Welcome to Markets Desk, your midday look at what's moving money and markets.
Equities are under mild pressure today, with the S&P five hundred off about two tenths of a percent, the Dow down nearly two thirds, and the Nasdaq slipping a quarter point. The culprit is a familiar one — surging crude oil prices pushing bond yields higher and squeezing risk appetite across the board.
Those yields are the real story right now. Treasury Secretary Scott Bessent unveiled a plan to double buybacks of longer-dated Treasury bonds, but the relief lasted less than a day. Yields are climbing again, suggesting the market wants more than intervention signals — it wants structural conviction. Bessent acknowledged the pressure, telling reporters the Treasury has, quote, a big tool kit, but traders are clearly waiting to see it opened.
Meanwhile, Walmart is putting nearly three billion dollars in tariff refunds directly back into shelf prices. CEO John Furner confirmed the retailer has been cutting costs for shoppers who are, in his words, feeling some pressure. In-store sales growth did slow this quarter as spending shifted online, but the price investment signals Walmart is playing the long game on consumer loyalty heading into a cautious spending environment.
That's the tape. Markets Desk, signing off the floor.
