Crypto News: Fresh strikes

Good morning. The US and Iran trade fresh strikes. We take a look at Britain’s new leader. And Nike isn’t too thrilled with the World Cup final. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,525.25	+0.5%
Nasdaq 100 Futures	29,179.00	+1.4%
Bloomberg Dollar Spot Index	1,216.69	-0.1%
WTI Crude Oil Futures	$83.49	+0.3%
Market data as of 06:33 AM ET. Data is subject to provider delays.	Your watchlist

The US and Iran exchanged strikes for a 10th consecutive day even as mediators sought to revive a truce. Defense Secretary Pete Hegseth is set to testify before lawmakers today to defend Donald Trump’s request for billions of dollars in additional money for the war and address growing public skepticism about the conflict.

Oil rose as another tanker attack in the Strait of Hormuz disrupted shipping through the region. A Saudi Arabia-led coalition in Yemen said it was moving to protect vessels in the Red Sea from Iran-backed Houthi militants. Goldman Sachs warned Brent risks climbing above $120 a barrel by the fourth quarter if the disruption continues.

Stocks shrugged off Middle East tensions, with US futures rising as investors returned to chipmakers after the recent selloff. The UBS trading desk sees an opportunity, saying it may be time to rebuild positions in AI and semiconductor shares. Check out the latest market themes here.

Trump’s Election Demands Gets Test in Key Arizona Primary Races

A blast of heat in eastern Texas is set to test the state’s power demand record, while flooding rain is set to return to New York and New Jersey just days after a weekend storm blocked city streets and forced pedestrians to wade through thigh-high water in some areas. In the Gulf of Mexico, Tropical Storm Bertha has formed as the year’s second named storm.

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Deep Dive: UK’s Burnham

UK Prime Minister Andy Burnham signaled a change in style by speaking from Downing Street without notes, declaring it was ″the moment we bring back hope .” We look at Britain’s seventh prime minister in just over a decade and the challenges ahead.

Burnham’s first pledge was to give households more “breathing space” on the cost of living, though funding those promises remains a key question.
His surprise choice of former Defense Secretary John Healey as chancellor has fueled speculation that military spending will rise.
Healey got an early reminder of the fiscal challenge ahead after Britain borrowed more than expected in the first three months of the fiscal year.
In a sign of warmer US-UK ties, Donald Trump said he had a “very good conversation” with Burnham. The president even got an invitation to visit Manchester, where the new prime minister previously served as mayor.
New to Andy Burnham? Read our explainer.

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Opinion

Stop the AI Race protest march in San Francisco.

AI’s next breakthrough looks genuinely scary, Parmy Olson writes. Established labs and startups are racing to develop self-improving AI, with some experts warning the technology’s benefits may not be worth the potential risks to the human race.

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Before You Go

Lionel Messi on the big screen during a World Cup watch party in Central Park .

Spain and Argentina’s World Cup final wasn’t just a disappointment for some spectators. It also dealt a blow to Nike, which didn’t sponsor either finalist, leaving rival Adidas to cash in on surging demand for Lionel Messi and Lamine Yamal jerseys.

One More

Bump, Set, Boom: Why Girls Volleyball Is Suddenly Everywhere

Bloomberg Power Players: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices for market-moving conversations on the multitrillion-dollar sports economy. Learn more here.