Wall Street sinks as bond yields rise
The three main US equity indexes closed lower on Thursday as rising Treasury yields dented risk appetite while disappointing results from retail bellwether Walmart soured investors on the consumer sector and rallying oil prices fanned inflation worries. Walmart shares tumbled 9.2 percent after the world's largest traditional retailer missed Wall Street expectations for quarterly comparable sales…
Wall Street experienced a significant decline on Thursday, with the three main US equity indexes closing lower due to rising Treasury yields and disappointing retail results. Walmart's shares dropped by 9.2 percent after missing Wall Street expectations for quarterly comparable sales, as rising gasoline prices led consumers to cut back on spending.
Other retail giants like Costco, Dollar Tree, and Albertsons also followed Walmart lower, with losses ranging from 1 percent to 2.6 percent. The surge in US crude oil prices above US$87 further fueled concerns about the health of the US consumer, as investors grew increasingly anxious over ongoing elevated gas prices and inflationary pressures.
Despite the US Treasury Department's decision to spend more than double the expected amount on buying back bonds to try to curb the recent surge in yields, stocks continued to drop on Thursday as bond yields rose again.
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- Wall Street sinks as bond yields rise freemalaysiatoday.com
