S&P 500 ends higher as markets weigh rising yields, upbeat corporate results
Treasury yields amid positive corporate results particularly from technology giants.
An auction of a record $70 billion worth of five-year U.S. Treasury notes on Wednesday helped to push bond yields higher and had weighed on equities. The benchmark 10-year Treasury note rose five basis points to 4.6459%.
The Dow finished lower while the Nasdaq ended higher. Seven out of 11 S&P 500 sectors made gains led by stocks in consumer staples, utilities, consumer discretionary and real estate.
Investors were also focused on quarterly earnings from companies, especially from megacap growth stocks. Shares of Meta Platforms fell 11% in extended hours trading after the tech giant reported that its capital expenditure could reach up to $40 billion in 2024, even as its first quarter revenue beat estimates.
Microsoft and Alphabet are scheduled to report their results later this week.
Tesla jumped 12% after the electric vehicle maker's plans to boost production and roll out more affordable models overshadowed its weak quarterly results.
«My biggest concern is the bond market, particularly the long end of the U.S. yield curve,» said Bill Strazzullo, chief market strategist at Bell Curve Trading in Boston.
The S&P 500 gained 1.08 points, or 0.02%, to 5,071.63 and the Nasdaq Composite gained 16.11 points, or 0.10%, to 15,712.75. The Dow Jones Industrial Average fell 42.77 points, or 0.11%, to 38,460.92.
Markets are eyeing first quarter gross domestic product data on Thursday and personal consumption expenditures (PCE) for March
