• President Donald Trump’s ambitious “Liberation Day” trade ambitions, initially designed for a speedy rewriting of the world trading system, are running behind, with the administration basically conceding that its own July 9 deadline was overly optimistic for the full reconstruction of the system. Trade negotiations are now set to exceed the original deadline, with the administration promising new agreements at the end of the week. Such apparent willingness to continue negotiating has witnessed little equity market action in Asia and Europe, and US stock futures increased as initial jitters were replaced by optimism.

• In corporate news, shares of Uber Technologies Inc. have increased 60% this year and are among the best-performing S&P 500 stocks as investors bet on the company’s growth driven by agreements with robotaxi startups and new geography expansion. In other corporate news, Trump Media & Technology Group reportedly plans to launch an exchange-traded fund that will put money into a basket of crypto tokens, including bitcoin, ether, solana, and ripple.

• On the other hand, Tesla’s stock chart remains “damaged goods,” with shares beneath meaningful moving averages, as the company battles against bruised investor sentiment because of CEO Elon Musk’s fresh beef with President Trump and concerns over upcoming Q2 earnings. Finally, former UK PM Rishi Sunak is returning to Goldman Sachs as a senior adviser, sharing his views on the macroeconomy and geopolitics.