Bonds & Stocks
A stalemate between the US and Iran boosted oil prices, dragging down stocks and bonds on concerns that elevated energy costs could fuel inflation and trigger further Federal Reserve rate hikes. The S&P 500 fell 0.4%. The yield on 10-year Treasuries advanced seven basis points to 5.23%.
Economy
The US and China detailed a plan to cut tariffs on about $30 billion of imports from each country, taking a step toward fulfilling a key outcome of last week’s summit between Donald Trump and Xi Jinping.
World
Saudi Arabia has started exporting oil using a key cross-country pipeline after the link was repaired following drone strikes earlier this month, a person with direct knowledge of the matter said. Flows through the line have reached about 3.5 million barrels a day.