Stocks Slip as Treasury Yields Reverse; Bitcoin Surges 11.5% After Buyback Announcement

Stocks fell Thursday as Treasury yields reversed course from the prior session's sharp decline, after the Treasury Department said it would more than double repurchases of 10-, 20-, and 30-year debt over the next few months. The 30-year Treasury yield had jumped to its highest level in nearly 20 years earlier in the week.
The announcement helped spark a sharp rally in crypto markets, with Bitcoin (BTC) surging 11.5% to $71,808.74 in early trading. Stocks had closed slightly higher Wednesday, snapping a three-day losing streak.
Separately, President Trump said on social media that he is launching a "crushing economic operation" against Iran, a threat Tehran dismissed as a "diversion."
Capital.com senior market analyst Daniela Hathorn said markets are digesting both the Treasury's move and more hawkish-than-expected Federal Reserve meeting minutes, adding that policymakers remain concerned about inflation even as sharply higher long-term borrowing costs become a growing concern of their own. She said the next major test will be Fed Chair Kevin Warsh's Jackson Hole speech next week, where investors will look for signs of whether the hawkish tone carries into his policy message.