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U.S. Stocks Wobble as Treasury Yields Soar to 14-Year High

AuthorLiz Moyer
Published 10/19/2022, 09:57 AM
Updated 10/19/2022, 10:27 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Wednesday as a spike in yields on Treasury bonds weighed on the growth sector of the market.

At 10:23 ET (14:23 GMT), the Dow Jones Industrial Average was up 115 point, or 0.4%, while the S&P 500 was up 0.2%% and the NASDAQ Composite was up 0.2%. All three indexes had been in the red earlier in the session.

The move comes despite better than expected earnings by Netflix Inc (NASDAQ:NFLX), which had more subscriber growth than forecast in the third quarter. Netflix shares jumped more than 15%. Later on Wednesday, Tesla Inc (NASDAQ:TSLA) and International Business Machines (NYSE:IBM) report earnings.

Apple Inc (NASDAQ:AAPL) was said to be cutting back its iPhone 14-Plus production. Its shares rose 0.7% on Wednesday.

United Airlines Holdings Inc (NASDAQ:UAL) beat expectations for its third quarter and signaled a strong fourth quarter as travel demand increases. Its shares rose 7.6%.

The 10-year Treasury yield rose to its highest level since mid-2008 after data showed an 8.1% slide in September housing starts. New residential construction dropped, a signal the economy is slowing.

But what investors want to see are concrete signs that inflation is slowing, as the Federal Reserve continues on its aggressive path of interest rate increases.

Oil rose. Crude Oil WTI Futures rose 1.5%, to $83.34 a barrel, while Brent Oil Futures crude rose 1.4%, to $91.30 a barrel. Gold Futures fell 1%, to $1640.

Latest comments

Debt is in the driver’s seat until it is paid !! No more printing for the wealthy …. And yes, asset prices will crumble for a decade
The breakers save the day, as they fire when the US Ponzi Scheme hits break-even. Don't see these intraday gyrations during a "rally," do you?   Flagrantly manipulated JOKE.
No breakers were tripped.  And we DO "see these intraday gyrations during a rally".
Get ready for the dead cat bounce to deflate.
No inflation only drama by us
Everyone keeps commenting on the rallies and how the market should be in flames. But we all know that stock valuations can be manipulated. So don't be so surprised. There's an election coming and the powers that be hold tremendous power and wealth. The market will be sustained until election day. Powell might even throw in a .50 rate hike in November for a final rally!
The Dems are like cats; unlike the cultish retryumplicans, hard for Dems to organize and agree as one to do much conspiracies, making them safer for democracy.
I'm not going to get into a party discussion here. I'm middle of the road and vote by candidate, not party lines. My point is, that it would make no difference which party is in power. The market will be sustained through election day.
  "I'm not going to get into a party discussion here"  --  Maybe it escaped your notice, but you already did when you baselessly accused the Dems of market manipulation.
Makes no sense this market rally this week.
Another miracle in the greatest financial fraud in history.  Remarkable how both "rallies" didn't tank at the open, yet the first loss after the criminally manufactured "gains" magically vanishes into thin air.  BIGGEST INVESTMENT JOKE IN THE WORLD.
Not remarkable at all, at least not to anyone with a bit of experience.
Only 800 points down on the Nasdaq to go. With 2, 10, and 30 YR all over 4% look out below. Actual bottom may be lower.
I know there are people who don't want to hear this, but it's inevitable. With 98% of CEOs forecasting recession odds aren't to good of a bull market starting anytime soon.
  "forecasting recession" -- But retrumplicans have been saying we're ALREADY in a recession/depression!
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