U.S. Treasuries cheapened and equities ended lower as a deal to reopen the Strait of Hormuz seemed further away. "The rates market is turning around under a mix of macroeconomic and geopolitical cross-currents," said James Pruskowski, managing director at Hennion & Walsh. Chief among the cross-currents is Iran's plan to block U.S. and Israeli ships from the Strait of Hormuz , upending hopes for a deal and reigniting inflation fears. It's why deals are being bumped double digits, and secondary trading volume is surging," Pruskowski said. High-yield funds saw inflows of $530.3 million compared to outflows of $300 million the previous week.