Bonds & Stocks
A wave of optimism swept through global markets, lifting stocks and bonds, and sparking the biggest drop in oil prices in years after the US and Iran reached a temporary ceasefire deal. S&P 500 futures rose 2.8%. The yield on 10-year Treasuries declined five basis points to 4.24%.
Economy
Mortgage applications fell by 0.8% in the week ended April 3, though mortgage rates declined in the week after a string of weekly increases, according to Mortgage Bankers Association data released Wednesday. This follows a 10.4% decrease in overall activity in the week ended March 27. Applications for refinancing loans fell by 3%, while new purchase applications rose by a seasonally adjusted 1%.
World
The US and Iran agreed to a two-week ceasefire and Tehran pledged to reopen the Strait of Hormuz, a last-ditch deal that saw President Donald Trump vow to pursue talks rather than escalate the war.