The Trump administration projects GM will cut technology costs by $20.4 billion in total by 2031 due to reduced fuel-economy standards.

Russia plans defense spending of 17.1 trillion rubles in 2027, up from an initial plan of 13.5 trillion rubles.

U.S.-Iran peace talks have stalled, lifting oil prices intraday and pushing U.S. Treasury yields toward recent multi-year highs, though still slightly below those peaks. Negotiators are urging Iran to make concessions on its nuclear program to restart ceasefire talks; President Trump earlier rejected Iran's ceasefire proposal. According to Tradeweb, the 2-year yield rose 4.4bps to 4.907%, the 10-year rose 2.8bps to 5.208% and the 30-year rose 1.7bps to 5.518%.