- 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.
