Markets are in a cheery mood so far today.

Stocks are generally higher, while oil prices and bond yields are retreating. Tech stocks are climbing, with the Nasdaq composite leading gains.

The latest twists in U.S.-Canada trade tensions aren't having much effect on markets yet. Ottawa this morning unveiled tariffs of 15%-50% on about $20 billion of American goods targeting steel, dairy, appliances and farm equipment, while President Trump threatened to change the name of Lake Ontario to Lake America.

In the Middle East, Treasury Secretary Scott Bessent's promised "economic D-Day" hasn't triggered the global domino of pain investors feared it could have. Notably, the measures announced stopped short of directly penalizing China, the main buyer of Iranian oil, a move that would have risked stoking tensions between the world's two biggest economies.

Meanwhile, Stanley Druckenmiller, Bessent's longtime mentor, sounded off on the Treasury secretary over intervention to bring down borrowing costs, calling it a mistake. Bitcoin briefly jumped above $80,000 for the first time since May, as the Treasury's efforts to hold down long-term interest rates reignite talk of a "dollar debasement trade."