Global markets experienced a downturn as renewed US-China trade tensions resurfaced, leading to a risk-off sentiment. Markets reacted negatively to Beijing's vow to fight the trade war while keeping the door open for negotiations. China's imposition of curbs on US units of a South Korean shipbuilder further heightened concerns. US equity futures and European stocks slipped, with technology stocks like the "Magnificent Seven" leading the decline. Bond yields decreased as the market sought safer assets, and the US dollar remained flat. The Small Business Survey also printed below expectations, adding to market anxieties. Fed Chair Powell's upcoming speech on the economic outlook and monetary policy is highly anticipated. In corporate news, some companies saw gains from acquisitions or strong performance reports, while others faced losses due to production cuts or profit warnings. AI stock valuations continued to be a point of concern, with many investors believing the sector is in a bubble. Earnings reports from major banks were a key focus, with mixed results impacting sentiment. Cryptocurrencies and oil prices also experienced declines amid broader market uncertainty.