Oct 19, 2022
VOT Research Desk
Market Insights, Considerations & Analytics
The S&P 500 was up 0.2%, the NASDAQ Composite was rise 0.2%, and the Dow Jones Industrial Average was ahead 115 points, or 0.4%, at 10:23 ET (14:23 GMT). Earlier in the day, all three indices had seen losses.
U.S. equities shook on Wednesday as the market’s growth sector was pressured by an increase in Treasury bond yields.
The decision was made in spite of Netflix Inc.’s (NASDAQ:NFLX) stronger than anticipated financial results and third-quarter subscription revenue that was higher than anticipated. Shares of Netflix increased by over 15%. International Business Machines (NYSE:IBM) and Tesla Inc (NASDAQ:TSLA) both release earnings later on Wednesday.
It was reported that Apple Inc. (NASDAQ:AAPL) was reducing the output of the iPhone 14-Plus. Shares of it increased 0.7% on Wednesday.
As traffic volume rises, United Airlines Holdings Inc (NASDAQ:UAL) exceeded forecasts for its third quarter and hinted at a good fourth quarter. Shares increased by 7.6%.
After data revealed an 8.1% decline in September housing starts, the yield on the 10-year Treasury increased to its highest level since mid-2008. The decline in new home development is a sign that the economy is sluggish.
However, while the Federal Reserve keeps upping interest rates aggressively, investors want to see tangible evidence that inflation is falling.
Oil grew. WTI crude oil futures saw an increase of 1.5% to $83.34 per barrel, while Brent crude futures saw an increase of 1.4% to $91.30 per barrel. Gold futures decreased by 1% to $1640.
