US stocks fall on rising Treasury yields and weak Walmart earnings

New York's stock market ended Thursday with a broad decline across its major indices, pressured by a resurgence in U.S. Treasury yields and disappointing financial results from retail giant Walmart. The Dow Jones Industrial Average shed 703.84 points, or 1.32%, to close at 52,759.21.

The S&P 500 index followed suit, falling 66.82 points to 641.16, marking a 0.87% decrease. The tech-heavy Nasdaq also registered losses, reflecting a negative sentiment that permeated the trading session. This downturn mirrored a weaker performance on European stock exchanges earlier in the day.

A key driver of the market's slide was the renewed increase in Treasury yields. Despite the U.S. Treasury Department's pledge to potentially increase its bond buybacks, yields on long-term U.S. Treasury bonds rose on Thursday. Analysts suggested this indicated skepticism about the effectiveness of the Treasury's plan to lower borrowing costs.

Adding to the negative sentiment, Walmart's stock plummeted by 9.2% after the company reported its lowest U.S. sales growth in six years. This performance raised concerns about consumer spending and the broader retail sector, further dampening investor confidence.