Stock Market Today: Dow falls to weekly loss amid surging yields, mixed earnings
Investing.com — The Dow slumped Friday, closing out the week with a loss as investors weighed up a surge in Treasury yields and mixed quarterly corporate earnings this week.
The Dow Jones Industrial Average fell 0.9% or 286 points, the Nasdaq fell 1.5%, and the S&P 500 fell 1.3%.
The 10-year Treasury yield retreated after hitting the a more than 16-year high a day earlier as Federal Reserve Jerome Powell reiterated that rates would be higher for longer, and teed up the idea of a further hike should the economy continue to surprise to the upside.
«While officials are moving 'carefully,' Powell warned the strength of the economy, the labor market and the consumer could justify further policy firing,» Stifel said in a note.
Energy stocks including EQT Corporation (NYSE:EQT), Halliburton Company (NYSE:HAL) and APA Corporation (NASDAQ:APA) were pressured by a fall in oil prices despite ongoing tensions in the Middle East that threatened to disrupt oil production in the region.
Schlumberger NV (NYSE:SLB), down 2%, also weighed on the sector after the oil field services company reported mixed quarterly results as revenue missed analysts’ estimates.
American Express Company (NYSE:AXP) reported quarterly results that beat on both the top and bottom lines, but its shares fall more than 5% amid concerns about tougher comps ahead.
Regions Financial Corporation (NYSE:RF)'s Q3 results fell short of Wall Street estimates, sending its shares down more than 12%.
The regional bank’s outlook was also a concern for investors, with Evercore ISI saying the negative outlook was likely pressured by weaker net interest margin, funding costs and rising credit pressure.
Knight-Swift Transportation (NYSE:KNX) narrowed its full-year
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