Bonds & Stocks
A slew of strong corporate profits lifted stocks to fresh all-time highs, with the market also rising as President Donald Trump said a deal on the Strait of Hormuz is possible as early as Wednesday. The S&P 500 rose 0.7%. The yield on 10-year Treasuries advanced one basis point to 4.63%.
Economy
US mortgage rates rose last week to the highest level in a year, curbing demand for home loans in an already subdued housing market. The contract rate on a 30-year mortgage rose 5 basis points to 6.81% in the week ended July 31, according to Mortgage Bankers Association data released Wednesday.
World
US President Donald Trump said a deal on the Strait of Hormuz is possible as early as Wednesday, as expectations build for an arrangement that allows for the reopening of the critical waterway.