Bonds & Stocks
A selloff in chipmakers deepened on concerns about the sustainability of the artificial-intelligence trade, putting pressure on equity markets as Wall Street banks kicked off the earnings season. The S&P 500 was little changed. The yield on 10-year Treasuries declined three basis points to 5.20%.
Economy
The return of 7% mortgage rates has hit the US housing market like a thunderbolt, sending pending sales tumbling to near 12-year lows. Pending home sales plunged 4% in September from a month earlier, the biggest decline in more than three years, to the lowest level since 2014 outside the early months of the 2020 Covid pandemic.
World
Saudi Arabia intercepted a fresh round of ballistic missiles launched by Yemen’s Houthis late on Monday, as the confrontation with the Iran backed militant group shows little sign of subsiding.