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rate cuts soon and parked to one side the longer-term erosion of confidence in the central bank and U.S. policymaking more broadly.More on that below. In my column today, I ask whether Nvidia's earnings on Wednesday will be strong enough to dispel concerns among some investors around when AI will deliver its promised returns, and keep the tech rally going.If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.1. Trump takes his Fed fight to unprecedented level witheffort to fire Cook 2. What's known about the legal premise for Trump's effortto fire Fed's Cook 3. Mantra of central bank independence shaken by Trumpmoves on Fed 4. Trump's latest Fed jab breeds more dismay than drama 5. Dollar turn emboldens dogged wariness of Wall Street:Mike DolanToday's Key Market Moves* STOCKS: European shares fall sharply, China's indicesease back from 10-year highs, Wall Street edges higher. * SHARES/SECTORS: Rotation into small caps continues,Russell 2000 outperforms. Nvidia shares +1% ahead of results,Keurig Dr Pepper slumps another 7% after buying JDE Peets. * FX: Dollar slips across the board but closes off itslows of the day. 'Safe-haven' yen and Swiss franc outperform. * BONDS: U.S. yield curve steepens as much as 7 bps,2-year auction draws highest bid-to-cover ratio this year. * COMMODITIES: Oil slides more than 2%, its biggest fallin three weeks.Today's Talking Points:* Fed independenceTrump's attempt to fire Fed Governor Lisa Cook for alleged mortgage irregularities has cranked up his feud with the central bank to unprecedented levels. Cook insists she will not resign, her lawyer says she will sue Trump for trying to fire her, and the Fed says she will seek a court ruling to continue in her role.Traders are betting on a rate cut next month, and Treasury yield curves are steepening. This may offer some near-term support for equities. But beyond that, doubts over the credibility of Fed policy are bound to intensify, and that will surely come back to bite markets.* Long yieldsIt's not just ultra-long U.S. Treasuries that are under heavy selling pressure. Longer-dated yields in Japan, Britain, and the euro zone are also rising as long-term debt sustainability across the industrialized world comes under the microscope.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,500.00 +4.00 (+0.06%)Dow Futures45,736.00 +94.00 (+0.21%)Nasdaq Futures23,623.00 -5.75 (-0.02%)Russell 2000 Futures2,397.50 +17.80 (+0.75%)VIX14.41 -0.44 (-2.96%)Gold3,456.60 +8.00 (+0.23%)PortfolioSign in to access your portfolioSign inTop gainersMDB MongoDB, Inc. 295.70 +81.36 (+37.96%)SATS EchoStar Corporation 58.76 +7.89 (+15.51%)NCNO nCino, Inc. 32.69 +4.00 (+13.94%)LUMN Lumen Technologies, Inc. 5.27 +0.58 (+12.37%)PCT PureCycle Technologies, Inc. 14.86 +1.26 (+9.26%)Top losersTIGR UP Fintech Holding Limited 11.57 -1.25 (-9.75%)NEGG Newegg Commerce, Inc. 60.89 -6.14 (-9.16%)LI Li Auto Inc. 22.60 -2.05 (-8.32%)KNF Knife River Corporation 82.76 -7.39 (-8.20%)SMMT Summit Therapeutics Inc. 24.81 -2.17 (-8.06%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 +0.06 (+0.50%)OPEN Opendoor Technologies Inc. 4.0200 -0.6800 (-14.47%)NVDA NVIDIA Corporation 181.60 -0.17 (-0.09%)PSNYW Polestar Automotive Holding UK PLC 0.4700 +0.3100 (+193.75%)NIO NIO Inc. 6.34 -0.36 (-5.37%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 181.60 -0.17 (-0.09%)CRWD CrowdStrike Holdings, Inc. 422.61 +5.01 (+1.20%)LUMN Lumen Technologies, Inc. 5.27 +0.58 (+12.37%)SNOW Snowflake Inc. 200.39 +6.04 (+3.11%)CRWV CoreWeave, Inc. 96.93 +5.54 (+6.06%)Top economic events