Five Things You Need to Know to Start Your Day

Ackman and Gross see a slowdown. Two hostages released from Gaza. Oil and gas megadeals. Here’s what you need to know today.

Billionaire investor Bill Ackman said he had covered his bet against Treasuries as the selloff in US debt briefly drove the 10-year benchmark above 5% for the first time since 2007. “There is too much risk in the world to remain short bonds at current long-term rates,” he Pershing Square Capital Management founder said, adding that the economy “is slowing faster than recent data suggests.” Bill Gross, the billionaire who co-founded Pacific Investment Management Co., said he’s buying futures tied to the Secured Overnight Financing Rate and sees a recession in the fourth quarter. The 10-year rate, meanwhile ended Monday at 4.85%, well below its intraday peak, although the pullback in Treasury rates failed to prevent the S&P 500 from finishing the day in the red.