Bonds & Stocks
US stock futures pointed to a weaker Wall Street open, with losses concentrated in large chip stocks after a report that Washington lawmakers are considering new curbs on sales to China. Contracts on the Nasdaq 100 Index futures pared earlier losses to trade about 0.2% lower, while S&P 500 futures were flat. The Wall Street Journal reported late Tuesday that lawmakers have discussed stopping some sales of artificial intelligence chips to China, which could stoke further tensions between the two countries.
Economy
President Joe Biden is about to launch his most ambitious effort to persuade skeptical voters that the US economy is thriving on his watch, a case that's key to his re-election prospects.
The president will deliver what the White House is calling a major address in Chicago on Wednesday to outline the theory and practice of "Bidenomics." He'll draw a contrast with the small-government philosophy that Republican opponents have espoused for decades, and argue that his more interventionist approach is already delivering benefits - for lower-income Americans in particular - and rebooting US industry.
World
President Volodymyr Zelenskiy urged NATO to stop looking at deliberations in the Kremlin when deciding on support for Ukraine, as he reiterated his nation's desire to join the military bloc. Russian President Vladimir Putin sought to portray rebellious Wagner leader Yevgeny Prigozhin as corrupt in an effort to undercut the mercenary chief's claim of sympathy for the group and show he's firmly in control. But many powerful players in the Kremlin and business elite aren't buying it, according to people familiar with the situation.