The market is under pressure from Treasury yields

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The S&P 500 ended unchanged after four sessions of gains, and the Nasdaq Composite slipped to a second consecutive decline.
The S&P 500 has leveled off close to the 5,200 mark, which it last closed above on April 9.
On Wednesday, it was hampered by sliding shares of Uber (UBER.N)New Tab, opens new tab which posted a surprise quarterly loss and issued a downbeat forecast.
The ride-hailing platform fell 5.7%, was among the S&P 500’s biggest decliners, after it forecast second-quarter gross bookings would not meet expectations.
Other megacap stocks such as Nvidia , Amazon (AMZN.O)New Tab, opens new tab and Alphabet (GOOGL.O)New Tab, opens new tab slipped between 0.2% and 1.1%, as the 10-year Treasury yield edged up.
Tripadvisor (TRIP.O)New Tab, opens new tab tumbled 28.7%, its largest ever one-day percentage drop, after the online travel agency ruled out a possible sale at this time and posted a surprise quarterly loss.
Uber rival Lyft (LYFT.O)New Tab, opens new tab climbed 7.1% after projecting higher-than-expected gross bookings and a core profit for the current quarter.
The S&P 500 posted 32 new 52-week highs and 3 new lows while the Nasdaq recorded 100 new highs and 83 new lows.

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In conclusion.

Businesses.

Best since December’s nine-session run, the Dow has won six straight.

Uber’s Q2 gross bookings forecast is weak, leading to its decline.

With the Q2 revenue warning, Intel is down.

For the fourteenth session out of the previous sixteen, the utilities index gained.

The Dow was up 0.44%, the Nasdaq was down 0.18%, and the SandP 500 was flat.

May 8 (Reuters)-As investors continued to place bets on the strengthening U.S. economy, the Dow Jones Industrial Average finished higher on Wednesday, extending its winning run to six straight and closing above 39,000 points for the first time in five weeks. s. financial strategy.

The other Wall Street benchmarks slightly decreased in value as the momentum faltered and U.S. s. The day of the 10-year note auction saw an increase in Treasury yields. The Nasdaq Composite fell for a second straight session, while the S&P 500 ended the day unchanged following four sessions of gains.

Aside from reports from specific companies, there was little news to affect the indexes.

Ameriprise Chief Market Strategist Anthony Saglimbene stated, “We’re just waiting for the next catalyst to jump-start the direction in the market, and we’re probably going to get that next week.”. The deadlines for the Producer Price Index (PPI) and the Consumer Price Index (CPI) are May 14 and May 15, respectively.

In the absence of a new update on inflation, he continued, “I think traders are reluctant to take broader stocks or broader averages higher.”.

The S&P 500 has stabilised near the 5,200 threshold, which it closed above on April 9. It was hindered on Wednesday by declining Uber (UBER) shares. N)New Tab: This tab was opened and it revealed a surprising quarterly loss along with a gloomy outlook.

After predicting that second-quarter gross bookings would fall short of expectations, the ride-hailing platform saw a 5 percent decline, ranking among the S&P 500’s biggest decliners.

Elon Musk (TSLA). O)Opens a new tab, which decreased 1.7 percent after Reuters revealed U. S. Prosecutors were looking into whether the business misled investors and customers about the self-driving potential of its electric cars, potentially constituting securities or wire fraud.

other massively valued stocks, like Nvidia. , Amazon (AMZN. O)Opens a new tab and Type Alphabet (GOOGL). O)New Tab, opens new tab with the 10-year Treasury yield gradually rising between 0.25% and 1.11%.

The positive earnings season and the labor market data that came in last week, which were better than anticipated, had reduced concerns about the Federal Reserve holding interest rates higher for an extended period of time. However, rising yields contributed to stifle these hopes.

Based on the CMEGroup’s Fedwatch tool, traders are pricing in a 67 percent chance of the Fed reducing rates by at least 25 basis points in September. This is an increase from about 54 percent a week earlier.

Fed officials spoke on Wednesday and adhered to the recent messaging, which was present at the U. s. the policy meeting held by the central bank last week.

The current monetary policy framework, according to Boston President Susan Collins, will slow the economy in the manner she thinks will be required to return inflation to the Fed’s 2 percent target.

The industry average for Dow Jones (. DJI)New Tab, opens new tab increased by 172 points, or 0.44%, to 39,056 points, the S&P 500 (. SPX)New Tab, opens a new tab dropped 0 points, or 0%, to 5,187.67 and the Nasdaq Composite. IXIC: Opens a new tab and loses 29 points, or 0.88%, to 16,302 points.

In the S&P 500, utilities (. SPLRCU)New Tab, opens new tab saw a 1 percent increase, continuing its streak of better finishes at 14 of the previous 16 sessions, helped by Vistra Corp (VST). N)New Tab, opens new tab increased by 9.1% following the release of impressive earnings.

Intel Corporation (INTC). O)New Tab, opens new tab dropped 0.2 percent following a warning about a decline in U.S. sales. s. the chipmaker’s export permits for China were revoked in part.

The Tripadvisor (TRIP. O)New Tab: After the online travel agency ruled out a potential sale at this time and revealed an unexpected quarterly loss, the new tab fell 28.7%, its biggest one-day percentage drop ever.

Rival to Uber, Lyft (LYFT. O) New Tab, openings for new tab increased by 71.1% following projections of gross bookings that were higher than anticipated and a core profit for the current quarter.

In contrast to the Nasdaq, which saw 100 new highs and 83 new lows, the S&P 500 saw 32 new 52-week highs and 3 new lows.

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Editing by Shinjini Ganguli, Devika Syamnath, and David Gregorio; reporting by Sruthi Shankar, Shristi Achar A, and David French in Bengaluru and New York.

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