Welcome to Markets Desk, here's what's moving the needle right now.
In a San Francisco courtroom, OpenAI CEO Sam Altman took the stand in his legal battle against Elon Musk, offering a rare window into his personal finances. Altman revealed he owns roughly a third of Helion Energy, the nuclear fusion startup, and made clear his billionaire status comes from private investments, not OpenAI equity. He described himself as an honest and trustworthy businessperson, directly rebutting Musk's characterization of his leadership.
Shifting to Washington and Beijing, President Trump is wheels up for China this week, and he's bringing serious corporate firepower with him. Elon Musk, Tim Cook, and Larry Fink are among the executives expected to join the delegation. Trade, artificial intelligence, and Iran are all on the agenda, making this one of the more consequential diplomatic and market-facing trips in recent memory.
And on the rates front, five percent Treasury yields are back in the conversation, but analysts are pushing back on the panic. The argument is straightforward — five percent has historically been a level that attracts buyers rather than sustains itself, which puts a natural ceiling on how long elevated borrowing costs can pressure equities before demand steps in.
That's the tape. Markets Desk, signing off the floor.
