NEW YORK (AP) U.S. stocks fell Wednesday and deepened index losses this week as Wall Street reviews a mixed set of results amid concerns about high interest rates.
The S&P 500 was down 0.5% in afternoon trading, following a three-day streak at its lowest level. The Dow Jones Industrial Average fell 138 points, or 0.4%, as of 12:26 p.m. Eastern Time, and the Nasdaq Composite Index was down 0.7%.
United Airlines soared 12.7% after reporting stronger results for the start of the year than expected by analysts, driven by strong demand from business travelers. Travelers fell 8.1% after insurers' quarterly results came in below forecasts. It faced more disaster losses.
The bond market has dictated much of the action on Wall Street lately, and Treasury yields have eased pressure on the stock market. They are cooling after recent sharp gains sparked by traders abandoning hopes for several interest rate cuts by the Federal Reserve this year.
The 10-year Treasury yield fell to 4.62% from 4.67% late Tuesday. The two-year yield, which is closer to Fed expectations, fell to 4.94% from 4.99%.
Yields returned to their November level after senior officials at the Federal Reserve suggested Tuesday that the central bank could keep its prime interest at its highest level since 2001 for some time. He wants to have more confidence that inflation is moving sustainably towards its 2% target.
High interest rates hurt investment prices and increase the risk of recession, but Fed officials are concerned after a series of reports this year showed inflation remaining hotter that forecast.
Traders now mostly expect only one or two interest rate cuts from the Federal Reserve this year, according to CME Group data. This is down from forecasts for six or more at the beginning of the year.
With little help expected from easing short-term interest rates, companies will need to post stronger profits to justify the sharp gains in their stock prices since the fall.
I think markets are waiting for news from companies to decide where they go next, said JJ Kinahan, CEO of IG North America.
Omnicom Group rose 1.2% after announcing a profit for the last quarter that was higher than expected by analysts. The marketing and communications company has highlighted growth trends in most markets around the world, outside the Middle East and Africa.
Eli Lilly climbed on hopes for bigger profits after announcing encouraging results from a Phase 3 clinical trial for a treatment for some people suffering from sleep apnea, a breathing disorder. It increased by 0.6%.
On the losing side of Wall Street was JB Hunt Transport Services, which reported weaker than expected revenues and results. It was partly affected by competition in the east of the country and by rising worker wages and other costs. It fell 8.4%.
In overseas stock markets, London's FTSE 100 index gained 0.5% after a report showed British inflation fell to its lowest level. lowest level in two and a half years in March. This could pave the way for lower interest rates there.
Other indexes rose in Europe, while they were mixed in Asia. Japan's Nikkei 225 fell 1.3%, while shares jumped 2.1% in Shanghai.
AP Business writers Yuri Kageyama and Matt Ott contributed.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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