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 Good morning. US gas prices top $4 a gallon. Donald Trump may be considering a new way to end the Iran war. And Instagram is testing out a feature that will allow you to view other people's Stories anonymously. Listen to the day's top stories. — Marcus Wright
US gasoline topped $4 a gallon for the first time since mid-2022, in one of the most visible measures of consumer pain resulting from the Middle East conflict. The spike came despite a Wall Street Journal report that Donald Trump may be willing to end the conflict even if the Strait of Hormuz remains closed. Iran shows no sign of backing down—it hit a fully laden Kuwaiti oil tanker off Dubai in a drone attack. Read all the latest news from the war in our blog. Futures rallied as investors gained some confidence after the report on Trump's potential willingness to end the war. The dollar is on track for its best month since 2024, with the conflict pushing investors to the world's primary reserve currency. But the outlook for once high-flying chip stocks remains gloomy. In the words of Citi: "we're looking at a world of sustained higher yields and sustained higher energy costs and that doesn't help the AI sector." Unilever said talks to sell most of its food business to French's mustard maker McCormick are advanced and a final deal may be announced later today. Over in sneaker-land, Reebok and Champion owner Authentic Brands has expressed interest in buying Nike's struggling Converse brand. And fitness band maker Whoop is now valued at just over $10 billion, a new milestone on its way to an IPO. Some of the country's wealthiest corporations calculate they owe far less to the IRS as a result of Trump's overhauled tax code. Big Tech, retailers, drugmakers and telecom giants all benefited from the president's "Big, Beautiful" tax law, with Amazon among the clearest winners.  Source: Become Legendary Brazilian soccer star Ronaldo bought a $7.8 million penthouse in Miami's Bay Harbor Islands, joining a growing list of players who own trophy properties in the area. It's another sign of Miami's emergence as the soccer capital of the US, with FIFA and FC Barcelona opening offices in the area and the city set to host seven World Cup games this summer. Deep Dive: RFK's Food Pyramid Photographer: Jordan Vonderhaar/Bloomberg Robert F. Kennedy Jr. is asking hospitals to use his food pyramid to redo the menus they offer to patients, the latest frontier in the health secretary's controversial attempts to revamp the American diet.
The Big Take Artemis II sits in the Vehicle Assembly Building at Kennedy Space Center ahead of the rollout to the launch pad. Photographer: Jim Watson/Getty Images/AFP NASA's Artemis II mission may help clear the way for astronauts, in maybe two years' time, to again walk where Neil Armstrong made one giant leap over 50 years ago. Yet a lot has to go right—and a lot of money will be spent—before that can happen. OpinionBy going to war with Iran, Trump may unintentionally turn out to be one of the clean-energy transition's greatest allies, Mark Gongloff writes. With the conflict threatening to create a serious shortfall in oil and gas supplies, the next step is for consumers and governments to explore energy alternatives. More Opinions Play Alphadots!Our daily word puzzle with a plot twist.  Today's clue is: It runs in fear? Before You Go Photographer: Brendon Thorne/Bloomberg A fee for lurkers? Instagram is testing a paid subscription feature that lets users view Stories anonymously as well as extending their shelf-life. It echoes moves by several advertising-dependent companies—including Snap and X—to generate a more predictable source of revenue. A Couple More Bloomberg House arrives in Miami at the Formula One Grand Prix. Set against one of the world's most electrifying sporting events, we bring together business, investment, real-time data and Bloomberg journalism to fuel forward-looking discussions, as well as networking with global leaders. Register here. More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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Washington Edition: Corporate tax bills tumble
Amazon, Meta see savings after GOP tax measure Read in browser I'm Jonathan Tamari, senior Washington reporter for Bloomberg Government, and each weekday I'll be coming to you with inside-the-room reporting and insights that reveal what's really happening in Washington—and how it impacts you. Email me with feedback and comments here . If this newsletter was forwarded to you sign up here . Today, lower corporate tax bills, higher gasoline prices and Wall Street's March madness bracket. Big Beautiful Businesses The Donald Trump-GOP tax bill has been very good for some huge businesses. Amazon's federal cash taxes fell roughly $4.8 billion last year compared to 2024 – a 64% drop despite rising US revenues. Eli Lilly shaved off $500 million from its federal cash tax pay...