Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US President Donald Trump keeps repeating that the Strait of Hormuz — through which one fifth of the world’s oil and liquefied natural gas supplies normally flow — will reopen by Friday.But on the sidelines of the Group of Seven summit, where Iran likely dominated Monday’s dinner conversation, it’s clear that his European allies don’t share his optimism. They disagree that trade can resume by week’s end, like Trump promised, and have practical questions about what exactly was agreed before they can commit to de-mining missions and patrols.
2) The UK announced new sanctions on what it said was a Russian intelligence network that has been acquiring Western technology for its military to use in Ukraine, as well as a further clampdown on its shadow fleet and illicit finance programs. Britain’s Foreign Office said it was exposing a front company called LLC Neptune Co Ltd, which it said was controlled by Russia’s military intelligence agency, the GRU, and was involved in covertly procuring Western technology for the country’s military.
3) SpaceX shares surged in premarket trading, putting the stock on track to extend a rally following its blockbuster debut last week. The shares rose 11% in New York, poised to build on the more than 40% gain across SpaceX’s first two sessions as a public company. The gains have lifted the market value of the rocket and AI company founded by Elon Musk above $2.5 trillion as of Monday’s close, bringing it within striking distance of Amazon.com Inc.’s nearly $2.7 trillion valuation.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for negotiations on the fate of Tehran’s nuclear program. Officials from the two countries will meet in Switzerland to formally sign the agreement, with key sticking points left for the next stage of talks, including the removal of sanctions and financial incentives for Iran. The agreement could bring peace and security to the region, but its details remain unresolved, and both sides are casting the deal in different lights, underscoring the difficulties that may lie ahead in resolving outstanding issues.
2) Inflation is roaring back at the fastest pace in three years, and investors have been dumping US Treasury bonds and piling into bets the Fed will need to start raising rates by December. Federal Reserve Chairman Kevin Warsh is facing an unusually high-stakes test in his first FOMC meeting as Fed chair, with his maiden press conference and the Fed's post-meeting statement and forecasts to be scoured for clues on what's next. Warsh's commitment to maintaining the bank's political independence will be reassured if he sends a convincing message that the Fed is willing to shift back into inflation-fighting mode, but falling short will rattle markets already worried he could jeopardize the Fed's credibility.
3) SpaceX shares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies. The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and OpenAI, both of which plan go public themselves.
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to the next FOMC decision, along with a focus on 3 stocks for the week ahead.
In the UK – a look ahead to a high stakes UK election and Bank of England decision.
In Asia – a look ahead to a monetary policy decision from the Bank of Japan.
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Shares of SpaceX climbed in their first day of trading on Friday following a $75 billion IPO that smashed records and instantly turned the crown jewel of Elon Musk’s empire into one of the most valuable public companies in the world.
The stock climbed as high as $176.52, or 31% above its offering price, less than two hours after the shares started trading shortly before noon in New York. The jump in price turned Musk into the world’s first trillionaire and sent the company’s market capitalization above $2 trillion.
For instant reaction and analysis, Bloomberg's Kailey Leinz speaks with:
Yahaira Anand, Bloomberg Television Reporter
Craig Trudell, Bloomberg News Managing Editor of Global Business Coverage
Ed Ludlow, Bloomberg Tech co-host
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz, according to senior officials. A deal is likely to take the form of a memorandum of understanding, and Geneva is being considered as a potential location for the signing. An Iranian foreign ministry spokesman said "we have not yet reached a conclusion on this matter", despite reports of progress toward ending the war.
2) SpaceX made history with a $75 billion IPO and now needs the market's validation of its ambition to dominate AI and carry humans to the moon and Mars. The company's IPO was more than four times oversubscribed, and indications are that SpaceX shares could open with a pop of at least 35% on its first day of trading. The trading will determine whether Elon Musk becomes the world's first trillionaire and will also affect the prospects for initial public offerings from SpaceX's AI rivals Anthropic PBC and OpenAI.
3) The New York Knicks are on the cusp of winning the NBA finals, and SpaceX is poised to go public in the biggest IPO in history. The NBA finals have had a significant economic impact, with high ticket prices and increased merchandise sales, and ratings are higher than they've been in decades. The SpaceX IPO could have a significant market impact, with investors having mixed views on the company's valuation and potential for growth in the AI sector.

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