- NEWS Desk Global
WALL ST SLIPS AS HIGHER YIELDS OFFSET UPBEAT CORPORATE EARNINGS
On Wednesday, Wall Street's major indexes initially advanced but later turned lower, as declines in heavyweight tech stocks offset positive earnings reports from various sectors. Additionally, rising Treasury yields added pressure to equities.
Several megacap stocks experienced losses, contributing to the downward trend. Meta Platforms (META.O), Amazon (AMZN.O), and Nvidia (NVDA.O) all declined by 1.6% to 1.7%. The yield on the 10-year Treasury note rose to 4.6541%.
Tesla (TSLA.O), however, bucked the trend with a notable 10.3% surge following positive announcements from the electric-vehicle maker. Tesla eased concerns about growth by predicting increased sales for the year and announcing plans to introduce more affordable models in early 2025. Offsetting some of the losses, Texas Instruments (TXN.O) saw a 6.4% increase after the chipmaker provided a second-quarter revenue forecast that surpassed analysts' expectations.