Stock market today: Dow, S&P 500, Nasdaq slip as bond yields rebound after Treasury intervention, oil rises

US stocks fell on Thursday after President Trump vowed to squeeze Iran economically, sending oil prices higher, while bond yields also rebounded after the US Treasury’s surprise move to intervene in the market.

The Dow Jones Industrial Average (^DJI) fell 0.6%, while the S&P 500 (^GSPC) slipped 0.3%. The tech-heavy Nasdaq Composite (^IXIC) declined by 0.5% after all three major indexes notched winning sessions on Wednesday.

Markets reeled after Treasury Secretary Scott Bessent stepped in to lower long-dated government bond yields, which could complicate Federal Reserve Chairman Kevin Warsh’s intention to allow the markets to do some of the tightening for the Fed.

However, Treasurys ticked back up in early trading on Thursday. The 10-year yield (^TNX) rose by 5 basis points to 4.70%, while the 30-year yield (^TYX) increased by 5 basis points to 5.25%. Bitcoin (BTC-USD), meanwhile, surged over 10% and reached the $70,000 level for the first time since early June.

At the same time, more attention turned to the United States’ financial health as the national debt surpassed $40 trillion, having more than doubled in less than a decade.

Read more: How the soaring federal debt affects you personally

In the background, Trump grew more frustrated about the lack of a deal to reopen the Strait of Hormuz and end the Iran war. On Wednesday evening, President Trump posted on Truth Social that the US plans to unleash an “ECONOMIC D-DAY” against Iran that entails “Economic Warfare and Isolation on an unprecedented scale.”

That helped push oil prices higher, with Brent crude (BZ=F) topping $93 per barrel.

Walmart (WMT) earnings highlighted the calendar on Thursday. The retailer reported strong earnings, but the stock fell on slowing sales growth in the US.