S&P 500 off lows as Treasury yields retreat, but mixed corporate earnings weigh
Investing.com -- The S&P 500 moved off session lows Friday as Treasury yields took a breather from their recent melt up, but stocks remained on course to snap a two-week week win streak amid mixed quarterly corporate earnings.
The Nasdaq gained 1.2%, and the Dow Jones Industrial Average fell 0.7% or 243 points, the S&P 500 fell 1%.
Treasury yields take breather after sharp jump
The 10-year Treasury yield retreated after hitting the a more than 16-year high a day earlier as Federal Reserve Jerome Powell reiterated that rates would be higher for longer, and teed up the idea of a further hike should the economy continue to surprise to the upside.
Energy stocks dragged lower by Schlumberger, falling oil prices
Energy stocks including EQT Corporation (NYSE:EQT), Halliburton Company (NYSE:HAL) and APA Corporation (NASDAQ:APA) were pressured by a fall in oil prices despite ongoing tensions in the Middle East that threatened to disrupt oil production in the region.
Schlumberger NV (NYSE:SLB), down 2%, also weighed on the sector after the oil field services company reported mixed quarterly results as revenue missed analysts’ estimates.
{{0|American Express, regional banks leads financials lowers
American Express Company (NYSE:AXP) reported quarterly results that beat on both the top and bottom lines, but its shares fall more than 4% amid concerns about tougher comps ahead.
Regions Financial Corporation (NYSE:RF)'s Q3 results fell short of Wall Street estimates, sending its shares down 13%.
The regional bank’s outlook was also a concern for investors, with Evercore ISI saying the negative outlook was likely pressured by weaker net interest margin, funding costs and rising credit pressure.
Knight-Swift rallies as Wall Street praises earnings beat
Knight-Swift Transportation (NYSE:KNX) narrowed its full-year earnings guidance that topped estimates after reporting better-than-expected Q2 results.
The earnings beat points to signs of a bottom nearing in the freight industry, Goldman Sachs said as it lifted its price target on the company to $55 from $53.
Hewlett Packard Enterprise falls on disappointing guidance as investment spend to weigh
Hewlett Packard Enterprise Co (NYSE:HPE) fell more than 6% after the company said it now expects adjusted EPS in 2024 of $1.82 to $2.02 a share, well short of analysts of $2.15.
The hardware and software services company also cut EBIT growth outlook for 2023 to about 4% growth from 6% to 7% prior, Goldman Sachs said, as the company “makes targeted investments in F4Q to accelerate its growth businesses.”
Related Articles
US Supreme Court blocks order curbing Biden administration social media contacts
Moody's lifts UK's outlook to 'stable' on restoration of policy predictability
