U.S. equities retreat from Wednesday’s gains as higher oil prices and weak retail performance pressure major indices.
Wall Street’s major averages turned lower on Thursday, reversing a rally fueled by the U.S. Treasury’s announcement to expand its long-term debt buyback program. The Dow dropped 0.7%, led by declines in retail stocks after Walmart’s underperformance dragged the sector down.
The pullback follows a 1.2% gain in the Dow on Wednesday, when markets reacted positively to the Treasury’s plan to double buybacks. Oil prices climbed, adding to inflation concerns and offsetting optimism from the prior session’s debt market intervention.
No immediate market reaction data was provided, but the shift highlights sector-specific pressures amid broader macroeconomic uncertainty.