Three macro updates and three corporate moves worth tracking.

Quick one today. Here is what you need to know.

Macro

First, the United States delegation. Donald Trump and a stacked group of business and political leaders just touched down in Beijing. We are watching for updates across materials, batteries, semiconductors, and EVs. That covers a lot of ground, but those are the four lanes where US-China policy actually moves stocks.

Second, Kevin Warsh has been confirmed as Fed Chair. Gold has plateaued around $4,700 — a sign the market took the appointment in stride.

Third, inflation just got another shot of caffeine. The Producer Price Index soared 6% year over year in April. That is a chunky number. 30-year Treasuries hit 5% on the news. Producer prices feed into consumer prices on a lag, so this is going to keep the inflation conversation alive.

Corporate

First, Rivian. CEO RJ Scaringe is raising money for a separate robotics venture. Think robots as workers, in the same conceptual neighborhood as Tesla’s humanoid program. We will dig deeper on this one in a stand-alone piece.

Second, Nike. Bad to worse. The China market is hurting, and the revamp plan looks overcomplicated. What they need is simple: brand, product, and functionality. Right now they look spread too thin across all three.

Third, earnings. Cisco printed and the stock is up 19% after hours. Yes, AI again. The networking layer of the AI buildout continues to convert.

Told you it was a quick one.