Traders work on the floor of the New York Stock Exchange on October 24, 2024.
Brendan McDiarmid | Reuters
The Dow Jones Industrial Average fell on Thursday as rising interest rates and lackluster earnings continued to weigh on stocks.
The Dow Jones Industrial Average fell 174 points, or 0.4%, and the 30-stock index began a four-day losing streak for the first time since June. The S&P 500 rose 0.1% and the Nasdaq Composite rose about 0.6%.
The Dow was led by IBM, which fell more than 6.5% after its consulting revenue narrowly missed analysts’ expectations. Boeing also fell more than 1.5% after its machinists rejected new labor contracts.
Meanwhile, Tesla’s third-quarter results pushed the Nasdaq higher. Electric vehicle maker Molina Healthcare soared more than 20% after reporting third-quarter results that beat analysts’ expectations, putting its stock on track for its best day since 2013. And income. Whirlpool and UPS also rose following the results.
Roughly 160 S&P 500 companies have reported quarterly results so far, with profits falling short of expectations. The blended growth rate, which tracks forecasts for previously published and upcoming reports, shows earnings growth for the entire S&P 500 was 3.4% year-over-year, below analyst expectations. .
U.S. Treasury yields fell, down from a three-month high hit in the previous session. The 10-year U.S. Treasury yield topped a milestone of 4.25% on Wednesday at the highest point in trading.
“The pressure on the market is coming from the interest rate side,” said Rob Howarth, senior investment strategist at U.S. Bank Asset Management. “That’s exactly what’s dampening enthusiasm in the stock market; we haven’t yet had any major earnings news to push the market to new highs… nor are we seeing as much broad-based momentum as we were seeing. .”
The stock market is coming off a losing streak, with the Dow Jones Industrial Average losing more than 400 points on Wednesday, its biggest one-day loss since early December. The S&P 500 fell nearly 1% and the Nasdaq fell 1.6%.
