S&P 500 ▼ 7,408.50 (Fri close) · Brent ▲ $109.26 (Fri close) · VIX ▲ 18.4 (Fri close) · 10Y UST ▲ 4.59% (Fri close)
Trump left Beijing after two days of pageantry with no signed agreements on trade, semiconductors, Iran, or Taiwan. Xi secured a “constructive strategic stability” label – diplomatic shorthand for managed decline – while the $14 billion Tai…