Good morning. The records held overnight. After the S&P closed at 7,444.25 and the Nasdaq at 26,402.34 yesterday despite the 6 percent PPI shock, Asia carried the bid through the night. Samsung set a record. Today the tape pivots from data to events: Trump's first formal Beijing meetings with Xi, Cerebras opening for trade at its $185 IPO price, and Powell's penultimate day in the chair.

Oil holds its bid. Brent at $110.87, WTI at $101.59. The Strait of Hormuz remains effectively closed ten weeks into the war, and yesterday's IEA monthly report called the supply shock the largest in oil market history. Inventories draining at 4 mb/d. Whatever comes out of Beijing today moves crude either way.

Europe opens to the same setup. The DAX is bid in the pre-market after closing 0.8 percent higher yesterday. FTSE waits on the summit headlines. Stoxx 600 carries the same tension as the US: AI-infrastructure bid, rate-sensitives soft.

US futures are flat into the open. Yesterday's records came on concentrated leadership, not broad participation. The 10-year Treasury yield closed at 4.48 percent, a 10-month high.

Asia traded mixed. Nikkei up 0.27 percent. Kospi up 0.38 percent. Samsung's 5.46 percent rip pulled the index. Hang Seng watching the summit feeds.

Bitcoin near $79,700, holding the post-PPI floor that snapped sub-$80k yesterday. Ethereum at $2,302. Gold at $4,681, eased $40 from the weekly record after India's duty hike but the structural bid is intact.

Three things today. Cerebras opens on Nasdaq as CBRS at the $185 IPO price, the largest tech listing of 2026. Trump and Xi sit down for formal talks. The Senate confirmed Kevin Warsh as the next Fed chair last night by the narrowest margin in modern Fed history, 54-45; Powell exits Friday.

Three days, three setups. Today is the one that matters.

We'll be watching.