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The S&P 500 closed near its flatline Wednesday as interest rate fears dampened the enthusiasm stemming from a strong slate of corporate earnings.
The Dow Jones Industrials dropped 42,77 points to end the day at 38,460.92.
The S&P 500 index edged ahead 1.08 points to 5,071.63.
The NASDAQ Composite recovered 16.11 points to 15,712.75.
Investors briefly pushed aside worries tied to the Federal Reserve’s monetary policy moving forward following a slate of quarterly earnings.
Tesla climbed 12% after the company announced a renewed push into “more affordable” electric vehicle models. However, the megacap tech name and retail investor favorite missed expectations on both lines in the latest quarter. Boeing turned lower after initially popping on first-quarter results.
Still, corporate earnings have so far surpassed Wall Street estimates. More than 25% of the names in the S&P 500 have reported earnings thus far. Of those companies, 79% have beaten earnings forecasts.
Prices for the 10-year Treasury sagged, lifting yields to 4.64% from Tuesday’s 4.60%. Treasury prices and yields move in opposite directions.
Oil prices deleted 44 cents to $82.92 U.S. a barrel.
Gold prices dulled $9.70 to $2,332.40 U.S. an ounce.
