Bloomberg News Now: Wall Street Surges, Apple's AI Pivot, Trump Ends Syria Sanctions, Fed Criticism

Wall Street Closes Quarter at All-Time Highs

• 📈 The S&P 500 concluded the quarter at all-time highs, marking its best performance since December 2023.
• 📊 This surge was primarily driven by hopes of Federal Reserve interest rate cuts.
• 💰 The closing numbers showed the S&P 500 gaining 32 points, the NASDAQ up 96, and the Dow increasing by 274 points.
• 📉 The ten-year Treasury yield stood at 4.24%, with the two-year yield at 3.72%.

Apple Explores Outside AI for Siri

• 💡 Apple shares extended their gains by 2% following reports that the company is considering using outside AI technology to improve Siri.
• 🤖 This potential move would represent a significant reversal for Apple, which is reportedly weighing options from companies like Anthropic or OpenAI.

Trump Lifts Syria Sanctions, Focuses on Assad Associates

• 📜 President Trump signed an executive order terminating the Syria sanctions program, aiming to stabilize the country.
• ⚖️ While sanctions on Syria are removed, those targeting former leader Bashar al-Assad and his associates remain in place.
• ⚔️ The move follows a brief meeting between President Trump and Syria's new leader, Ahmed al-Shara, who previously led forces that overthrew Assad.

EU Seeks Trade Agreement Adjustments with the U.S.

• 🤝 The European Union is open to a trade agreement with the U.S. that includes a 10% universal tariff.
• 🎯 However, the EU desires U.S. commitment to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft.
• 🚗 The bloc is also pushing for quotas and exemptions to reduce U.S. tariffs on automobiles, car parts, steel, and aluminum.

Republican Divisions Over Tax and Spending Package

• 🗣️ Republican leaders are working to resolve internal disputes regarding President Trump's tax and spending package, while Democrats aim to exploit these divisions.
• ⚠️ Senator Thom Tillis criticized the bill, stating it would harm Medicaid-eligible individuals and break campaign promises.
• 🏛️ The bill faces further scrutiny as it must return to the House for consideration of any Senate amendments, a process known as a "vote-a-rama."

Trump Criticizes Federal Reserve Policy

• 📢 President Trump publicly criticized Fed Chair Jay Powell and the board, advocating for a significant reduction in the federal funds rate.
• 📉 Trump stated the interest rate should be "1% or better," expressing dissatisfaction with the current policy.
• 📊 Atlanta Fed President Rafael Bostic noted that tariffs could incrementally impact prices, potentially leading to more persistent upward pressure on inflation.

Sean Diddy Combs Trial Jury Deliberations Hit Snag

• 🧑‍⚖️ Jury deliberations in the Sean Diddy Combs sex trafficking trial were quickly interrupted when a juror reported difficulty following instructions.
• ❓ The judge reminded the jury to adhere to the given instructions as deliberations continue.