Bonds & Stocks
A surge in oil spurred by the escalating Iran war sent stocks and bonds lower, with Wall Street also rattled by renewed concerns over whether massive artificial-intelligence investments will pay off. The S&P 500 fell 0.8%. The yield on 10-year Treasuries advanced five basis points to 4.70%.
Economy
US initial jobless claims decreased to a level of 187,000 in the employment survey week ended July 18, the lowest level since 1969, from an upwardly revised 209,000 level in the previous week, compared with expectations for an increase to 210,000 in survey of analysts compiled by Bloomberg.
World
US President Donald Trump said he’ll hold Iran responsible for any further attacks by the Yemen-based Houthis on Red Sea ships, potentially widening Washington’s involvement in a Middle East war that shows no sign of abating.