What's Moving the Markets Today? — WSJ

By WSJ StaffThe Nasdaq, Dow Jones Industrial Average and S&P 500 are trading higher today, seemingly shrugging off the continuing U.S.-Canada trade fight and Scott Bessent's "economic D-Day" against Iran.Here is what is driving the markets today:Bitcoin and the debasement trade: Bitcoin has been on a tear since the Treasury said it would up buybacks of long-term bonds. Today, the cryptocurrency jumped above $80,000 for the first time since May. As concern over government spending and inflation gains traction, talk of the dollar debasement trade has reignited. Shares in Strategy, Coinbase and American Bitcoin rose.Canada tit-for-tat trade tizzy: The escalating trade drama between the U.S. and Canada has traders watching for what's next. Canadian officials said Tuesday that the country intends to impose tariffs of up to 50% on roughly 700 products. This comes after Trump threatened 50% tariffs on automobiles and parts from Canada starting in January. Trump's Truth Social account has been active this morning with multiple posts jabbing Canada's trade policies. Here is a quick roundup:Trump considers changing Lake Ontario to Lake AmericaTrump says he would never interfere with French as a Canadian languageTrump says Canada has been "ripping off" the U.S. for decadesTrump says the U.S. has lost billions to Canada in the last decadeNvidia earnings anticipation: Nvidia reports earnings tomorrow after the bell. Nvidia's stock opened higher this morning, breaking a weeklong losing streak - its longest downturn since 2022. Tune in to WSJ tomorrow for live coverage of Nvidia's earnings and how the markets and traders react.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).