Good morning. This is your 2:00 AM Flash for Saturday, July 25, 2026. Gold is trading at $4,071/oz, WTI crude at $89.31 per barrel, Bitcoin at $63,949 and Ethereum at $1,857. The S&P 500 last closed near 7,411.98, while the VIX finished at 18.58 with little net change.
Top verified developments: President Trump has imposed a new wave of tariffs on dozens of countries, prompting rebukes from trade partners over forced-labor justifications. The measures lift the Scotch whisky levy while expanding broader duties. The UK's Trump trade deal no longer appears world-beating, and Trump has vowed to investigate the EU over fines on U.S. tech firms. A Trump tech adviser also accused China's Moonshot AI of stealing from Anthropic.
The Swiss National Bank cut rates by 50 basis points to 0.5%. ECB President Christine Lagarde left the door open to an early exit amid French political considerations. Germany's flash manufacturing PMI rose to a four-month high of 43.2.
Upcoming U.S. data includes the core PCE price index Monday at 9:30 a.m. CT, followed by the FOMC rate decision and Chair Kevin Warsh's press conference on Wednesday.
And finally, a quick human story: Kevin Warsh has homed in on three key phrases. How Fed watchers interpret them could matter in the weeks ahead.
This is Miss Vicky from the Options Desk at VixShield, where it's not news till we talk about it. Stay with us as Russell Clark joins with more analysis.