Bloomberg News Now: US Seeks Support Via the UN to Break Iran’s Hormuz Chokehold

0:00 News when you wanted with Bloomberg News Now.

0:02 I'm Amy Morris.

0:03 The U.S.

0:04 and its allies are pushing a draft U.N.

0:07 Security Council resolution that would open

0:09 the door to sanctions or even military

0:11 action if Iran does not ease its chokehold over the Strait of Hormuz.

0:15 Secretary of State Marco Rubio is calling

0:17 on other countries to condemn Iran's actions.

0:20 Say that it is it is wrong for you to put mines there.

0:23 It is wrong for you to shoot at commercial vessels.

0:26 Guys, that's what we're talking about here.

0:28 These guys are bombing commercial vessels.

0:29 They're not bombing naval vessels.

0:31 They're bombing commercial tankers.

0:32 The draft resolution would need support from China and Russia to pass.

0:36 Secretary Rubio says Iran's economy and leadership are crumbling.

0:40 So, look, the time has come for Iran to make a sensible choice.

0:43 And it's not easy for them to do that, obviously,

0:45 because they have a fracture in their own leadership system.

0:48 And apart from that, I mean,

0:49 the top people in that government are to say the least.

0:54 You know, they're insane in the brain.

0:56 The U.S.

0:57 played down the prospect of a return to active war with Iran,

1:00 with officials saying the cease fire is intact.

1:03 Iran's president says the U.S.

1:05 demands are impossible.

1:06 President Trump says the U.S.

1:08 controls the Strait of Hormuz.

1:09 We have the situation where we have total control.

1:14 As you know, the blockade has been amazing.

1:16 It's like a piece of steel.

1:18 Nobody's going to challenge the blockade.

1:19 And I think it's working out very well.

1:22 We're going to see.

1:23 I can say this.

1:24 Iran wants to make a deal.

1:26 President Trump says the rising cost of oil is

1:29 a small price to pay for the war in Iran.

1:31 Oil is still high, but it's pared back some gains.

1:34 WTI topping $102 a barrel.

1:36 Brent crude passing $110 a barrel.

1:39 S&P and NASDAQ reached all time highs.

1:41 We bring you the closing numbers each day here at Bloomberg.

1:45 S&P gained 58 points.

1:46 NASDAQ gained 258.

1:47 The Dow gained 356 points.

1:50 The ten year Treasury yield at 4.42%.

1:53 The two year yield at 3.93%.

1:56 President Trump will be meeting next week with China's leader, Xi Jinping.

2:00 China has ordered companies not to abide by sanctions

2:03 on private refiners linked to the Iranian oil trade.

2:06 But Trump says China is not really an issue.

2:08 We haven't been challenged by China and challenge challenges,

2:11 and he wouldn't do that.

2:13 I don't think he'd do that because of me.

2:16 But I think he's been very respectful.

2:18 And we've offered, you know, if he wants to send the ships to the United States.

2:23 The two leaders are slated to meet May 14th and 15th in Beijing.

2:27 The SEC is proposing amendments that would allow

2:30 companies to file semi-annual reports rather than quarterly reports,

2:34 to meet their interim reporting obligations under the Securities Exchange Act.

2:38 The move aims to reduce administrative burdens,

2:41 lower costs and encourage long term corporate strategy over short term earnings.

2:45 Former Treasury Secretary Steven Mnuchin supports it.

2:48 There's too many companies that are too focused on quarterly

2:52 earnings and whether they miss or beat expectations analysts expectations.

2:56 So I think the idea of giving companies the option of whether

3:00 they want to do quarterly or semi-annual is a good thing.

3:03 Hear our interview with former Treasury Secretary Steven Mnuchin

3:06 at the Milken Global Conference on the Bloomberg Talks podcast.

3:10 Pinterest shares jumped after that company

3:13 reported first quarter sales topping analyst estimates.

3:16 Pinterest CEO Bill Ready says they've seen ten straight quarters of double

3:20 digit growth in users and more than 80 billion searches per month.

3:24 So much of shopping is a visual journey and so we are

3:26 really focused on that and others are deeply in searches per month.

3:29 More than half of them are commercial,

3:31 which is a much more significant skew towards commerciality.

3:34 So it really has become a great shopping destination for for our users.

3:37 You can hear more from Pinterest CEO Bill ready on the Bloomberg Talks podcast.

3:41 Pinterest shares gained about 7% in regular trading.

3:45 Advanced Micro Devices gave a strong forecast

3:48 for the current period as it cashes

3:50 in on AI spending and shares now more than 5% higher in the post-market.

3:55 Live Nation reported mixed first quarter

3:58 financial results as concert demand remains strong,

4:00 but its legal fees hit its earnings.

4:03 Shares of Live Nation are up about 1.4%

4:06 in after hours trading and shares of super microcomputer jumping

4:10 in the post-market now more than 20% higher after

4:13 the company gave a forecast for profit in the current quarter,

4:17 topping analyst estimates signaling that the company is controlling

4:20 the costs of getting its powerful AI servers into customers hands.

4:24 That's news when you want it with Bloomberg News now.

4:27 I'm Amy Morris and this is Bloomberg.