Global stock markets faced renewed turbulence as President Trump advanced sweeping new tariffs following a Supreme Court decision. The move sent shockwaves through trading floors, with investors scrambling to assess the impact on international commerce. Rep. Jason Smith, Chairman of the House Ways and Means Committee, joined Bloomberg to discuss the policy's implications for domestic and foreign trade.

Corporate leaders weighed in on the disruption. Mazda North America and Freeport-McMoRan CEOs appeared on Bloomberg Open Interest to outline how the tariffs affect their operations. Meanwhile, pharmaceutical stocks dominated headlines with Novo Nordisk plunging, Merck announcing a split, and Gilead Sciences finalizing a major deal. The sector's volatility underscored broader market uncertainty.

Adding to investor anxiety, Blue Owl experienced a sharp selloff, deepening concerns about liquidity risks in the $1.8 trillion private credit market. The firm's troubles highlighted vulnerabilities in an asset class that has grown rapidly but remains opaque. Traders and analysts are now closely monitoring whether this signals broader stress in credit markets or is an isolated incident.