Dow Drops 700 as Treasury Plan to Calm Yields Fails
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- Stock futures held little changed after a steep sell-off that knocked the Dow down 700 points and pushed the S&P 500 lower
- Walmart's disappointing earnings compounded the sell-off as a Treasury plan to subdue rising bond yields failed
Why it matters: The failure of the Treasury's plan to subdue bond yields means stocks now lack a credible backstop against further yield-driven selling. Walmart's miss adds a corporate-earnings headwind, meaning the Dow and S&P 500 face simultaneous macro and fundamental pressure — not just one or the other.
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