Sunday focus turns to tariff diplomacy and policy pressure

U.S. markets were closed, so QQQ and SPY remained unchanged at Friday's carried closes with neither leading. Updates centered on a proposed U.S.-China tariff pause, renewed U.S.-Brazil talks, an inflation-linked USD/JPY follow-up, and fresh legal and cost pressure on Microsoft and Ford.

Published Aug 26, 2026

QQQ: 0.00%
SPY: 0.00%
QQQ − SPY: 0.00%

What shaped the session

Global trade policy

Trade updates included a proposed U.S.-China pause in 100% tariffs and rare-earth controls, renewed U.S.-Brazil negotiations, and Ford's reported $2 billion tariff cost.

Inflation and FX follow-up

A Sunday follow-up said U.S. CPI was below expectations and documented USD/JPY rising from 152.81 to 153.02 before settling near 152.90.

AI pricing regulation

Australia's competition regulator sued Microsoft over claims that 2.7 million users were misled into paying higher Microsoft 365 fees after Copilot was bundled.

Key news

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