Wall Street sinks as bond yields rise, Walmart results disappoint

STORY: Wall Street's main indexes closed lower on Thursday, with the Dow tumbling about one-and-a-third percent, the S&P 500 falling just under one percent and the Nasdaq shedding one percent. Rising Treasury yields dented risk appetite, explains Chatham Financial Chairman Amol Dhargalkar. "The sell-off we're seeing is, again, related to what we're seeing in the bond market. There's concern over rising yields, there's concern over fiscal sustainability for the U.S. government. It is bleeding into equity markets. When you compare the two, though, it's clear that even though today there's some correlation, over the last several months, we've seen all-time highs in equity markets. It's been driven by higher earnings expectations. It's been driven by the AI trade. Even though it's a bifurcated equity market, you're seeing, I would say, somewhat broad-based growth over the last several months as you look at different indices." Still, shares of Walmart fell more than 9% after the retail bellwether missed Wall Street expectations for quarterly comparable sales as rising gasoline prices had shoppers reining in spending. Rival retailers Costco, Dollar Tree and Albertsons followed Walmart lower. Shares of Coty dropped more than 9% after the CoverGirl cosmetics brand owner forecast current-quarter earnings below expectations and withheld its annual outlook. :: Archive And shares of Advance Auto Parts tumbled more than 24% after the company issued a weaker annual sales forecast. :: Archive Meanwhile, cryptocurrency-related companies rallied a day after President Donald Trump called on Congress to pass a crypto bill. Shares of Strategy and exchange operator Coinbase Global each gained almost 8%.