Finance

Efforts by Treasury Secretary Scott Bessent to contain rising borrowing costs have yielded short-lived relief for the bond market. Despite announcements regarding enhanced long-term bond buybacks, the 10-year and 30-year Treasury yields quickly resumed their upward trajectory. Market analysts attribute the persistent pressure to a lack of resolution on massive fiscal deficits and an influx of new debt issuance.

Shares of retail giant Walmart tumbled over 9% following a quarterly report that missed Wall Street's expectations for comparable sales growth. Executive commentary highlighted that high gasoline prices are exerting a strong psychological drag on discretionary consumer habits. The discouraging results quickly dragged down the broader consumer staples and consumer discretionary sectors across major indexes.

Digital currencies staged a powerful rally, driving Bitcoin toward the $73,000 threshold and fueling billions in short liquidations. The surge was catalyzed by President Donald Trump's public push for the Clarity Act, alongside a high-profile White House summit with cryptocurrency executives. The legislative momentum significantly boosted digital-asset sentiment and triggered concentrated short covering across the sector.