Good evening, I'm Jake Morrison.

Wall Street felt the weight of inflation fears today as a surge in bond yields sent stocks tumbling from record highs. The Dow, S&P 500, and Nasdaq each slid more than 1% after the 10-year Treasury yield jumped to 4.6%, its highest level in months. Rising yields in Japan and the UK added to the global shift away from riskier assets, leaving investors bracing for more market volatility ahead.

Overseas, India’s once-booming stock market is losing its shine as artificial intelligence reshapes global investment trends. The country’s equity market has shed nearly a trillion dollars in value since late 2024, slipping out of the world’s top five for the first time in three years. Foreign investors have pulled billions, signaling a broader pivot toward AI-driven economies.

Meanwhile, President Trump returned from his Beijing trip to face a fresh inflation headache. U.S. consumer prices climbed 3.8% in April, overshadowing his trade wins, including a potential Boeing deal and expanded soybean exports. Back at home, soaring diesel costs—up 67% since December—are squeezing school districts, forcing budget cuts as fuel prices weigh on transportation fleets nationwide.

In retail, Walmart and Amazon are locked in a battle for rural America, pouring billions into faster deliveries to win over underserved communities. Walmart’s vast store network already reaches 90% of the population, while Amazon’s same-day delivery push aims to close the gap.

And in global branding, Chinese companies are making waves, with their top brands surging 32% in value this year—far outpacing the global average. Analysts say China’s brands are evolving beyond scale, focusing on agility and innovation to compete on the world stage.

This is Jake Morrison, signing off.