琼斯法案豁免延长，伊朗战争持续

THIS IS "BLOOMBERG BUSINESSWEEK DAILY," REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS TO STAY AHEAD WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY'S COMPLEX ECONOMY, PLUS GLOBAL BUSINESS, FINANCE, AND TECH NEWS AS IT HAPPENS. "BLOOMBERG BUSINESSWEEK DAILY" WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS. TIM: A VERY GOOD AFTERNOON TO EVERYBODY.

LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS. IT IS "BLOOMBERG BUSINESSWEEK DAILY" ON THIS MONDAY, AUGUST 10, 2026. ON TIM STENOVEC, LIVE WITH NORAH MULINDA. CAROL MASSAR IS OFF. NORAH, WE ARE GLAD TO HAVE YOU. HOW ARE YOU? NORA: HAPPY TO BE HERE. TIM: WE ARE HAPPY TO HAVE YOU. STOCKS ARE WAVERING. MIKE MCKEE WILL BE HERE TO BREAK DOWN ALL OF THAT, AND CHARLIE PELLETT WILL GIVE US AN UPDATE ON EVERYTHING HAPPENING INTO THE MARKET.

WE WANT TO SQUARELY FOCUS ON EVERYTHING OUT OF THE MIDDLE EAST AND HOW THAT AFFECTS INFLATION. CHRIS KENNEDY WILL BE COMING BY, ECONOMIC STATECRAFT LEAD FOR BLOOMBERG ECONOMICS. ALSO, A COUPLE OF DIFFERENT COMPANIES, WE HAVE A GREAT DEAL OF CEO'S. NORAH: WE DO. WE HAVE THE CEO OF GRINDR BACK WITH US DAYS AFTER THE COMPANY UPPED ITS FORECAST FOR REVENUE AND ADJUSTED EBIT. WE HAVE GARY EVANS STOPPING BY FROM U.S. ANTIMONY, BEFORE HIS VISIT TO THE WHITE HOUSE ON FRIDAY.

TIM: IT IS A FACT HOUR ON "BLOOMBERG BUSINESSWEEK." FIRST WITH A CHECK OF OUR BUSINESS STORIES. CHARLIE: THE DOW, AND S&P, NASDAQ ALL TRADING LOWER. S&P 500 INDEX A LITTLE CHANGED, PERHAPS THE KEY TAKEAWAY, HOLDING CLOSE TO A RECORD. WE ARE LOOKING AT A DECLINE AS WE TURN AROUND, NO MOVE HIGHER, IF THERE IS, IT WILL BE ANOTHER RECORD ON THE S&P. WE ARE AT 7751 ON THAT INDEX, DOWN NOW BY SIX POINTS, A DROP OF UNDER .1%.

THE DOW INDUSTRIALS DOWN 130 ON THE DOW, A DECLINE OF .2%. NASDAQ COMPOSITE INDEX DOWN .4%, THE NASDAQ 100 INDEX DOWN .3%. ALL OF THIS WITH THE STOCKS, THE PHILADELPHIA STOCK EXCHANGE AND SEMICONDUCTOR INDEX DOWN 2%, AND THE VIX RIGHT AROUND 15 NOW. YOUR TWO YEAR AT 4.23%, THE 10 YEAR 4.6 5%. GOLD AT $4363 THE OZ, UP .5%, AND WEST TEXAS INTERMEDIATE CRUDE $81 A BARREL, AT 4.8% DID WE WILL HAVE MORE ON THE CRUDE OIL PICTURE COMING UP HERE ON "BLOOMBERG BUSINESSWEEK DAILY."

IN THE MEANTIME, BRENT, $87.53 NOW, UP BY ABOUT 4.8%. SOURCES TELL BLOOMBERG A GROUP OF U.S. INVESTMENT GIANTS ARE NEARING A PARTNERSHIP WITH NVIDIA ON $500 BILLION IN FUNDING FOR A BUILD OUT OF A NIGHT INFRASTRUCTURE. THOSE SOURCES SAY APOLLO GLOBAL MANAGEMENT, BLACKSTONE, BLACKROCK, BROOKFIELD ASSET MANAGEMENT, GOLDMAN SACHS, AND KKR ARE AMONG THE FIRMS IN TALKS WITH NVIDIA ON INVESTMENT. NVIDIA SHARES RIGHT NOW DOWN BY 2.5%.

FOR ON DEMAND NEWS 24 HOURS A DAY, SUBSCRIBE TO BLOOMBERG NEWS NOW WHERE EVER YOU GET YOUR PODCAST. TIM AND NORAH, THAT IS THE BLOOMBERG BUSINESS FLASH. TIM: THANK YOU, CHARLIE. OUR BLOOMBERG ECONOMICS TEAM TALKING ABOUT FUTURES INDICATING A MOVE COULD STILL BE ON THE TABLE. WITH THAT POLICY DISCOURSE OVER THE NEXT MOVE THE FED IS GOING TO MAKE. IT IS SPLIT RIGHT NOW. ONE BELIEVES THE FEDERAL BANKING IS COMMITTED TO PRICE ABILITY, HIKING PARTICULARLY TO COVER CREDIBILITY.

ANOTHER CAMP THANKS PRICE GAINS ARE ON THE WAY DOWN AND THE FED IS CORRECT TO SAY THE CREDIT COURSE. FOR NOW, WE ARE JOINED BY MICHAEL MCKEE, BLOOMBERG INTERNATIONAL ECONOMICS AND POLICY CORRESPONDENT. MIKE, WHICH IS RIGHT? [LAUGHTER] MICHAEL: THE ONE WHO WINS? TIM: I HAD MY MONEY ON YOU SAYING, "YES." [LAUGHTER] MICHAEL: OK, "YES." IT IS VERY HARD TO FIGURE OUT WHERE WE ARE AND WHERE WE ARE GOING WITH SO MANY CONFUSING CROSSWINDS AT THIS POINT, THAT EITHER SIDE COULD TURN OUT TO BE CORRECT, AND THAT IS GOING TO BE THE TOUGH THING FOR THE FED IS MAKING A DECISION ON WHAT YOU DO, BECAUSE THERE'S GOOD ARGUMENTS ON BOTH SIDES.

THEY ARE ROUGHLY EVENLY SPLIT RIGHT NOW BETWEEN THOSE WHO THINK WE NEED A RATE INCREASE OR VERY LIKELY COULD IF INFLATION DATA THAT WE GET THIS WEEKEND LATER ON CONTINUES TO SHOW INFLATION HANGING AROUND. AND THEN OTHERS WHO THINK THEY ARE TIGHT ENOUGH RIGHT NOW, THAT WILL DO THE JOB, AND IF WE SIT BACK AND WAIT OUT THE WAR, I GUESS, WE WILL SEE INFLATION CONTINUE TO COME DOWN. SO IT IS TOUGH, BUT THEY DO HAVE UNTIL SEPTEMBER 16.

TIM: I THINK THE WAITING ON THE WAR PART IS DIFFICULT, BECAUSE WAITING IT OUT, WE HAVE NO IDEA WHAT THE TIMELINE ON THIS WILL BE. MICHAEL: RIGHT. TIM: I IMAGINE IF YOU GO BACK TO FEBRUARY OR EARLY MARCH AND TALK TO PRESIDENT TRUMP, HE WOULD SAY WE ARE NOT GOING TO BE TALKING ABOUT A WAR IN AUGUST. MICHAEL: WELL, THE PRESIDENT HAS GOT TO HOPE WE ARE NOT TALK ABOUT A WAR IN OCTOBER OR NOVEMBER, WHICH WE VERY WELL COULD BE THE WAY THINGS ARE GOING RIGHT NOW.

THE THING TO KEEP IN MIND IS WHILE OIL PRICES GO UP AND DOWN QUICKLY, GASOLINE PRICES GO UP QUICKLY AND DOWN SLOWLY. I WAS LOOKING TODAY, AND WHEN WE HAD THE MEMORANDUM OF UNDERSTANDING IN JUNE AND OIL PRICES FELL RAPIDLY, GASOLINE PRICES ONLY WENT DOWN TO $3.80, SO THAT WOULD STILL MAKE AMERICANS UNHAPPY I THINK AT THAT LEVEL. SO YOU CANNOT REALLY ASSUME WHAT IS GOING TO HAPPEN AS FAR AS PRICES AND AFFORDABILITY. NORAH: WELL, OUTSIDE OF WHAT IS GOING ON IN THE MIDDLE EAST AND IMPACT ON OIL MARKETS, WHAT DO YOU SEE TO BE THE STICKIEST PART OF INFLATION RIGHT NOW?

PPI COMING OUT LATER THIS WEEK. WHAT EXACTLY DO WE HAVE TO SEE FOR A HIKE TO BE SET ON THE TABLE? MICHAEL: WELL, DIFFERENT THINGS IN DIFFERENT INDEXES, BUT THE CPI, WHAT WORRIES THE PEOPLE WHO WANT TO RAISE RATES IS THAT THE SERVICE PRICES OUTSIDE OF HOUSING HAVE BEEN RELATIVELY STICKY, AND WE ARE NOT SEEING A QUICK DROP THERE. SO THEY ARE GOING TO BE LOOKING AT THAT. AND REMEMBER WE USED TO DO THE SUPER COURT INDEX?

THAT MEASURE WILL BE COMING BACK. I IMAGINE THEY WILL BE LOOKING AT THAT ON WEDNESDAY WHEN THEY GET PPI. PPI HAS CLERKS, AND THERE WILL BE SOME INTERESTING QUIRKS IN THAT TO WATCH. WE WILL BE LOOKING AT COMMODITIES OTHER THAN ENERGY BUT ALSO WHAT HAS BEEN GOING ON ON WALL STREET WITH FUND MANAGEMENT, BECAUSE FUND MANAGERS, AS THE BANKS ALL TOLD US, MADE A TON OF MONEY IN THE MOST RECENT QUARTER, BECAUSE THEY GET PAID EITHER WAY.

SO THAT COULD BE ANY SORT OF WILD CARS THAT COMES OUT OF PPI AND GETS PUT INTO BPCE, WHICH IS THE FED'S TARGET INDEX, SO THERE ARE SOME THINGS OUT THERE TO KEEP AN EYE ON. TIM: I WANT TO GO BACK TO SOMETHING YOU SAID, MIKE, THE PRESIDENT TALKING ABOUT THE WAR IN OCTOBER AND NOVEMBER, AND THEY GOT ME THINKING OF AS WE WERE LISTING OFF THE ACRONYMS THIS WEEK, CPI AND PPI, THE GENERAL AMERICAN CITIZEN DOES NOT REALLY CARE ABOUT THOSE NUMBERS.

WHEN THEY CARE ABOUT IS WHEN THEY GO TO THE GROCERY STORE, HOW MUCH, YOU KNOW, A DOZEN EGGS OR A POUND OF GROUND BEEF OR CHICKEN, THOSE KINDS OF THINGS. IS ANY RELIEF COMING THERE? MICHAEL: NOT IN THE NEAR TERM. YOU DON'T SEE PRICES GO DOWN AGAIN EXCEPT FOR A FEW COMMODITIES. YOU MIGHT SEE BANANAS GO DOWN, IF THEY ARE CHEAPER, BUT WHAT YOU HAVE TO HAVE IS A LONG SERIES OF VERY LOW INFLATION, AND PEOPLE'S INCOMES GOING UP AT THE SAME TIME, SO THAT THEY ARE OUTPACING INFLATION, AND THEY REMEMBER THAT STEAK IS $25.

MEATS COULD COME DOWN AS TIME GOES ON. TIM: THAT'S NOT AN EXAGGERATION, BY THE WAY. MICHAEL: NO, THAT'S NOT AN EXAGGERATION. IT IS A PSYCHOLOGICAL QUESTION FOR MOST AMERICANS, BECAUSE IT'S A PAINFUL LEVEL OF PRICING AS OPPOSED TO THE CHANGE, AND YOU NEED A LOT OF CHANGE TO MAKE SURE THE LEVEL DOES NOT KEEP GOING UP. NORAH: WELL, HOW ARE YOU THINKING ABOUT THE JOB MARKET RIGHT NOW? I THINK WE'VE BEEN SPENDING A LOT OF TIME TALKING ABOUT THE FACT THAT A LOT OF CONSUMERS ARE TIGHTENING THEIR WALLETS.

BUT WE SEE THEM HOLDING UP IN OTHER AREAS OF SPENDING. HOW ARE YOU THINKING ABOUT THE BROADER HEALTH RIGHT NOW THE LABOR MARKET? MICHAEL: RIGHT NOW IT SEEMS TO BE RELATIVELY STEADY, AND THE FED WILL TELL YOU YOU LOOK AT THE UNEMPLOYMENT RATE, AND IT IS 4.1 PERCENT, NEAR HISTORIC LOWS, AND THAT TELLS YOU THEY ARE NOT A LOT OF PEOPLE WHO HAVE BEEN LOSING JOBS AND CAN'T FIND JOBS AND THEREFORE AR

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