Dow Falls 350 Points as 10-Year Yield Hits 4.696% and Walmart Sinks 8%
Updated
Updated · CNBC · Aug 19
Dow Falls 350 Points as 10-Year Yield Hits 4.696% and Walmart Sinks 8%
3 articles · Updated · CNBC · Aug 19
Summary
U.S. stocks closed lower Thursday, with the Dow down 350 points, the S&P 500 off 0.3% and the Nasdaq slipping 0.4%.
Treasury yields climbed back after Wednesday’s buyback-driven dip, pushing the 10-year up more than 4 basis points to 4.696% and the 30-year to 5.236% after earlier touching a nearly 20-year high.
Walmart dropped 8% after missing U.S. comparable-sales expectations and cutting below-consensus adjusted earnings guidance for the third quarter and full year, adding pressure to the broader market.
Oil also weighed on equities: WTI rose 2% above $88 and Brent gained 3% above $94 after Trump threatened a “most crushing economic operation ever” against Iran.
The selloff reversed part of Wednesday’s rebound, and former Wells Fargo macro chief Michael Schumacher said long-term rates still look headed higher as U.S. deficits, defense spending and the Iran conflict intensify pressure.