Finance

Treasury Secretary Scott Bessent announced an expansion of the government's long-term bond buyback program to curb climbing borrowing costs. Despite indicating the buyback could surpass the initial $4 billion per issue target, the strategy failed to sustain investor confidence as yields quickly rebounded to their previous highs.

Shares of retail giant Walmart plummeted over 9% following a lower-than-expected forecast for upcoming quarterly sales and corporate profits. Management highlighted that high fuel prices are negatively impacting consumer behavior, which subsequent sparked a broader selloff across the consumer staples and discretionary sectors.

International and domestic crude benchmarks advanced over 2% following strong remarks from U.S. President Donald Trump, who pledged a campaign of intense economic warfare against Iran. The heightened geopolitical tension sparked concerns about higher fuel costs, dragging down major travel and airline equities.