Crypto News: Bond market jitters

Good morning. Bond yields continue their march toward multidecade highs. Meta faces a high-stakes court case today. And why some marathon runners are making regular visits to the sauna. Listen to the day’s top stories.

— Marcus Wright

Market Snapshot
S&P 500 Futures	7,732.25	-0.5%
Nasdaq 100 Futures	29,737.75	-1.2%
US 10-year Treasury yield	4.73%	+0.01
WTI crude oil futures	$85.02	+0.6%
Market data as of 06:46 AM ET. Data is subject to provider delays.	Your watchlist

Tech stocks led futures lower as long-dated bond yields continued an advance to multidecade highs. Yields on 30-year government bonds climbed across the world as rising oil prices added to inflation fears. Ed Yardeni, the veteran strategist who coined the term “bond vigilantes” in the 1980s, said investors are worried about the surge in borrowing by artificial-intelligence hyperscalers and are questioning the Fed’s strategy on inflation. Still, he’s not “pushing the panic button” quite yet.

Meta is headed to court today for a high-stakes showdown over claims it deliberately designed Facebook and Instagram to encourage compulsive use among young users. Elsewhere, two AI titans are teaming up — Nvidia agreed to spend as much as $105 billion to support a massive new data center campus in Ohio set to be leased by OpenAI. Over in the UK, there’s evidence that AI may be starting to create new jobs. And here’s our explainer on the threat to Silicon Valley from China’s more affordable AI models.

Donald Trump said he won’t try to revive a stalled truce with Iran, leaving the Middle East conflict and a tussle for control of the Strait of Hormuz in limbo. Hopes for a Gaza peace deal are also fading, after Trump envoy Jared Kushner assured Benjamin Netanyahu that the Israeli army won’t be compelled to withdraw from Gaza until Hamas disarms.

Jeanie Buss Disputes Sale of Family Stake in LA Lakers

Financier Mark Walter has explored selling his stake in Chelsea FC to Clearlake Capital, the majority owner of the London-based soccer club, people familiar said. Walter’s holding company has been looking to pull off deals in a bid to clean up loans on his insurers’ balance sheet that have drawn scrutiny from federal prosecutors.

Trump and Mark Carney spoke by phone as negotiators race to avert punishing new US tariffs on Canadian products due to take effect at midnight. Automotive sector rules are a key sticking point, people familiar said.

Deep Dive: DOJ vs. Universities

The Justice Department is launching an investigation into the College of William & Mary over whether some of its scholarships and financial aid are discriminatory, continuing the Trump administration’s campaign to reshape US higher education.

Assistant Attorney General Harmeet Dhillon said the college’s scholarship policies appeared to be in defiance of the Supreme Court’s 2023 decision banning racial preferences in admissions.
The investigation further expands the DOJ’s civil rights efforts beyond admissions offices and into scholarships and financial aid. It has already launched a probe into Harvard, alleging that it granted financial aid preferences to Chinese students thanks to the influence of foreign donors.
Earlier this month the DOJ found that admissions practices at Duke University School of Law had discriminated against applicants based on race. In May it announced a similar finding against the Yale School of Medicine.

The Big Take

Three-wheeled taxis in Maputo. — In Mozambique, rising fuel costs are impacting three-wheeled taxi drivers’ profits.

The world’s largest commodity trader has turned the Hormuz crisis to its advantage in Africa. A Bloomberg News investigation found that several African nations have been paying high prices for supplies from Vitol, through contracts that have largely been awarded outside normal tender procedures.

Opinion

Almost by definition, movements in longer-term government bond prices take place slowly, John Authers writes. But shifts of the tectonic plates can have a serious effect. If there’s any risk of a major quake to disturb the current calm in financial markets, this is where it comes from.

More Opinions

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Before You Go

The Los Angeles Marathon. — The Los Angeles Marathon in March.

Marathon runners are adding heat training to their routines as climate change becomes a variable they can’t ignore. From $234 cooling headbands to regular visits to the sauna, there’s a growing emphasis on helping the body cope with higher temperatures.

A Few More