​Stock Market Today: Dow, S&P 500 and Nasdaq Slide as Oil Tops $92 and Bond Yields Rebound

U.S. stocks took a steep dive on Thursday as renewed pressure from oil and Treasury yields overwhelmed pockets of strength elsewhere in the market. The Dow Jones Industrial Average dropped 1.2%, while the S&P 500 fell 0.7% and the tech-heavy Nasdaq Composite lost roughly 1%, putting all three major indexes on track for a losing session.

Investors faced an increasingly difficult combination of geopolitical uncertainty, higher energy prices, and stubborn borrowing costs. Brent crude climbed above $92 a barrel as tensions surrounding Iran and the Strait of Hormuz intensified, while the 10-year Treasury yield returned to around 4.70% and the 30-year yield climbed toward 5.25%, reviving concerns that inflation and elevated rates could remain a drag on stocks.

Market Movers:

• Webull (BULL) +10% — Shares jumped after the investment platform reported record second-quarter revenue of $198.8 million, up 51% from a year ago, as trading activity surged. Equity trading volume increased 73% to $279 billion, while options volume climbed 68% and adjusted operating profit reached $62.6 million.
• Mara Holdings (MARA) +9% — Shares rallied alongside crypto stocks as Bitcoin surged more than 9% and reclaimed the $70,000 level for the first time since early June. Lower long-term yields following Treasury's expanded bond-buyback plans helped revive demand for risk assets, lifting other crypto-linked names as well.
• Aurinia Pharmaceuticals (AUPH) +9% — Shares rose after Teva agreed to settle patent litigation involving Lupkynis, pushing the earliest potential generic launch to December 2036. The agreement significantly extends the potential period of market protection for Aurinia's key drug as litigation with other generic challengers continues.
• Deere (DE) +4% — Shares gained after fiscal third-quarter equipment sales reached $11 billion and net income came in at $1.38 billion, or $5.10 per share. Deere also raised its fiscal 2026 net income forecast to between $4.75 billion and $5 billion and said this year could mark the bottom of the current agricultural-equipment cycle.
• Wolfspeed (WOLF) -10% — Shares sank after the silicon carbide manufacturer posted a wider-than-expected adjusted quarterly loss of $2.26 per share. Revenue increased 24% year over year to $149.6 million, but a negative adjusted gross margin overshadowed growth in the company's AI data-center business.
• Coty (COTY) -10% — Shares fell after the beauty company reported mixed quarterly results and warned that fiscal 2027 will be a transition year. Coty expects comparable revenue to decline by low- to mid-single digits in the current quarter as weakness persists across its Consumer Beauty and Prestige businesses.
• Walmart (WMT) -8% — Shares slumped after investors looked past an earnings beat and focused on slowing U.S. comparable sales and softer guidance. The retail giant cut the midpoint of its full-year earnings outlook, adding to concerns that consumers are becoming more selective as higher fuel and other everyday costs squeeze household budgets.
• Alibaba (BABA) -4% — Shares declined after adjusted earnings missed expectations as aggressive spending on artificial intelligence and cloud infrastructure weighed on profitability. AI Cloud and Compute Services revenue surged 45%, but capital expenditures jumped 75%, and free cash flow turned negative.

Oil Surge Puts Inflation Back in Focus

Energy markets remained one of Wall Street's biggest sources of uncertainty Thursday. Brent crude pushed above $92 per barrel, while West Texas Intermediate climbed toward $86 as investors reacted to escalating economic pressure on Iran and continued uncertainty surrounding the Strait of Hormuz. The rise matters well beyond energy stocks. Persistently expensive oil threatens to feed through to transportation, manufacturing, and consumer costs, complicating the inflation outlook just as investors are trying to determine the Federal Reserve's next move.

Bond-Yield Relief Proves Short-Lived

Treasury yields rebounded after falling Wednesday when the Treasury Department announced plans to substantially increase purchases of longer-dated government debt. Treasury Secretary Scott Bessent said Thursday that individual buyback operations could exceed $4 billion, arguing that long-term yields do not fully reflect underlying economic fundamentals. Still, the bond market quickly resumed selling. The 10-year Treasury yield climbed roughly 5 basis points to 4.70%, while the 30-year rose around 6 basis points to 5.25%, keeping pressure on rate-sensitive areas of the equity market and reinforcing concerns about financing costs.

Fed Uncertainty Keeps Investors Defensive

The latest Federal Reserve meeting minutes added another layer of uncertainty to the rate outlook. Investors are attempting to gauge how policymakers will balance lingering inflation pressures against signs of cooling elsewhere in the economy, with the path becoming more complicated as energy prices climb. That tension is keeping rate expectations fluid. Higher oil prices could strengthen the case for maintaining restrictive policy, while any deterioration in employment or growth would push in the opposite direction, leaving markets highly sensitive to incoming economic data.

Looking Ahead

Investors will continue watching oil prices and Treasury yields for signs that Thursday's pressure is easing. Developments involving Iran and the Strait of Hormuz could remain particularly important, as another leg higher in crude would intensify concerns about inflation and potentially weigh further on expectations for easier monetary policy. Attention is also shifting toward upcoming economic data and corporate results for clues about how consumers and businesses are handling higher costs. With stocks caught between resilient economic activity and increasingly difficult inflation and rate dynamics, the market may remain volatile as investors reassess how much policy relief they can realistically expect.