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Speaker 1: News when you wanted to with Bloomberg News. Now I'm

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Speaker 1: Doug Prisoner. There was a dramatic recovery in the stock

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Speaker 1: market today on the final day of the first quarter.

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Speaker 1: The rally was driven by speculation that both the US

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Speaker 1: and Iran may be looking for a way out of

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Speaker 1: the war. Then, after the bell President Trump said he

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Speaker 1: sees the US ending the war in Iran within two

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Speaker 1: to three weeks. Trump also called on other nations to

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Speaker 1: seize control of the Strait of Hormuz.

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Speaker 2: What happens to the Strait, We're not going to have

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Speaker 2: anything to do with because these countries, China, China will

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Speaker 2: go up and they'll fuel up their beautiful ships and

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Speaker 2: they'll leave and they'll take care of themselves. There's no

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Speaker 2: reason for us to do it. We hit them hard,

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Speaker 2: we get rid of a lot of the radicalized lunatics

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Speaker 2: along the strait. But if they want something, but I

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Speaker 2: would say that within two weeks, maybe two weeks, maybe

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Speaker 2: three now.

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Speaker 1: Trump also indicated it was possible that Iran could still

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Speaker 1: reach a deal with the US during that time frame,

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Speaker 1: and he said an agreement with Tehran was not necessary

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Speaker 1: for the war to end. The United Arab Emirates is

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Speaker 1: reportedly preparing to help the US and other allies open

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Speaker 1: the Strait of Hormuz by force. The Wall Street Journal

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Speaker 1: reports the UAE is lobbying for a UN Security Council

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Speaker 1: resolution to authorize such action. The UAE is also reviewing

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Speaker 1: how it could play a military role in securing the strait.

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Speaker 1: Earlier today, Iranian state media reported President Mussud Perjeskin saying

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Speaker 1: the Islamic Republic has the necessary will to end the war, however,

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Speaker 1: only with guarantees to prevent the recurrence of aggression. On

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Speaker 1: Wall Street, the S and P five hundred climbed nearly

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Speaker 1: three percent today and the Nasdaq Composite added three point

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Speaker 1: eight percent. Here is Laurence San Filippo of BFA Private Bank.

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Speaker 3: We're watching the damage and duration of what's going on

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Speaker 3: in the Middle East, right and that's what matters, how

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Speaker 3: much longer, which we don't really have a clear signal

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Speaker 3: on that, and what damage to the energy infrastructure, because

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Speaker 3: that will dictate what this recovery will look like. On

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Speaker 3: the other side, that.

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Speaker 1: Is Lauren San Philippio of Bank of America Private Bank,

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Speaker 1: an American journalist who was kidnapped on Tuesday in Baghdad,

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Speaker 1: and Iraqi security forces are pursuing her captors. The freelance

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Speaker 1: journalist was identified by one of the outlets she worked

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Speaker 1: for as Shelley Kittelson. A US official blame the Iran

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Speaker 1: backed Iraqi militia group Kataib has Belah. In the States,

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Speaker 1: a federal judge has moved to halt President Trump's efforts

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Speaker 1: to build a new ballroom at the White House until

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Speaker 1: he gets approval from Congress. The judge held that the

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Speaker 1: President likely exceeded his legal authority by overseeing construction of

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Speaker 1: the ballroom. Even so, the judge did pause the effect

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Speaker 1: of his order for fourteen days, given logistical issues with

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Speaker 1: halting construction. Now, the cost of the ballroom could be

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Speaker 1: as much as four hundred million dollars using privately raised funds.

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Speaker 1: The US Supreme Court has struck down a ban on

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Speaker 1: conversion therapy. The court ruled in favor of a Christian

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Speaker 1: counselor who says she has a constitutional right to engage

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Speaker 1: in talk therapy to try to change a child sexual

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Speaker 1: orientation or gender identity. The court said Colorado's ban on

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Speaker 1: conversion therapy for minors infringes on free speech, rights by

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Speaker 1: discriminating on the basis of viewpoint. The case was brought

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Speaker 1: by counselor Kaylee Child. She called the decision a win

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Speaker 1: for free speech.

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Speaker 4: I'm grateful that my speech is protected, but I'm even

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Speaker 4: more excited that families and children seeking access to counseling

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Speaker 4: that respects biological reality will be able to get the

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Speaker 4: help that they need.

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Speaker 1: Now, this ruling is expected to eventually make similar laws

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Speaker 1: in other states unenforceable. In Business News, open Ai raised

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Speaker 1: one hundred and twenty two billion dollars in its latest

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Speaker 1: funding round, and the financing will help the company with

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Speaker 1: its costly push for more computer chips, data centers, and talent.

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Speaker 1: OpenAI now has a valuation of eight hundred and fifty

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Speaker 1: two billion dollars. Here as Bloombergshire and Gaffrey.

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Speaker 5: Now. I think the thinking behind this run of particularizer

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Speaker 5: CFO Sarah Fryar said on a press call this morning

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Speaker 5: was that this round in general gives them some flexibility.

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Speaker 5: So of course, you know, all these companies, as we report,

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Speaker 5: are looking toward IPO, but also if they're able to

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Speaker 5: raise this amount of large cash and get some exposure

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Speaker 5: to retail investors in the meantime. That also gives them

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Speaker 5: the option to wait if they want to for that IPO.

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Speaker 1: That is Bloomberg Shire in Geffrey. After the bell, Nike

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Speaker 1: reported better than expected sales. Earnings per share also surpassed expectations. However,

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Speaker 1: sales in China continue to decline, dropping by seven percent.

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Speaker 1: We got reaction from Poonam Goyel, senior retail analyst at

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Speaker 1: Bloomberg Intelligence.

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Speaker 6: She looked at the numbers closely. You know it's down

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Speaker 6: a lot to this quarter. So there's added pressure foreign

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Speaker 6: Ike as they moved into the near term, the fiscal

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Speaker 6: fourth quarter and even into their early fiscal twenty twenty seven,

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Speaker 6: which I think has caused some skepticism on whether the

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Speaker 6: turnaround will take now even longer.

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Speaker 1: That is Punam go out from Bloomberg Intelligence shares a

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Speaker 1: Nike down by three point seven percent in late US trading,

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Speaker 1: and that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Chrisner, and this is Bloomberg