Bonds & Stocks
A renewed rally in oil drove bonds lower and stocks wavered as a report that Iran will halt exchanges of messages with the US cast doubt on a ceasefire renewal. The S&P 500 was little changed. The yield on 10 year Treasuries advanced six basis points to 4.50%.
Economy
Chipmakers are the hottest stocks in the market, with the Philadelphia Stock Exchange Semiconductor Index on pace for its best quarter ever after soaring 69% in the past two months. The gains have led to a debate over whether investors are buying into an AI bubble that’s due to burst, with bulls seeing a boom driven by structural changes and bears seeing an overheated market.
World
US President Donald Trump said talks with Iran over an interim peace deal will “work out well,” even as the countries’ forces clashed again near the Strait of Hormuz.