Iran strikes continue

Bloomberg Morning Briefing Americas

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Good morning. Fighting in the Middle East continued unabated. US investigators are examining the black box from the LaGuardia crash. And why Red Lobster's recovery plan may be faltering. Listen to the day's top stories. — Marcus Wright Market Snapshot S&P 500 Futures 6,629.00 -0.1% Nasdaq 100 Futures 24,402.25 -0.0% Bloomberg Dollar Spot Index 1,207.65 +0.2% Market data as of 07:15 AM ET. Data is subject to provider delays. Your watchlist Fighting between Iran and the US-Israeli alliance continued unabated, a day after Donald Trump claimed talks are under way to end the conflict. Saudi Arabia has indicated it's closer to joining the attacks on Iran, the Wall Street Journal reported. Stocks struggled for direction and oil rose, as traders grappled with a wide range of possible outcomes. US investigators are decoding the black box from the Air Canada Express plane that collided with a fire truck at LaGuardia to determine what caused the first deadly accident at the airport in more than 30 years. And read our account of how panic set in as air-traffic controllers helped the fire truck navigate a rain-slicked tarmac in the moments before the crash. Bessent's Longshot Deficit Goal Undercut by War and Tariff News Read more More signs of stress in the world of private credit. Apollo capped withdrawals from one of its largest non-traded funds for retail investors. And a fund run by Future Standard and KKR was cut to junk by Moody's, a rare occurrence in the $1.8 trillion market. Markwayne Mullin. Photographer: Kent Nishimura/Bloomberg Senators from both parties signaled optimism about a deal to fund the DHS and end the five-week partial shutdown, which has increasingly snarled air travel across the country. Separately, the Senate voted 54-45 to confirm Markwayne Mullin as DHS secretary, putting the Oklahoma senator and former mixed martial arts fighter in charge of Trump's immigration crackdown. Nintendo is cutting Switch 2 production after demand for the $450 gaming console trailed expectations, particularly in the US. And if you were saving to buy a wireless router, your options just got narrower—the FCC ordered a ban on importing new foreign-produced models after an interagency panel determined they threaten national security.  Bloomberg House arrives in Miami at the Formula One Grand Prix. Set against one of the world's most electrifying sporting events, we bring together business, investment, real-time data and Bloomberg journalism to fuel forward-looking discussions, as well as networking with global leaders. Register here. Deep Dive: Iran War Fallout Vines in Calabria, Italy. Source: De Agostini Editorial/Getty Images The Iran war is creating waves across the global economy, affecting everyone from Australian farmers to cricket fans in Pakistan. As concerns about fertilizer supplies mount, wheat farmers in Australia—one of the world's biggest agricultural exporters—are paring back plantings. It's a similar story in Calabria, the toe end of Italy's boot, where winemakers worry about squeezed profits as higher diesel, fertilizer and pesticide costs intersect with Trump's tariffs. Pakistan ordered fans of its top cricket tournament to stay home and watch matches on television to conserve fuel. Indian filmmakers are delaying cinema releases so as not to miss out on the lucrative audience in the Arab Gulf, where several countries have been targeted by Iran. It all adds to worries that a prolonged energy supply crunch will drive up food bills, stoking global concerns about inflation arising from the conflict. The Big Take Cliffwater's father-son team built a giant $33 billion private credit fund that's at risk of falling hard as investors rush for the exits. The firm's unusual business model is being closely watched as the whole industry faces a liquidity squeeze and redemption pressure. Big Take Podcast Surging Gas Prices Are Driving EV Interest Opinion There are no reliable safe havens for investors seeking refuge from the Iran war, Marcus Ashworth writes. Gold has lost a quarter of its value, Bitcoin is down by over 40%, and even the dollar has made only modest gains. More Opinions James Stavridis Taking Kharg Island May Be a Big Risk for Little Reward John Authers Markets May Declare the War Over. Is That the Truth? Play Alphadots! Our daily word puzzle with a plot twist. Today's clue is: Field goal? Play now! Before You Go Illustration: Danielle Del Plato/Bloomberg Red Lobster once defined American casual dining, but a surge of competition since the early 2000s steadily eroded its market share. While its new CEO is pitching a turnaround, behind the scenes the chain is still treading water. A Couple More Global Air Quality Worsened in 2025 and Poses Threat to Growth NYC Subway Project's $1 Billion Contract Hinges on Frozen Funds More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: Markets Daily for what's moving in stocks, bonds, FX and commodities Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen Supply Lines for daily insights into supply chains and global trade FOIA Files for Jason Leopold's weekly newsletter uncovering government documents never seen before Explore all newsletters at Bloomberg.com. 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