U.S. Treasury yields moved higher on Wednesday after April wholesale inflation data came in above expectations. The 10-year yield rose to 4.49% at its session high while the producer price index jumped 1.4% month over month and 6% year over year. The move followed a separate report showing April consumer inflation running above forecasts, raising questions about the Fed's policy path.

U.S. equities saw sharp intraday swings Tuesday, with the Nasdaq 100 reversing to a 1.5% rally into the close while the S&P 500 finished less than 12 points lower. The Cboe VIX Index briefly jumped to 19.01—its highest since April 28—before ending the day lower, as options activity pointed to rising interest in VIX calls and more defensive positioning in long-term bonds.

Michigan Reps. John Moolenaar and Debbie Dingell announced legislation Tuesday that would ban China-linked connected vehicles, plus related software and hardware, from the U.S. market. The proposal sets a Jan. 1, 2027 start for software restrictions and a Jan. 1, 2030 start for hardware limits, and also applies to Russia, North Korea and Iran.

The S&P 500 closed above 7,400 on Monday for the first time, returning to record highs even as the U.S.-Iran war continues into its third month and oil prices remain elevated. The index has rebounded about 17% from around 6,300 in a little over a month, supported by limited margin exposure to energy, strong profit concentration in big tech tied to AI, and a U.S. economy that is less oil-dependent than in past crises.

As President Donald Trump heads to China this week to meet Xi Jinping, the Iran war is hanging over the trip and the broader economic outlook. Even if the fighting stopped immediately, U.S. gasoline prices would likely stay elevated for months, complicating Trump's domestic politics and any request for Beijing's help. Markets have pushed higher, but analysts warn prolonged disruption could still pressure stocks, inflation expectations, and borrowing costs.

Options traders are intensifying bullish bets on Cisco ahead of its Wednesday earnings, after the legacy networking company's long shift toward software and cloud-based AI. The stock is up 15% over the past month, with over 75,000 calls traded by noon Central time Friday versus 16,000 puts, alongside implied volatility that touched 47.

Pharma and biotech names moved higher in early Monday trading as investors reacted to a hantavirus outbreak linked to the Dutch-flagged expedition ship MV Hondius. Moderna rose 7% premarket after citing preclinical hantavirus work, while Inovio gained 11% and Novavax added 5%. The WHO said the public health risk is low, and analysts cautioned the stock moves may be sentiment-driven rather than tied to meaningful revenue.

Circle Internet Group raised $222 million by preselling Arc, the native token for its new Arc blockchain, giving the network a $3 billion fully diluted valuation. Andreessen Horowitz led the round with a $75 million check, with participants including BlackRock, Apollo Funds and Intercontinental Exchange. Circle CEO Jeremy Allaire said the company is expanding beyond USDC issuance toward blockchain infrastructure and applications, including tools for AI agents to transact with USDC.

Netflix’s March price increase pushed its standard ad-free plan to $19.99 a month, while its ad-supported tier sits around $9. The shift underscores how streaming platforms are increasingly valuing subscribers by viewing time as ads turn engagement into measurable revenue. Multiple analyses cited in the report suggest heavy viewing on ad tiers can approach or exceed the revenue of premium, ad-free subscribers.