Higher bond yields and retail worries pull U.S. stocks lower

U.S. stocks fell Thursday as Treasury yields rose, oil prices climbed and investors remained concerned about inflation and the government’s debt. The S&P 500 dropped 0.7%, while the Dow Jones Industrial Average fell 1.2% and the Nasdaq composite lost 1%.

The 10-year Treasury yield rose to 4.69% after a temporary decline following the Treasury Department’s plan to at least double purchases of longer-term government bonds beginning Sept. 9. High yields can increase borrowing costs for households, businesses and the government.

Walmart shares fell 9.6% after the retailer’s profit and revenue beat expectations, but its underlying sales growth slowed and its current-quarter profit forecast fell short. Advance Auto Parts also dropped after its chief executive said tighter household budgets reduced spending more than expected, while airlines and cruise companies declined on concerns about weaker consumer demand and higher fuel costs.

Read the full story at courant.com.