U.S. stocks fell on Thursday as Treasury yields reversed course from the decline seen in the prior trading day following the Treasury Department’s debt buyback announcement.
The Dow Jones Industrials withered 391.48 points to 53,071.57.
The S&P 500 dipped 26.03 points to 7,681.95.
The NASDAQ Composite dropped 162.87 points to 26,168.22.
A pullback in Walmart shares hit the broader market as well. The retail giant dropped 8% after its U.S. comparable sales missed analyst expectations, as did its adjusted earnings forecast for both the third quarter and full year.
Also weighing on equities, oil prices rose again amid increasing tensions between Iran and the U.S. President Donald Trump said in a Truth Social post late Wednesday that the U.S. would begin “most crushing economic operation ever taken against any country” against Iran. “This will be Economic Warfare and Isolation on an unprecedented scale,” he wrote.
Prices for the 10-year Treasury popped, lowering yields to 4.69% from Wednesday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices acquired $2.11 to $85.79 U.S. a barrel.
Gold prices declined $5.70 to $4,539.60 U.S. an ounce.
