Crypto News: Economic squeeze

Good morning. Trump hints he’s prepared to let economic pressure on Iran do the work. The Supreme Court has a reputation problem. And things are looking up for Hollywood. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,790.25	+0.1%
Bloomberg Dollar Spot Index	1,202.60	+0.2%
WTI Crude Oil Futures	$78.80	+0.8%
Market data as of 06:40 AM ET. Data is subject to provider delays.	Your watchlist

Donald Trump signaled he’s prepared to let economic pressure on Iran build rather than launch fresh military strikes, marking a shift from the president’s threats to escalate the bombing campaign. The comments come as Iran and Oman discuss reopening the Strait of Hormuz to maritime shipping. Meanwhile, the Pentagon’s No. 2 official urged defense companies to boost production of key weapons systems as the war exacerbates concerns about shortages.

Oil rose as traders weighed the latest developments, with the reopening of Hormuz still elusive. US futures edged higher after the S&P 500 closed at a record Friday. Wall Street is also seeing signs of bond-market angst, with investors saying Treasury Secretary Scott Bessent is signaling a desire to prevent yields from spiking after long-term rates hit a 19-year high.

Representative Max Miller will stay in the race to keep his Ohio seat in Congress, despite calls from fellow Republicans to step down over allegations he physically abused his former wife and two-year-old daughter. He would have had to withdraw by Saturday evening to allow time for a replacement to be named. Miller denies the allegations.

Apple Explores Shaking Up Its Smartwatch for a New Era

Taylor Farms is pulling more than a dozen prepared foods containing jalapeños, including salsas and guacamole, from retailers due to concerns over salmonella. The recall follows the largest outbreak of cyclospora last month linked to Mexican iceberg lettuce supplied by Taylor Farms to companies including Yum! Brands Inc.’s Taco Bell.

More than 20,000 people were ordered to evacuate British Columbia’s Okanagan Valley, one of Canada’s top wine-producing regions, as a fast-moving wildfire prompted a province-wide state of emergency. The blaze follows a fire last month in Ontario that sent smoke as far south as Washington, DC, darkening skies and worsening air quality.

Deep Dive: Supreme Issue

Justices of the US Supreme Court during a formal group photograph in 2022.

The US Supreme Court has a reputation problem. And Trump’s attacks are making it worse.

Polls show approval of the court falling after an ideologically divisive term, with one survey finding record-low support. The president’s attacks after losing cases have fueled a slide among Republicans.
A majority of Americans believe the justices tend to act for political reasons, not legal ones, which experts see as unhealthy and potentially dangerous.
The court’s reputation has taken a pounding in recent years, driven by a hyper-partisan confirmation process, polarizing decisions and ethics controversies that include Justice Clarence Thomas’ acceptance of lavish trips funded by a Republican megadonor.

The Big Take

China is turning to its $28 trillion stock and bond markets to fund its chip rivalry with the US, moving away from subsidies and state backing.

Big Take Podcast

Our Town Chapter 1: Sometimes You Find Silver

Opinion

Credit markets are showing doubts about the debt-financed AI buildout, John Authers and Richard Abbey write. The signals aren’t at crisis levels, but investors increasingly want to be paid for the risk that big AI spenders may not be the eventual winners.

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Before You Go

Hollywood has once again cheated death. The first seven months of 2026 have restored the industry’s faith — not just in movies, but in the act of going to the theater. Here are eight lessons Tinseltown has learned.

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Bloomberg Power Players: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10. 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.