Crypto News: Pause in strikes

Good morning. The US and Iran hit pause, easing energy supply concerns. Alberta Premier Danielle Smith pushes ahead with her pro-oil agenda. And we look at the next big trend in smartphones. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,520.50	+1.0%
Nasdaq 100 Futures	28,739.75	+1.6%
WTI Crude Oil Futures	$83.09	-7.0%
Market data as of 06:45 AM ET. Data is subject to provider delays.	Your watchlist

The US paused its nearly two-week campaign of military strikes as Iran refrained from retaliating and held talks with Oman over the Strait of Hormuz. Washington has not launched any attacks since late Friday, without explanation or announcement, raising questions about Donald Trump’s next move.

The easing tensions in the five-month conflict offered some relief to energy traders, sending oil prices lower even as the Houthis claimed attacks on Saudi targets and ship-tracking data suggested flows remained constrained. US futures and Treasuries gained as the relief rally broadened. Check out the latest market themes right here.

Even as hostilities eased, Federal Reserve officials will head into their policy meeting this week confronting a resurgence in price pressures that may make their decision on whether to hold or hike interest rates a close and contentious call. Fed Chairman Kevin Warsh has already hammered home the message that the central bank is on inflation watch.

In technology, Nvidia is pursuing a fresh round of AI infrastructure deals potentially worth more than $750 billion, including talks to back OpenAI’s lease of computing capacity at SoftBank’s planned $500 billion AI data center in Ohio. Meanwhile, memory chipmaker CXMT surged 466% in its Shanghai debut, becoming China’s largest onshore-listed company as investors piled into the AI stock.

Three People Killed in Shooting at Seattle Food Festival

French and Spanish firefighters battling wildfires for a sixth straight day face worsening conditions as temperatures climb. More than 300,000 people have been evacuated across the two countries. A French official warned an uncontrolled blaze in the Gironde region was advancing toward Bordeaux.

Deep Dive: Alberta’s Oil

Alberta Premier Danielle Smith spent time battling the previous government. Now she has an ally in Ottawa who also wants to sell more Canadian oil to the world.

After years of fighting former Prime Minister Justin Trudeau’s climate policies, Smith is finally finding a receptive audience for her push to unlock Alberta’s vast energy resources. She has emerged at the center of Canada’s shifting economic priorities.
Prime Minister Mark Carney’s government has made boosting oil and natural gas production a cornerstone of its agenda, while public opinion has also shifted in favor of developing the country’s natural resources.
Still, Smith remains a deeply polarizing figure. She supports a provincial vote that could pave the way for a referendum on Alberta separating from Canada, while championing closer ties with the US despite Trump’s trade standoff.

The Big Take

The Can Corp. factory near Allentown, Pennsylvania.

America’s tin can industry is straining under the weight of Trump’s steel tariffs. The industry’s struggle is a cautionary tale as the president tries to rebuild his protectionist regime.

Opinion

Financial illiteracy in the US cuts across generations and income groups, Allison Schrager writes, with outdated financial education failing to keep pace with an increasingly complex financial system.

More Opinions

John Authers

Will the Fed Pivot on Rates or Just Get Stuck?

Erika D. Smith

MeToo Part Deux Is Coming to US Politics

Play Alphadots!

Our daily word puzzle with a plot twist.

Today’s clue is: One on ones?

Play now!

Before You Go

The Galaxy Z Fold 8 and the iPhone 17 Pro Max. — The Galaxy Z Fold 8 (left) and the iPhone 17 Pro Max.

Samsung’s new Galaxy Z Fold 8 points to the next big smartphone trend: a shorter, wider, passport-like design better suited to watching video. Apple is expected to follow in less than two months with its first foldable iPhone.

A Couple More

Fake Meta ads in New York in opposition to smart glasses.

Apple’s Smart Glasses Will Need to Overcome Meta’s Privacy Reputation

How to Protect Your Money When Your Adult Child Moves Back Home

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.