The record-breaking run in global stocks got fresh fuel to power the rally after the US reached a trade deal with Japan, an agreement with a key trading partner that eases concerns about the tariff war. MSCI's benchmark gauges for global equities and Asian shares both rose Wednesday. Contracts for the S&P 500 edged up on the tariff news after closing at its highest level Tuesday. Stocks in Japan jumped more than 2% with Toyota Motor Corp. and other automakers leading the gains. We break down the day's developments with David Aspell, Partner and Co-Chief Investment Officer at Mount Lucas Management.

Plus - investors are also focused on megacap companies this week. Big Tech's strength will be on full display over the next few weeks as the group begins unveiling quarterly earnings. Tesla Inc. and Alphabet Inc. are reporting Wednesday. The so-called Magnificent Seven companies are expected to post a combined 14% rise in second-quarter profits, while earnings for the rest of the US equity benchmark are predicted to be relatively flat, according to Bloomberg Intelligence data. We discuss the role AI will play in those reports with Stephanie Leung, Chief Investment Officer at StashAway.

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The start of a busy week for Corporate America saw stocks giving up most of their gains, with traders looking for signs of resilience in earnings amid tariff risks. Treasury yields fell alongside the dollar. While the S&P 500 closed above 6,300 for the first time, the gauge rose just 0.1%. Energy shares joined a decline in oil. Chipmakers almost erased their advance as Nvidia Corp. slipped. Fellow megacaps Tesla Inc. and Alphabet Inc. will kick off the group's earnings season this week. The stakes will again be high as investors look for updates on artificial-intelligence spending. We break down the day's price action with Ed Butowsky, Managing Partner at Chapwood Investments.

Plus - shares in Tokyo gained 1% as trading resumed after a public holiday Monday. The MSCI regional stock gauge advanced 0.3% in early trading. Market participants are focused on the performance of Japanese markets as investors weigh policy uncertainty after the ruling Liberal Democratic Party's historic loss in Sunday's elections. For a closer look, we hear from Sean Darby, Managing Director at Mizuho Securities Asia. He speaks with Bloomberg's Shery Ahn and Paul Allen on The Asia Trade.

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The yen recouped some of last week's losses as investors weighed the extent of the defeat suffered by Japan's ruling coalition in the weekend's upper-house election. Asian stock markets edged down. Japan's currency had dropped for two weeks and bond yields spiked ahead of the vote on concern a poor showing by Prime Minister Shigeru Ishiba would open the door to more spending and tax cuts. While the ruling Liberal Democratic Party and its partner lost their majority in the chamber, their final tally may be enough to keep Ishiba in the job. We get reaction from Shuntaro Takeuchi, Portfolio Manager at Matthews Asia.

Plus - Donald Trump is struggling to get the Federal Reserve to cut interest rates, but policymakers around the world won't need so much convincing. The US president's tariff onslaught is likely to force further measured easing in coming months by most of the 23 central banks featured in this quarterly guide on the global monetary outlook, according to Bloomberg Economics. Federal Reserve Governor Christopher Waller hinted he would dissent if his colleagues vote to hold interest rates steady at their July meeting, making his case for a rate cut to support the labor market. We take a look at the Fed's path ahead with Clayton Triick, Head of Portfolio Management, Public Strategies, at Angel Oak Capital.

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