security area. It's not at all clear. It doesn't seem like the A ship US ships are going to actually accompany anybody. Seems to be a matter of coordination. It's really not very clear, but that is what he has announced.
Okay, So what could a potential Iranian response to something like this be When we've heard from a number of Iranian officials over the last few weeks that interference in the Strait could constitute a ceasefire violation.
Indeed, so in theory, we could certainly see drones being shot at tankers by Iran. I mean, you know, it's certainly possible. You know, They've has been a fairly muted response so far from Iran. I mean, as you said, they did say such a thing would be a violation. We really I don't have any think, have any clarity about what either side is about to do, you know. And meanwhile, in theory there there there's a great distinction difference of opinion about how it's going for Iran, whether
they can last for many weeks or not. You know, the broad consensus abroad is that Iran can last a long time. In Israel, there is a more a more hawkish view, which is that Iran is in trouble and if I'd say it's going to hold on for six or ten weeks, Iran will be in deeper trouble.
Well, we've heard from a Treasury Secretary, Scott Bessant as well that the naval blockade that's in place against Iranian ports is strangling the Iranian economy. Are we seeing evidence of that? And how would Iran be able to respond militarily if it's economy is being choked off, So I.
Think it's difficult for really for me to speak with any clarity about whether they're being choked up or not. There is that sense that they really do need the income that's not going to come in. But I don't think these drones are very expensive. I do think they've been able to continue to produce them, so it is possible. It seems to me that they could still challenge the great American military bi a moth with these thousand dollars drones. I mean, I think that is what could happen.
But we really don't know.
And you know, I mean either side, it's a game of chicken, and we don't know where it's going.
As I mentioned, President Trump has been suggesting that the latest Iranian offer to end the war outright might not be enough to meet his parameters. What is the sense of what the Iranian offer is now and where does it leave things in our last minute?
So we only have some elements in public about what that offer is. That they're asking for a month to sort of stop it, then a month of negotiation, and they want there's some talk of some years of no enrichment, uranium enrichment then to a low percentage. I mean, it doesn't seem like it would have made the war worth it from the American's perspective and sense that the goal was zero and Richmond and removing those nine hundred pounds
of a highly enriched uranium. So I still see a very very strong confrontation at least political, and I don't know where it's going militarily.
This is Bloomberg Daybreak, your morning podcast and the stories making news from Wall Street to Washington and beyond.
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