- US
stocks finished lower Wednesday after an up-and-down session that began higher. - The 10-year Treasury yield pulled back from a two-year high but continues to put pressure on tech stocks.
- Procter & Gamble, Morgan Stanley, and Bank of America reported strong earnings.
The
The tech-heavy Nasdaq led stocks lower and is now 10% below its previous high, signaling a correction. The 10-year Treasury yield pulled back a bit after hitting a two-year high Tuesday. But it continues to put pressure on tech stocks as investors brace for aggressive monetary policy tightening from the Federal Reserve later this year.
So far in 2022, traders have sold off shares of big tech companies, in addition to cryptocurrencies, and opted instead for steadier investments in anticipation of rising interest rates.
Here's where US indexes stood at 4:00 p.m. on Wednesday:
- S&P 500>$4: 4,532.76, down 0.96%
- Dow Jones Industrial Average>$4: 35,028.65, down 0.97% (339.82 points)
- Nasdaq Composite>$4: 14,340.25, down 1.15%
US stock began the session higher Wednesday on strong earnings reports. $4 and $4 stocks gained after each firm posted better-than-expected four-quarter earnings. Consumer giant Procter & Gamble also delivered solid earnings.
"It was an impressive quarter of strong top-line growth despite surging commodity and transport costs," said OANDA analyst Edward Moya. "Executives signaled more price increases are on the way and that should suggest 7% (inflation) is here to stay a little while longer."
The
SoFi was conditionally approved as a bank as long as it doesn't do any business in cryptocurrency, and $4.
JPMorgan analyzed a broad set of 1,000 thematic funds and found that$4
Oil prices continued to rally after hitting a seven-year high Tuesday. $4 settled 1.79% higher at $86.96 per barrel. Brent crude, the international benchmark, rose by 0.65% to about $88.08.
$4 rose by 1.69% to $1,843.2 per ounce. The $4dipped nearly 2 basis points to to 1.849%.
$4 fell 1.33% to $41, 796.05.