US equities opened lower on Thursday, pressured by rebounding Treasury yields, rising crude prices, and disappointing Walmart guidance. The Dow Jones Industrial Average fell roughly 345 points, or 0.65–0.68%, while the S&P 500 slipped about 0.19–0.31% and the Nasdaq Composite declined 0.3–0.49%. The losses followed a stronger Wednesday session that had snapped a three-day losing streak for the S&P 500.
Treasury yields rebounded after Wednesday's pullback. The 10-year Treasury yield rose more than five basis points to 4.704%, while the 30-year yield added six basis points to 5.254%, remaining near a nearly two-decade high. The move came after the government said it would at least double buybacks of 10-, 20-, and 30-year debt over the coming months. The buyback announcement initially eased bond-market pressure and supported risk appetite, but Thursday’s yield rebound renewed concerns about higher borrowing costs, especially for technology companies investing heavily in AI infrastructure. US debt also hit $40 trillion, adding to fiscal sustainability worries.
Oil prices added to the risk-off tone. West Texas Intermediate crude futures rose about 3% to above $88 a barrel, while Brent crude gained around 3% to above $94, marking a fifth consecutive session of gains. The advance was driven by stalled US-Iran peace talks and energy supply disruptions in the Middle East.
Walmart shares fell more than 7.7% after reporting weaker-than-expected US comparable sales and issuing third-quarter and full-year adjusted earnings forecasts that missed analyst expectations. The decline intensified concerns about consumer spending as higher gasoline prices squeeze household budgets.
Investors also digested the Federal Reserve's July meeting minutes, released Wednesday. The minutes showed officials remained concerned about inflation, with several policymakers favoring a rate increase and many indicating that tighter policy could be required if inflation fails to decline toward the Fed's 2% target. Market participants awaited weekly jobless claims data and comments from St. Louis Fed President Alberto Musalem.
Cryptocurrency-related stocks bucked the broader market weakness. Strategy shares gained 5% and Coinbase rose 4.4% after US President Donald Trump called on Congress to pass a crypto bill. Bitcoin and other digital assets remained in focus following the Washington policy development.
Elsewhere, Moderna fell more than 15%, giving back part of Wednesday's nearly 177% surge after positive late-stage trial results with Merck for a personalized mRNA melanoma treatment. Deere gained 2.5% after raising the lower end of its full-year net income forecast range.
