Lizzie Burden

Well, those are your top stories this morning on the markets.

The stock 600 is deceptively flat to the upside, but lots of action beneath the surface when it comes to the earnings picture, as we've said.

On Wall Street, S&P E-mini futures are flat to the downside after those Nvidia earnings yesterday, and we shall discuss those in just a moment.

But in your bond space, the 10-year Treasury yield is also steady at 4.04%.

That's news when you want it with Bloomberg News Now.

I'm Lizzie Burden.

News when you want it with Bloomberg News Now.

I'm Lizzie Burden.

Donald Trump's new 10% global tariffs are now in effect.

The US president signed an executive order last Friday authorising that 10% levy after the Supreme Court struck down his original sweeping duties.

Trump subsequently threatened to raise the rate to 15%, but he has not yet officially issued a directive to increase it.

Eugene Sirocco, executive director of the Port of Los Angeles, says that firms have spent recent days scrambling to understand how the levies will affect them.

Eugene Soroka speaking there as the White House says it's working on a formal order to lift the global rate to 15%, although no time frame for that move has been finalised.

Jamie Dimon says he sees parallels to the run-up to the 2008 global financial crisis when a rush to make loans ended disastrously.

Speaking to investors yesterday, the JP Morgan CEO suggested some rival banks are doing dumb things to boost income.

And according to Dimon, the situation is familiar.

Jamie Dimon, the JP Morgan CEO there, speaking largely about AI-related investments.

The news comes as the financial industry, like many others, has suffered declines in recent weeks due to AI concerns.

Dimon added that he expects the credit cycle will eventually sour again, though he isn't sure when.

It's been four years since Russia began its full-scale invasion of Ukraine, and US President Donald Trump's efforts to end the war are stalling.