Dow Falls 700 Points, Nasdaq Drops 1% As Yields Rise Again - State Street SPDR S&P 500 ETF Trust (ARCA:SP

Higher yields in bond market and drop for Walmart drag US stocks lower

Treasury yields hit 4.70% amid inflation fears and $40T US debt, dragging equities down 0.7–1.2% while oil climbed on Iran uncertainty. Consumer spending deceleration—signaled by Walmart's slump despite strong earnings—pressures corporate IT budgets as firms brace for cost-cutting cycles.