Overview

• Major U.S. stock indexes closed this week at or near all-time highs, driven by tech shares and better-than-expected corporate earnings.
• The administration finalized trade agreements with Japan, Indonesia and the Philippines and signed an executive order to promote exports of full-stack AI systems to trusted global partners.
• President Trump and Fed Chair Jerome Powell publicly clashed over a reported $3.1 billion renovation cost during an unannounced visit to the Fed’s construction site.
• Treasury yields rose, with the 10-year note reaching approximately 4.39%, while long-dated bond-fund outflows totaled close to $11 billion in the second quarter.
• Investors are bracing for the Federal Reserve’s July 29-30 meeting, where policy makers are widely expected to hold interest rates steady.