Stocks dipped at the end of a record-setting week after lackluster results from Europe’s Volkswagen, LVMH and Puma. The dollar advanced.

China’s central bank pumped a sizeable amount of cash into its financial system, a move seemingly intended to stop a bond selloff gaining momentum and destabilizing financial markets.

Asian stocks slipped, with a seven-day global equity rally losing steam as uncertainty over the Federal Reserve’s rate-cut trajectory sapped risk appetite. Shares in Hong Kong dropped, while the Topix index retreated from its record-high close on Thursday. The dollar rose slightly.

Stocks closed at all-time highs as Alphabet’s results showed solid demand for artificial intelligence, bolstering confidence in the technology that has powered the bull market. Signs of job strength ahead of next week’s Federal Reserve decision lifted Treasury yields.

Indian Commerce Minister Piyush Goyal said he was optimistic that his country could reach an agreement with the US ahead of an Aug. 1 deadline to avert threatened tariffs of 26%.

Asian stocks advanced as a global equity rally gained fresh vigor on strong US economic data. The dollar slipped after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month, while Mary Daly said she still thinks it’s reasonable to plan on two interest-rate cuts this year.

The ECB can delay its final rate cut until December without investors concluding easing is over, a Bloomberg survey showed. A majority continues to expect the last quarter-point reduction will come in September after a pause next week. Still, half of respondents think the ECB can sit out three meetings before traders assume borrowing costs are at their floor.

A gauge of the dollar edged lower Friday after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month. Earlier, economically sensitive shares outperformed after solid retail sales and a drop in jobless claims, with the S&P 500 briefly topping 6,300 and closing at a record high.

Congress delivered a watershed victory for the crypto industry Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Foreign investor holdings of Treasuries climbed in May, led by a surge in Canadian purchases, indicating a resilient overseas demand for US government securities in the face of concerns over the effects of US policies.

S&P 500 futures fell and the dollar gained after the US suggested higher tariff rates on most trading partners. The loonie dropped after the US threatened a 35% tariff on some Canadian goods, to take effect from Aug. 1. That’s an increase from the current 25% tariff imposed on imports that aren’t shipped under the terms of the US-Mexico-Canada Agreement.

Copper prices on the London Metal Exchange are on track for their steepest weekly loss since early April. The US plans to impose 50% import tariffs on copper imports, which are set to include the kinds of materials used for power grids, the military, and data centers. Oil steadied after falling more than 2% on Thursday.

The S&P 500 hit a fresh record, approaching 6,300, as traders welcomed some upbeat outlooks ahead of the official start of earnings season next week. US Treasuries ended mixed, paring earlier losses, after the 30-year bond auction drew solid demand. The dollar wavered.

Volatility in Brazilian assets soared as traders rushed to assess the endgame of the US threat to impose 50% tariffs on all goods from the nation. Hong Kong authorities intervened for the fourth time in two weeks to prevent the city’s currency from weakening beyond its official trading band.

Oil futures sank as the escalating global trade war and the possibility that OPEC+ may halt output hikes flashed warning signs for energy demand.

Euro-area and US equity futures fell, with Asian stocks ahead of the US holiday.

The US House passed a $3.4 trillion fiscal package that cuts taxes and curtails spending on safety-net programs.

Treasuries tumbled and the dollar rose as stronger-than-forecast employment growth soothed concern the US economy is poised to slow, stanching speculation the Federal Reserve will need to cut interest rates any time soon. Stocks hit fresh record highs.

Hong Kong’s de-facto central bank bought the city’s dollar to defend its foreign-exchange peg, as two previous rounds of intervention failed to send funding costs high enough to dampen bearish currency bets.

The Chinese government intends to cancel part of a summit with European Union leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing. The US is reaching out to business executives to weigh interest in accompanying him on a possible trip to China.