QUICK SPARK: Dow Falls 700 Points, Nasdaq Drops 1% As Yields Rise Again

The Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ), shed 700 points on Thursday as Walmart (NASDAQ: WMT ) shares sank 9%. The S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE: SPY ), lost 0.7% and the Nasdaq Composite, tracked by the Invesco QQQ Trust (NASDAQ: QQQ ), dropped 1% as the 10-year Treasury yield climbed more than 5 basis points to 4.706% and the 30-year yield rose more than 5 basis points to 5.251% after spiking earlier this week to its highest level in nearly 20 years. The Treasury said it will at least double repurchases of 10-, 20- and 30-year debt in the coming months, and Treasury Secretary Scott Bessent said the buyback operation could be larger than the $4 billion announced.