Stocks are in the red and borrowing costs around the world are at multiyear highs, as investors fret over heavy fiscal spending and inflation. Treasury yield is hovering near 5.3% after hitting a 19-year intraday high earlier in the day; Japanese long-dated yields are close to a record high. Pushing up bond yields: The capital-hungry AI industry's huge appetite for debt, which puts it in competition with traditional nation-state borrowers.
The Web of Hidden Deals That Snared the Dodgers Owner in a Federal Probe How Wall Street Sussed Out That Situational Awareness Was on the Ropes L3Harris Ousts CEO After Investigation Into Conduct OpenAI Locks In Lease for Huge Data Center in Ohio With Backing From Nvidia The Hidden Advantages of Being a Job Hopper Equities are also struggling, with the Nasdaq down over 1%. Chip stocks are getting hit hard, with the PHLX Semiconductor index down more than 5% and some of its components (Intel, Marvell, ARM Holdings, Coherent, and Teradyne) down 7% or more. Renewed tensions in the Middle East are weighing on markets.
An unknown projectile struck a cargo ship in the Strait of Hormuz overnight, the British navy's marine-traffic monitoring agency said. The attack came after a 60-day truce between the U.S. and Iran expired yesterday with few signs of progress towards a permanent deal to replace it. President Trump wrote this morning that no talks are planned with Iran.
Brent crude oil prices are hovering around $91 a barrel. Write to Alexander Osipovich at [email protected] American Luxury Brands Have a Secret Weapon: $12 Tennis Socks China's Economy Weakens on Several Fronts as Property Bust Worsens Uber, Zipline Partner With Goal of Hitting 1 Million Drone Deliveries a Day Paramount Wants $1.88 Billion Bond From States, Writers Challenging Warner Deal AstraZeneca Ends Phase 3 Lung Cancer Drug Trial After Review
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