Bonds & Stocks
Stocks joined bonds lower and oil rose amid growing uncertainty about a ceasefire in the Middle East and concerns that the conflict that has roiled global markets is intensifying. The S&P 500 fell 0.8%. The yield on 10-year Treasuries advanced three basis points to 4.37%.
Economy
Disruptions to oil and petrochemical flows through the Strait of Hormuz following the outbreak of the Iran war have tightened global chemicals supply and lifted prices of plastics and polymer, used in everything from auto parts to toys, to roughly four-year highs.
World
President Donald Trump and Chinese leader Xi Jinping will hold their highly anticipated summit in Beijing on May 14-15, following a delay that brought fresh uncertainty to relations between the world’s largest economies.