Overview

• Lisa Cook plans to challenge her removal in court after President Trump posted a letter firing her "for cause," arguing he lacks authority to do so.
• U.S. stocks closed modestly higher, with the S&P 500, Dow, and Nasdaq up about 0.3% to 0.4%, as investors focused on corporate news and Nvidia’s pending earnings.
• Treasury markets shifted toward earlier easing, with the two-year yield dropping to roughly 3.65% and the curve steepening as traders priced an estimated 84% chance of a September Fed cut.
• White House officials said they will explore purchases of equity stakes in private firms following the Intel deal, and Pentagon officials said they are considering buying defense stocks.
• Deal and earnings news drove notable moves, including EchoStar surging on AT&T’s $23 billion spectrum purchase, Eli Lilly jumping on positive Phase 3 results, and Boeing rising on a large Korean Air order.