Wall St slips on rising bond yields; Walmart results weigh

• Walmart's sales miss dragged the S&P 500 consumer staples index down 1.6%, the biggest sectoral loser, as shoppers pulled back spending due to elevated gas prices
• The 30-year Treasury yield rose to 5.239% after briefly retreating from near-two-decade highs, with market participants viewing Treasury Secretary Bessent's intervention as insufficient to reverse the trend
• Cryptocurrency stocks rallied after President Trump called on Congress to pass related legislation, with Strategy up 6.6% and Coinbase gaining 5.6%, while oil prices extended gains for a fifth consecutive session on stalled U.S.-Iran peace talks

Wall Street Market Summary

Market Performance

U.S. major indexes declined on Thursday, with the Dow Jones falling 0.60%, S&P 500 down 0.15%, and Nasdaq losing 0.29%. Markets pulled back from record highs achieved earlier in the month as rising bond yields pressured sentiment.

Key Drivers

Bond Market Concerns: The 30-year Treasury yield climbed to 5.239% (up 3 basis points), hovering near two-decade highs despite earlier relief from Treasury intervention. The benchmark 10-year yield edged up to 4.698%. Concerns center on elevated oil prices from the Iran conflict and increasing government debt.

Walmart Leads Retail Decline: Walmart plummeted 8.6% after missing quarterly comparable sales expectations as consumers curtailed spending amid rising gas prices. The miss dragged the S&P 500 consumer staples index down 1.6%, making it the worst-performing sector. Consumer discretionary also struggled, falling 1.3% on weakness in Amazon and Tesla.

Other Notable Movers

Crypto Stocks Rally: Following President Trump's call for Congress to pass cryptocurrency legislation, Strategy surged 6.6% and Coinbase gained 5.6%.

Moderna Plunged 18%: The biotech company tumbled after a significant announcement (details unspecified but implied 177% impact).

Deere Rises 3.8%: The farm equipment manufacturer lifted its full-year net income forecast.

Economic Data

Unemployment claims data suggested the labor market remains stable. Fed minutes revealed deepening inflation concerns, with several policymakers prepared to raise interest rates.

Oil prices extended gains for a fifth consecutive session, rising 2.3% on stalled U.S.-Iran peace talks and Middle East supply disruptions.