Geopolitics stayed in focus as President Donald Trump urged the European Union to levy tariffs of up to 100% on China and India over purchases of Russian oil. Washington pledged to match any European measures, while India called U.S. duties unfair and China secured partial relief on new levies. The move follows Trump’s meeting with Vladimir Putin, which produced no progress toward a ceasefire in Ukraine.

In Washington, a federal judge blocked Trump’s attempt to remove Federal Reserve Governor Lisa Cook, allowing her to remain while the case proceeds. Cook, the first Black woman on the Fed board, argues the president lacks authority to dismiss her. The ruling helped ease fears over the Fed’s independence, though Trump is expected to appeal.

Check out today's market analysis for more market updates!