The S&P 500 climbed above 5,500, posting its longest winning streak since January, as Tesla (+9.8%) and Alphabet led a tech-fueled rally. But behind the gains, geopolitical and policy turmoil dominated headlines. The death of Pope Francis drew 250,000 mourners and global leaders to Rome, including Trump and Zelenskyy, who met privately before sitting a row apart in St. Peter’s Square.
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Meanwhile, confusion reigned over U.S.-China trade talks. Trump insisted negotiations were underway, but Beijing flatly denied it. Billionaire Bill Ackman posted photos of a China delegation - that insisted on removing their faces - entering the Treasury Department. Investors remain whipsawed by tariff threats and mixed messaging, as consumer sentiment plunged and long-term inflation expectations hit their highest since 1991.
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Adding fuel to the fire, Trump promoted his $TRUMP meme coin by offering top holders dinner access—prompting Senators Warren and Schiff to demand an ethics probe for “pay-to-play” corruption. Warren earns millions from speaking fees and consulting gigs, so the hypocrisy is thick. The coin surged 50%, raising concerns about foreign influence and profiteering from presidential access. Foreign investors placed $63B in U.S. equities since March and Treasury bond investments had record inflows, indicating renewed faith in the U.S. government's solvency following a mass exodus.

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