Bonds & Stocks
Wall Street traders lifted bonds and most stocks rose as hopes for a deal to revive the Strait of Hormuz spurred a drop in oil prices, easing worries about inflation. The S&P 500 was little changed. The yield on 10-year Treasuries declined three basis points to 4.68%.
Economy
Oil erased gains after Pakistan signaled the US and Iran were close to an arrangement that could ease tensions roiling energy markets. Brent traded under $88 a barrel, after rising to $90 earlier in the session. Futures have been highly sensitive to headlines around any progress toward a deal to reopen the Strait of Hormuz. Prices had surged after US President Donald Trump made sweeping new demands on Iran, clouding the outlook for any agreement.
World
The force of a magnitude 7.4 earthquake tore through western Colombia on Monday, reducing buildings to rubble, sending residents into the streets and setting off a desperate search for people trapped under the debris.