By Yasin Ebrahim – The Dow closed lower on Thursday, as Treasury yields lifted investor sentiment even as most quarterly results continued to suggest that corporate America is in better shape than expected. was afraid.

The fall fell 0.30% or 91 points, the down was 0.61%, and the fell 0.85%.

They jumped to fresh 14-year highs as investors weighed fresh statements from Federal Reserve officials urging the central bank to stay on course on rate hikes.

Citing a “disappointing lack of progress in cutting inflation,” Philadelphia Federal Reserve President Patrick Harker said he expects interest rates to be “well above 4% by the end of the year.”

The comments come as a week showed less strength than expected in the labor market, raising concerns about continued wage growth.

“The demand for labor is always quite strong […] it remains true that laid-off workers still have a relatively easy time finding a new job,” Jefferies said in a note.

Technology stocks pared losses but remained under pressure as rising Treasury yields make growth corners of the market including technology less attractive.

International Business Machines (NYSE: ), however, bucked the trend to rise more than 4% after the tech giant reported quarterly results that were flat on both the top and bottom lines.

Tesla (NASDAQ: ), meanwhile, fell more than 7% after a mixed third quarter , although some on Wall Street were optimistic about the EV maker after management said it is considering a stock buyback initiate back.

“We are encouraged that management is considering a $5-$10B buyback and believe this is a constructive use of cash,” Oppenheimer said after raising his price target on the stock to $436 from $432. “[We] he believes the depth of demand is higher than most investors’ expectations, even with a looming recession,” he said.

The broader market was also weighed down by the fall in travel stocks as investors weighed quarterly results from airlines and rail companies.

American Airlines (NASDAQ:) reported quarterly that estimates beat as travel demand continued to recover, but its shares fell more than 3%.

Railroad stocks were injured at Pacific Union ‘s (NYSE: ) weaker outlook on carload growth and stock repurchases, which offset the quarterly results on the top line.

Elsewhere, AT&T Inc (NYSE: ) rallied more than 7% after the telecom reported better-than-expected revenue and raised its full-year earnings outlook to $2.50 from $2.46 the previous share.

The pause in the broader market coincided with wild swings in either direction, a pattern unlikely to let up anytime soon.

“At the heart of most of these volatile moves is uncertainty about inflation, and what the Fed is going to do about it,” Wells Fargo said. “We think this pattern of market behavior is unlikely to change in the short term and is not uncommon during periods of economic uncertainty,” he said.

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