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Dow falls more than 100 points after latest earnings, 10-year yield jumps: Live updates

6 Mins Ago

Economy shows no change, hiring and prices up, Fed report says

The U.S. economy showed “little or no change” over the past six weeks, the Federal Reserve reported Wednesday in its Beige Book report.

Spending was described as “mixed” while prices increased “at a modest pace,” the report said. Companies said they expect inflation to continue rising, thought at a slower pace.

On employment, most areas saw “slight to moderate increases” as firms hired “less urgently.” More broadly, respondents expected economic growth ahead to be “stable or having slightly weaker growth.”

—Jeff Cox

13 Mins Ago

Consumer staples and energy stocks buck S&P 500 downturn

Consumer staples and energy stocks were able to sidestep the S&P 500′s leg down on Wednesday.

Energy climbed 1% in the session, while consumer staples added 0.6%. The other nine sectors traded lower, dragging the broad index down 0.7%.

Valero Energy and Phillips 66 led the energy sector up with gains of more than 2% each. The consumer staples sector was aided by Procter & Gamble‘s advance of more than 2% on the back of earnings.

— Alex Harring

54 Mins Ago

Stocks making the biggest movers midday: United Airlines, Nvidia and more

These are the stocks making the biggest moves during midday trading:

Read the full list of stocks moving here.

— Samantha Subin

An Hour Ago

Netflix and Tesla tumble as investors brace for earnings

Shares of Netflix and Tesla slid in Wednesday’s session as traders readied for earnings expected after the bell.

Streaming giant Tesla dropped nearly 2% in the session, while electric vehicle maker Tesla retreated by more than 3%.

— Alex Harring

An Hour Ago

Regional bank stocks slide

See Chart…

Regional bank stocks and ETFs extended their losses in late morning trading.

Rising yields were one of the factors that put pressure on regional bank stocks this spring, contributing to the collapse of Silicon Valley Bank.

— Jesse Pound

2 Hours Ago

Key Treasury yields rise, pressuring equities

U.S. Treasury yields rose on Wednesday, with the 10-year hitting a fresh multiyear high. The move up pressured stocks.

The 10-year Treasury yield was up by nearly 7 basis points to 4.911%, putting it above 4.9% for the first time since 2007. Meanwhile, the 2-year Treasury yield was climbed almost 2 basis points to 5.231%, hovering around levels last seen in 2006.

Also of the note, the 5-year Treasury touched as high as 4.937%, its top level since 2007.

Yields and prices move in opposite directions and one basis point equals 0.01%.

— Alex Harring, Sophie Kiderlin

2 Hours Ago

Thomas Peterffy says brokerage clients are ‘by far not fully invested’

Interactive Brokers CEO Thomas Peterffy told “Squawk Box” that his firm’s customers have been holding back from putting their money in the stock market.

“They are by far not fully invested, and many people are short,” Peterffy said.

The brokerage CEO also said that stock trading volumes have been going down for several quarters, but that has been offset by the rise in options trading, including zero-day options.

Shares of Interactive Brokers were down 4% in premarket trading despite strong headline numbers for the company’s third-quarter results. The brokerage reported $1.55 in adjusted earnings per share on $1.14 billion of adjusted revenue. Analysts surveyed by LSEG, formerly Refinitiv, were expected $1.51 per share and $1.11 billion of revenue.

— Jesse Pound

3 Hours Ago

Chipmakers fall for a second session after U.S. curbs China exports

3 Hours Ago

United Airlines, J.B. Hunt lead industrials’ losses

The industrials sector led the S&P 500’s losses Wednesday, with United Airlines and J.B. Hunt Transport Services leading the sector’s downturn.

Both companies fell on disappointing quarterly earnings results. United fell 8%, while J.B. Hunt declined 6.3%. American Airlines saw the third-largest losses in the sector, losing more than 5% ahead of its earnings announcement Thursday before the bell.

— Hakyung Kim

4 Hours Ago

Gold prices rise 1% to highest level in nearly a month

Gold prices rose more than 1% on Wednesday to trade near their highest level since Sept. 20.

U.S. gold futures were last up 1.1% to trade at $1,957.5, while silver gained 1.4% to trade near its highest level since Sept. 29.

The move in gold prices came as recent events in the Middle East heightened fears of an escalation in the Israel-Hamas conflict.

— Samantha Subin

4 Hours Ago

Morgan Stanley headed for worst day in more than three years

4 Hours Ago

Stocks open lower

Stocks opened Tuesday’s session down.

The Dow was down 0.1% shortly after 9:30 a.m. ET. The S&P 500 slid 0.4%, while the Nasdaq Composite shed 0.7%.

— Alex Harring

4 Hours Ago

ASML is a top pick despite mixed third-quarter results, Bank of America says

Bank of America is confident in semiconductor equipment maker ASML Holding as a long-term play despite the company’s mixed earnings report, naming the stock a top pick and reiterating a buy rating.

The Dutch technology firm reported slightly weaker-than-expected net sales for third quarter and a net profit that was about in line with an LSEG consensus forecast. Still, ASML reaffirmed its guidance for net sales to increase 30% year on year for 2023.

Shares dipped 2.1% in early morning trading. CNBC Pro subscribers can read here for more on the upgrade.

— Pia Singh

5 Hours Ago

Housing starts less than expected, permits top outlook

Housing starts accelerated in September, though at a slower than expected pace, while building permits fell, but by less than expected, the Commerce Department reported Wednesday.

Private owned starts totaled a seasonally adjusted 1.358 million for the month, up 7% from August but below the Dow Jones estimate for 1.37 million. Starts were down 7.2% from a year ago.

At the same time, permits totaled 1.473 million, 4.4% below the August level but ahead of the forecast for 1.45 million. Permits were off 7.2% from September 2022.

—Jeff Cox

5 Hours Ago

See the stocks moving before the bell

These are some of the stocks making the biggest moves in premarket trading on Wednesday:

  • Citizens Financial Group — The regional bank lost 3.7% after its third quarter results missed both top and bottom lines.
  • United Airlines — The airline stock slid more than 5% after the company released soft guidance for its fourth-quarter earnings.
  • Interactive Brokers — Shares of the trading platform fell 3.8% in premarket trading even though the company’s earnings report was stronger than was anticipated by analysts.

See the full list here.

— Alex Harring, Lisa Kailai Han

6 Hours Ago

Gold miners ETF rises as metals notch October highs

The VanEck Gold Miners ETF (GDX) rose more than 1% in premarket trading as gold and silver hit new highs for the month.

With the advance, the ETF is on track for its fourth straight winning session. The leg up comes as prices for gold and silver hit levels not seen since September on Wednesday.

— Alex Harring, Gina Francolla

6 Hours Ago

Morgan Stanley slides as investors analyze earnings report

Shares of Morgan Stanley fell about 3% before the bell as traders parsed the financial giant’s third-quarter earnings release.

Morgan Stanley beat the consensus forecasts of analysts polled by LSEG, formerly known as Refinitiv, on both lines. The bank reported $1.38 in earnings per share, topping the expectation of $1.28 per share. Revenue also topped estimates, coming in at $13.27 billion against a $13.23 billion forecast.

Morgan Stanley was the latest of several banks to report earnings in recent days.

— Alex Harring, Hugh Son

7 Hours Ago

Procter & Gamble rises on expectation-beating earnings

Procter & Gamble advanced more than 1% in premarket trading after the consumer packaged goods company posted a better quarterly report than Wall Street expected.

The company reported $1.83 in earnings per share and $21.87 billion in revenue. Meanwhile, analysts polled by LSEG, formerly known as Refinitiv, had forecasted $1.72 earned per share and $21.58 billion in revenue.

— Alex Harring

8 Hours Ago

Fed’s Harker says rates may stay at current levels

Philadelphia Federal Reserve President Patrick Harker, a voting member in the central bank’s policymaking committee for 2023, said rates are at a level where further increases may not be needed.

“This is a time where we just sit for a little bit. It may be for an extended period; it may not. But let’s see how things evolve over the next few months,” Harker told The Wall Street Journal. He added that while recent data points to economic strength, contact with individual businesses indicates “things seem to be slowing down.”

— Fred Imbert

12 Hours Ago

Country Garden says it is unable to meet its offshore debt obligations: Reuters

Chinese property developer Country Garden Holdings has said it does not expect to be able to meet all of its offshore debt obligations, Reuters reported.

This comes as the grace period for a $15 million bond coupon payment expired on Wednesday, which meant that the company has likely defaulted on its offshore debt.

In a statement to Reuters, the company said that it hopes to seek a holistic solution to resolve its existing difficulties.

Last week, the developer warned that it expects it will not be able to make all of its offshore repayments, including those issued in U.S. dollar notes.

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