Williams Sonoma and TJX are using portions of their tariff refunds to bolster employee compensation and benefits. Williams Sonoma said it will set aside $10 million for one-time payments into eligible employees’ 401(k) accounts. TJX said it accrued incremental expenses of $112 million for year-end incentive compensation and discretionary bonuses after receiving $331 million in refunds.

The U.S. 10-year Treasury yield climbed above 5% on Monday for the first time since 2023 as the Iran war kept lifting oil prices, with Brent crude jumping as much as 4% to nearly $110 a barrel. With inflation running above the Federal Reserve’s target for more than five years, policymakers are seen as less willing to wait for price pressures to fade. The 5% yield threshold also weighed on tech shares, with chipmakers leading losses, and higher yields are making equity financing more difficult for companies.

OpenAI CEO Sam Altman said the company will not go public in 2026, arguing that an IPO would be poorly timed and that safety and compliance work must take priority. Markets had previously speculated that OpenAI could be valued at $1 trillion in a listing. He made the comments as global markets remain volatile, after the SpaceX IPO’s sharp post-listing swings and as renewed fighting involving Iran has pushed oil prices higher and lifted inflation forecasts.

De Nederlandsche Bank has reallocated part of its gold reserves from the U.S. to Europe to improve liquidity. Of the 612 tons it holds in total, 18.5% remains stored in New York and Ottawa. The move follows a similar step by the Banque de France, which in March 2025 said it sold 129 tons of gold held in New York and bought gold in Europe, without citing geopolitical factors.

Bitcoin rose nearly 25% over the past week, and when it traded around $64,000 on Tuesday, a single day saw $1.3 billion in short liquidations. Another $1 billion in shorts were liquidated over the following 48 hours, bringing the week’s total to $4.5 billion. Meanwhile, Hyperliquid posted more than $633 billion in combined spot and perpetuals volume in the first quarter, more than six times its total in the second quarter of 2024.

The U.S. Strategic Petroleum Reserve fell below 300 million barrels last week for the first time since the 1980s. The U.S. plans to release 172 million barrels to address severe supply disruptions and rising energy costs tied to the Iran war, which is expected to push inventories down to 243 million barrels. Experts warn that running the SPR too low could damage the underground salt caverns used to store crude, with repairs already costing more than $100 million.

Iran says the Strait of Hormuz has been shut down, but U.S. President Donald Trump says 9 million barrels of oil a day are still getting out. Energy Secretary Chris Wright said in a post on X on Tuesday that the seven-day average for oil leaving the strait was almost 9 million barrels per day. Axios reported on Sunday, citing U.S. officials, that about 8 million barrels are leaving each night via a southern lane with U.S. help, while pipeline exports run about 4 million barrels per day, putting total flows at about 15 million barrels per day versus 20 million barrels per day before the conflict.

The U.S. Treasury is set to auction $25 billion of 30-year bonds on Thursday, with the when-issued market indicating a yield around 5.23%, which would be the highest borrowing cost since 2001. Long-term Treasury yields have pushed past 5% this year as investors weigh energy-driven inflation risks and expectations that the Federal Reserve may keep rates higher for longer. Traders cut the implied probability of a September rate hike to about 35% from roughly 50% earlier in the week. Interest costs on U.S. public debt have reached $1.17 trillion so far this fiscal year, up 15% from a year earlier.

Anthropic is targeting an IPO in October at a predicted valuation of $2 trillion, which would be the largest public stock offering on record and bigger than SpaceX, the Financial Times reported. Investors told the newspaper they expect the AI lab’s annual revenue run rate to reach $100 billion to $120 billion by the end of the year. The company is also reported to be in talks to buy “world model” startup Decart for $6 billion. Fed-funds futures traders expect rates to be held at 3.5% in September, a backdrop that coincided with gains of 0.26% for the S&P 500 and 1.16% for Japan’s Nikkei 225.