US stocks are getting a short-term boost from the Trump-Xi summit, but rising bond yields and oil prices are a near-term worry, with a bigger long-term bullish thesis underneath.

• Trump is in China with top US executives trying to sell American goods, with a Boeing order of around 500 jets expected — the first since 2017.
• Nvidia is the big stock to watch — if it gets a China chip deal, shares could push much higher.
• Kevin Walsh was confirmed to the Fed, so Jerome Powell is out as Fed chair this Friday.
• Bond yields are rising, oil is high because the Strait of Hormuz is closed, and inflation data came in bad — the Fed even hinted at possible rate hikes.
• The bigger thesis: deglobalization forces countries to spend and invest more, which means high inflation and yields now but falling rates and a long boom later.
• Tariffs and China's rare earth export suspension both expire November 10, 2026, so a deal is needed soon.

Outlook: Hardware stocks keep running on summit optimism, but near-term inflation and yields stay a problem before the long-term super cycle kicks in.