Walmart Slides 9% as Sales Slow and Stocks Retreat | Closing Bell

Summary

Bloomberg's closing-bell team recaps a risk-off session where rising bond yields pressured equities and Walmart's disappointing sales dragged consumer stocks. Ross Stores gained after raising guidance, while Deere rose on an improved outlook. Crypto-linked stocks rallied on momentum from a White House meeting with crypto executives.

• Stocks fell with the S&P 500 down about 0.9%, Nasdaq down 1%, and Dow down 1.3%.
• The 30-year Treasury yield rose about five basis points, pressuring equities.
• Walmart slid about 9% after reporting the slowest U.S. sales growth in six years.
• Ross Stores gained after beating estimates and raising its third- and fourth-quarter outlook.
• Deere rose almost 7% after raising the lower end of its annual profit outlook.
• Crypto and crypto-linked names rallied after the president met crypto CEOs and lobbyists.
• Moderna dropped 24% on profit-taking after a cancer-vaccine-driven surge.