4:20pm: Bond yields rebound
Stocks finished sharply lower Thursday as a brief bond-market reprieve faded, with investors once again focused on rising long-term Treasury yields and the pressure they could put on the economy and Federal Reserve policy.
The Dow Jones Industrial Average fell 704 points, or 1.3%, to 52,759, while the S&P 500 dropped 0.9% to 7,641. The Nasdaq Composite declined 1% to 26,067.
The losses marked the market’s worst session in three weeks, as renewed selling in Treasuries pushed borrowing costs higher.
The 10-year Treasury yield rose 4 basis points to 4.69%, while the 30-year yield climbed 4 basis points to 5.24%, reversing much of the relief that followed Treasury Secretary Scott Bessent’s announcement that the government would double its long-dated bond buybacks. The intervention had briefly sent yields lower, but investors remain concerned about inflation, government borrowing and the underlying fiscal picture.
The rebound in yields also adds to uncertainty around Federal Reserve Chair Kevin Warsh’s approach, particularly as markets assess whether higher borrowing costs can do some of the Fed’s tightening work.
Elsewhere, Bitcoin pushed above $70,000 for the first time since early June, providing a bright spot in an otherwise difficult session.
3:35pm: Proactive news headlines
- Snail Inc (NASDAQ:SNAL) said it will unveil a new title in its 9 Yin Sutra franchise at Gamescom 2026, expanding the series into a parallel timeline and alternate universe while showcasing updates to other games.
- Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) said it has closed a $7.5 million convertible debenture investment from SRC Agrominerals Sales, completing a $15 million strategic investment to support facility expansion, working capital, inventory, debt repayment and general corporate purposes.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF, FRA:A9J0) closed a strategic private placement with Evolution Mining Gold Operations that raised approximately C$12 million to fund exploration at its Philadelphia Gold-Silver Project in Arizona.
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported gold recoveries of 93.7% from metallurgical testing at its True North project and 96.3% from preliminary testing at Ogama-Rockland, supporting the potential for strong recoveries across its Rice Lake property in Manitoba.
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) agreed to acquire a 44% interest in Maravilla Oil and Gas for US$6.5 million, giving it an indirect 35% stake in prospective offshore license PEL 37 in Namibia's Walvis Basin.
- Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) said its first drill campaign at the Corvo Uranium Project in Saskatchewan confirmed anomalous uranium in all nine completed holes, including 13 metres of highly anomalous uranium.
- M2i Global Inc (OTC:MTWO) highlighted recent US government initiatives to strengthen domestic mining and critical minerals supply chains, including more than $2 billion in mining-related projects and over $180 million in mining education and workforce investments.
- Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) said momentum is building around its B-TRAN semiconductor technology as its sales funnel exceeds $400 million, with the company advancing customer prototypes for AI data centers, energy infrastructure and automotive applications.
2:35pm: Market movers
- Walmart Inc (NYSE:WMT, XETRA:WMT) shares fell after US comparable sales grew 2.6% in the second quarter, missing expectations for 3.7% growth, while its third-quarter profit outlook also came in below Wall Street forecasts.
- Deere & Company (NYSE:DE, XETRA:DCO) reported fiscal third-quarter revenue and earnings above analyst expectations, with revenue rising 6% to $11 billion and net income increasing 7% to $1.4 billion, sending shares more than 7% higher.
- Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) said it has closed a $7.5 million convertible debenture investment from SRC Agrominerals Sales, completing a $15 million strategic investment to support its Beiseker facility expansion, working capital, inventory, debt repayment and general corporate purposes.
- Alibaba Group (NYSE:BABA) reported a 75% decline in quarterly profit to 10.4 billion yuan as heavy investment in artificial intelligence infrastructure squeezed margins, with adjusted earnings also falling well short of analyst expectations.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF, FRA:A9J0)closed a strategic private placement with Evolution Mining Gold Operations that raised approximately C$12 million to fund exploration at its Philadelphia Gold-Silver Project in Arizona.
- Moderna Inc (NASDAQ:MRNA, XETRA:0QF)'s successful Phase III melanoma trial with Merck's Keytruda is prompting Jefferies to assign greater value to the company's oncology pipeline as investors look beyond its reliance on COVID-related revenue.
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported gold recoveries of 93.7% from metallurgical testing at its True North project and 96.3% from preliminary testing at Ogama-Rockland, supporting the potential for strong recoveries across its Rice Lake property in Manitoba.
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) agreed to acquire a 44% interest in Namibia's Maravilla Oil and Gas for US$6.5 million, giving it an indirect 35% interest in prospective offshore license PEL 37 in the Walvis Basin.
1:00pm: Walmart sinks
Walmart Inc (NYSE:WMT, XETRA:WMT) (Walmart Inc (NYSE:WMT, XETRA:WMT), Walmart Inc (NYSE:WMT, XETRA:WMT)) shares tumbled on Thursday after the retailer posted its slowest US comparable-sales growth in more than six years and issued a third-quarter profit forecast that fell short of Wall Street estimates, raising concerns about the health of the US consumer.
US comparable sales rose 2.6% in the second quarter, missing the 3.7% growth analysts had expected.
Walmart stock was down 9.5%, on pace for its worst single-day performance since May 2022.
11:20am: Bessent signals Treasury buybacks
U.S. Treasury Secretary Scott Bessent said the government plans to conduct bond buybacks routinely, with individual operations potentially exceeding $4 billion, while signaling a greater focus on fiscal consolidation.
Bessent said the buybacks are partly intended to send a signal to markets, arguing that U.S. Treasury yields do not currently reflect underlying economic fundamentals and that liquidity is particularly poor in the 30-year bond market. Treasury announced this week that it would increase the size of long-end buybacks to at least $4 billion per operation.
He also said there is “nothing magic” about the $40 trillion U.S. debt level and expressed confidence that tariff revenues in 2026 will be similar to 2025, adding that there is a “very good chance” the U.S. has already seen peak deficit levels.
On Iran, Bessent said the administration would pursue what he described as the toughest sanctions in history, alongside coordinated economic isolation, warning countries doing business with Tehran that they could face U.S. action. He said markets were misreading the administration’s “maximum pressure” campaign and vowed to push toward the collapse of the Iranian regime.
10:05am: Wall Street pulls back
Wall Street turned lower Thursday, with the major indexes giving back gains as Treasury yields reversed an earlier decline and renewed pressure on equities. The Dow Jones Industrial Average fell 0.8% to 53,056, while the S&P 500 slipped 0.3% to 7,682 and the Nasdaq Composite dropped 0.6% to 26,170.
The pullback came after an initial rally sparked by the Treasury Department’s surprise decision to double its long-term bond buybacks, but the boost faded as sovereign yields climbed again.
Meanwhile, energy prices continued their march higher, with Brent crude nearing $94 a barrel and WTI topping $86, marking a fifth straight session of gains as diplomatic efforts with Iran stalled.
Walmart shares also weighed on sentiment, tumbling more than 6% after the retailer’s cautious sales outlook overshadowed better-than-expected earnings and an improved annual forecast, raising fresh concerns about the health of the US consumer.
Ahead of the bell
US stock futures wobbled on Thursday, caught between a president spoiling for an economic fight and a Treasury leaning on the bond market.
Dow futures slipped a smidge, S&P 500 contracts hovered around the flat line, and the Nasdaq-100 nudged 0.1% higher after all three benchmarks closed Wednesday in the green.
Elsewhere, Treasury Secretary Scott Bessent stepped in to push down long-dated yields, a move that complicates Federal Reserve chair Kevin Warsh's plan to let markets do some of his tightening for him. The 10-year yield fell 5 basis points to 4.65% and the 30-year dropped 9 basis points to 5.19%.
Bitcoin liked it, surging more than 10% to touch $70,000 for the first time since early June. All this as the national debt sailed past $40 trillion, more than double where it stood less than a decade ago.
Then there is Iran. An exasperated President Trump used Truth Social to promise an "economic D-Day", threatening warfare and isolation "on an unprecedented scale".
Walmart, meanwhile, beat forecasts and raised guidance, yet slid 6% as US sales growth cooled. Never satisfied, this market.