The three major New York stock indexes opened lower on a rise in U.S. Government Bonds yields and weaker-than-expected results from Walmart.
As of 9:50 a.m. on the 20th (local time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 281.12 points (0.53%) from the previous session to 53,181.93. The Standard & Poor's (S&P) 500 fell 17.78 points (0.23%) to 7,690.20, and the Nasdaq Composite fell 126.18 points (0.48%) to 26,204.91.
Investor sentiment weakened as Government Bonds yields, which had briefly fallen after the U.S. Treasury's announcement to expand buybacks of medium- and long-term Government Bonds, rose again.
The previous day, the Treasury said it would increase the per-buyback purchase size for long-term Government Bonds with 10 to 30 years remaining to maturity to at least $4 billion from the previous maximum of $2 billion. The 30-year Government Bonds yield, which had neared a 20-year high, fell more than 10 basis points immediately after the announcement but rebounded within a day. On the day, the 30-year Government Bonds yield was 5.2380%.
Walmart, considered a key company for gauging U.S. consumer demand, also weighed on the market by posting results that fell short of expectations.
Walmart's second-quarter revenue was $187.94 billion, beating the market estimate of $186.77 billion. However, U.S. same-store sales rose only 2.6%, below the market forecast of 3.8%.
By sector, utilities and energy were strong, while consumer goods and health care were weak.
Cryptocurrency-related stocks gained. U.S. President Donald Trump on the 19th urged Congress to pass the "Digital Asset Market Clarity Act." Strategy rose 7.4%, and Coinbase rose 6.64%.
Beauty company Coty fell 7.59% after weak results. In the fiscal year fourth quarter, Coty posted a loss of $0.02 per share, worse than the market estimate for a $0.01 loss per share. It also did not provide annual guidance.
Auto parts supplier Advance Auto Parts plunged 19.7% as its second-quarter revenue fell well short of expectations. Second-quarter revenue was $1 billion, missing the market estimate of $2.04 billion. Same-store sales also fell 0.5%, underperforming the market forecast for a 1.4% increase.
Major European stock markets also fell. The Euro Stoxx 50 fell 0.28% to 6,426.52, while France's CAC 40 and Britain's FTSE 100 fell 0.46% and 0.22%, respectively. Germany's DAX also fell 0.50%.
International oil prices rose. At the same time, West Texas Intermediate (WTI) for September 2026 delivery rose 2.52% from the previous session to $87.99 per barrel.