The Trump-Xi Summit resulted in China agreeing to purchase more Boeing jets and beef, though the author views these outcomes as insignificant. Bond yields are surging toward February 2025 highs, with the U.S. 30Y at 5.154% and U.S. 10Y at 4.630%, driven by inflation concerns as oil remains over $100 and CPI/PPI data remains hot. While the market is currently supported by earnings growth in semiconductors, geopolitical tensions and rising yields suggest potential volatility ahead.