Wall Street sinks as bond yields rise
Rising Treasury yields dent risk appetite while rallying oil prices fan inflation worries among investors.
Wall Street declined Thursday as Treasury yields rose, impacting equities and causing concern over the health of the US consumer. Retail giant Walmart fell 9.2% after missing expectations for quarterly comparable sales due to shoppers cutting back on spending amid higher gasoline prices. S&P 500 consumer staples and consumer discretionary sectors suffered losses, with rivals Costco, Dollar Tree, and Albertsons also declining between 1% and 2.6%.
Rising oil prices above $87 added to inflation worries. Mona Mahajan, head of investment strategy at Edward Jones, cautioned about the impact of elevated gas prices and inflation on consumer resilience. Despite Treasury Secretary Scott Bessent's suggestion of increased Treasury bond repurchases, yields continued to climb. Dow Jones, S&P 500, and Nasdaq Composite indexes all fell, with the S&P 500 ending 0.87% lower at 7,641.16.
Consumer staples, healthcare, and consumer discretionary sectors were among the weakest performers. Cryptocurrency-related stocks rallied, while biotech company Moderna and retailer Coty suffered significant losses.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Wall Street sinks as bond yields rise freemalaysiatoday.com
- Wall Street sinks as bond yields rise news.rthk.hk
