Dow Futures Drop 357 Points as 10-Year Yield Hits 4.704% and Walmart Slides 6%
Updated
Updated · Yahoo Finance · Aug 20
Dow Futures Drop 357 Points as 10-Year Yield Hits 4.704% and Walmart Slides 6%
3 articles · Updated · Yahoo Finance · Aug 20
Summary
Dow futures fell 357 points, or 0.7%, before Thursday's open, while S&P 500 futures lost 0.4% and Nasdaq-100 futures dropped 0.7%.
Treasury yields drove much of the pressure: the 10-year note rose more than 5 basis points to 4.704% and the 30-year yield climbed 6 basis points to 5.254%, reversing Wednesday's buyback-fueled pullback.
Walmart added to the drag, tumbling more than 6% after its third-quarter and full-year adjusted profit outlook missed analyst expectations despite stronger second-quarter revenue and a higher full-year sales forecast.
Oil also weighed on sentiment, with WTI up 3% above $88 and Brent up 3% above $94 after Donald Trump threatened Iran with the "most crushing economic operation ever taken against any country."
The renewed rise in long-term yields underscores investor concern that Treasury buybacks may not offset pressure from large U.S. deficits, higher defense spending and escalating Iran-related risks.