Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

1918 ET - Ross Stores' latest quarterly results include a $253 million boost from tariff refunds, benefiting earnings per share by about 60 cents. Excluding the refunds, margins still would have expanded, the company says. While other retailers have shared plans to reinvest tariff refunds into lower prices, Ross says it may take a different approach, given its been hesitant to pass through higher costs from tariffs to consumers. "I think a lot of other retailers took a different position in trying to pass that along and maybe now sort of reversing course. We've tried to maintain a little bit more stability," an executive says during a call with analysts. (kelly.cloonan@wsj.com)

1502 ET - Coinbase CEO Brian Armstrong is optimistic that the Clarity Act, crypto-friendly legislation that's still working its way through the Senate, will get passed with more than 60 votes. Democrats and Republicans both got "90% or so" of what they want in the bill proposal, Armstrong tells CNBC. "In any deal I've been a part of, you say yes to that deal," Armstrong says. Senate majority leader John Thune scheduled a floor vote on the bill for Sept. 15. "[Thune] would not have scheduled this on Sept. 15 if he didn't think it would pass," Armstrong says. (dean.seal@wsj.com)

1447 ET - The chief of Coinbase says it will be up to Congress and the White House to solve the large looming ethics question about the Trump family's financial interest in bolstering the crypto industry. The president has offered to put language in the Clarity Act, crypto-friendly legislation that Trump supports but has stalled in Congress, that would address some of the open ethical issues at hand, Coinbase CEO Brian Armstrong tells CNBC. Among potential solves are the president moving his funds into a blind trust. But the ethical challenges shouldn't derail the Clarity Act, Armstrong says. "We should not leave the status quo and leave Americans unprotected in a morass of state legislation to operate in the U.S., that's just going to ensure this all goes offshore." (dean.seal@wsj.com)

1147 ET - Advance Auto Parts' adjusted earnings upgrade was largely due to tariff refunds. Roth analyst Scott Stember notes that the company is lifting adjusted EPS guidance to "$2.60-$3.30 (from $2.40-$3.10) mainly on the tariff refund, only partially offset by higher assumed interest income." He notes that everything else remains unchanged, which assumes sales of $8.485 billion-$8.575billion, same-store sales growth of 1%-2% and adjusted operating margin of 3.8%-4.5%. Free cash flow is still expected at about $100 million. "Lastly, the company now expects 30-35 new stores (previously 40-45), although while still adding 10-15 new market hubs, this year," Stember says. (adriano.marchese@wsj.com)

1039 ET - Qatar leads most major Gulf stock markets lower as investors weigh heightened tensions between Washington and Tehran. Qatar's QE Index falls 0.9% and Abu Dhabi's benchmark index declines 0.7%, though Saudi Arabia's Tadawul All Share Index gains 0.3%. President Trump has threatened a major new economic campaign against Iran and countries or entities that continue doing business with Tehran, as frustration mounts over the lack of progress toward reopening the Strait of Hormuz or reaching a deal to end the war. Trump hasn't specified what additional measures Washington plans beyond existing sanctions. (farhan.rafid@wsj.com)

1018 ET - Details emerging about the tentative trade pact between the U.S. and Canada means "a green light for growth" for America's northern neighbor, says Derek Holt, economist at Bank of Nova Scotia. Based on some details emerging, per reporting by WSJ and other outlets, Holt calculates the overall tariff rate on U.S.-bound Canadian exports would be 3.7%, compared to the present 5.5% level. On a global basis, the total tariff rate on all Canadian exports drops to 2.8%. The rates were much lower prior to President Trump's second term, Holt says. Still, the result "is next to nothing by way of an incremental overall tariff burden," and rates that "vastly lower" than what the US is applying against other countries. He envisages two Bank of Canada rate hikes in 4Q. (paul.vieira@wsj.com; @paulvieira)

0923 ET - Walmart has received substantially all of the $2.9 billion worth of tariff refunds for which it was eligible, CFO John David Rainey says on a call with analysts. "We've taken a disciplined approach to investing these funds back into customer experience and price leadership, prioritizing investment in grocery and general merchandise categories," he adds. Looking ahead, Rainey notes that the retailer's 3Q outlook reflects the continued impact of pricing actions taken in 2Q, as well as the ongoing prioritization of tariff refunds for price investments. (connor.hart@wsj.com)

0856 ET - Canada avoided disaster with its tentative trade deal with the U.S. but the pact can't be described as a win, says David Rosenberg, head of Toronto-based market-strategy firm Rosenberg Research. Rosenberg says Canada avoided the threat of a 50% tariff on about $20 billion of its U.S.-bound exports. Per reporting by the WSJ, the U.S. is set to provide Canada sizable tariff relief on targeting steel, aluminum and autos. Bottom line, Rosenberg says, is that "Canada is now is paying tariffs it didn't pay two years ago, and giving up retaliatory measures ... in exchange for a reduction rather than a removal." He adds that, at best, some tail risks for Canadian economic growth have been partly removed. (paul.vieira@wsj.com; @paulvieira)

0853 ET - Oil futures extend their rally after President Trump said the U.S. will impose unprecedented economic measures on Iran, with economic consequences for any country that allows any type of lifeline to Iran. Financial support for Iran basically means buying their oil, and that would involve China, Scott Shelton of TP ICAP says in a note. "I worry a bit about unintended consequences, however, as this could mean the Chinese buy even less total oil from the market, cut runs even more, and export even less." Most-active WTI is up 3.6% at $87.43 a barrel and Brent rises 3.1% to $94.47. (anthony.harrup@wsj.com)

0823 ET - Bitcoin rises to an 11-week high, breaking above $70,000, after the U.S. Treasury's decision to increase buybacks of long-dated debt and President Trump urging Congress to pass key cryptocurrency legislation. The Treasury's announcement sparked a sharp drop in Treasury yields and improved broader risk appetite, Trade Nation's David Morrison says in a note. Trump asked lawmakers to pass a "fair version of the Clarity Act" which aims to establish a regulatory framework for digital assets and has stalled in the Senate. Bitcoin last trades up 4.1% to $71,896 after reaching as high as $72,373 earlier, according to LSEG. Ether rises 3.2% to $2,289 after hitting a three-month high of $2,326 overnight. (renae.dyer@wsj.com)

0359 ET - Oil prices extend gains for a fifth consecutive day after President Trump said he would launch a major economic campaign against Iran, signaling further escalation and little hopes for an imminent deal. In early European trading, Brent crude is up 1.6% to $93.08 a barrel, while WTI futures rise 1.5% to $85.67 a barrel. "The U.S. has no talks planned with Iran, while the Strait of Hormuz situation remains tense, with limited traffic and ongoing disagreement around reopening conditions," analysts at Sucden Financial say. "This keeps an energy-risk premium in the market and limits how far investors can price out inflation risk, even as today's Treasury announcement gives risk assets some breathing space." (giulia.petroni@wsj.com)

0258 ET - Bitcoin stays elevated after reaching an 11-week high overnight after President Trump urged Congress to pass a crypto regulation bill and the U.S. Treasury announced increased buybacks of long-term bonds. Trump asked lawmakers to pass a "fair version of the Clarity Act" which has stalled in the Senate. His commitment to keeping the U.S. ahead in digital assets and openness to considering recommendations around additional government bitcoin accumulation reduce regulatory uncertainty which has constrained institutional participation, Zaye Capital Markets analyst Naeem Aslam says in a note. The Treasury's buyback announcement pushed yields lower, while consecutive bitcoin exchange-traded inflows strengthened institutional demand, he says. Bitcoin rises 1.1% to $69,831 after reaching as high as $69,994 overnight, LSEG data show.