Brent crude hovered near $99 a barrel, its highest level in weeks, with Goldman Sachs warning it could reach $120. Treasury Secretary Scott Bessent suggested oil could drop to $40 or $50 if the Strait of Hormuz reopens. U.S. economic growth remains resilient, but rising oil and copper prices — copper hit $14,509 per metric ton — threaten to worsen inflation. The Bureau of Labor Statistics will release the Producer Price Index Thursday and Consumer Price Index Friday, the last inflation data before the Fed's meeting. Futures markets show a roughly 59 percent chance of a rate increase, which could irritate President Trump close to Election Day. In September 2024, the Fed under Jay Powell began three rate cuts.

Canada's retaliatory tariffs on about $20 billion in U.S. goods took effect, covering aluminum foil, railway locomotives and steel bridges. Trump called for a boycott of Bombardier jets unless built in the U.S. New York City Mayor Zohran Mamdani created the Mayor's Office of Worker Power to help private sector workers organize. The NTSB investigates a deadly Amazon cargo plane crash in Miami that killed five. Chinese stocks slumped after Beijing's $54 billion capital injection into state-owned banks and insurers disappointed markets.