The rapid rise in interest rates earlier this year put pressure on financial institutions, especially those that held long-dated assets. Of those companies, 78% have exceeded expectations.Ĭorrection: An earlier version misstated the day when Microsoft outperformed other big tech stocks.Ĭharles Schwab CEO Walt Bettinger reassured financial advisors on Wednesday that the brokerage firm was not at high risk during the regional banking crisis this spring. About 29% of S&P 500 companies have posted third-quarter earnings thus far. Tech firms IBM and Meta will post quarterly results in the afternoon.

Microsoft stood out as an outlier among the decline in tech stocks on Wednesday, with shares gaining 3% after fiscal first-quarter results beat Wall Street estimates. 'We haven't seen this skyrocketing pace in yields since 1982 and that should spell trouble for stocks.' 'Earnings are dominating the headlines, but I can't take my eyes off the bond market,' said Ed Moya, senior market analyst at Oanda.

It traded above 5% earlier in the week, which rattled investors and hit tech shares. The benchmark 10-year Treasury yield climbed nearly 11 basis points to about 4.95%. While corporate earnings maintain investor focus this week, investors also kept an eye on yields, as they hovered near multiyear highs. Amazon is set to report third-quarter results after the closing bell on Thursday. Shares of peer tech behemoths and Apple and Amazon meanwhile, slipped 1.3% and 5.6%, respectively. The S&P 500 communication services sector shed 5.9%. Class A shares of Alphabet registered their worst day since March 2020. Personal Loans for 670 Credit Score or LowerĪlphabet shares tumbled more than 9% as its cloud business missed analysts' estimates, overshadowing its strong revenue growth and earnings beat. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

List of boyd gaming casinos