↘ MARKET RECAP → THE S&P 500 (VOO) closed lower Thursday giving up gains as concerns mounted over bad loans and an ongoing government shutdown.

⚖️ SHUTDOWN STANDOFF → Trump pushes his GOP Senate allies toward a shutdown vote over border politics, spooking markets as odds of U.S. government closure climb again.

💥 STABLECOIN GLITCH → PayPal’s (PYPL) crypto partner Paxos accidentally minted 300 trillion PYUSD coins in a technical error, later burned them, and reignited scrutiny over stablecoin infrastructure.

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⚖️ Trump backs threat. Donald Trump renewed pressure for a government shutdown in protest of border policies, calling for a Senate vote to buckle without new restrictions.

🗳️ Senate reply looms. Senate Republicans are pushing for a procedural vote but may lack consensus—some resist shutting down government over political demands.

📉 Risk reenters markets. Treasury yields ticked higher and short-dated funding rates increased on renewed odds of a shutdown, dragging sentiment and ratcheting uncertainty.

💥 $300 trillion whoops. PayPal’s (PYPL) crypto partner Paxos accidentally minted 300 trillion PYUSD stablecoins overnight due to a smart-contract configuration error. The coins were never released into circulation and were quickly burned after discovery.

🪙 No funds lost. Paxos said the glitch occurred during a system update and did not affect customer assets or market stability. Still, the astronomical number briefly appeared on blockchain trackers, causing temporary chaos on X and crypto forums.

⚙️ Trust under the microscope. The incident reignited debates about stablecoin oversight, with critics arguing that even non-circulating errors expose the fragility of automated issuance systems. PYUSD remains fully backed 1:1 by dollar reserves, according to Paxos.

Retail traders’ incredible support of the stock market continues with biggest options volume day ever (CNBC)

China accuses U.S. of deliberately causing panic over rare earth controls, says it is open to talks (CNBC)

10-year Treasury yield drops below 4%, hits lowest level since April (CNBC)

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