Bloomberg News Now: Stocks Rally, Powell Probe Called, Trump Trade Deal, and Labor Market Data

Market Performance and Economic Indicators

• 📈 The S&P 500 gained 29 points, and the NASDAQ rose 190 points, while the Dow lost 11 points.
• 📊 The ten-year Treasury yield stood at 4.28%, and the two-year yield was at 3.78%, with the Bloomberg dollar spot index little changed.
• 📉 Private payrolls showed a loss of 33,000 jobs in the last month, primarily driven by a drop in the services sector.

Political and Legislative Developments

• 🏛️ President Trump met with conservative lawmakers to discuss his signature tax legislation, which has a $3.4 trillion price tag.
• 🗣️ Democratic Representative Susan DelBene stated that Democrats are united against the bill, urging Republicans to vote against it.
• 🎤 Former House Speaker Kevin McCarthy believes the tax bill will reach the president's desk by July 4th, despite potential changes.

Federal Reserve and Oversight

• 🔍 The head of the Federal Housing Finance Agency is calling for a congressional probe into Fed Chair Jay Powell, alleging deceptive testimony regarding central bank headquarters renovations.
• ⚖️ Republican Jim Jordan indicated that this would be examined as part of their constitutional duty for oversight of the executive branch.

International Trade and Business Deals

• 🤝 President Trump announced a trade deal with Vietnam, stipulating a 20% tariff on all exports to the U.S. and 40% on transshipping.
• ☁️ Open Air has agreed to rent a significant amount of computing power from Oracle data centers as part of its Stargate initiative, totaling about four and a half gigawatts.

Legal and Health News

• ⚖️ Sean 'Diddy' Combs was convicted of a prostitution-related offense but acquitted on more serious charges, including sex trafficking and racketeering.
• 💨 New research from the National Institutes of Health suggests that air pollution may be linked to increasing lung cancer rates in non-smokers, causing genetic mutations.