Besente Intervention Fails, US Bonds and Stocks Fall, Walmart Plummets 9%, Bitcoin Soars 5%
Markets experienced a significant downturn driven by a triple threat: the fleeting impact of a U.S. Treasury intervention, a sharp earnings miss from Walmart, and escalating geopolitical tensions. The S&P 500, Nasdaq, and Dow Jones all closed lower, with the Dow plunging 703 points. Walmart's stock cratered 9.15% after reporting its weakest U.S. comparable sales growth in six years, heavily weighing on the indices.
Simultaneously, the Treasury's recent debt-buyback program, aimed at curbing long-term yields, was deemed a temporary fix by analysts. JPMorgan strategists warned it failed to address the root cause of high deficits, leading 10-year Treasury yields to rise back above pre-announcement levels.
In contrast, Bitcoin surged 5%, breaking above $72,000 for the first time since June, fueled by supportive regulatory signals from a White House meeting with crypto executives. Energy markets also rallied, with oil prices extending gains for a fifth consecutive session. This was driven by heightened Middle East tensions after former President Trump announced an intensified "economic war" on Iran, boosting energy stocks like ConocoPhillips. Gold also climbed, touching a key technical resistance level.
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