On Thursday, the S&P 500 Index closed down by 0.87%, the Dow Jones Industrial Average fell 1.32%, and the Nasdaq 100 Index decreased by 0.72%. This decline marks a two-week low for the S&P 500 and Nasdaq, and a 2.5-week low for the Dow, driven by rising oil prices and inflation concerns. WTI crude oil reached a one-month high, influenced by President Trump’s threats against Iran, which constrained hopes for a resolution in the US-Iran conflict.
In economic news, weekly initial unemployment claims fell to 206,000, better than the anticipated 210,000. Additionally, the Philadelphia Fed business outlook survey increased to 47.4, a 5.25-year high, defying expectations of a decline. The 10-year T-note yield rose by 4 basis points to 4.69%, further pressured by inflation conditions linked to rising oil prices.
Walmart’s shares dropped more than 9% after reporting a weaker-than-expected Q2 comparable store sales increase of 2.6%, alongside a forecast for adjusted EPS below consensus. Conversely, strong earnings reports from companies like Nordson and Deere & Co contributed positively to their stock performance, highlighting a mixed overall market response.
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