Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Dollar Holds Near Two-Month High as Yen Approaches 160 
China Agrees to Buy 20 Million Tons of U.S. Coal 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
Fed Unveils Stablecoin Rules Under GENIUS Act 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
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U.S. stocks closed sharply lower Wednesday, led by steep losses in tech and auto stocks as investors grew wary ahead of a potential announcement on U.S. auto tariffs. President Donald Trump is expected to unveil reciprocal tariffs targeting the car industry, raising concerns about inflation and global trade tensions.
Nvidia (NASDAQ:NVDA) tumbled nearly 6%, while Tesla (NASDAQ:TSLA) slid 5.6%. General Motors (NYSE:GM) dropped 3.1% as the market braced for potential supply chain disruptions and rising production costs. "Markets hate the tariff uncertainty, especially when it pertains to autos," noted Jamie Cox of Harris Financial Group.
Chip stocks also took a hit, with Broadcom (NASDAQ:AVGO) down 5%, dragging the PHLX chip index 3.3% lower. The tech-heavy Nasdaq fell 2.04% to 17,899.02, the S&P 500 slipped 1.12% to 5,712.20, and the Dow Jones dipped 0.31% to 42,454.79.
Six of the 11 S&P 500 sectors declined, led by a 2.46% drop in information technology and 2.04% in communication services. Despite some companies rallying—like Dollar Tree (NASDAQ:DLTR), up 3.1% on news of a $1 billion Family Dollar sale, and GameStop (NYSE:GME), which surged 12% after announcing bitcoin as a treasury asset—market sentiment remained cautious.
Barclays cut its S&P 500 year-end forecast to 5,900 from 6,600 amid slowing momentum. The index is down 3% year-to-date, while the Nasdaq has lost over 7%.
Investors now await Friday’s personal consumption expenditures (PCE) price index, the Fed’s preferred inflation measure. Minneapolis Fed President Neel Kashkari warned tariffs could fuel price hikes, possibly justifying rate increases. Trading volume was light, with 15.5 billion shares exchanged, below the 20-session average.
