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Stock Market Today: Dow falls to weekly loss amid surging yields, mixed earnings

Published Oct 20, 2023 04:12PM ET
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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%.

Treasury yields take breather after recent sharp jump

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 dragged lower by Schlumberger, falling oil prices

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, regional banks leads financials lowers

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 rallies as Wall Street praises earnings beat  

Knight-Swift Transportation (NYSE:KNX) narrowed its full-year earnings guidance that topped estimates after reporting better-than-expected Q2 results.

The earnings beat points to signs of a bottom nearing in the freight industry, Goldman Sachs said as it lifted its price target on the company to $55 from $53.

Hewlett Packard Enterprise falls on disappointing guidance as investment spend to weigh

Hewlett Packard Enterprise Co (NYSE:HPE) fell more than 6% after the company said it now expects adjusted EPS in 2024 of $1.82 to $2.02 a share, well short of analysts of $2.15.

The hardware and software services company also cut EBIT growth outlook for 2023 to about 4% growth from 6% to 7% prior, Goldman Sachs said, as the company “makes targeted investments in F4Q to accelerate its growth businesses.”

Stock Market Today: Dow falls to weekly loss amid surging yields, mixed earnings
 

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Comments (11)
Ri O
Ri O Oct 21, 2023 8:14AM ET
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CNBC : talking heads have been telling me the market is resilient. What happened?
Derick Lim
Derick Lim Oct 20, 2023 7:33PM ET
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Where's Messiah AI ?
Maximus Maximus
Maximus Maximus Oct 20, 2023 7:33PM ET
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gone.. you have to find something else to rant about.. biden I guess...
Munich Bud
Munich Bud Oct 20, 2023 7:06PM ET
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Everyone just decided to buy a Bitcoin
Oshane Tharpe
Oshane Tharpe Oct 20, 2023 6:48PM ET
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These peoples are give me a fight in Jamaica. So that's why I cannot get a job later
Jack Gold
Jack Gold Oct 20, 2023 6:24PM ET
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there is also truist bank with bad people who are criminals and work for some people to crash market ceo is idito
Billy Bilnaad
Billy Bilnaad Oct 20, 2023 5:48PM ET
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Thanks for crashing the markets jpow
Oct 20, 2023 5:10PM ET
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A Economic Manipulation is what the market has
Mitchel Pioneer
Mitchel Pioneer Oct 20, 2023 4:37PM ET
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Laughingstock of the investing world.
Adi Avivi
Adi Avivi Oct 20, 2023 4:22PM ET
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minor monthly loss. dump has not started yet
mark Pedzinski
mark Pedzinski Oct 20, 2023 4:22PM ET
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true that.... investors see manufacturing ism report coming during this automotive strike...
Jorge Morales
Jorge Morales Oct 20, 2023 4:17PM ET
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jpowell
himal Bishwokarma
himal Bishwokarma Oct 20, 2023 4:17PM ET
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hii
 
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