Bessent’s "market rescue" lasts one day as Treasury yield returns to 4.70%

Treasury support steadied markets for only a day before fiscal concerns returned, sending the Dow Jones Industrial Average down 704 points, or 1.3%, to 52,759.21 and pulling the S&P 500 and Nasdaq Composite lower. Walmart fell 9.2% after reporting 2.6% U.S. comparable-sales growth, its weakest pace in more than six years, while higher fuel costs pressured lower-income shoppers and discretionary spending. The 10-year Treasury yield moved back toward 4.70% and the 30-year approached 5.25% despite larger long-dated bond buybacks, as investors questioned whether limited purchases could offset $40 trillion of federal debt and annual interest costs nearing $1.2 trillion. Oil benchmarks were on track for weekly gains above 7% amid prolonged U.S.-Iran tensions, while gold held near $4,530 and the Dollar Index was down nearly 0.9% for the week. Bitcoin rose above $74,000, gaining roughly 17% for the week as Washington’s pro-crypto stance and a break above its 200-day moving average attracted demand despite falling equities.

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