Bonds & Stocks
A selloff in chipmakers gathered pace on Friday, driving the group that has led this year’s stock rally toward a bear market on worries that the artificial-intelligence spending spree is becoming harder to justify. The S&P 500 fell 1.2%. The yield on 10-year Treasuries declined two basis points to 4.53%.
Economy
US mortgage rates rose to the highest level in almost a year, as a flareup in tensions in the Middle East renewed concerns about inflation. The average for a 30-year fixed loan was 6.55%, up from 6.49% a week earlier, Freddie Mac said in a statement Thursday. Rates haven’t been this high since late August.
World
The US and Iran intensified their attacks beyond military targets during a sixth straight day of hostilities, increasing fears of a return to full war with no agreement reached over the Strait of Hormuz.