The S&P 500® sits near record highs, but weak market breadth, sticky inflation, and rising yields suggest a more complicated story beneath the surface.

Reformulated Blendstock and Oxygenate Blending (RBOB) futures rose during Thursday’s trading on rumors of a US diesel export ban and tighter refined petroleum products in the global markets.

U.S. and Chinese leaders meet today to discuss trade and oil, but the dramatic rally in yields this week may overshadow the event. Costco reports later, and new home sales are due.

Stocks are mixed around midday as the recent push higher in Treasury yields sour investor appetite for equities. Elsewhere, Chinese President Xi Jinping traveled to Washington to hold talks with U.S. President Trump.

President Trump threatened Iran in a speech at the UN yesterday, and Iran's president follows today. Tomorrow Trump meets with Chinese leader Xi. All this puts oil center stage.

The Federal Reserve hiked rates, and we expect there are more to come. With a hawkish Fed and a resilient economy, long-term yields may stay elevated.

Stocks rose Monday as AI shares surged after oil prices and Treasury yields retreated. Iran peace efforts and a Trump-Xi meeting are in focus this week amid a light earnings slate.

Highlights this week include a host of Fed speakers who might provide more insight into last week's rate hike. Trump meets with Xi on Thursday, putting trade in focus.

The number of people continuing to file for unemployment insurance has started to fall. Schwab's Kevin Gordon looks at what that labor market tightness may mean in the Week Ahead.