GS: "Equity markets started higher in the absence of additional trade tension headlines overnight, but now in the red after Bessent headline “urging World Bank to end support for China,” Miran stating China rare-earths move reintroduces trade uncertainty, and Waller comments on expectations of layoffs/lower hiring due to AI. Volatility is back (VIX still above 20) with the SPX seeing >100bps moves in either direction over the past 4 sessions."(zerohedge)