Bonds & Stocks
A slide in several big techs dragged down the stock market ahead of the start of a high-stakes earnings season as traders look for updates on artificial-intelligence spending. Bond yields edged lower and the dollar fluctuated.
Economy
Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down. Powell has been under fire from President Donald Trump for months for leading the Fed in holding fast on interest rates.
World
Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions. “That deal expires on Aug. 12,” Bessent said on Fox Business of the scheduled end of the current trade truce between the world’s two largest economies. “I’m going to be in Stockholm on Monday and Tuesday with my Chinese counterparts and we’ll be working out what is likely an extension then.”