Stocks snap two-day winning streak as 10-year yield hits highest level since 2008; European markets close lower as UK sees inflation rise
Stocks moved lower on Wednesday as Wall Street struggled to extend its rally amid a sharp rise in Treasury yields. The Nasdaq Composite lost 0.85% to close at 10,680.51. The S&P 500 ticked down 0.67% to 3,695.16. The Dow Jones Industrial Average slipped 99.99 points, or 0.33%, to finish the day at 30,423.81. The losses ended a two-day winning streak, though all three averages are still up for the week.
The declines for the broader market came even as Netflix shares rallied more than 13% after the streaming giant posted earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. United Airlines climbed nearly 5% after its quarter also beat estimates on the top and bottom lines.
Tesla shares dropped 4.5% in extended trading after the electric vehicle maker reported third-quarter revenue that missed analysts’ expectations, though it beat on earnings. Revenue came in at $21.45 billion, less than the $21.96 billion forecasted by analysts surveyed by Refinitiv.
The Stoxx 600 index ended the day down 0.5%, with financial services, construction and food and beverages leading losses.
Technology firms bucked the trend to gain 1.2%. Dutch firm ASML reported third-quarter revenue and earnings on Wednesday that topped analyst expectations, bucking the trend of a slowdown seen by other semiconductor firms. The company was the top riser, up 8.1%.
Shares of health care firm Fresenius jumped 11% in early afternoon trading after Bloomberg reported activist investor Elliott Management would invest in the company.
Source: CNBC, Investing.com