Crypto News: US, Iran trade strikes

Good morning. A new wave of strikes rattles the Middle East. Lindsey Graham’s death sets up a succession drama in South Carolina. And we look at Manhattan’s newest status symbol. Listen to the day’s top stories.

— Marc Perrier

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S&P 500 Futures	7,598.75	-0.3%
Nasdaq 100 Futures	29,755.25	-0.9%
Bloomberg Dollar Spot Index	1,218.39	-0.0%
WTI Crude Oil Futures	$73.78	+3.3%
Market data as of 07:00 AM ET. Data is subject to provider delays.	Your watchlist

The US and Iran exchanged fresh strikes overnight into Monday, continuing their tit-for-tat attacks while issuing conflicting declarations over whether the Strait of Hormuz was open to shipping. A handful of ships have passed through the strait in secret in recent days, even as observable crossings all but ceased.

Fresh military strikes drove up oil prices, reviving inflation fears and boosting bets on further Federal Reserve rate hikes. Renewed hostilities risk derailing efforts to rebuild depleted global oil inventories later this year, according to the International Energy Agency. Check out the latest market themes right here.

SK Hynix shares suffered a record drop in Seoul on Monday after the memory-chip maker’s highly anticipated US trading debut, highlighting growing volatility in South Korea’s AI-fueled stock market. Elsewhere, Taiwan Semiconductor Manufacturing Co. reported quarterly sales rose 36%, underscoring that global demand for AI hardware remains strong.

The sudden death of Senator Lindsey Graham sets up a succession battle in South Carolina that could throw the race into chaos just months before the midterm elections. It also deprives Ukraine and other US allies of a key conduit to Donald Trump and the White House. Separately, Senator Mitch McConnell disclosed that he suffered a fall in June and contracted pneumonia requiring hospitalization, ending weeks of speculation about his health.

As Milei’s Aura Fades, Argentina Starts to Look for a Third Way

The US Justice Department launched a grand jury investigation into allegations that United Auto Workers President Shawn Fain pressured another high-ranking union official to secure benefits for his fiancée and her sister, according to internal communications within the labor organization. Fain called the allegations false. The DOJ’s action intensifies pressure on the scandal-plagued union, which resolved a long-running corruption probe in 2020.

Deep Dive: Card Sharks

As scams become a growing part of everyday life, more shoppers than ever are wielding a staid old consumer-protection tool like a weapon to get back at retailers.

Chargebacks — petitioning your bank to reverse a credit or debit card transaction — are being driven not only by confusion over monthly statements, but also by shoppers engaging in fraud of their own.
The trend reflects the rapid growth of e-commerce, where scams and flimflams have always been part of the consumer economy.

The Big Take

Then Saudi Crown Prince Mohammed bin Salman and UAE President Sheikh Mohamed bin Zayed bin Sultan Al Nahyan in 2024. — Then Saudi Crown Prince Mohammed bin Salman, left, with United Arab Emirates President Sheikh Mohamed bin Zayed bin Sultan Al Nahyan on Dec. 2, 2024.

A growing rift between the UAE and Saudi Arabia has prompted Wall Street bankers and private equity executives to work on contingency plans to counter any potential fallout.

Opinion

Food prices may come under renewed pressure as the Iran war drives up fertilizer costs just as El Niño threatens crop yields, John Authers writes. That would complicate central banks’ efforts to cut interest rates.

More Opinions

Hal Brands

Trump’s Iran Blunder Shows Strategy Can Defeat Firepower

Marc Champion

NATO’s Ankara Summit Was More of a Warning Than an Escape

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Before You Go

Forget luxury handbags. Manhattan’s latest must-have is a $100 portable fan. Dyson says it hasn’t been able to keep its HushJet Mini Cool in stock since its April debut as extreme heat drove demand, especially in cities where walking is the norm.

One More

World Cup Bets on Prediction Markets May Get Tax Edge Over Gambling

Bloomberg Power Players - New York: 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.