The Dow Jones Industrial Average slipped below 53,000 points on Thursday, extending losses as rising oil prices, climbing Treasury yields and disappointing earnings from Walmart weighed on U.S. equities.
The blue-chip index fell 1% to 52,925, its lowest close since early June, while the Nasdaq 100 declined 0.72% to 29,215 and the S&P 500 dropped 0.56% to 7,665. Walmart’s U.S. sales missed expectations in its second-quarter report, sending its shares down 9% and raising concerns over consumer spending trends.
The U.S. national debt surpassed $40 trillion for the first time, a milestone underscored by the Treasury Department’s announcement that it would accelerate purchases of long-dated bonds. The move initially eased yield pressure but failed to sustain the relief, with benchmark 10-year Treasury yields rising again on Thursday. Serge Nussbaumer, head of capital markets at Swiss firm Maverix, noted that while the bond buybacks improved market mechanics, they did not address debt sustainability.
Oil prices remained elevated as geopolitical tensions in the Middle East dominated the market. U.S. President Donald Trump reiterated threats of a "trade war" against Iran amid stalled nuclear negotiations, keeping supply risks elevated.
In contrast, Deere & Co surged 7% after posting better-than-expected quarterly results and forecasting a strong 2027 for the U.S. agricultural sector. The gains contrasted sharply with the 26% plunge in Advance Auto Parts, which missed revenue estimates, and an 8% drop in Coty after the cosmetics group withheld annual guidance and described the current year as a transitional period.
Estee Lauder’s strong quarterly results had driven its shares to a February high the previous day, highlighting the divergent performance across consumer and industrial sectors.
