{"id":74427,"date":"2023-10-19T10:55:28","date_gmt":"2023-10-19T14:55:28","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-falls-more-than-1-yields-rise-investors-assess-earnings\/"},"modified":"2023-10-19T10:55:32","modified_gmt":"2023-10-19T14:55:32","slug":"wall-st-falls-more-than-1-yields-rise-investors-assess-earnings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74427","title":{"rendered":"Wall St falls more than 1%; yields rise, investors assess earnings"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Caroline Valetkevitch<\/p>\n

NEW YORK (Reuters) – U.S. stocks ended sharply lower on Wednesday, with the and Nasdaq falling more than 1% each, as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts.<\/p>\n

Mounting tensions in the Middle East stoked risk aversion. Safe-haven gold hit its highest level in more than two months. The Cboe Volatility index, Wall Street’s fear gauge, jumped. <\/p>\n

Yields edged higher after data showing U.S. single-family homebuilding rebounded in September, supporting the view that the Federal Reserve will keep interest rates higher for longer.<\/p>\n

“We’re in a period of sector rotation, and people are trying to figure out in this new environment – in a full reset of rates across the curve – what are the stocks that are going to continue to do well and what are the stocks that are going to suffer,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. <\/p>\n

“Obviously, companies that are highly leveraged have difficulties in this kind of a market.”<\/p>\n

Higher yields from risk-free U.S. Treasuries dull the appeal of stocks.<\/p>\n

On the earnings front, Procter & Gamble (NYSE:) shares gained 2.6% after its quarterly sales topped market expectations, while United Airlines Holdings (NASDAQ:) shares plunged 9.7% after the company forecast weaker fourth-quarter profit due to higher costs. The S&P 500 passenger airlines index dropped 5.6%.<\/p>\n

The fell 332.57 points, or 0.98%, to 33,665.08, the S&P 500 lost 58.6 points, or 1.34%, to 4,314.6 and the dropped 219.45 points, or 1.62%, to 13,314.30.<\/p>\n

Investors have been worried about repercussions from the Israel-Hamas conflict that began Oct. 7 with a Hamas attack on Israeli civilians and soldiers. U.S. President Joe Biden, during a lightning visit on Wednesday, pledged solidarity with Israel and said a deadly blast at a Gaza hospital seemed to have been caused by a rocket misfired by militants.<\/p>\n

Also in earnings news, Morgan Stanley’s third-quarter profit showed a hit from lethargic dealmaking. Shares ended the day down 6.8%.<\/p>\n

After the closing bell, shares of Tesla (NASDAQ:) were up about 2% and Netflix (NASDAQ:) jumped about 12% after the companies reported quarterly results. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%.<\/p>\n

More results are expected in the coming days as third-quarter U.S. earnings season kicks into high gear.<\/p>\n

Volume on U.S. exchanges was 10.48 billion shares, compared with the 10.45 billion average for the full session over the last 20 trading days. <\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 4.67-to-1 ratio; on Nasdaq, a 3.33-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS\/Brendan McDermid\/File Photo By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended sharply lower on Wednesday, with the and Nasdaq falling more than 1% each, as Treasury yields rose again […]<\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-74427","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St falls more than 1%; yields rise, investors assess earnings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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