US close: Stocks sink as oil and Treasury yields climb

(Sharecast News) - Major indices were in the red at the close on Thursday as both oil prices and bond yields pushed higher amid renewed tensions between the US and Iran.

At the close, the Dow Jones Industrial Average was down 1.32% at 52,759.21, while the S&P 500 shed 0.87% to 7,641.16 and the Nasdaq Composite saw out the session 1.00% weaker at 26,067.17.

The Dow closed 703.84 points lower on Thursday, more than erasing gains recorded in the previous session as longdated Treasury yields retreated after the US Treasury said it would significantly expand buybacks of longerterm government debt.

Oil prices traded higher on Thursday, with both West Texas Intermediate and Brent crude futures up more than 2% after Donald Trump warned the US would launch "the most crushing economic operation ever taken against any country" against Iran, describing it as "economic warfare and isolation on an unprecedented scale".

Bond yields were also in focus as they climbed back from Wednesday's slide after the US Treasury Department said it would at least double repurchases of 10-, 20- and 30-year noted over the next few months after the 30-year Treasury bond yield spiked to its highest level in almost 20 years earlier in the week. The yield on the 10-year note gained more than five basis points to 4.706%, while the 30-year note advanced to 5.205%.

Walmart also weighed on sentiment, with shares falling despite the retailer delivering another quarter of solid topline growth and lifting its fullyear outlook. Revenues rose 5.9% in Q2 as global ecommerce sales jumped 23%, while US comparable sales increased 2.6% - short of the 3.5% expected - as price caps on certain drugs hit its health and wellness division. For Q3, Walmart said it expects net sales to rise 3% to 3.75%, with adjusted earnings per share seen between $0.62 and $0.64.

Elsewhere in the corporate space, trade bellwether John Deere was higher after the agricultural equipment maker posted a strongerthanexpected set of fiscal thirdquarter numbers. John Deere delivered earnings of $5.10 per share, comfortably ahead of the $4.69 pencilled in by analysts, while revenues grew 5% yearonyear to $12.61bn, well above the $10.81bn expected. The Illinois-based firm said the performance reflected disciplined execution and resilience across its core agricultural markets.

On the macro front, Americans lined up for unemployment benefits at a decelerated pace in the week ended 15 August, according to the Labor Department, with initial claims coming in below expectations. Initial claims fell by 6,000 to 206,000, better than expectations for a reading of 210,000, while the four-week moving average, which aims to strip out week-to-week volatility, was up by 4,250 week-on-week at 204,000. Continuing claims also rose, up by 18,000 week-on-week at 1.79m.

Elsewhere, the Philadelphia Fed's manufacturing gauge strengthened sharply in August, with the headline index rising to 47.4 from 41.4 in July - its highest reading since April 2021 and well above the 25 expected. Almost 57% of businesses reported higher activity, while just 10% saw declines. New orders eased to 30.1 and shipments slipped to 27.7, though both remained at solid levels and the employment index jumped to 27.9, its strongest since April 2022, signalling continued job creation across the sector. Forwardlooking sentiment improved markedly, with the future general activity index surging 39 points to 73.6, its highest reading since August 1983, pointing to a sharp rise in optimism among manufacturers.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $32.90 3.62%

Amgen Inc. (AMGN) $433.73 0.76%

McDonald's Corp. (MCD) $269.13 0.63%

Travelers Company Inc. (TRV) $364.49 0.63%

Walt Disney Co. (DIS) $107.32 0.36%

Microsoft Corp. (MSFT) $481.15 0.18%

Coca-Cola Co. (KO) $90.50 0.17%

Visa Inc. (V) $365.73 0.05%

Walmart Inc. (WMT) $0.00 0.00%

Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Intel Corp. (INTC) $92.13 -5.15%

Boeing Co. (BA) $215.10 -3.20%

Home Depot Inc. (HD) $334.49 -2.85%

American Express Co. (AXP) $331.15 -2.57%

Cisco Systems Inc. (CSCO) $109.59 -2.27%

Johnson & Johnson (JNJ) $267.37 -2.21%

Merck & Co. Inc. (MRK) $148.99 -2.12%

Nike Inc. (NKE) $40.21 -2.05%

Goldman Sachs Group Inc. (GS) $1,001.95 -1.93%

JP Morgan Chase & Co. (JPM) $351.55 -1.62%

S&P 500 - Risers

Illumina Inc. (ILMN) $213.24 8.54%

Deere & Co. (DE) $620.94 6.94%

CF Industries Holdings Inc. (CF) $125.70 5.59%

Verisk Analytics Inc. (VRSK) $187.68 5.23%

Cognizant Technology Solutions Corp. (CTSH) $60.92 5.04%

Mosaic Company (MOS) $23.35 4.99%

Alexandria Real Estate Equities Inc. (ARE) $52.94 4.73%

Yum! Brands Inc. (YUM) $152.33 4.39%

Copart Inc. (CPRT) $34.33 4.19%

Willis Towers Watson Public Limited Company (WTW) $341.15 4.04%

S&P 500 - Fallers

Advance Auto Parts (AAP) $42.39 -24.55%

Ipg Photonics Corp. (IPGP) $74.43 -10.33%

Coty Inc. Class A (COTY) $2.75 -9.24%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Kohls Corp. (KSS) $17.33 -7.97%

NetApp Inc. (NTAP) $192.81 -6.40%

United Airlines Holdings Inc (UAL) $111.71 -6.28%

DENTSPLY Sirona Inc. (XRAY) $10.78 -5.77%

Seagate Technology Plc (STX) $850.24 -5.74%

Intuitive Surgical Inc. (ISRG) $374.48 -5.39%

Nasdaq 100 - Risers

Illumina Inc. (ILMN) $213.24 8.54%

Mercadolibre Inc. (MELI) $1,921.96 8.42%

Verisk Analytics Inc. (VRSK) $187.68 5.23%

Cognizant Technology Solutions Corp. (CTSH) $60.92 5.04%

Intuit Inc. (INTU) $361.87 2.98%

Netflix Inc. (NFLX) $80.14 2.52%

Workday, Inc. (WDAY) $197.32 2.49%

Paypal Holdings Inc (PYPL) $62.30 2.45%

Micron Technology Inc. (MU) $974.33 2.19%

Trip.com Group Limited (TCOM) $46.43 2.18%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

DENTSPLY Sirona Inc. (XRAY) $10.78 -5.77%

Seagate Technology Plc (STX) $850.24 -5.74%

Intuitive Surgical Inc. (ISRG) $374.48 -5.39%

Align Technology Inc. (ALGN) $158.94 -5.34%

Intel Corp. (INTC) $92.13 -5.15%

Western Digital Corp. (WDC) $469.05 -4.87%

KLA-Tencor Corp. (KLAC) $185.86 -4.48%

Microchip Technology Inc. (MCHP) $75.81 -4.43%

Lam Research Corp. (LRCX) $310.53 -4.16%