Oil at $109, Bonds Puking, and the Trump-Xi Summit Was Basically a Vibes Trip — Here's What Actually Moved Markets This Week

Let's set the scene: Brent crude at $109/barrel, the 30-year Treasury yield above 5%, and a US-China summit that the financial press literally nicknamed the 'Beans and Boeing Summit.' The Dow shed 537 points Friday, the S&P slid 1.24%, and Nasdaq dropped 1.54% — its worst session since March. Bond vigilantes finally showed up to the party, and they brought inflation as their plus-one.

The Trump-Xi Beijing summit dominated chatter all week. $BA got a headline-grabbing order for ~200 aircraft — well below the 500 originally floated — and the stock still fell 2.7% on the news. Meanwhile, $NVDA watched Jensen Huang attend the summit like a rockstar only for China to pass on the H200 entirely, preferring its own domestic AI chips. Cantor Fitzgerald has a $350 price target on Nvidia with supply sold out through 2027, but the China revenue hole is real and the street knows it. On the macro side, national average gas prices hitting $4.51/gallon with the Strait of Hormuz still in play means the inflation narrative isn't going quietly — and neither are those bond yields.

The week's sleeper hit? $WMT and $HD earnings coming next week as the ultimate gut-check on whether the American consumer is holding up or quietly rage-quitting the economy — at $4.51 a gallon, it might be the latter.