Good afternoon and welcome to Markets Desk.
Twenty-five states have filed suit against the Trump administration over its latest round of global tariffs, arguing the duties are unlawful because they effectively replace levies that courts have already struck down. The legal challenge adds a new layer of uncertainty to trade policy at a moment when markets are still pricing in tariff risk across supply chains.
Shifting to equities, Microsoft is staging a rally not seen in twenty-six years, erasing all of its year-to-date losses in a run that analysts say has real staying power. The thesis here is straightforward: capital spending that once looked like a drag is now showing measurable returns, particularly in cloud and artificial intelligence infrastructure, and the market is rewarding that payoff.
In commodities, wheat is posting solid midday gains across all three major contracts, with Chicago soft red winter up twelve to thirteen cents, Kansas City hard red winter adding eleven to twelve, and Minneapolis spring wheat climbing eight to nine cents on the session. Export demand appears to be the catalyst driving the complex higher to start the week.
That's the tape. Markets Desk, signing off the floor.
