Bonds & Stocks
Hopes that a ceasefire deal could pave the way for an end to the Iran conflict drove stocks toward a historic streak of weekly gains, with the market also buoyed by the artificial-intelligence trade. The S&P 500 rose 0.2%. The yield on 10-year Treasuries was little changed at 4.44%.
Economy
US data released Thursday showed that consumer spending edged up in April despite accelerated price increases, with Americans still opening their wallets despite facing multiple hurdles.
World
The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said, buoying hopes for a resolution to a three-month conflict that has killed thousands and roiled the global economy.