US stocks fell as rising oil prices and long-dated Treasury yields pressured risk assets, sending the S&P 500 down 0.9% and the Nasdaq 100 down 0.7%.
Thirty-year US yields rose even after Treasury Secretary Scott Bessent signaled room for larger debt buybacks and an upcoming fiscal plan, suggesting investors see only temporary relief for borrowing costs.
Walmart led the equity slide, suffering its biggest drop since 2022 after disappointing sales, while the Nasdaq 100 logged a fifth straight loss.
Asian markets were set to follow Wall Street lower, with futures pointing to declines in Japan, South Korea and Australia as US stock-index contracts were little changed early.