Bloomberg Daybreak: US Edition

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Donald Trump claimed Iran has made key concessions in an ongoing negotiation to end the seven-week war, while a ceasefire between Israel and Hezbollah in Lebanon increased the prospect of a broader peace.Trump said it may not be necessary to renew an April 7 truce with the Islamic Republic before it expires next week, defying expectations that an extension will be needed to allow more time for diplomacy. 2) Some leaders in Arab states in the Persian Gulf and Europe expect it will take about six months to agree to a peace accord and that the ceasefire should be extended to cover that period, according to officials familiar with the matter, who asked not to be identified discussing private talks. That’s in part to allow for a reopening of the critical Strait of Hormuz waterway, they said. 3) Netflix Inc. gave a forecast for the second quarter that fell short of analysts’ expectations, sending the shares tumbling in extended trading.The streaming pioneer also announced that Chairman and co-founder Reed Hastings is stepping down from the board at the company’s annual meeting after 29 years to pursue philanthropy and personal interests. See omnystudio.com/listener for privacy information.

Netflix gave a forecast for the second quarter that fell short of analysts expectations, sending the shares down in extended trading. The streaming pioneer also announced that chairman and co-founder Reed Hastings is stepping down from the board after 29 years to pursue philanthropy and personal interests. Revenue rose 16% in the first three months of the year to $12.3 billion, compared with estimates for $12.2 billion, the company said in a statement on Thursday. Earnings per share for the quarter were $1.23 compared with estimates of 76 cents. For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the risk of renewed fighting despite an intensifying standoff over the Strait of Hormuz. With the initial truce due to expire next week, mediators are seeking technical talks to overcome the most contentious issues preventing a longer-term agreement, said the person, who asked not to be identified discussing sensitive matters. Those include reopening Hormuz and the future of Iran’s nuclear program. Tensions remain high over the strait, a critical waterway for oil and gas that’s been effectively shuttered since the start of the war almost seven weeks ago. The US has set up a naval blockade to cut off Iranian shipments, and said Wednesday that 10 vessels have been forced to turn around. Tehran is keeping the strait closed to most other traffic. The US hasn’t “formally requested an extension of the ceasefire,” White House Press Secretary Karoline Leavitt told reporters Wednesday. But she acknowledged “we remain very much engaged in these negotiations.” 2) Stocks set new highs as an upbeat forecast from Taiwan Semiconductor Manufacturing Co. added fuel to technology shares amid rising optimism that the US and Iran are seeking more time to negotiate a peace deal. Futures for the S&P 500 rose 0.2% after the benchmark closed above the 7,000 mark for the first time. Nasdaq 100 contracts rose 0.4% as TSMC’s raised revenue outlook highlighted the resilience of AI chip demand. Adding to the upbeat mood in tech, Elon Musk’s lieutenants have sought quotes and delivery times for chipmaking equipment for his envisioned Terafab. Meanwhile, Brent fluctuated around $95 a barrel as the US and Iran considered a two-week ceasefire extension. Global bonds rose, led by gains in Europe where central bank policymakers signaled they’re in no rush to raise interest rates. The dollar was little changed while gold rose toward $4,825 an ounce. Wall Street veteran Ed Yardeni says investors are looking past the war in the Middle East and focusing on market fundamentals. 3) Live Nation Entertainment Inc.’s loss in a landmark antitrust trial follows years of regulatory scrutiny of its dominance in the live events business and sets the stage for a possible breakup of the largest US concert promoter and ticket seller. After a six-week trial in Manhattan, which featured testimony from high-profile figures in the music industry and Live Nation Chief Executive Officer Michael Rapino, a federal jury on Wednesday ruled the company illegally monopolized the live events industry and overcharged fans for tickets to music performances. The verdict marked a major win for a coalition of 33 states and Washington DC that pursued the case despite the US Justice Department’s decision to pull out after the first week of the trial, with a surprise settlement allowing Live Nation to keep its Ticketmaster unit. But jurors concluded the company illegally monopolized ticketing and tied Live Nation venues to its promotion business, leading concert goers to overpay by $1.72 per ticket. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump indicated he may be preparing to wind down the war with Iran, boosting market optimism and restoring some stability to global energy prices. Peace talks with the Islamic Republic might restart “over the next two days,” the New York Post cited the president as saying. In a separate interview with ABC News, he said extending a two-week ceasefire that was clinched last week after nearly six weeks of fighting may not be necessary, hinting at significant near-term progress without elaborating. There are signs Tehran is also trying to avoid escalation, with authorities considering a pause in shipments through the strategic Strait of Hormuz to avoid testing a US blockade and jeopardizing fresh negotiations. The shift in the narrative from Washington — from announcing a total blockade of Hormuz to expectations of a possible breakthrough — has left many questions unanswered, including the fate of Iran’s enriched uranium. 2) Former Treasury Secretary and ex-Federal Reserve Chair Janet Yellen said she still sees prospects for a US interest-rate cut later this year, though the unfolding oil shock caused by the war in Iran clouds the outlook. “This is really a broad supply shock,” spreading from pump prices to LNG, fertilizers, food, shipping costs, and semiconductors, Yellen said at the HSBC Global Investment Summit in Hong Kong on Wednesday. While the need to raise rates can’t be ruled out, stable long-run inflation expectations suggest that scenario remains unlikely for now, Yellen said. Minutes of the Fed’s March 17-18 meeting, released last Wednesday in Washington, showed a growing number of officials worried the Iran war could further stoke inflation and wanted to make clear that the central bank may have to consider raising interest rates. In projections released after that meeting, policymakers had signaled an expectation for one interest-rate cut in 2026, unchanged from their December forecasts. 3) President Trump’s tariffs may be restored by July to the levels in place before the Supreme Court struck down many of his levies, Treasury Secretary Scott Bessent said. The Treasury secretary said because the Section 301 tariff authority has already been tested in the courts, business leaders are able to start planning and making decisions around capital expenditures. Trump is seeking to restore his tariff wall using different authorities after the high court ruled that his use of emergency powers to impose those earlier duties was unconstitutional. After the Supreme Court struck down many of his global tariffs, Trump imposed a temporary 10% tariff that covers many imports. That levy is set to expire on July 24. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran are weighing further negotiations to extend a two-week ceasefire as President Trump presses ahead with a naval blockade to curb the Islamic Republic’s oil exports, a step aimed at extracting concessions in peace talks. The objective is to hold fresh discussions before the truce announced April 7 expires next week, according to people familiar with the matter. “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House on Monday, hours after the US Navy began implementing the blockade of the strategic Strait of Hormuz to cut off vessels transiting to and from Iranian ports and coastal areas. The latest push shows the two sides haven’t given up on diplomacy after their first round of direct negotiations in Pakistan failed to produce an agreement. The war, which began when the US and Israel launched a bombing campaign against Iran on Feb. 28, has left thousands dead, damaged infrastructure and disrupted energy flows beyond the Persian Gulf, rattling markets and triggering a global price spike. 2) Chinese President Xi Jinping lamented a world in “disarray,” using some of his strongest language yet to describe a collapse of the Western-led international order as he vowed to play a constructive role in the Middle East. “The international order is crumbling into disarray,” Xi told Spanish Prime Minister Pedro Sánchez on Tuesday in Beijing, using a Chinese phrase indicating not only chaos but also moral decay. The comments, part of Xi’s first public statements on the Iran war since the conflict began more than a month ago, followed a flurry of visits by world leaders to Beijing and fresh economic data on Tuesday showing the war took a sharp toll on Chinese exports in March. Xi has framed his country as a stabilizing force in a world thrown into turmoil by President Trump’s erratic approach to trade and foreign policy. In an earlier meeting with Abu Dhabi Crown Prince Sheikh Khaled bin Mohammed, Xi reiterated that China would continue to play a “constructive role” in the Middle East. 3) Democrat Eric Swalwell and Republican Tony Gonzales said they plan on leaving their congressional seats in the wake of allegations of sexual misconduct. “I am deeply sorry to my family, staff, and constituents for mistakes in judgment I’ve made in my past,” Swalwell said in a post on X on Monday announcing his intent to resign. He vowed to “fight the serious, false allegations made against me,” but also said he “must take responsibility and ownership for the mistakes I did make.” Shortly after, Republican Representative Tony Gonzales of Texas said in a separate said in a separate social media statement that he planned on filing his retirement from office “when Congress returns tomorrow.” Gonzales faced calls to resign after allegations that he had an affair with a staffer who later died by suicide. A growing number of lawmakers had called for the resignation of both men, arguing the allegations against them tarnished their ability to remain in Congress, with some calling for their expulsion. The resignations leave the Republicans’ slim majority in the US House of Representatives unchanged. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump said the US will begin a full naval blockade of the strategic Strait of Hormuz and threatened to retaliate in the event of Iranian resistance, escalating a standoff that has already brought the waterway to a near standstill and disrupted global energy supplies. The president’s announcement came hours after the US and Iran failed to reach a deal in direct talks in Pakistan, jeopardizing hopes of turning a fragile ceasefire into a lasting end to a war that has claimed thousands of lives. The negotiations collapsed because of differences over the nuclear issue, Trump said in a Truth Social posting on Sunday. The US military said Sunday that it would begin the blockade at 10 am New York time on Monday. 2) Peter Magyar, Hungary’s next prime minister, outlined sweeping changes after ending Viktor Orban’s 16-year rule in a landslide election victory that will redefine the country’s ties with the European Union, Russia and the US administration of President Trump. Magyar, a 45-year-old former insider of Orban’s nationalists, said the overwhelming victory for his Tisza party — translating into a two-thirds parliamentary majority — gave him a mandate to dismantle Orban’s increasingly authoritarian system and bring Hungary back into the European fold. Orban conceded the defeat, telling supporters that the result was “painful” for him. Magyar, whose conservative-leaning party has sought to unite disgruntled voters, called on the country’s president, top justices and chief prosecutor to all hand in their resignations during his victory speech in front of a cheering crowd in Budapest on Sunday. Magyar said they had put their political allegiance to Orban’s authoritarian system above their office’s responsibilities. 3) US Representative Eric Swalwell suspended his bid for governor of California after a series of sexual assault allegations threw his campaign into turmoil and prompted backers to flee. “I am suspending my campaign for governor,” Swalwell said in a post on social media on Sunday evening. He apologized to his supporters, adding “I will fight the serious, false allegations that have been made — but that’s my fight, not a campaign’s.” Swalwell’s exit upends a competitive and crowded race to lead the most populous US state. The 45-year-old, seven-term congressman from the San Fransisco Bay area, had been polling among the top Democrats to succeed Gavin Newsom, who is barred from seeking re-election because of term limits. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump demanded Iran reopen the Strait of Hormuz, raising pressure on Tehran before talks to turn a fragile ceasefire into lasting peace. The truce remains shaky, with Kuwait reporting large-scale drone attacks on “vital” facilities overnight into Friday and accusing Iran and its proxy groups of violating the ceasefire announced by Washington and Tehran two days earlier. The war has already killed thousands of people and damaged energy infrastructure across the oil-rich Persian Gulf. US and Iranian delegations are set to meet in Pakistan on Saturday, with shipping through Hormuz — which handled about a fifth of the world’s oil and liquefied natural gas before the war — a central sticking point. 2) Israeli Prime Minister Benjamin Netanyahu said he agreed to hold direct talks with Lebanon about the conflict, with the focus on disarming Hezbollah. Trump called the Israeli leader on Wednesday and asked him to scale back strikes to ensure the success of negotiations with Iran, NBC reported, citing an unidentified senior administration official. Iranian President Masoud Pezeshkian said Israel’s strikes in Lebanon are a “clear violation” of the ceasefire and “will render negotiations meaningless.” 3) Oil rose a second day after Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, but futures remain on track for their biggest weekly loss since June. Saudi Arabia’s press agency said the nation’s production capacity has been cut by around 600,000 barrels a day due to attacks on energy infrastructure. That figure accounts for roughly 10% of the kingdom’s normal crude exports, according to Bloomberg calculations. Meanwhile, strikes on a pumping station serving the East-West pipeline — which Saudi Arabia has been using to export crude via the Red Sea — crimped daily throughput by 700,000 barrels this week, according to the report. Kuwait also said it was intercepting drone attacks and that some vital facilities were targeted. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump vowed to keep US troops in the Persian Gulf ahead of talks with Iran that are planned to firm up a fragile truce, while Tehran warned there may be mines in a strategic waterway Washington wants reopened. Both sides accused each other of violating the truce that was announced Tuesday after six weeks of fighting, with a disagreement over whether the ceasefire extends to Lebanon emerging as a key flashpoint that could unravel the accord. Despite the escalating rhetoric, there were signs the ceasefire was largely holding, with a notable decline in attacks across Arab states in the Persian Gulf. Vice President JD Vance said Washington never suggested that fighting between Israel and Tehran-aligned Hezbollah in Lebanon would cease. But Iran’s Parliament Speaker Mohammad-Bagher Ghalibaf said continued attacks on Hezbollah — along with what Tehran described as an Israeli drone strike on its territory overnight — amounted to clear violations of the agreement. 2) President Trump lashed out at NATO after meeting with the military alliance’s secretary general, Mark Rutte, making clear that his anger over the organization’s stance on the Iran war remained acute. “NATO WASN’T THERE WHEN WE NEEDED THEM, AND THEY WON’T BE THERE IF WE NEED THEM AGAIN. REMEMBER GREENLAND, THAT BIG, POORLY RUN, PIECE OF ICE!!!” the president wrote in a post on his Truth Social platform on Wednesday evening. Rutte, a former Dutch prime minister, was in the US on a mission to temper Trump’s public displeasure after NATO allies refused to help him protect commercial ships in the Strait of Hormuz or let the US use some of their bases to attack Iran during the war that began on Feb. 28. Trump has also revived his grievance that NATO countries wouldn’t give him Greenland, a Danish territory. 3) A growing number of Federal Reserve officials worried the Iran war could further stoke inflation and wanted to make clear following their March meeting that the central bank may have to consider raising interest rates. Minutes of the Federal Open Market Committee’s March 17-18 meeting, released Wednesday in Washington, showed policymakers wrestled with starkly differing scenarios for the US economy following the outbreak of the Iran war, and the policy reactions that might follow. Most officials worried a protracted war could hurt the labor market and warrant lower interest rates. At the same time, many policymakers highlighted the risk to inflation that might ultimately warrant rate increases. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Trump’s threatened escalation of the war. Trump announced the agreement on social media Tuesday, hours after mediator Pakistan implored him to back off his deadline to unleash massive devastation on Iran if it didn’t meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week conflict, which has killed thousands of people and sparked a global energy crisis. 2) Oil and gas prices both plummeted after the US and Iran's announced ceasefire. Brent fell as much as 16% before trading around $95 a barrel, while European natural gas futures posted their biggest decline in more than two years, shedding as much as 20%. Prices of refined fuels such as diesel and jet fuel — which had been the biggest threats to global inflation — also tumbled. Much will now depend on how quickly transit through Hormuz can resume. It’s the route for about a fifth of global oil and liquefied natural gas supplies, and the near-halt of traffic has pushed prices for real-world crude to a record. Faced with an unprecedented disruption to flows, the world is rapidly running down supply buffers to offset the loss. 3) Republican Clay Fuller is projected to win a US House seat in a deeply conservative Georgia district even as Democratic gains serve as an early warning for Republican lawmakers navigating President Trump’s threats of a widening war in Iran and voters’ growing economic unease. With 83% of the votes counted, Fuller had 57% compared to 43% for the Democratic candidate, Shawn Harris, according to Decision Desk HQ. That would keep the seat vacated by conservative firebrand Marjorie Taylor Greene in Republican hands, but by a narrower margin than in recent elections. Trump had carried the district by 37 percentage points in 2024. See omnystudio.com/listener for privacy information.

The US and Iran agreed to a two-week ceasefire that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz. President Donald Trump announced the agreement Tuesday on social media hours after Pakistan, a mediator in talks, implored the US leader to back off his deadline to unleash massive devastation on Iran if it did not meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week-old war, which has killed thousands of people and sparked a global energy crisis. Trump said he had agreed “to suspend the bombing and attack of Iran for a period of two weeks” as long as Iran agrees to “the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” For instant reaction and analysis, Bloomberg Radio host Doug Krizner speaks with: Bloomberg State Department and Foreign Policy Reporter Eric Martin Bloomberg This Weekend co-host Christina Ruffini Bloomberg White House and Washington correspondent Jeff Mason Terry Haines, founder of Pangea Policy Daniel Byman, Director of the Warfare, Irregular Threats, and Terrorism Program at the Center See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump’s latest deadline for Iran to agree to a deal is just hours away, and investors are once again finding themselves forced to prepare for a range of possible outcomes. Trump insisted that freedom of navigation through the Strait of Hormuz be part of any deal to end the Middle East war and escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline. Trump said Monday that talks with Iran are “going well” and that reopening the strait is “a very big priority.” The president in recent weeks has said an agreement on the strait wasn’t among his core prerequisites for ending the conflict. Trump laid bare the consequences Iran would face if it doesn’t reach a deal by his Tuesday 8 p.m. Eastern Time cut-off, saying the US military could destroy “every bridge in Iran by 12 o’clock tomorrow night.” Power plants would be rendered “burning, exploding and never to be used again,” he said. Attacking civilian infrastructure is barred by the Geneva Conventions, but Trump said he was “not at all” concerned about committing war crimes. 2) NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought people the closest they’ve been to the lunar surface in more than 50 years. At their nearest distance to the moon, the Artemis II’s Lockheed Martin Corp.-built Orion capsule came within an estimated 4,067 miles of the lunar surface, according to calculations by NASA. From the crew’s point of view, the moon would have appeared roughly the size of a basketball in someone’s outstretched hand. The spacecraft reached its maximum distance from Earth minutes later, reaching 252,756 miles, NASA Administrator Jared Isaacman said in a post on X. The astronauts earlier broke the distance record for space travel. Shortly before 2 p.m. New York time on Monday, they surpassed the distance the Apollo 13 crew traveled in 1970 of 248,655 miles (400,170 kilometers) from Earth, NASA said. 3) The University of Michigan Wolverines basketball team its second national title in men's basketball and first since 1989, beating the UConn Huskies by a score of 69-63. Michigan shot just two three-pointers all game, but relied on defense, holding UConn to under 31% shooting. Final Four Most Outstanding Player Elliot Cadeau led with 19 points. UConn’s bid for a third title in four seasons fell short, despite 22 offensive rebounds in the championship match. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump issued increasingly aggressive threats to destroy Iran’s power plants starting Tuesday and bring “Hell” to the country following the rescue of a US airman more than a day after his fighter jet was shot down. Iran rejected Trump’s latest ultimatum to reopen the Strait of Hormuz, saying it would only fully resume operations when war damage is compensated. Tehran continued striking energy targets in Gulf neighbors, including Kuwait’s oil headquarters. Trump, in renewing his threats to target Iran’s civilian infrastructure, used an expletive in a social media post and told Axios he would be “blowing up everything over there” if Iran doesn’t make a deal. He said he plans a news conference at 1 p.m. on Monday and posted about a Tuesday 8 p.m. deadline, without offering details. 2) Japanese Prime Minister Sanae Takaichi said she is looking to hold talks with Iran’s leader and possibly also a separate call with President Trump, as the clock ticks on the US president’s latest threat to bomb key Iranian infrastructure. “We are currently making preparations for leadership level talks,” Japan’s Takaichi said of talks with Iran during a parliamentary session Monday. “We will continue to do everything in our power to find an off-ramp to this situation and return to peace.” Takaichi’s comments came with Trump warning Tehran that the US will bomb Iranian power plants unless it opens up the Strait of Hormuz, a choke point through which Japan secures over 90% of its oil. Takaichi said that Japan would do what it can ahead of the Tuesday ultimatum set by Trump, suggesting that she was also seeking a phone call with Trump, though nothing has been finalized yet. Whether Japan can help defuse tensions or even play a mediation role remains unclear, but the nation has a key interest in maintaining a working relationship with a country that currently controls passage through the Strait of Hormuz. 3) Saudi Arabia has raised the price of its main oil grade to Asia to a record high premium, as a widening conflict in the Persian Gulf and Iran’s near-closure of the Strait of Hormuz convulse energy markets. State oil producer Saudi Aramco will increase flagship Arab Light crude prices for May sales to a premium of $19.50 over regional benchmarks for refiners in Asia, according to a price list seen by Bloomberg. Still, the level is less than the $40 a barrel premium anticipated by traders and refiners in a Bloomberg survey. The gap with market expectations is in part because of a volatile market, and as prices of some Middle Eastern grades dipped in the last week of March, according to traders. Aramco’s oil is also priced for loading in the Persian Gulf port of Ras Tanura, though all of the company’s exports are currently being shipped from the port of Yanbu on the Red Sea coast. Buyers typically incur additional costs to collect those barrels. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

On this special Good Friday Holiday edition of Bloomberg Daybreak, host John Tucker discusses: See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump finally tried to sell the American public on his Iran war. But his primetime address five weeks into the messy conflict instead underscored the US president’s growing defensive posture, as pressure mounts on global shipping routes, gas prices and his political party. Trump said the US operation was close to completion, in an attempt to reassure a skeptical public. Still, the speech lacked new announcements — most notably a precise timeline for an exit. He also pledged more aggressive actions in the next two to three weeks, including potential strikes on electrical plants. The president also did not present any new arguments or explanations for the war, instead reiterating his desire to destroy Iran’s military and nuclear capabilities. Likewise, there was no concrete plan for reopening the Strait of Hormuz, a vital energy thoroughfare. While he said diplomatic discussions continue, he shared no breakthroughs on ending the conflict. Treasury yields climbed and the dollar pushed higher as Trump’s remarks triggered gains in crude oil. US equity futures retreated. 2) European allies are skeptical President Trump will actually pull the US out of NATO. But they still fear the president’s renewed threats to do so are eroding the military alliance at a precarious moment. Trump on Wednesday capped mounting US critiques of the North Atlantic Treaty Organization with a suggestion that he was strongly considering leaving the alliance. His comments came after Secretary of State Marco Rubio, typically seen as Washington’s NATO defender, chided the alliance for its “very disappointing” response to the war in Iran. While the rhetoric isn’t particularly novel — Trump and his cohort have long bashed NATO allies as free-loaders who don’t help the US — the president’s latest ire is posing a greater risk to the alliance as his war in Iran deepens and he looks for people to blame, according to officials familiar with discussions among allies. 3) NASA’s crew of astronauts launched to space and reached a stable orbit, kicking off a landmark journey that will take them closer to the lunar surface than anyone has been in more than 50 years. The initial phase of the 10-day mission to lap the moon, a multibillion-dollar feat about a decade in the making, clears a major hurdle for NASA and its legacy aerospace contractors as the agency works to establish a base on the lunar surface and ultimately venture to Mars. The crew’s Lockheed Martin Corp.-built Orion capsule, stacked on the shoulders of Boeing Co.’s Space Launch System rocket, thundered off the launchpad at 6:35 p.m. local time at Kennedy Space Center in Florida. The rocket system, taller than the Statue of Liberty, reached speeds of around 17,500 miles per hour as it hurtled to space. It blazed a trail of fire and smoke as it climbed and eventually shed its spent side boosters, which provided extra thrust. See omnystudio.com/listener for privacy information.

President Donald Trump said the war in Iran is “very close” to completion, even as he signaled strikes could escalate in the near term. Trump in a rare prime-time address on Wednesday cast the war as a success, saying the operation had nearly achieved its military goals, including destroying Iranian ballistic missiles and drones, air force, navy and industrial base. He said those steps would prevent Tehran’s proxies from destabilizing the region and cut off the country’s path to nuclear weapons. “Tonight I’m pleased to say that these core strategic objectives are nearing completion,” Trump said from the White House in a roughly 20-minute speech. “We are going to finish the job. and we’re going to finish it very fast, we’re getting very close.” The speech came as the president is grasping for an off-ramp in a conflict that has quickly slipped out of control. For instant reaction and analysis, Bloomberg Radio host Doug Krizner speaks with Bloomberg This Weekend co-host Christina Ruffini and Bloomberg White House and Washington correspondent Jeff Mason. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz. Trump indicated that it was possible that Iran could still reach a deal with the US during that timeframe but said an agreement with Tehran was not necessary for the war to end. Trump added the US would leave when Iran was not able to obtain nuclear weapons and claimed the regime now in power was better than the leadership before the war. 2) Oil tumbled after President Trump again signaled a potential end to the Iran war. Brent crude fell below $100 a barrel, while West Texas Intermediate was around $97. Trump told reporters that the US could leave Iran within two to three weeks, and indicated an agreement with Tehran may be reached but wasn’t necessary for the conflict to end. The president will give an address to the nation at 9 p.m. Eastern time on Wednesday to provide an update, White House Press Secretary Karoline Leavitt said. Trump has regularly vacillated between saying an Iran deal is imminent and warning he’s prepared to ramp up military operations. 3) The Supreme Court is set to hear arguments on President Trump's assertion that the 14th Amendment's citizenship provision was designed to cover only the children of freed slaves, amid his executive order to block citizenship for children of undocumented immigrants and temporary visitors. Trump will attend the oral arguments at 10am ET on Wednesday, according to his official schedule from the White House. Critics say Trump is seeking to rewrite the 14th Amendment, which promises citizenship to "all persons" born in the US and "subject to the jurisdiction thereof", a provision many scholars and public officials say is straightforward in its breadth. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Iran hit a fully laden Kuwaiti oil tanker off Dubai in a drone attack, a sign it’s willing to escalate strikes on energy sites and infrastructure as the war drags on. Despite the attack, crude prices were steady in early trading, with US benchmark prices trading at about a $102 a barrel. That was partly because of a report in the Wall Street Journal saying US President Donald Trump is willing to wind down hostilities and pressure Tehran diplomatically to reopen the Strait of Hormuz. 2) US gasoline climbed above an average of $4 a gallon for the first time since August 2022, one of the most visible measures of consumer pain in the world’s largest economy resulting from the war in Iran. The nationwide average retail price for regular unleaded gas rose to $4.018 a gallon on Monday, according to the American Automobile Association. Prices have surged by more than $1 since the start of the war, up from $2.98 on the day before the US and Israel launched attacks against Tehran. 3) Unilever Plc said talks to sell most of its food business to McCormick & Co. are advanced and a final deal could be announced later on Tuesday in a historic move that will transform both companies. The Anglo-Dutch maker of Hellmann’s mayonnaise will offload most of its food unit, excluding some parts like its operations in India, for $15.7 billion cash upfront and the rest in McCormick equity, according to a statement Tuesday. See omnystudio.com/listener for privacy information.