Bonds & Stocks
A revival of the artificial-intelligence trade kept fueling momentum in stocks, with the market remaining higher after the latest report on retail sales matched estimates. The S&P 500 rose 0.3%. The yield on 10-year Treasuries declined three basis points to 4.44%.
Economy
Mortgage applications in the US increased last week as potential homebuyers returned to the market despite rising interest rates, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, rose 1.7% for the week through Friday on a seasonally adjusted basis. Without adjustment, the index increased 2%.
World
After Xi Jinping regaled Donald Trump with goose-stepping soldiers and flag-waving children, the Chinese leader’s warning that Taiwan could lead to “clashes” between the superpowers amounted to a thunderclap in the choreographed world of Communist Party politics.