Markets struggled as the Dow Jones Industrial Average dropped 1.31% amid renewed volatility in Treasury yields and ongoing scrutiny regarding the Federal Reserve’s independence, particularly concerning attempts to influence long-term interest rates. The broader market decline was pressured by Walmart’s 9% stock tumble ahead of its fiscal second-quarter earnings, though Ross Stores provided a counterpoint, surging after raising its annual earnings guidance. Corporate M&A activity remained significant despite market headwinds; T. Rowe Price announced the acquisition of F/m Investments, Holcim acquired James Hardie’s European unit for €840 million, and Mavis finalized its $700 million acquisition of Pep Boys. On the geopolitical front, at least 16 people died in a Russian missile and drone barrage in Kyiv, while the U.S. Department of Justice charged 17 Iranian nationals for a cyber-extortion campaign targeting universities and corporations. Furthermore, the U.S. strengthened security ties with Jamaica through a new Status of Forces Agreement and announced the future deployment of the hospital ship USNS Comfort to Peru to address impacts from the El Niño weather phenomenon. Domestically, federal authorities thwarted a terror plot, charging an Albany woman with attempting to provide material support to ISIS for an attack on the New York State Capitol. Insider activity included heavy share granting at firms like Captivision and Procter & Gamble, while tech sector news saw Nvidia deny reports of new Chinese AI chip releases as Broadcom reportedly seeks $60 billion for AI-related dealmaking.