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Iran War Updates: Iran targets ship in Strait of Hormuz even as it says deal is close CBS NewsUAE says one of its ships was targeted by missile as U.S.-Iran tensions over Strait of Hormuz remain high CNBCIranian missile targets UAE tanker despite talks to reopen strait Financial TimesUAE says Iran attacked ADNOC vessel with missile in Strait of Hormuz Reuters
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What volatility measures are saying about the S&P 500's rally to record highs.
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Mortgage activity in the U.S. has contracted for consecutive weeks. In the week ended April 26, the mortgage activity composite index slid 2.3% following a 2.7% fall the week before. Refinancing fell 3.3% while purchase applications dropped 1.7%. Inflation's stubbornness in the first quarter of 2024 has led investors to conclude that the Federal Reserve's first rate cut might not be coming this year. This has buoyed interest rates such as the 30-year fixed-rate mortgage. In the week ended April 26, the 30-year fixed rate rose 5 basis points to 7.29%, its highest since November.
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