• US stocks fell Thursday as rising oil prices and higher bond yields revived inflation worries, erasing much of the relief created by Wednesday's expanded Treasury buyback announcement. The S&P 500 fell 0.87% to 7,641.16 — its fourth loss in five sessions since setting an all-time high last week — the Dow dropped 1.32% to 52,759.21, and the Nasdaq-100 slid 0.72% to 29,213.16.
• Walmart was one of the heaviest weights on the index, falling 9.15% even after reporting stronger profit and revenue than analysts expected (adjusted EPS of 81 cents vs. 74 cents estimated, on sales of $187.9 billion). Investors focused instead on comparable-store sales growth slowing to 2.6% against a 3.5% estimate, and a current-quarter profit forecast that fell short of expectations — an important signal given last week's already-weak national retail sales data. Advance Auto Parts plunged over 17% and Moderna gave back roughly 24% of Wednesday's historic surge on profit-taking.
• The 10-year Treasury yield climbed back to 4.70% from 4.65% late Wednesday — nearly erasing the entire relief from the government's bond buyback plan — as Brent crude rose 2% to $93.41 on continued uncertainty over when oil tankers will freely exit the Persian Gulf again. President Trump threatened Iran late Wednesday with "the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY" but provided few specifics. Separately, US government debt topped $40 trillion for the first time, just months after crossing $39 trillion in April.
• European markets closed mostly lower: France's CAC 40 fell 0.57% and Germany's DAX dropped 0.41%, both tracking the same yield and geopolitical pressures as Wall Street, while London's FTSE 100 was little changed, edging up 0.04%. Adidas led losses across the region on continued weakness in consumer discretionary names.
• Asia is mixed to lower this morning: Japan's Nikkei 225 fell 1.09% to 65,484.72, tracking Wall Street's decline, while South Korea's KOSPI eased 0.43%, giving back a portion of Thursday's sharp rebound. Hong Kong's Hang Seng rose 0.42% and India's Nifty 50 added 0.64%, while Shanghai and Taiwan's TAIEX were both little changed.

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