Earnings reports took center stage on Wednesday. Stock prices fell as investors digested the latest reports, threatening a string of new gains.
The S&P 500 posted its longest winning streak in two years on Tuesday after rising for a seventh straight session. Meanwhile, the 10-year U.S. Treasury yield, which falls as bond prices rise, has fallen to below 4.6% from over 5% a few weeks ago.
With little economic data this week, some traders are focusing on the bond market. The $40 billion auction of 10-year Treasury bonds scheduled for early afternoon is expected to test demand for U.S. debt.
US stocks fluctuated. The S&P 500, Dow Industrials and Nasdaq Composite made small moves, with the Dow losing less than 100 points.
Government bond yields fell. The 10-year yield traded from 4.570% to around 4.513% on Tuesday.
The US dollar rose for the third day in a row. The euro weakened after data showed inflation in Germany fell to its lowest level in more than two years.
Investors reacted to the company’s earnings. Nintendo rose after announcing plans for a new live-action film, while shares of The New York Times rose after reporting continued growth in digital subscribers. Shares of Warner Bros. Discovery fell after the company said it lost subscribers in the third quarter.
Shares of Kellogg’s two recently separated companies, WK Kellogg and Kellanova, rose after beating analysts’ expectations.
The international stock markets diverged. In Asia, both Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 fell. In Europe, the Stoxx Europe 600 rose.
Ahead: Earnings from companies like Walt Disney, Lyft and meme stock AMC Entertainment reporting after the closing bell.
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