Higher Rates Offset Strong Earnings, Stocks Fall
April 24,2024 12:29 pm EST
Stocks were lower on Wednesday as interest rate fears outweighed a strong slate of corporate earnings that elevated equities in recent days.
The Dow Jones Industrials dropped 144.83 points by noon to 38,358.86.
The S&P 500 index ditched off 19.27 points to 5,051.28.
The NASDAQ Composite let go of 43.8 points to 15,658.05.
Investors briefly pushed aside worries tied to the Federal Reserve's monetary policy moving forward following a slate of quarterly earnings.
Tesla climbed more than 11% after the company announced a renewed push into “more affordable” electric vehicle models. However, the megacap tech name and retail investor favorite missed expectations on both lines in the latest quarter. Boeing turned lower after initially popping on first-quarter results.
More than 25% of S&P 500 have reported earnings thus far. Of those companies, 79% have beaten earnings estimates,
Prices for the 10-year Treasury sagged, lifting yields to 4.65% from Tuesday's 4.60%. Treasury prices and yields move in opposite directions.
Oil prices deleted 40 cents to $82.96 U.S. a barrel.
Gold prices dulled $5.40 to $2,336.70 U.S. an ounce.
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