Major Indexes Tank as Treasury Yields Take Off Again

Long-term Treasury yields are continuing to plague risk-on attitude on Wall Street, brushing off the Treasury Department's attempts at a debt buyback operation. Fears of rising borrowing costs and Walmart's (WMT) post-earnings selloff dampened sentiment significantly today, pressuring the Dow down 703 points.

The Nasdaq and S&P 500 also suffered steep drops, with the 10- and 30-year bond yields last seen at 4.70% and 5.25%, respectively. Treasury Secretary Scott Bessent said the U.S. plans to hit Iran with the "toughest" sanctions ever seen and that the buyback program could be higher than $4 billion. The Russell 200 Index (RUT) also gapped lower, closing below the 3,000 mark for the first time since July.

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U.S.-Middle East Pressure Sends Crude Higher

Crude prices continued its climb as the U.S doubled down on its plans of economic pressure against Iran. September-dated West Texas Intermediate (WTI) oil added 2.4% to settle at $86.39 per barrel. 

Gold futures eked out modest gains today as inflation fears eased and the U.S. dollar and Treasury yields saw an -albeit brief- cooling off period. The most-active December-dated gold added 0.6% to settle at $4,571.40.