Stocks close lower for second day as Treasury yields continue march to new highs; European markets close higher after British PM Liz Truss resigns
Stocks fell in choppy trading on Thursday as investors weighed several key earnings reports and kept an eye on the bond market, where Treasury yields continue to climb.
The Dow Jones Industrial Average slipped 90.22 points, or 0.30%, to 30,333.59. The S&P 500 fell 0.80% to 3,665.78. The Nasdaq Composite shed 0.61% to close at 10,614.84. The Dow was up nearly 400 points at session highs, but stocks faded as Treasury yields rose.
Several strong earnings reports limited losses for the market, with AT&T and IBM rising 7.7% and 4.7%, respectively, after beating estimates on the top and bottom lines for their most recent quarter.
On the downside, Tesla shares dropped more than 6% after the electric vehicle maker said Wednesday evening it expects to miss its 2022 deliveries target. The company also posted quarterly revenue that missed analysts’ expectations.
The Stoxx 600 index closed 0.25% higher provisionally, with all major bourses in positive territory. Technology stocks led gains with a 2% rise, with oil and gas up 1.45%. Swedish telecoms company Ericsson fell 15% after reporting lower earnings and missing analyst forecasts. Nokia dropped 7% after it also failed to hit profit forecasts.
Source: CNBC, Investing.com