© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo
PG
+2.54%
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TSLA
-4.78%
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US500
-1.34%
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NVDA
-3.96%
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UAL
-9.67%
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NFLX
-2.68%
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IXIC
-1.62%
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USD/CNH
+0.01%
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By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks ended sharply lower on Wednesday with Treasury yields rising again and investors assessing the latest batch of quarterly corporate results and forecasts.
Mounting tensions in the Middle East stoked risk aversion. Safe-haven gold hit its highest in more than two months while the Cboe Volatility index, Wall Street’s fear gauge, rose.
Yields edged higher after data showing U.S. single-family homebuilding rebounded in September, stoking the view that the Federal Reserve will keep interest rates higher for longer.
“We’re in a period of sector rotation, and people are trying to figure out in this new environment – in a full reset of rates across the curve – what are the stocks that are going to continue to do well and what are the stocks that are going to suffer,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“Obviously, companies that are highly leveraged have difficulties in this kind of a market.”
Higher yields make stocks less attractive than risk-free government bonds.
On the earnings front, Procter & Gamble (NYSE:PG) shares gained after its quarterly sales topped market expectations, while United Airlines Holdings (NASDAQ:UAL) shares plunged after the company forecast weaker fourth-quarter profit due to higher costs. The S&P 500 passenger airlines index also dropped.
According to preliminary data, the S&P 500 lost 59.11 points, or 1.35%, to end at 4,314.09 points, while the Nasdaq Composite lost 223.70 points, or 1.62%, to 13,310.05. The Dow Jones Industrial Average fell 331.84 points, or 1.00%, to 33,656.98.
Investors have been worried about repercussions of mounting turmoil in the Middle East. U.S. President Joe Biden arrived in Israel after an attack on a hospital in the Gaza Strip derailed plans for a diplomatic summit with Arab leaders as the Israel-Hamas conflict continued.
Also in earnings news, Morgan Stanley’s third-quarter profit dropped less than expected as a strong performance in its wealth management division offset a hit from a lull in dealmaking. But its shares fell sharply.
Shares of Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX), both of which are due to report after the closing bell, were also sharply lower.
Source: Investing.com
