Monday's Final Takeaways: Crude Oil & Yields Elevated, China Eyes NVDA Purchases

• Crude oil prices remain elevated, with Brent around $106 and WTI near $93, due to global supply uncertainties and higher fuel costs for consumers.
• Treasury yields reached their highest levels since 2007, with the 10-year above 5.2% and the 30-year topping 5.5%, driven by inflation concerns, fiscal deficits, and potential Fed rate hikes.
• The U.S. and China agreed to cut tariffs on $60 billion worth of goods, and China is reportedly considering approving NVIDIA chip purchases for companies like Alibaba and ByteDance.
• Carnival (CCL) earnings are expected tomorrow, providing insight into the cruise industry's performance amid elevated fuel costs, as the company does not hedge its fuel expenses.

The market session closed with crude oil prices remaining elevated due to geopolitical tensions and lower fuel economy standards, leading to higher fuel costs. Treasury yields hit 19-year highs, driven by inflation concerns and government borrowing. Meanwhile, the U.S. and China agreed on tariff cuts, and China is considering approving NVIDIA chip purchases, impacting domestic chip stocks.