WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Thursday, giving back ground following the modest rebound seen in the previous session. The major averages have all moved to the downside, more than offsetting yesterday's slim gains.
Currently, the major averages are off their lows of the session but still in negative territory. The Dow is down 360.13 points or 0.7 percent at 53,102.92, the Nasdaq is down 170.91 points or 0.7 percent at 26,160.18 and the S&P 500 is down 20.80 points or 0.3 percent at 7,687.18.
The weakness on Wall Street comes as the price of crude oil is surging amid concerns about the conflict in the Middle East following President Donald Trump's latest threats.
In a post on Truth Social, Trump announced he is launching 'economic warfare' against Iran, calling it the 'most crushing economic operation ever taken against any country.'
Trump also warned of 'tremendous economic consequences' for any country that 'allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran.'
Responding to Trump's threats, Iran's Foreign Minister Abbas Araghchi described the so-called 'Economic D-Day' as a 'diversion from America's own crisis: unprecedented debt & surging interest costs.'
'Doubling down on failed policies will only bring further defeat-and enmity of Iranians,' Araghchi said in a post on X. 'US economic terrorism threatens global economy and sovereignty worldwide.'
U.S. crude oil futures have shot up by nearly 2 percent to their highest levels in nearly a month amid concerns the latest rhetoric suggests there is no end in sight to the U.S.-Iran war.
The sharp increase in the price of crude oil has also contributed to a substantial rebound by treasury yields, which had tumbled on Wednesday after the Treasury Department announced upscaled buyback operations for longer-term debt.
A steep drop by shares of Walmart (WMT) is also weighing on Wall Street, with the retail giant plunging by more than 9 percent.
The nosedive by Walmart comes after the company reported weaker than expected comparable sales growth in the second quarter and provided disappointing guidance.
Sector News
Retail stocks are seeing significant weakness amid the slump by Walmart, with the Dow Jones U.S. Retail Index tumbling by 2.1 percent.
Significant weakness is also visible among housing stocks, as reflected by the 1.9 percent loss being posted by the Philadelphia Housing Sector Index.
Airline, pharmaceutical and biotechnology stocks are also seeing considerable weakness, while energy stocks are moving sharply higher along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.4 percent, while Hong Kong's Hang Seng Index advanced by 0.8 percent.
Meanwhile, the major European markets have moved to the downside on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the German DAX Index is down by 0.5 percent and the French CAC 40 Index is down by 0.7 percent.
In the bond market, treasuries are giving back ground following the surge seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.7 basis points at 4.690 percent.
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