Dow Tumbles Over 700 Points Amid Rising Yields and Weak Market Sentiment

The Dow Jones Industrial Average plummeted over 700 points on Thursday, ending the session at 52,759.21. The decline was driven by a drop in Walmart Inc. (NASDAQ:WMT) shares after it reported its slowest domestic sales growth in six years.

Shares of Walmart dipped more than 9% during trading hours, leading to a broad sell-off across the market. Treasury yields continued to rise despite the Treasury's plan to increase repurchases of long-term debt.

The Philadelphia Fed Manufacturing Index surged to 47.4 in August, exceeding expectations and its strongest level since April 2021. However, most sectors on the S&P 500 closed lower, with health care, consumer discretionary, and consumer staples stocks suffering significant losses.