Bonds & Stocks
A selloff in tech giants sent stocks lower, with the market also falling as oil jumped after clashes over the Strait of Hormuz raised concerns about a disruption in energy supplies that could fuel inflation. The S&P 500 fell 0.3%. The yield on 10-year Treasuries advanced two basis points to 4.58%.
Economy
A major housing bill will go into effect at midnight on Saturday without Donald Trump’s signature, after the president said he would refuse to sign the legislation because Congress has not approved new restrictions on voting nationwide. The measure, known as the 21st Century Road to Housing Act, is the biggest change to federal policy for buyers, renters and homebuilders in decades, and Congress approved it with large margins last month.
World
The US and Iran exchanged fresh strikes overnight into Monday, prolonging a spate of tit-for-tat attacks at a time when the two nations offer conflicting statements over whether the Strait of Hormuz is open to shipping.