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Earnings reports took center stage Wednesday. Stocks finished mixed, with the S&P 500 extending a recent winning streak to eight sessions and the Dow industrials losing some ground.
With a light calendar of economic data this week, some traders focused on the bond market. A $40 billion auction of 10-year Treasurys, slated for early afternoon, tested demand for U.S. debt.
The 10-year U.S. Treasury yield, which falls when bond prices rise, has fallen from above 5% just a few weeks ago to below 4.6%.
U.S. stocks finished mixed. The S&P 500, Dow industrials and Nasdaq Composite made small moves, with the Dow down abut 40 points. The S&P 500 and Nasdaq crept higher, with the latter advancing for a ninth day.
Treasury yields slipped. The 10-year yield settled at 4.513%, down from 4.570% on Tuesday.
The U.S. dollar rose for a third straight day. The euro weakened after data showed German inflation fell to its lowest rate in more than two years.
Investors reacted to company earnings. Nintendo rose after announcing plans for a new live-action movie, while New York Times shares climbed after reporting continued digital-subscriber growth. Shares of Warner Bros. Discovery fell after the company said it lost subscribers in the third quarter.
Shares of both recently-split Kellogg’s businesses, WK Kellogg and Kellanova, rose after beating analyst expectations.
International stock markets diverged. In Asia, Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 both fell. In Europe, the Stoxx Europe 600 rose.
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