U.S. TREASURY SECRETARY BESSENT ON IRAN: SEEING MAIN LOADING FACILITY HAS HAD NO LOADINGS FOR PAST THREE DAYS

U.S. TREASURY SECRETARY BESSENT ON FED: MAY GET 1-2 HOT INFLATION NUMBERS

- The Senate confirmed Kevin Warsh as the next chair of the Federal Reserve yesterday in the closest vote in modern history. - Trump’s Beijing summit with Chinese President Xi Jinping is underway, and readouts from their meeting overnight reveal the two leaders discussed the Iran war, economic cooperation and Taiwan. A White House official said Trump and Xi agreed on the need to open the Strait of Hormuz, while Beijing’s readout showed Xi called Taiwan “the most important issue in U.S.-China relations.” - The S&P 500 rallied back to all-time highs yesterday despite the fact that two-thirds of its members traded in the red. Technology stocks buoyed the market, with the Nasdaq Composite surging more than 1% to a new record. - Cisco exceeded Wall Street’s third-quarter expectations on both lines yesterday, sending shares surging more than 15% in extended trading. The networking company also said it would cut nearly 4,000 jobs this quarter.