Market Highlights

A selloff in global bonds halted a rally in stocks, with concern intensifying that central banks will be forced to tighten policy to keep inflation in check amid persistently elevated oil prices. In the worst session for equities since March, the S&P 500 fell 1.2%. A gauge of chipmakers — which had led a surge from war-driven lows — sank 4%. US 10-year yields topped 4.5% while those on Japan’s 30-year debt hit 4% for the firsttime. In the UK, a political crisis lifted long- bond rates to a 28-year high. The dollar extended this week’s gain. US crude settled above $105. A selloff in global bonds extended as the deadlock over the Iran war drove oil prices higher, fueling inflation concerns and raising bets that central banks will need to keep tightening policy