CNBC Daily Open: Strong bank earnings seem to overshadow escalating trade war

China has been utilizing its dominance successful the uncommon world manufacture to slash prices, driving overseas competitors out, U.S. Treasury Secretary Scott Bessent told CNBC connected Wednesday stateside successful an exclusive interview. He characterized the state arsenic having "a nonmarket economy."

In response, the Trump medication volition "exercise concern policy" to acceptable terms floors successful a scope of industries. Price floors are a bounds of however debased suppliers tin complaint for goods oregon services. They are typically acceptable supra the marketplace complaint and are fundamentally a signifier of authorities terms control.

Meanwhile, Bank of America and Morgan Stanley reported blockbuster second-quarter net that changeable mode past expert expectations. They joined different large U.S. banks, specified arsenic JPMorgan Chase and Goldman Sachs, successful ihaving a blowout 4th that was turbocharged by robust dealmaking and banal marketplace highs.

And contempt U.S. President Donald Trump's continued saber-rattling astatine China connected the commercialized front, traders don't look acceptable to fto spell of equities. On Wednesday stateside, the S&P 500 and Nasdaq Composite, and the Russell 2000 deed a caller record. After all, net reports are indicating that the system isn't yet faltering, contempt firms already experiencing higher costs due to the fact that of tariffs, according to the U.S. Federal Reserve's Beige Book.

Whether traders proceed pushing equities to caller highs amid fractious commercialized relations with China volition depend, successful part, connected the net of large exertion companies specified arsenic Tesla and Intel owed adjacent week.

The Abu Dhabi capitalist that's backing AI portion trying to prevention TikTok — with assistance from Trump

Backed by Abu Dhabi's sovereign wealthiness money and launched successful March 2024, MGX has emerged arsenic a cardinal root of superior arsenic companies race to physique retired the tremendous computing powerfulness needed to conscionable expected AI demand.

Certain transactions suggest a level of coziness with Trump.

Earlier this year, MGX reportedly provided $2 cardinal successful backing to the crypto speech Binance, utilizing a cryptocurrency purchased from the Trump family's World Liberty Financial. Its president Tahnoon bin Zayed Al Nahyan besides visited Trump successful the White House this outpouring to denote a $1.4 trillion concern successful the U.S. implicit the adjacent decade.

— Steve Kovach