Finance

Yields on long-term government debt bounced back despite an announcement from Treasury Secretary Scott Bessent to double the maximum size of bond repurchases to at least $4 billion per operation. The 10-year Treasury yield climbed back to nearly 4.7% and the 30-year yield reached 5.24%, reflecting deep-seated skepticism that the buybacks can alter broader structural deficit challenges.

Shares of Walmart declined over 9% following the release of its quarterly financial performance, creating an immediate drag across the major retail indices. Despite surpassing high-level analyst estimates and lifting its annual forecast, the retail bellwether recorded its slowest comparable domestic growth in more than six years and cited consumer strain from high fuel prices.

Global energy markets climbed significantly after President Donald Trump issued sharp rhetorical threats of severe economic actions against Iran amid ongoing shipping deadlocks in the Strait of Hormuz. International benchmark Brent crude futures gained over 2% to cross $93.50 a barrel, a move that provided a temporary lift to domestic energy producers but weighed heavily on major travel and airline equities.