UAL - Markets Down Triple-Digits
Stocks dropped Wednesday as earnings season gained steam and Wall Street looked ahead to other key financial reports. Treasury yields climbed to multiyear highs, pressuring equities.
The Dow Jones Industrials lost 169.5 points by noon to at 33,828.15.
The S&P 500 sank 32.12 points to 4,341.08.
The NASDAQ index plummeted 116.79 points to 13,416.96.
J.B. Hunt lost more than 6% on the back of worse-than-expected earnings, while United Airlines fell more than 8% after delivering soft guidance. Morgan Stanley dropped more than 7% and was on pace for its worst day since 2020 as a weak performance from the bank's wealth management division overshadowed beats on both lines.
On the other hand, Procter & Gamble rose nearly 3% after beating analyst expectations for the quarter. Investors are now looking to Netflix and Tesla earnings expected after the bell on Wednesday.
Just over 10% of companies in the S&P 500 have reported results, according to FactSet. Of those that have already reported, about 78% have surpassed analyst expectations.
Prices for the 10-year Treasury sagged, raising yields to 4.9% from Tuesday's 4.84%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.35 to $88.01U.S. a barrel.
Gold prices leaped $20.20 to $1,955.90.