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Strategic Alliances in a Shifting Global Landscape

In a world marked by geopolitical tensions and shifting alliances, Russian President Vladimir Putin and Chinese President Xi Jinping have positioned themselves as defenders of a new world order. Their recent meeting in Moscow, coinciding with the 80th anniversary of the end of World War II, underscored their commitment to countering Western influence and promoting a multipolar global system. During the talks, Putin and Xi emphasized their shared vision of international stability, rejecting what they described as "unilateralism and bullying"—a veiled reference to the United States. Xi reaffirmed China's support for Russia, highlighting their strategic partnership and mutual interests in shaping global governance. The leaders also pledged to safeguard the authority of the United Nations and advocate for the rights of developing nations. This alliance comes at a critical time, as both nations face economic and political challenges. Russia continues to navigate Western sancti...
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Stocks Climb as S&P 500 Notches Best 3-Day Run of 2024

 S&P 500

Stocks closed near session highs on Monday, with the S&P 500 notching its best three-day run in a rip-roaring 2024. Wall Street continued to build on an end-of-week surge precipitated by a softer-than-expected jobs report that helped spur bets toward an earlier rate cut from the Federal Reserve.

  • The S&P 500 gained 1%, while the tech-heavy Nasdaq Composite rose 1.2%.
  • The Dow Jones Industrial Average increased almost 0.5%.

Stocks extended their rally from the end of last week, getting a boost from a “Goldilocks” jobs report that struck the balance in providing welcome news for both the markets and the Fed. More than two-thirds of bets are now on a September rate cut from the Fed, according to the CME FedWatch Tool. Most traders now expect at least two cuts by the end of the year.

Those bets could be influenced by the return of Fedspeak, now that free-speaking Fed officials are untethered from a pre-meeting blackout period. On Monday, New York Fed President John Williams said officials will make rate cut decisions based on the totality of incoming data. Williams assured that eventually “we’ll have rate cuts,” but for now, monetary policy is in “a very good place.”

Also on Monday, Federal Reserve Bank of Richmond President Thomas Barkin expressed optimism that inflation will come down to 2% as “the full impact of higher rates is yet to come.” Minneapolis’s Neel Kashkari is set to speak on Tuesday.

In corporate news, Disney (DIS) will take center stage this week as earnings season starts to wind down. Its stock is up more than 25% so far this year. After a 6% post-earnings rally on Friday, Apple (AAPL) shares lost around 0.9% after Berkshire Hathaway CEO Warren Buffett revealed over the weekend that the company had pared its holdings in the iPhone maker. Boeing (BA) sank more than 1% in afternoon trading after the Federal Aviation Administration said it has launched a new probe into the aircraft maker’s 787 Dreamliner. The company revealed to regulators last month that it may not have completed the required inspections. A Boeing spokesperson told Yahoo Finance, “we promptly notified the FAA, and this is not an immediate safety of flight issue for the in-service fleet.”

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