Bonds & Stocks
Wall Street traders lifted stocks and bonds as the latest sign of easing tensions in the Middle East sank oil prices, allaying worries about faster inflation. The S&P 500 rose 0.7%. The yield on 10-year Treasuries declined four basis points to 4.69%.
Economy
US manufacturing activity expanded in July at the fastest pace in more than four years as demand remained strong, production surged and firms added workers. The Institute for Supply Management’s July manufacturing gauge rose to 55.6, the highest since May 2022. Readings above 50 indicate growth, and the sector has now been above that mark for seven consecutive months.
World
Iran suggested negotiations to get more ships moving through the Strait of Hormuz are making progress, after President Donald Trump called off what he said was a major attack on the Islamic Republic.