October 5, 2026: Trump Eases Limits on Dyed Diesel, Stocks Near Record High, More

0:02 News when you want it with Bloomberg News Now. I'm Doug Krisner. President Trump has signed an executive order to ease restrictions on the use of a tax-exempt variety of diesel fuel. This is red or dyed diesel. It's generally available for agricultural or construction purposes. Now, Trump's move aims to pair cost for diesel ahead of the November midterm elections.

0:24 We got reaction from Tom Closa. He is chief energy advisor for Gulf Oil.

0:29 It won't accomplish much. It's not a major lever. There's about 105 million barrels of diesel in the country, and there aren't that many.

0:39 That are red.

0:40 So it's probably really good news if you're the manufacturer of the dye, but otherwise it doesn't mean much. It's just a way to basically grant tax relief on a lot of the product that's used by farmers.

0:54 That is Tom Claza from Gulf Oil speaking to Bloomberg's Balance of Power. Crude oil fell today. That was after Saudi Arabia cut crude prices for customers in Asia. Now, this would suggest physical supplies across the Middle East are becoming more readily available. In New York trading, WTI was down 1.8% at $ 89. 43 the barrel. Separately, Saudi and Yemeni forces pressed a counteroffensive against Houthi fighters earlier today, The aim is to oust the rebels from the port city of Mocha and ease the threat to energy exports. Stateside, we had a mega cap tech rally. We had the S & P rising six tenths of one percent. The Nasdaq composite rose one percent. NVIDIA and Microsoft driving the bulk of those gains. Meantime, the Nasdaq 100 rose nine

1:42 tenths of one percent, finishing at an all time high for the second straight session. We got reaction from Kara Murphy, CIO at Kestra Investment Management.

1:52 What you have are AI companies that are continuing to drive this enormous earning cycle. We're seeing massive corporate earnings growth, not just in technology, but elsewhere within the market. And then we're also seeing continued CapEx investment. If that starts to change... then interest rates will begin to matter more. Now, again, higher interest rates will be a headwind to that, but this massive multi-year growth that we're seeing driven by AI and CapEx will continue to kind of be able to combat those higher rates.

2:22 Kara Murphy there from Kestra Investment Management. The Supreme Court reconvened today for the start of a new term, and it began by hearing a case related to climate change. The justices will consider whether state and local governments can sue oil companies for damages due to extreme weather events. Now, this case involves a lawsuit brought by Boulder, Colorado, against both ExxonMobil and Suncor Energy. The city and county of Boulder claim the oil companies misled the public about the risks of climate change. However, the companies argue climate change is a global phenomenon that doesn't lend itself to state-by-state litigation.

3:00 Here is Bloomberg's Greg Storr.

3:02 The core question is whether federal law precludes this suit, which was filed under Colorado state law, from going forward. There were only eight justices, so that opens up the possibility of a 4-4 split. And there were really questions kind of all over the map. Some justices suggesting that their precedents said that this is not an area where States and local governments have a role where it's exclusively federal because we're talking about inherently interstate stuff, pollution, climate change, actually international. And some other justices saying, hey, we've got these other precedents that say that you can sue over stuff that happens out of state as long as it has an effect in state.

3:40 That is Bloomberg's Greg Storr. Also in this term, the justices will hear arguments on whether Americans have a constitutional right to own assault rifles. And they will hear arguments on whether Arizona can require proof of U.S. citizenship when people use a state-designed form to register to vote. The White House is monitoring reports of a suspected case of pneumonic plague in Siberia. Local media report a 28-year-old female laboratory worker died after developing severe pneumonia. Russian authorities have quarantined a hospital, and they are monitoring 200 contacts of the deceased worker. Here is U.S. Secretary of State Marco Rubio.

4:21 It seems that.

4:22 There was a worker at the lab that was infected, and there's concern that that could have spread, at least internally.

4:30 So you've seen them do quarantines of that nature. There's very limited travel between the U.S.

4:36 And Russia, obviously. But like anything else, something like that gets out, it could quickly spread. So we're watching and monitoring it closely.

4:43 That was Secretary of State Marco Rubio. Now, Russian authorities have not confirmed the woman had plague. The Pentagon hastily withdrew Air Force bombers from a UK air base at the center of a suspected terror attempt last week. That base was used by the U.S. to launch strikes on Iran. British authorities are investigating whether Iran was behind this plot.

5:03 Vice President J.D. Vance says the U.S. has to remain wary. about possible threats.

5:08 What you saw there is the Secretary of War out of an abundance of caution trying to protect our guys. We do feel with some confidence that the Iranians are trying to do what the Iranian state has done for 49 years, which is engage in acts of terrorism against the United States and against a lot of other people as well.

5:24 That is Vice President J.D. Vance. Meantime, the New York Times cites Pentagon officials saying all U.S. bombers that were deployed at RAF Fairford are being redeployed to their home stations in the U.S., Meta and Microsoft are reportedly working to cut their employees' use of Anthropic's Claude. The information reports Microsoft reduced its spending on Claude by more than a third. Microsoft is instead urging staff to use its homegrown AI tools. And at the same time, Meta has cut its usage of Claude code in nearly half. In sports, the MLB Divisional Round is underway, and in Game 2 of American League play, the Chicago White Sox defeated the Cleveland Guardians 4-3, and the Tampa Bay Rays defeated the

6:10 New York Yankees 5-2. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.