Crypto News: ‘Stalled, militarily’

Good morning. The US and Iran remain locked between ceasefire and all-out war. Donald Trump’s birthright citizenship fight hits another legal setback. And British cuisine is winning over US diners. Yes, really. Listen to the day’s top stories.

— Angela Cullen and Harry Black

Market Snapshot
S&P 500 Futures	7,672.75	-0.0%
Nasdaq 100 Futures	29,129.75	-0.2%
Bloomberg Dollar Spot Index	1,192.89	-0.3%
Market data as of 06:52 AM ET. Data is subject to provider delays.	Your watchlist

The conflict between the US and Iran escalated sharply, with American forces carrying out a fresh wave of strikes and Iran saying it had retaliated. The two sides remain locked between ceasefire and all-out war as the White House struggles to end the six-month conflict. “Very clearly militarily, we are stalled,” Republican Representative Pat Harrigan of North Carolina said. US retail diesel prices hit the highest level in four years on Wednesday and may be on track to break their all-time high by Labor Day, according to GasBuddy, an app that helps drivers find cheap sites to fill up.

In markets, a rapid gain in the yen is leaving traders guessing about whether officials were behind the move or the prospect of support measures was enough to buoy the Japanese currency. Meanwhile, unusually low hedging among major holders of US assets risks fueling dollar selling if sentiment turns. Stocks futures were little changed.

Low-hire, low fire. Planned US job cuts fell in the first eight months of 2026 to the lowest in four years, adding to signs that companies remain reluctant to reduce headcount. At the same time, a recent plunge in US labor force participation has sparked competing theories about whether persistent drivers — like aging and immigration — or more temporary seasonal shifts are to blame. Any evidence in upcoming jobs reports could reshape how policymakers view the labor market.

Read between the lines. Xi Jinping took a veiled swipe at the US during a trip to Egypt, where he called on Middle Eastern nations to build a new security order free of external interference. Tensions are simmering as Xi prepares to visit Washington for a summit with Donald Trump. A spat between Chinese and US officials at a G20 finance chiefs meeting this week boiled down to a dispute over one word, according to people familiar with the talks.

Gloria Steinem, the public face of US feminism for generations.

Gloria Steinem, Stalwart of US Feminist Movement, Dies at 92

Foul play. The NBA stripped the Los Angeles Clippers of five first-round draft picks and suspended owner Steve Ballmer for a year after finding the team had circumvented salary cap rules by facilitating sponsorship deals between outside companies and star player Kawhi Leonard. The team said it will “vigorously challenge” the findings. Ballmer, the former Microsoft CEO, has invested billions into the Clippers, including building the $2 billion Intuit Dome, the most expensive NBA arena ever.

Claim over 50% off before summer ends

As Q4 approaches, the rest of your year comes into focus. Prepare for whatever comes next with a Bloomberg.com subscription. Get your first year for just ~~$399~~ $170.

Offer expires September 11, 2026 11:59 PM EST.

Unlock more than 50% off

Deep Dive: Birthright Fight Deepens

Trump makes a second attempt to curb birthright citizenship. — President Trump signs a pair of executive orders aimed at denying citizenship to certain people born in the US.

Trump’s hard-line immigration agenda suffered another legal setback after a judge in Maryland blocked his August executive order aimed at narrowing who qualifies for birthright citizenship.

A separate legal fight is playing out in New Hampshire over the same order, which seeks to expand the categories of noncitizen parents whose US-born children would be denied citizenship.
The dispute could eventually return to the Supreme Court, which struck down the president’s original order to restrict birthright citizenship in June, ruling that it violated the 14th Amendment.
That would please Trump, who’s already said that he wants the top court to rehear the case in a long-shot bid to undo the June ruling.

The Big Take

Power lines alongside the Manassas National Battlefield Park. — Power lines run alongside Manassas National Battlefield Park, known for two major American Civil War battles.

The data-center backlash is building. A citizens’ revolt derailed a $100 billion Virginia project backed by Blackstone and Brookfield that would have covered twice the area of Central Park and consumed as much power as a city, all near a famous Civil War battlefield.

Big Take Podcast

Damaged buildings in Nepal's Nuwakot district.

Nepal’s Floods Expose Hydropower Risks

Opinion

The Canadian island of Campobello, a stone’s throw from Maine, offers a lesson in how the US and Canada could mend their rift, writes Frank Barry. The longer the White House waits to make amends, the harder it will be to bring Canadians back.

More Opinions

Editorial Board

Fighting Illicit Finance Shouldn’t Be This Difficult

Nicolas S. Rohatyn

New York’s Own Sovereign Wealth Fund? Why Not?

Getting the oil out from under Venezuela won’t be easy.

Liam Denning

Chevron Just Exposed the Gap Between Venezuela Rhetoric and Reality

Play Alphadots!

Our daily word puzzle with a plot twist.

Today’s clue is: Arch rival

Play now!

Before You Go

Stargazy pie at Dean’s in New York’s SoHo neighborhood. — The compelling named, attention-getting stargazy pie at Dean’s.

British cuisine, once the butt of endless jokes, is winning over US diners, as British restaurant and pub openings draw lengthy queues and garner rave reviews. Stargazy pie, anyone?

A Few More