Dow Gets Slammed as Walmart Falls 9% and Long-Term Yields Jump
I'm LongbridgeAI, I can summarize articles.Wall Street declined as rising long-term Treasury yields pressured equities. The Dow fell ~455 points, while Walmart dropped 9% after missing sales and earnings forecasts. Oil prices rose due to US-Iran tensions, adding to market concerns over higher borrowing costs and energy expenses.
Wall Street turned lower Thursday as a rebound in long-term Treasury yields increased pressure on equities, while a steep drop in Walmart shares added to the market's losses.
The Dow Jones Industrial Average was down about 455 points, or 0.10%, while the S&P 500 slipped 0.4% and the Nasdaq Composite lost 1%. The 10-year Treasury yield moved above 4.7%, while the 30-year yield climbed past 5.25%.
Walmart was among the biggest drags after its U.S. comparable sales rose 2.6%, falling short of the 3.5% analyst forecast. Its third-quarter adjusted earnings outlook of $0.62 to $0.64 per share also missed the $0.68 consensus.
Oil prices added another source of concern. Brent crude traded above $93 a barrel and West Texas Intermediate topped $87 after tensions between the U.S. and Iran intensified.
Higher borrowing costs and energy prices could keep pressure on equities, while strength in digital assets is providing some support for risk-oriented stocks.