Wall Street Surges, Global Conflicts Escalate, and US Politics Unfold

Wall Street Performance and Economic Indicators

• 📈 Wall Street experienced its best week since June, with the Nasdaq reaching all-time highs.
• 📊 The Dow Jones Industrial Average and S&P 500 also saw significant gains, closing up 1% and 7/10 percent respectively.
• 📉 Treasury yields were noted at 4.28% for the ten-year and 3.76% for the two-year.

Trade Policy and Tariffs

• 💰 A potential tariff correction from the Trump administration is anticipated, aiming to clarify that gold bars should not face duties.
• ⚠️ This policy shift follows a U.S. government ruling that had surprised traders by subjecting gold to duties.
• 🇨🇭 The clarification addresses misinformation regarding tariffs on gold and other specialty products, particularly impacting exports from Switzerland.

Global Conflicts and Geopolitical Tensions

• 🕊️ Washington and Moscow are reportedly seeking a deal to end the war in Ukraine, with Russia demanding Ukraine cede the Donbas region and Crimea.
• 🇺🇦 This proposed truce raises concerns for Ukraine and its allies due to potentially unfavorable terms.
• 🇮🇱 Israel announced its intention to take control of Gaza City, escalating its conflict with Hamas amidst concerns for hostages and the humanitarian crisis.
• 🇵🇸 Hamas has condemned Israel's plan as a war crime and an act of ethnic cleansing.

US Political and Administrative Developments

• 🏛️ President Trump removed Billy Long as head of the IRS, with Scott Bessant stepping in as acting commissioner.
• 🏦 The Trump administration is also reportedly planning to sell stock in Fannie Mae and Freddie Mac, potentially raising $30 billion.
• 🗣️ Homeland Security Secretary Kristi Noem criticized Chicago's mayor and governor for not cooperating with federal immigrant removals.
• 🗳️ The Texas House failed to reach a quorum for a vote on new congressional maps, leading Attorney General Ken Paxton to sue to declare Democrat-held seats vacant.

Spaceflight Legacy

• 🚀 Astronaut James Lovell, known for commanding the Apollo 13 mission, has passed away at the age of 97.
• 🌌 Lovell had completed four spaceflights, including the perilous Apollo 13 mission which returned safely after an in-flight emergency.