Dow Jones Industrial Average repays the Treasury's rally with interest

On Wednesday, the bond market enjoyed a calm session, while the Dow Jones Industrial Average spent Thursday repaying the Treasury's rally with interest. The index closed just below 52,800, down 687 points and 1.29% from the day's start, nearing its session low and falling beneath the 53,000 mark for the first time this month. The 10-year note rebounded to around 4.70%, above its pre-Thursday level, as the Treasury Secretary claimed the operations could continue beyond $4 billion per issue.

He argued that yields do not reflect fundamentals and that the Iran conflict is a temporary market distortion. In response, Walmart experienced its steepest single-session decline in over four years, falling more than 9%, following a 2.6% rise in US store sales. Consumer staples led the Dow lower as the index ended roughly 3.6% below its August 5 record.