Dow Plunges 600 Points Amid Treasury Yield Surge
The US stock market saw significant declines on Thursday, with the Dow Jones losing over 600 points. The drop was largely attributed to rising Treasury yields and a sharp decline in Walmart shares.
Walmart's stock fell by 9% after the company reported slowing sales growth and cautious consumer spending despite raising its full-year outlook and receiving a $2.9 billion tariff refund.
On the other hand, Moderna and Merck saw their stocks rise following positive late-stage trial results for their melanoma cancer vaccine.
The Treasury Secretary's interventions, including a debt buyback plan, have not stabilized the bond market, with yields rebounding and investor concerns persisting. The US national debt has surpassed $40 trillion, raising concerns about fiscal sustainability and future economic growth.