US Stocks Drop as 10-Year Yield Hits 4.69% and Walmart Sinks 9%
Updated
Updated · Yahoo Finance · Aug 21
US Stocks Drop as 10-Year Yield Hits 4.69% and Walmart Sinks 9%
3 articles · Updated · Yahoo Finance · Aug 21
Summary
Nearly 700 Dow points were wiped out Thursday, with the S&P 500 down 0.8% and the Nasdaq off 1% after Wednesday’s gains.
The selloff deepened as Treasury Secretary Scott Bessent’s surprise bond-market intervention quickly faded, sending the 10-year yield back up 4 basis points to 4.69% and the 30-year to 5.24%.
Walmart tumbled more than 9% despite strong earnings after it reported slowing US sales growth, saying shoppers were making “trade-offs” because of high gas prices.
Oil added to inflation worries after Trump threatened an unprecedented economic squeeze on Iran; Brent topped $93 a barrel and WTI reached $86.
The market backdrop also darkened as US national debt crossed $40 trillion, reviving warnings that rising borrowing costs could feed a broader debt spiral.