Stocks Slide for Third Straight Day as Yields Climb, Wall Street Jitters Continue

US stocks closed lower for the third consecutive day as treasury yields reached their highest levels since 2008, with the Dow Jones Industrial Average falling 0.8%, the S&P 500 down 0.8%, and the Nasdaq Composite sliding 1.17%. Meanwhile, mortgage rates hit a 21-year high, with the average rate on a 30-year fixed mortgage reaching 7.09%. Walmart reported strong second-quarter earnings, with same-store sales rising 6.3%, while Target reported a 5.4% drop in sales and a bleak outlook for the rest of the year. A Goldman Sachs housing analyst revised their forecast, predicting a slight increase in home prices instead of a decline. Jobless claims fell to 239,000, indicating continued resilience in the labor market.