1 Trump Cancels Strikes, Predicts Peace Deal 'Shortly'
Hours after threatening a major escalation in the Iran war, President Trump said the bombs are back on pause—and that Iran is on board with talks, reports the Wall Street Journal. In a new Truth Social post, Trump said he called off plans to unleash a new wave of strikes and to seize the Kharg Island oil hub because peace negotiations "have been brought to the highest level of Iranian leadership and approved." Trump said the "final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others." Iran has not yet publicly commented. Trump added that the US naval blockade of Iranian ports will stay in place until a deal is signed, with time and place to be announced "shortly," per the BBC. The president has previously announced imminent deals that have fallen through.
2 Congress Doesn't Renew FISA Spying Power Before Leaving Town; It's Set To Expire Today
The government's warrantless surveillance program is set to lapse for the first time in its history after the House failed to pass a three-week extension and left Washington for a scheduled 12-day recess yesterday. Section 702 of the Foreign Intelligence Surveillance Act, which allows the government to collect communications of foreign nationals living abroad without a warrant, technically expires at midnight tonight. The House voted 198-218 against a short-term extension, well short of the two-thirds majority needed. Nineteen Republicans joined all but seven Democrats in voting no. The Senate failed three separate attempts to pass extensions by unanimous consent. The immediate standoff stemmed from Trump's decision to appoint housing regulator Bill Pulte as acting director of national intelligence.
3 SpaceX IPO Is Today, Starting At $135 Per Share
SpaceX priced its IPO at $135 per share last night, locking in a valuation of $1.77 trillion and a total fundraise of $75 billion, which would make it the largest initial public offering in history, roughly three times the size of Saudi Aramco's 2019 record-setting debut. Trading on the Nasdaq under the ticker SPCX is set to begin today, with Elon Musk set to retain about 82-percent of voting control after the offering. The company is raising $75 billion by selling 555.6 million shares and has allocated roughly 30-percent to retail investors through platforms including Robinhood, Fidelity, and Charles Schwab, far above the typical 5 to 10-percent retail allocation. Fifteen days after listing, SpaceX will enter the Nasdaq 100, triggering an estimated $22 to $27 billion in forced mechanical buying from index funds.