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Dow, S&P 500 and Nasdaq fall as bond yields rebound and oil rises
The 10-year Treasury yield rose 5 basis points to 4.70% and the 30-year climbed 6 basis points to 5.25% after a US Treasury move lowered long-dated rates earlier.
US stocks fell on Thursday as bond yields rebounded after a surprise US Treasury intervention, while oil prices climbed amid renewed economic pressure on Iran. The Dow Jones Industrial Average slipped 0.8%, the S&P 500 fell 0.3%, and the tech-heavy Nasdaq Composite declined 0.8%.
Markets also reacted to a report from Walmart, with the stock down more than 9% and consumer stocks dragged lower after the retailer cited slowing US sales growth as customers made trade-offs amid high gas prices. The selloff came after Treasurys ticked back up early in the session following the Treasury Secretary’s step to lower long-dated government bond yields, a move that could affect plans for how the Federal Reserve tightens policy.
The yield rebound included a 5 basis point increase in the 10-year to 4.70% and a 6 basis point rise in the 30-year to 5.25%. In commodities and crypto, Brent crude topped $93 per barrel and WTI rose to $86 per barrel, while bitcoin surged above $70,000 for the first time since early June.
Attention also turned to broader US financial conditions, with the national debt surpassing $40 trillion after more than doubling in less than a decade. The oil move was tied to heightened concern around reopening the Strait of Hormuz and ending the Iran war, after President Trump signaled an “ECONOMIC D-DAY” approach against Iran.
Latest closeWTI crude $95.27 ▲3.4%|Brent $100.98 ▼2.0%|Bitcoin $84,310.25 ▼0.1%