Dow Drops 700 Points as Walmart Quarterly Results Disappoint | Honolulu Star-Advertiser
Walmart fell 9.2% after missing comparable sales estimates, while rising Treasury yields and higher oil prices deepened inflation worries.
- The Dow Jones Industrial Average fell 703.84 points on Thursday, a 1.32% decline, as Walmart missed quarterly sales expectations and soured investor sentiment on consumer spending.
- Rising oil prices above $87 compounded concerns about consumer health, according to Mona Mahajan, head of investment strategy at Edward Jones, citing weaker-than-expected July retail sales and labor market data.
- Advance Auto Parts tumbled 24.5% on a weak annual sales forecast, while rival retailers Costco, Dollar Tree, and Albertsons followed Walmart lower with losses between 1% and 2.6%.
- Treasury Secretary Scott Bessent suggested increasing bond repurchase volumes to stem the rout, but Ulrike Hoffmann-Burchardi, chief investment officer of the Americas at UBS, noted buybacks cannot resolve fundamental Treasury supply concerns.
- Persistent Treasury yield increases weigh on equities as Moderna dropped 23.5% after surging nearly 177% on Wednesday, while analysts question consumer resilience amid elevated gas prices and inflation.
15 Articles
15 Articles
Long-term Treasury yields rise again in just one day despite Treasury Department's 'buyback expansion'; Walmart's U.S. sales growth slows... Oil prices surge on warnings of economic pressure on Iran. Correspondent Kim Yeon-sook = On the 20th (local time), the New York stock market was affected by the renewed rise in U.S. Treasury yields and retail giant
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Wall Street Retreats as Treasury Yields Climb, Walmart Misses Estimates and Oil Extends Rally
U.S. stocks fell broadly Thursday as renewed pressure from rising Treasury yields combined with Walmart’s disappointing sales results and higher oil prices to deepen concerns ... The post Wall Street Retreats as Treasury Yields Climb, Walmart Misses Estimates and Oil Extends Rally first appeared on [your]NEWS.
The New York stock market fell across the board due to rising Treasury yields, soaring oil prices from the Middle East, and poor earnings from Walmart. Long-term interest rates rebounded despite the Treasury Department expanding buybacks, crude oil prices rose on warnings of strong sanctions against Iran, and Walmart recorded its largest drop in four years following an earnings shock.
Dow drops 700 points as Walmart quarterly results disappoint | Honolulu Star-Advertiser
The three main U.S. equity indexes closed lower today 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.
The advance of interest on US Treasury securities (Treasuries), on Thursday (20), returning much of the relief caused by the Treasury yesterday, led US exchanges to close in decline. High oil prices also pushed the indexes, in the face of the new economic threats of the United States against Iran. The forecast of sales below Walmart also contributed to the losses, especially of Dow Jones. The Dow Jones index closed in decline of 1.31%, at 52,760…
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