Wall Street banks kicked off the second part of a $6 billion debt package to finance QXO Building Products Inc.’s purchase of rival TopBuild Corp.

QXO CEO Brad Jacobs explains why the company is acquiring insulation company TopBuild Corp. for about $17 billion on "Bloomberg The Close." (Source: Bloomberg)

S&P 500 Index futures fall 0.5% as of 7:50 a.m. in New York after the US maintained a blockade of the Strait of Hormuz and seized an Iranian ship.