US stock market today: US stock markets opened lower on Wednesday, weighed down by rising treasury yields and investor caution ahead of key economic data. The Dow Jones Industrial Average dropped 329.13 points, or 0.77 per cent , to 42,348.11. The S&P 500 slid 34.21 points, or 0.58 per cent , to 5,906.25, while the tech-heavy Nasdaq Composite fell 117.06 points, or 0.61 per cent , to 19,025.65.
The pullback across major indices comes as markets remain on edge over the Federal Reserve’s interest rate outlook. Treasury yields continued to rise, with the benchmark 10-year US note yielding 4.543 per cent , up 6.2 basis points. Higher yields tend to pressure equity valuations, particularly for growth and tech stocks, which are more sensitive to borrowing costs.
In commodities, gold and oil prices saw modest gains. Gold rose by $24.50, or 0.75 per cent , to $3,309.10 per ounce, as investors looked to hedge against market uncertainty. Oil also advanced, with West Texas Intermediate (WTI) crude climbing $0.69, or 1.11 per cent , to $62.72 per barrel, supported by expectations of tighter global supply.
Market volatility also picked up, with the CBOE Volatility Index (VIX) rising 6.52 per cent to 19.27. In currency markets, the euro edged higher against the US dollar, with the EUR/USD pair up 0.43 per cent to 1.133, reflecting diverging central bank policy outlooks between the US and the eurozone.
US stock futures declined early Wednesday as disappointing corporate earnings and ongoing trade concerns weighed on investor sentiment. Futures for the S&P 500 were down 0.5 per cent , while those for the Dow Jones Industrial Average dropped 0.8 per cent . Nasdaq futures also fell by 0.5 per cent , signaling a soft start to the trading session.
Retail giant Target reported weaker-than-expected first-quarter sales and issued a cautious outlook for the year, citing pressure from consumer pullback driven by trade uncertainty and tariff concerns. The company now expects a low-single-digit decline in sales for 2025, with adjusted earnings per share between $7 and $9 — a downgrade from its previous forecast of $8.80 to $9.80 made in March.
Target’s revised guidance echoes growing concern across the retail sector, where companies are grappling with tariff-related costs and unclear economic signals. While Walmart recently acknowledged potential price hikes to offset import taxes, investors are closely watching whether further tariff rollbacks from President Donald Trump may offer relief. Markets have rebounded in recent weeks, supported by Trump’s decision to pause or reduce some of the tariffs as trade negotiations progress.
Not all retail news was negative. Lowe’s posted better-than-expected earnings and revenue, reaffirming its full-year forecast and lifting investor confidence in the home improvement sector.
Meanwhile, oil prices rose nearly 1 per cent following reports from CNN citing intelligence officials who believe Israel may be preparing an attack on Iranian nuclear facilities. Any escalation in Middle East tensions typically lifts oil prices due to potential disruptions in supply. US benchmark crude rose 50 cents to $62.53 per barrel, while Brent crude climbed 48 cents to $65.86.
President Trump has also warned of possible military action against Iran if nuclear talks fail. Iranian officials, for their part, have signaled they could advance their uranium enrichment toward weapons-grade levels if a deal is not reached.
In overseas markets, European indices traded mixed by midday. Germany’s DAX slipped 0.2 per cent , France’s CAC 40 declined 0.5 per cent , while the FTSE 100 in London remained flat.
In Asia, Japan’s Nikkei 225 fell 0.6 per cent to 37,298.98, pressured by ongoing US tariffs and slowing export growth. Official data showed Japanese exports to the US fell nearly 2 per cent year-on-year in April, with overall global export growth easing to 2 per cent from 4 per cent in March.
Elsewhere, Hong Kong’s Hang Seng rose 0.6 per cent to 23,827.78, and China’s Shanghai Composite gained 0.2 per cent to 3,387.57. Australia’s ASX 200 jumped 0.5 per cent , South Korea’s Kospi advanced 0.9 per cent , Taiwan’s Taiex rose 1.3 per cent , and India’s Sensex added 0.5 per cent .
In currency markets, the US dollar weakened to 143.81 Japanese yen from 144.51, while the euro edged higher to $1.1320 from $1.1284, reflecting ongoing volatility in foreign exchange as markets react to trade and geopolitical developments.
