Trump’s deadline

Good morning. Iran resumed attacks across the Persian Gulf ahead of Donald Trump’s deadline for a deal. Bill Ackman wants to shake up Taylor Swift’s music label. And why Doritos at $7 a bag ended up costing PepsiCo billions. Listen to the day’s top stories.

— Marcus Wright

Iran pressed on with attacks across the Persian Gulf hours before Donald Trump’s 8 p.m. deadline to agree to a ceasefire plan. There’s some more insight into the president’s thinking about the war—behind his recent musings about seizing Iranian oil lies a goal of using US global energy dominance to gain leverage against China. And more details are emerging of the US airmen rescue mission: They used a standard issue Boeing communications device to signal their locations to rescue teams.

Billionaire activist Bill Ackman offered to buy Universal Music and is seeking a shakeup at the record label, which represents artists such as Taylor Swift and Drake. Universal’s shares jumped on the news. Elsewhere, Phillips 66 is facing nearly $1 billion in losses from a short position in oil and other commodity derivative contracts, after the war sent fuel prices skyrocketing.

Trumpworld’s Growing Sway in Arms Sales on Display in Rome

Read more

Futures and oil wavered ahead of Trump’s deadline. Veteran strategist Ed Yardeni thinks tech stocks have returned to attractive levels for investors willing to play the long game. And in energy markets, natural gas prices are likely to remain especially tight—Iran has yet to allow a single carrier loaded with liquefied natural gas to pass through the Strait of Hormuz in the weeks of war.

Tech rivals are coordinating. OpenAI, Anthropic and Alphabet’s Google are working together to clamp down on Chinese competitors extracting results from US artificial intelligence models to gain an edge in the global AI race. Meanwhile, one of the three rivals is thriving: Anthropic said demand for its Claude services has accelerated this year, with more than 1,000 business customers spending over $1 million on an annual basis.

Source: NASA/Getty Images via Getty Images North America

NASA’s four Artemis astronauts swung behind the moon and are headed home, in a journey that shattered space travel distance records and brought the human race the closest it has been to the lunar surface in more than 50 years.

Bloomberg Tech returns to San Francisco June 3-4, convening leading CEOs, investors and innovators shaping the future. Drawing on Bloomberg’s global newsroom and Terminal data, we’ll explore the capital, connectivity and ideas driving the industry forward. Register here.

Deep Dive: GOP Challenges

A special House election today in a deeply conservative Georgia district is playing out against the backdrop of the Iran war, creating another mini referendum on Trump’s policies ahead of November’s midterm elections.

• Republican candidate Clay Fuller is the favorite to win the seat vacated by former Representative Marjorie Taylor Greene, but an overperformance by Democrat Shawn Harris could foretell trouble for the GOP this fall in Georgia, and beyond.
• Today’s runoff comes shortly after Democrat Emily Gregory won an upset victory for a Florida state House district that includes Trump’s Mar-a-Lago resort, a symbolic win for Democrats.
• That was the latest in a series of Democratic victories or over-performances in off-cycle and special elections, as the party seeks to capitalize on voters souring on Trump’s handling of the economy.
• In January, Democrat Taylor Rehmet won a Texas State Senate district by 14 points in an area that had supported Trump by a 17-point margin in 2024.

The Big Take

China’s unrelenting housing downturn is pushing millions of mortgages underwater, increasing the risk of losses for lenders and property owners. The strain is prompting banks to get creative, from offering payment holidays to helping borrowers find buyers.

Big Take Podcast

The Narrowing Window for Diplomacy in Iran

Opinion

The greenback has risen 2.2% since the US and Israel began their coordinated attacks on Iran, John Authers writes. That’s consequential after the dollar dropped more than 8% last year—but despite appearances, it’s premature to declare this a turnaround.

More Opinions

Parmy Olson

Sam Altman Is Ignoring a Secret Weapon for His IPO

David M. Drucker

High Gas Prices Will Haunt the GOP Even If the War Ends Soon

Play Alphadots!

Our daily word puzzle with a plot twist.

Today’s clue is: Arsenal supporter?

Play now!

Before You Go

With some of its chips costing more than $7 a bag and sales at Frito-Lay plunging, PepsiCo finally announced in February it would slash prices by up to 15% on some salty snacks. But with consumers under pressure, it may take more to lure back shoppers and restore the company’s margins.

A Couple More

San Francisco House Prices Hit Record $2.15 Million on AI

The Viral Japanese Planner That Has TikTok Getting Organized

More From Bloomberg

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Supply Lines for daily insights into supply chains and global trade
• FOIA Files for Jason Leopold’s weekly newsletter uncovering government documents never seen before

Explore all newsletters at Bloomberg.com.

We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here.

Follow us

You received this message because you are subscribed to Bloomberg’s Morning Briefing Americas newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.

|