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The relief that swept the bond market just a day earlier disappeared as oil prices, worries about high inflation and the U.S. government's debt kept rising.
That helped knock the U.S. stock market to its worst loss in three weeks on Thursday. The S&P 500 fell 0.9% for a fourth loss in the five days since setting its record last week. The Dow Jones Industrial Average dropped 1.3%, and the Nasdaq composite sank 1%. Treasury yields climbed after the price of Brent crude rose 2.4% following President Donald Trump's latest threat to Iran.
Walmart reports slowest sales growth in 6 years
Walmart reported its slowest growth in U.S. comparable sales in six years during its most recent quarter, and it offered a reserved upgraded outlook.
The results, announced Thursday, fanned some concerns about the health of its core low-income shoppers who are spending cautiously as they see prices go up at the gas pump and everywhere else. Shares were down more than 8% in early morning trading.
Employers increase surveillance of workers
Employers are increasingly using technology to monitor the whereabouts, productivity and communications of workers. Digital tools can track locations, collect data on how long it takes to perform a task, and access smartphone and laptop cameras.
The trend is raising concerns about how much privacy employees have given up, especially with more people working from home. Some employers use these tools transparently, but others do not.
US unemployment claims dropped to 206K
Fewer people applied for U.S. unemployment benefits last week, another sign that layoffs remain low and that most Americans enjoy job security.
The Labor Department reported Thursday that jobless claims dropped to 206,000 last week from a revised 212,000 the week before.
Average US mortgage rates ease again
The average long-term U.S. mortgage rate eased for the second week in a row, but remains elevated compared with this time last year.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate fell to 6.65% from 6.67% last week. One year ago, the average rate was 6.58%.
US agency scrutinized over lifted import ban
U.S. Customs and Border Protection faces criticism after a watchdog group warns that forced labor persists on sugarcane fields in the Dominican Republic. The country exports large amounts of sugar to the U.S.
In 2022, the federal agency imposed a ban on imports from Central Romana Corporation due to alleged labor abuses. The ban was lifted last year under the Trump administration, sparking renewed outcry. U.S. Sen. Ron Wyden sent a letter Thursday to Customs and Border Protection requesting information on the ban's reversal. He accused the agency of undermining U.S. trade policy by circumventing standard procedures.
Somalia faces another hunger crisis
Six million people are facing acute food insecurity in Somalia while the World Food Program only has a tenth of the resources to help than it did during the country's last hunger crisis. That's according to WFP head Carl Skau who told The Associated Press on Wednesday that the U.N. agency "can only do the bare minimum."
He said that the WFP has less funds because of cuts to international aid and the redirection of resources to other crises.