US stocks fell on Thursday as bond yields rose. The yield on the 10-year U.S. Treasury note increased by more than 5 basis points to 4.704%, and the 30-year yield also rose over 5 basis points to 5.248%. Earlier this week, the 30-year yield reached its highest level in almost two decades.
Treasury Secretary Bessent mentioned in an interview that the repurchase program's scale "could exceed" the announced $4 billion.
At the end of the day, the Dow Jones dropped 703.84 points (1.32%) to 52,759.21, the S&P 500 fell 0.87% to 7,641.16, and the Nasdaq Composite decreased by 1% to 26,067.17. Oil prices continued to rise, raising concerns about inflation. European equities also declined, and the DOW reached a three-week low.