S&P 500 Slips 0.4% as Walmart Sinks 8.7% and Brent Oil Nears $94

3 articles · Updated · The Associated Press · Aug 20

The S&P 500 fell 0.4% by midmorning, with the Dow down 430 points and the Nasdaq off 0.7%, putting the benchmark on course for a fourth loss in five sessions after last week’s record high.
Walmart dropped 8.7% and weighed heaviest on the index after investors looked past an earnings beat to slower same-store sales growth and a current-quarter profit forecast that missed expectations.
Brent crude rose 2.5% to $93.90 a barrel as uncertainty over Persian Gulf tanker traffic persisted, reviving inflation fears and pushing the 10-year Treasury yield up to 4.69% from 4.65% a day earlier.
That rebound in yields erased part of Wednesday’s relief from Treasury Secretary Scott Bessent’s plan to at least double longer-dated Treasury purchases, a move analysts said was too small to solve deeper debt and inflation concerns.
Fresh signs of strain on consumers added to the market’s caution: Advance Auto Parts plunged 22.2% on weak revenue, while the U.S. debt topped a record $40 trillion and stronger economic data also kept upward pressure on yields.