Bonds & Stocks
Stocks held at all-time highs and oil fell as traders awaited updates on a potential US-Iran peace deal that would reopen energy flows through the key Strait of Hormuz. The S&P 500 was little changed. The yield on 10-year Treasuries declined two basis points to 4.33%.
Economy
US initial jobless claims rose to a level of 200,000 in the week ended May 2 from an upwardly revised 190,000 level in the previous week, compared with expectations for a larger increase to 205,000 in survey of analysts compiled by Bloomberg. The four-week moving average fell by 4,500 to 203,250 after decreasing by 3,250 to a level of 207,750 in the previous week.
World
The US is waiting on Iran to respond to its proposal to reopen the Strait of Hormuz and end a war that’s killed thousands of people, with tensions still high in both the Persian Gulf and in Lebanon. Iran’s leaders are yet to indicate whether they’ll accept the terms of the deal, though they’ve previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium, which the US is calling for.