Stocks fell broadly on Thursday as rising bond yields and surging crude prices weighed on investor sentiment. The 10-year Treasury yield climbed to its highest level in over a decade, pressuring growth-oriented tech stocks. Energy shares gained as oil prices jumped more than 2% amid supply concerns in the Middle East.

Walmart Inc. shares dropped sharply after the retail giant reported disappointing earnings, citing inflationary pressures and softer consumer spending. The company's profit forecast for the full year fell below expectations, raising concerns about the broader retail sector.

The Dow Jones Industrial Average declined nearly 300 points, while the S&P 500 Index slipped 1.5%. The Nasdaq Composite was down 2.1%, led by losses in major technology stocks including Apple and Microsoft.

Investors remained cautious ahead of the Federal Reserve's policy decision later this week, with markets expecting a rate hike. The Bloomberg Dollar Index strengthened against major currencies, adding further pressure on dollar-denominated assets.