Finance

Major U.S. stock indexes extended their losing streak, ending lower as persistent bond yield momentum overshadowed late-day recovery efforts. The Dow Jones Industrial Average dropped roughly 131 points, while the benchmark S&P 500 and the tech-heavy Nasdaq Composite edged down 0.16% and 0.09% respectively. In contrast to the broader equities slide, used-car retailer CarMax saw its shares jump over 7% following a strong second-quarter earnings report.

New York Fed President John Williams indicated there is no immediate urgency for the central bank to implement subsequent interest rate hikes following its policy tightening earlier in the month. These remarks helped ease shorter-duration yields, causing the 2-year U.S. Treasury yield to pull back. The comments also injected some late-session optimism into equities, helping them finish well off their lowest points of the day.

Brent crude futures experienced a temporary retreat, slipping below $103 per barrel as an emergency release of oil reserves helped temper global supply anxieties. Despite the minor pullback, energy markets remain highly volatile and elevated above historical baselines due to ongoing geopolitical tensions and a stalemate in U.S.-Iran negotiations regarding the reopening of the crucial Strait of Hormuz.