Mixed Activity in Bond and Equity Markets; Tesla to Report Earnings After Close
Bond markets saw some mixed activity on Wednesday, as the 10-year Treasury yield inched down 1 basis point to 3.46%, after falling five basis points to 3.46% earlier in the day. Meanwhile, the 2-year yield (US2Y) dipped almost 3 basis points to 4.22%.
In the stock market, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 index finished just below break-even. The Nasdaq composite declined 0.3%, and the small-cap Russell 2000 gave up 0.25%. Shares of water technology company Xylem fell 8.2% on news that it is acquiring rival Evoqua Water Technologies.
At the conclusion of the trading day, Tesla (TSLA) will be announcing its quarterly results. Analysts are predicting an increase of 33% in earnings to $1.13 per share and a 39% rise in revenue to $24.67 billion.
In early trading, Dow Jones futures dropped 0.50%, while S&P 500 futures traded 0.69% lower and Nasdaq 100 futures retreated 1.17%. At 9:45 a.m. EST, the Dow Jones Industrial Average (DJIA) slid 0.7%, the S&P 500 (SPX) dropped 1.03%, and the Nasdaq 100 (NDX) retreated 1.68%.
The tech-heavy Nasdaq Composite (COMP.IND) fell 0.33% to 11,296.90 points, having fallen more than 2% earlier. The S&P 500 (SP500) decreased by 0.19% to 4,009.32 points Into the final hour of trading, the Dow Jones Industrial Average (DJIA) fell 1%, the S&P 500 (SPX) dropped 1.1%, and the Nasdaq 100 (NDX) retreated 1.5%.
At the opening of trading, equity markets were in the negative after the newest corporate financial documents were released by some of the most significant companies in the world, including Microsoft. Gold and silver prices were down between 0.43% and 0.72%, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours. Focus is now expected to turn to Tesla, Inc. (NASDAQ:TSLA), which will publish its latest quarterly earnings after markets close.
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