Bonds & Stocks
A renewed drop in bonds reduced bets on riskier corners of Wall Street, hitting stocks on worries that elevated oil prices will fuel inflation and force the Federal Reserve to lift rates. The S&P 500 fell 0.7%. The yield on 10-year Treasuries advanced three basis points to 4.78%.
Economy
Global bond yields climbed back to the highest level in almost two decades on Tuesday, as rising oil prices stoked inflation concerns and investors ramped up expectations for interest-rate hikes.
World
Two oil supertankers attempting to exit the Strait of Hormuz were struck by projectiles late Monday, maritime security consultant Marisks said, the latest sign of renewed hostilities around the critical waterway.