Mexico’s president said Tuesday the country will respond to the 25% tariffs imposed by the United States with retaliatory tariffs on U.S. goods, with details to come.

Mexico will announce the targeted products and other measures Sunday at an event in Mexico City’s central plaza, a delay that suggests Mexico hopes to de-escalate the trade war set off by U.S. President Donald Trump.

President Claudia Sheinbaum said the government is “going to wait” because she had planted to speak to Trump this week. Mexico’s government has said since January it had a plan ready for this scenario.

“There is no motive or reason, nor justification that supports this decision that will affect our people and our nations,” Sheinbaum added.

China and Canada responded immediately with measures Tuesday.

Hours later, after stock markets took a hit, U.S. Secretary of Commerce Howard Lutnick said in a video posted to X that he was on the phone “all day” with Mexican and Canadian authorities.

“It’s not going to be a pause. None of that pause stuff,” he said. “Somewhere in the middle will likely be the outcome.”

Some 80% of Mexico’s exports go to the United States, part of more than $800 billion in trade between the countries last year.

Sheinbaum called “offensive, defamatory and without support” the White House allegations that Mexican drug traffickers persist because of “an intolerable relationship” with the Mexican government. Trump has said he’s targeting Mexico to force it to crack down on migrants and drugs entering the U.S.

She listed the achievements of her young administration against Mexico’s drug cartels, including seizing more than a ton of fentanyl and dismantling 329 methamphetamine labs. She also noted that Mexico sent the U.S. 29 drug cartel figures it requested last week.

“It’s inconceivable that they don’t think about the damage this is going to cause to United States citizens and businesses,” Sheinbaum said. “No one wins with this decision.”

Mexico’s president also noted that Trump on Monday said he respected her, and she said she respected him as well: “The thing is finding a way to collaborate, of coordinating without subordinating anyone for the benefit of our people.”

Trade experts expressed doubt over how long Trump’s tariffs would last, saying they would boost prices for American consumers including Trump’s base.

“It is going to do nothing to help with the food inflation in the U.S.,” said Timothy Wise, an expert on agricultural trade between Mexico and the U.S. “I don’t see it as sustainable. I don’t find it plausible that corporate folks who surround Trump are going to sit back and allow him to destroy their foreign markets.”

Gabriela Siller, economic analyst with Mexican financial group Banco Base, said in the short term, the tariffs could boost inflation, disrupt economic trade flows and slow economic growth for both countries.

But as she watched the gradually falling Mexican peso, she also noted “the exchange rate and volatility have not skyrocketed, as the market speculates that the U.S. government could withdraw the tariffs soon.”

Mexico has the most to potentially lose in a trade war with the U.S., and economists say extended tariffs would plunge Mexico’s economy into a recession.

But for now, Sheinbaum’s approval ratings in Mexico are sky high. She has fanned nationalist sentiment since before Trump took office, frequently invoking Mexico’s sovereignty, promising it will negotiate from a position of equals and pushing back on Trump’s name change of the Gulf of Mexico to Gulf of America.

Sunday’s public event announcing Mexico’s retaliation will look to seize upon Sheinbaum’s popularity and the sense of national unity.

Still, that was little comfort to those whose livelihoods could be most affected.

At the U.S.-Mexico border, 58-year-old truck driver Carlos Ponce drove his truck packed with auto parts from Ciudad Juarez to El Paso, Texas, as he’s done for decades. But he and many others along the border were holding their breath.

China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that U.S. President-elect Donald Trump has threatened to impose once he takes office.

Exports rose 10.7% from a year earlier, according to official customs data released Monday. Economists had forecast they would grow about 7%. Imports rose 1% year-on-year. Analysts had expected them to shrink about 1.5%. With exports outpacing imports, China’s trade surplus grew to $104.84 billion in December, and nearly $1 trillion for the year, at $992.2 billion.

Here are some highlights from the report.

Trump has pledged to raise tariffs on Chinese goods and close some loopholes that exporters now use to sell their products more cheaply in the U.S. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters.

China’s exports are likely to remain strong in the near-term, said Zichun Huang of Capital Economics, as businesses try to “front-run” potentially higher tariffs.

“Outbound shipments are likely to stay resilient in the near-term, supported by further gains in global market share thanks to a weak real effective exchange rate,” she wrote in a note.

Chinese exports to the U.S. jumped 15.6% in December compared to the same time last year, while exports to the European Union jumped 8.8%. Outbound shipments to Southeast Asia grew almost 19%.

But exports will likely weaken later in the year if Trump follows through on his threat to impose tariffs, Huang said.

Officials who briefed reporters in Beijing said the total value of China’s imports and exports reached a record 43.85 trillion yuan (nearly $6 trillion), up 5% from a year earlier. China is the world’s largest exporter and the main trading partner of more than 150 countries and regions, said Wang Lingjun, the Customs Administration’s deputy director general.

China’s economy has slowed following the pandemic, partly because of job losses and a downturn in the housing industry, while exports have surged. Under leader Xi Jinping, the ruling Communist Party is promoting upgrading of factories and a shift to more high-tech manufacturing. The report Monday said China’s export of mechanical and electrical products increased by almost 9% last year from a year earlier, with growth in exports of “high-end equipment” jumping more than 40%.

Exports of electric vehicles rose 13%, exports of 3D printers jumped almost 33% and shipments of industrial robots surged 45%. E-commerce trade, including sales by companies including Temu, Shein and Alibaba, registered 2.6 trillion yuan ($350 billion), more than twice the level in 2020.

China does not pursue a trade surplus and wants to increase its imports, the officials said. But while imports edged higher last year, they still lagged exports, partly due to lower prices for key commodities such as oil and iron ore.

Lagging imports also reflect weak demand as consumers and businesses cut back on spending.

“Regarding this year’s imports, we believe that there is still a lot of room for growth. This is not only because my country’s market capacity is large, there are many levels, and it has huge potential,” said Lv Daliang, a Customs Administration spokesperson.

China also is blocked from exporting and importing some products due to trade restrictions, Lv said, alluding to controls by the U.S. and some other countries on strategically sensitive exports to China, such as sales of advanced semiconductors and items that can be used for military purposes.

“In addition, some countries politicize economic and trade issues, abuse export control measures, and unreasonably restrict the export of some products to China, otherwise we will import more,” he said.

The officials emphasized China’s efforts to expand trade with countries participating in its “Belt and Road” initiative to expand infrastructure construction and trade across much of the globe. Trade with those countries accounted for about half of China’s total trade last year.

They noted that China has completely eliminated tariffs on imports from the world’s poorest countries.

A court in Vietnam on Tuesday upheld the death sentence for real estate tycoon Truong My Lan but said it could be commuted to life if she reimburses some $11 billion, or three-fourths of what she defrauded in the country’s biggest financial crime.

The scale of her fraud shocked the nation, with analysts raising questions about whether other banks or businesses had similarly erred. It has also dampened Vietnam’s economic outlook and made foreign investors jittery at a time when Vietnam has been trying to position itself as a home for businesses pivoting their supply chains away from China.

Lan, 67, was convicted in April of embezzlement and bribery amounting to $12.5 billion, equivalent to 3% of the country’s GDP. As chairperson of the Van Thinh Phat real estate firm, the court said she illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that cost the bank $27 billion in losses.

A higher court in Ho Chi Minh on Tuesday rejected her appeal of the conviction but said that her death sentence could be commuted to life if she reimburses three-fourth of the losses, working out to around $11 billion, state media reported.

Her lawyers argued that she had repaid the money but the court disagreed since there were legal issues with some of the seized properties and prosecuting agencies couldn’t assess their value, VN Express reported.

Lan’s lawyers also noted several mitigating circumstances — she had admitted guilt, showed remorse and had paid back part of the amount.

“I feel pained due to the waste of national resources,” she said last week, according to state media.

But the court said her violations had negatively impacted banking, caused public disorder and eroded people’s trust, VN Express said.

Under Vietnamese law, death sentences aren’t immediately carried out and there is an extended legal process, said Nguyen Khac Giang, a visiting fellow in the Vietnam Studies Program at Singapore’s ISEAS–Yusof Ishak Institute. He added that Lan would seek another review of the case or a presidential pardon to reduce her sentence.

“Moreover, if she repays at least three-quarters of the misappropriated funds, the court may consider commuting her sentence to life imprisonment,” he said.

Her arrest was among the most high-profile in an anti-corruption drive in Vietnam that intensified after 2022. The so-called Blazing Furnace campaign touched the highest echelons of Vietnamese politics.

Lan, 67, and her family had set up the Van Thing Phat company in 1992, after Vietnam shed its state-run economy in favor of a more market-oriented approach open to foreigners. The company grew into one of Vietnam’s richest real estate firms, with luxury residential buildings, offices, hotels and shopping centers.

This made her a key player in the country’s financial industry. She orchestrated the 2011 merger of the beleaguered SCB bank with two other lenders in coordination with Vietnam’s central bank. The court said that she used this to tap SCB for cash and, according to government documents, owned more than 90% of the bank while approving thousands of loans to “ghost companies.”

These loans, according to state media, found their way to her and she bribed officials to cover her tracks.

The scale of the crime meant the case was split into two trials, and Lan was sentenced to another life sentence in October. At that trial, she was accused of raising $1.2 billion from nearly 36,000 investors by issuing bonds illegally through four companies, state media reported.

She was also found guilty of siphoning off $18 billion obtained through fraud and for using companies controlled by her to illegally transfer more than $4.5 billion in and out of Vietnam between 2012 and 2022.

Vietnam has handed down more than 2,000 death sentences in the past decade and executed more than 400 prisoners. It is a possible sentence for 14 different crimes but is typically applied for cases of murder and drug trafficking.

A Dutch appeals court on Tuesday overturned a landmark ruling that ordered energy company Shell to cut its carbon emissions by net 45% by 2030 compared to 2019 levels, while saying that “protection against dangerous climate change is a human right.”

The decision was a defeat for the Dutch arm of Friends of the Earth and other environmental groups, which had hailed the original 2021 ruling as a victory for the climate. Tuesday’s civil ruling can be appealed to the Dutch Supreme Court.

“This hurts,” Friends of the Earth director in the Netherlands Donald Pols said. “At the same time, we see that this case has ensured that major polluters are not immune and has further stimulated the debate about their responsibility in combating dangerous climate change. That is why we continue to tackle major polluters, such as Shell.”

Outside court, Pols said the fight against climate change “is a marathon, not a sprint, and the race has just begun.”

The ruling upholding Shell’s appeal came as a 12-day U.N. climate conference was entering its second day in Azerbaijan where countries are discussing how to fund cutting planet-warming emissions and adapt to ever-increasing weather extremes.

It marked a stinging defeat for climate activists after several courtroom victories. A court in The Hague in 2015 ordered the government to cut emissions by at least 25% by the end of 2020 from benchmark 1990 levels. The Dutch Supreme Court upheld the ruling five years ago.

Earlier this year, a U.N. tribunal on maritime law said that countries are legally required to reduce greenhouse gas pollution. The International Tribunal for the Law of the Sea found that carbon emissions qualify as marine pollution and said that countries must take steps to mitigate and adapt to their adverse effects.

And in April, Europe’s highest human rights court ruled that countries must better protect their people from the consequences of climate change. In December the top U.N. legal body, the International Court of Justice, is holding public hearings on climate change after the world body requested a nonbinding advisory opinion on “the obligations of States in respect of climate change.” Dozens of countries are set to present arguments at two weeks of hearings.

In a written summary of Tuesday’s ruling, the court said that Shell has a duty of care to limit its emissions, but it annulled the lower court’s decision because it was “unable to establish that the social standard of care entails an obligation for Shell to reduce its CO2 emissions by 45%, or some other percentage.

“There is currently insufficient consensus in climate science on a specific reduction percentage to which an individual company like Shell should adhere.”

Shell has emitted 36,528 million tons of carbon dioxide, or CO2, since 1854, which is 2.1% of global emissions, according to an April report by the Carbon Majors Database.

Presiding Judge Carla Joustra said that Shell already has targets for climate-warming carbon emissions that are in line with demands of Friends of the Earth — both for what it directly produces and for emissions produced by energy the company purchase from others.

The court then ruled that “for Shell to reduce CO2 emissions caused by buyers of Shell products ... by a particular percentage would be ineffective in this case. Shell could meet that obligation by ceasing to trade in the fuels it purchases from third parties. Other companies would then take over that trade.”

Joustra said that, “The court’s final judgment is that Friends of the Earth’s claims cannot be granted. The court therefore annuls the district court’s judgment.”

Climate activists sitting outside on the courthouse steps hugged, and some appeared close to tears after the decision.

“To be honest I was just really disappointed,” Neele Boelens said. I was almost crying. I was in there in the court and it was just like... At first it looked really good for us but then it just went down hill.”

Shell, meanwhile, welcomed the ruling.

The U.S. government and TikTok will go head-to-head in federal court on Monday as oral arguments begin in a consequential legal case that will determine if – or how — a popular social media platform used by nearly half of all Americans will continue to operate in the country.

Attorneys for the two sides will appear before a panel of judges at the federal appeals court in Washington. TikTok and its China-based parent company, ByteDance, are challenging a U.S. law that requires them to break ties or face a ban in the U.S. by mid-January. The legal battle is expected to reach the U.S. Supreme Court.

The law, signed by President Joe Biden in April, was a culmination of a years-long saga in Washington over the short-form video-sharing app, which the government sees as a national security threat due to its connections to China. But TikTok argues the law runs afoul of the First Amendment while other opponents claim it mirrors crackdowns sometimes seen in authoritarian countries abroad.

In court documents submitted over the summer, the Justice Department emphasized the government’s two primary concerns. First, TikTok collects vast swaths of user data, including sensitive information on viewing habits, that could fall into the hands of the Chinese government through coercion. Second, the U.S. says the proprietary algorithm that fuels what users see on the app is vulnerable to manipulation by Chinese authorities, who can use it to shape content on the platform in a way that’s difficult to detect.

TikTok has repeatedly said it does not share U.S. user data with the Chinese government and that concerns the government has raised have never been substantiated. In court documents, attorneys for both TikTok and its parent company have argued that members of Congress sought to punish the platform based on propaganda they perceived to be on TikTok. The companies also claimed divestment is not possible and that the app would have to shut down by Jan. 19 if the courts don’t step in to block the law.

“Even if divestiture were feasible, TikTok in the United States would still be reduced to a shell of its former self, stripped of the innovative and expressive technology that tailors content to each user,” the companies said in a legal brief filed in June. “It would also become an island, preventing Americans from exchanging views with the global TikTok community.”

Opponents of the law stress a ban would also cause disruptions in the world of marketing, retail and in the lives of many different content creators, some of whom also sued the government in May. TikTok is covering the legal costs for that lawsuit, which the court has consolidated with the company’s complaint and another filed on behalf of conservative creators who work with a nonprofit called BASED Politics Inc.

Though the government’s primary reasoning for the law is public, significant portions of its court filings include classified information that has been redacted and hidden from public view. The companies have asked the court to reject the secret filings or appoint a district judge who can ferret through the material, which the government has opposed because it will cause a delay in the case. If admitted into the court, legal experts say those secret filings could make it nearly impossible to know some of the factors that could play a part in the eventual ruling.

In one of the redacted statements submitted in late July, the Justice Department claimed TikTok took direction from the Chinese government about content on its platform, without disclosing additional details about when or why those incidents occurred. Casey Blackburn, a senior U.S. intelligence official, wrote in a legal statement that ByteDance and TikTok “have taken action in response” to Chinese government demands “to censor content outside of China.” Though the intelligence community had “no information” that this has happened on the platform operated by TikTok in the U.S., Blackburn said there is a risk it “may” occur.

In a separate document submitted to court, the DOJ said the U.S. is “not required to wait until its foreign adversary takes specific detrimental actions before responding to such a threat.”

The companies, however, argue the government could have taken a more tailored approach to resolve its concerns.

During high-stakes negotiations with the Biden administration more than two years ago, TikTok presented the government with a draft 90-page agreement that allows a third party to monitor the platform’s algorithm, content moderation practices and other programming. TikTok says it has spent more than $2 billion to voluntarily implement some of these measures, which include storing U.S. user data on servers controlled by the tech giant Oracle. But it said a deal was not reached because government officials essentially walked away from the negotiating table in August 2022.

Justice officials have argued complying with the draft agreement is impossible, or would require extensive resources, due to the size and the technical complexity of TikTok. The Justice Department also said the only thing that would resolve the government’s concerns is severing the ties between TikTok and ByteDance given the porous relationship between the Chinese government and Chinese companies.

But some observers have wondered whether such a move would accelerate the so-called “decoupling” between the U.S. and its strategic rival at a time when other China-founded companies, such as Shein and Temu, are also making a big splash in the West. Last week, the Biden administration proposed rules that would crack down on duty-free products being shipped directly from China.

For its part, ByteDance has publicly said TikTok is not up for sale. But that has not stopped some investors, including former Treasury Secretary Steven Mnuchin and billionaire Frank McCourt, from announcing bids to purchase the platform. However, even if such a sale would occur, it would most likely be devoid of TikTok’s coveted algorithm, leaving a big question mark on whether the platform would be capable of serving up the type of personally tailored videos that users have come to expect.

It’s a showdown between the world’s richest man and a Brazilian Supreme Court justice.

The justice, Alexandre de Moraes, has threatened to suspend social media giant X nationwide if its billionaire owner Elon Musk doesn’t swiftly comply with one of his orders. Musk has responded with insults, including calling de Moraes a “tyrant” and “a dictator.”

It is the latest chapter in the monthslong feud between the two men over free speech, far-right accounts and misinformation. Many in Brazil are waiting and watching to see if either man will blink.
What is the basis for de Moraes’ threat?

Earlier this month, X removed its legal representative from Brazil on the grounds that de Moraes had threatened her with arrest. On Wednesday night at 8:07 p.m. local time (7:07 p.m. Eastern Standard Time), de Moraes gave the platform 24 hours to appoint a new representative, or face a shutdown until his order is met.

De Moraes’ order is based on Brazilian law requiring foreign companies to have legal representation to operate in the country, according to the Supreme Court’s press office. This ensures someone can be notified of legal decisions and is qualified to take any requisite action.

X’s refusal to appoint a legal representative would be particularly problematic ahead of Brazil’s October municipal elections, with a churn of fake news expected, said Luca Belli, coordinator of the Technology and Society Center at the Getulio Vargas Foundation, a university in Rio de Janeiro. Takedown orders are common during campaigns, and not having someone to receive legal notices would make timely compliance impossible.

De Moraes would first notify the nation’s telecommunications regulator, Anatel, who would then instruct operators — including Musk’s own Starlink internet service provider — to suspend users’ access to X. That includes preventing the resolution of X’s website — the term for conversion of a domain name to an IP address — and blocking access to the IP address of X’s servers from inside Brazilian territory, according to Belli.

Given that operators are aware of the widely publicized standoff and their obligation to comply with an order from de Moraes, plus the fact doing so isn’t complicated, X could be offline in Brazil as early as 12 hours after receiving their instructions, Belli said.

Since X is widely accessed via mobile phones, de Moraes is also likely to notify major app stores to stop offering X in Brazil, said Affonso Souza. Another possible — but highly controversial — step would be prohibiting access with virtual private networks ( VPNs) and imposing fines on those who use them to access X, he added.

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Boeing will plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people, the Justice Department said late Sunday, after the government determined the company violated an agreement that had protected it from prosecution for more than three years.

Federal prosecutors gave Boeing the choice last week of entering a guilty plea and paying a fine as part of its sentence or facing a trial on the felony criminal charge of conspiracy to defraud the United States.

Prosecutors accused the American aerospace giant of deceiving regulators who approved the airplane and pilot-training requirements for it.

The plea deal, which still must receive the approval of a federal judge to take effect, calls for Boeing to pay an additional $243.6 million fine. That was the same amount it paid under the 2021 settlement that the Justice Department said the company breached. An independent monitor would be named to oversee Boeing’s safety and quality procedures for three years. The deal also requires Boeing to invest at least $455 million in its compliance and safety programs.

The plea deal covers only wrongdoing by Boeing before the crashes in Indonesia and in Ethiopia, which killed all 346 passengers and crew members aboard two new Max jets. It does not give Boeing immunity for other incidents, including a panel that blew off a Max jetliner during an Alaska Airlines flight over Oregon in January, a Justice Department official said.

The deal also does not cover any current or former Boeing officials, only the corporation. In a statement, Boeing confirmed it had reached the deal with the Justice Department but had no further comment.

In a filing Sunday night, the Justice Department said it expected to submit the written plea agreement with a U.S. District Court in Texas by July 19. Lawyers for some of the relatives of those who died in the two crashes have said they will ask the judge to reject the agreement.

President Joe Biden slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment on Tuesday, taking potshots at Donald Trump along the way as he embraced a strategy that’s increasing friction between the world’s two largest economies.

The Democratic president said that Chinese government subsidies ensure the nation’s companies don’t have to turn a profit, giving them an unfair advantage in global trade.

“American workers can outwork and outcompete anyone as long as the competition is fair,” Biden said in the White House Rose Garden. “But for too long, it hasn’t been fair. For years, the Chinese government has poured state money into Chinese companies ... it’s not competition, it’s cheating.”

The tariffs come in the middle of a heated campaign between Biden and Trump, his Republican predecessor, to show who’s tougher on China. In a nod to the presidential campaign, Biden recognized lawmakers from Michigan in his remarks and spoke about workers in Pennsylvania and Wisconsin, all battleground states in November’s election.

Asked to respond to Trump’s comments that China was eating America’s lunch, Biden said of his rival, “He’s been feeding them a long time.” The Democrat said Trump had failed to crack down on Chinese trade abuses as he had pledged he would do during his presidency.

Karoline Leavitt, the Trump campaign’s press secretary, called the new tariffs a “weak and futile attempt” to distract from Biden’s own support for EVs in the United States, which Trump says will lead to layoffs at auto factories.

The Chinese government was quick to push back against the tariffs, saying they “will seriously affect the atmosphere of bilateral cooperation.” The foreign ministry used the word “bullying.”

The tariffs are unlikely to have a broad inflationary impact in the short term because of how they’re structured, some not to take effect until 2026, but there could be price increases in the meantime for EV batteries, solar and some other specific items.

A court in the Russian city of St. Petersburg has ordered the seizing of assets of Germany’s Deutsche Bank and Commerzbank in the country, the Russia state news agency Tass says. The order is in response to a lawsuit over the planned construction of a liquefied natural gas terminal in the Baltic Sea.

The banks were among the guarantors in the contract for building a gas processing plant by a multinational construction firm, Renaissance Heavy Industries, and German company Linde. But the project was cancelled after Western sanctions, with the banks withdrawing their guarantees.

The cancellation came at the request of RusChemAlliance, a subsidiary of Russian gas giant Gazprom and the operator of the project, German news agency dpa reported.

RusChemAlliance paid advances to Linde for the building of the plant. The company is claiming about 238.61 million euros ($260 million) against Deutsche Bank and 94.92 million euros ($103 million) against Commerzbank, according to dpa.

In a statement Deutsche Bank said that it has made a provision for approximately 260 million euros ($283 million) under an indemnification agreement.

It also said that it would need to assess the immediate operational impact in Russia and see how the claim will be viewed by the the Russian courts. Western nations have imposed a wide range of sanctions against Russia over Moscow’s invasion of Ukraine two years ago.

China saw large increases in arrests and cases of phone and internet scams last year, according to reports presented Friday to the National People’s Congress that stressed the ruling Communist Party’s determination to safeguard national security and public order.

A report issued by the Supreme People’s Procuratorate said the number of cases of computer crimes including social media fraud jumped 36.2% in 2023 and involved 323,000 people.

The sharp increase likely reflects a doubling down on cross-border computer fraud that has resulted in thousands of people, some of them victims of human traffickers who forced them to work for crime rings in remote areas of Myanmar and other neighboring countries, being returned to China.

Indictments of people for telecoms fraud jumped nearly 67% to about 51,000, the report said.

Overall, arrests surged 47% to 726,000 and indictments were up 17.3% to 168,800, the report said. China’s national congress serves mainly a ceremonial role, endorsing policies set by President Xi Jinping and other top leaders of the Communist Party. It is due to end its six-day session on Monday with approvals of reports by Premier Li Qiang and others that set the party’s plans for the year.

As China marks the 75th anniversary of the Oct. 1, 1949, founding of the People’s Republic of China, the party is stressing its determination to fortify its control and protect national security.

Wall Street is drifting a bit higher Monday following its latest record-setting week.

The S&P 500 was up 0.2% in midday trading after closing Friday above the 5,000 level for the first time, its latest milestone in a record-setting run that began in October. The Dow Jones Industrial Average was up 57 points, or 0.1%, as of 11 a.m. Eastern time. The Nasdaq composite was 0.4% higher to pull within 0.1% of its record set in 2021.

Conditions are calm across markets, with yields also moving relatively little in the bond market. The next big event for the market could be Tuesday’s update on inflation across the United States, which economists expect to show a drop back below the 3% level.

In the meantime, Diamondback Energy climbed 10% after it said it would buy Endeavor Energy Resources in a deal valued at roughly $26 billion, including Endeavor’s debt. Diamondback is using both cash and stock to pay for the purchase of the privately held exploration and production company.

Trimble rose 4.8% after the technology provider reported stronger profit and revenue for the latest quarter than analysts expected. The company, whose products are used in the construction, mapping and other industries, shook off an earlier loss after it also gave a forecast for revenue over 2024 that fell short of Wall Street’s estimates.

Big companies in the S&P 500 have mostly been reporting better results than expected for the final three months of 2023. More than two thirds of the companies in the index have already reported their results, but several big names are still to come this upcoming week. They include Coca-Cola on Tuesday, Kraft Heinz on Wednesday and Southern Co. on Thursday.

The smallest companies in the market, meanwhile, are still in the relatively early days of their profit reporting season. But they’ve been beating analysts’ expectations by even more than their big rivals, according to Bank of America strategists.

Worries have grown about how top-heavy the stock market has become, where the seven biggest companies have accounted for a disproportionate amount of the S&P 500’s rally to a record. If more companies aside from the group known as the “Magnificent Seven” can deliver strong profit growth, it could soften the criticism that the market has become too expensive.