Bonds & Stocks
Treasuries extended this month’s rally, with 10-year yields falling to the lowest levels in 2025. Money markets are now fully pricing in two quarter-point reductions by the Fed this year. The S&P 500 was little changed. The Nasdaq 100 slid 0.2%. The Dow Jones Industrial Average rose 0.4%. The yield on 10-year Treasuries sank nine basis points to 4.31%. The dollar fell 0.2%.
Economy
President Donald Trump said tariffs scheduled to hit Canada and Mexico next month were “on time” and “moving along very rapidly” following an initial delay, even as a US official cautioned the schedule could be less certain.
World
Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under Joe Biden to limit Beijing’s technological prowess.