S&P 500 ends higher as markets weigh rising yields, upbeat corporate results

Benchmark S&P 500 closed higher in choppy trading on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.

An auction of a record $70 billion worth of five-year U.S. Treasury notes on Wednesday helped to push bond yields higher and had weighed on equities. The benchmark 10-year Treasury note rose five basis points to 4.6459%.

The Dow finished lower while the Nasdaq ended higher. Seven out of 11 S&P 500 sectors made gains led by stocks in consumer staples, utilities, consumer discretionary and real estate.

Investors were also focused on quarterly earnings from companies, especially from megacap growth stocks. Shares of Meta Platforms (META.O), opens new tab fell 11% in extended hours trading after the tech giant reported that its capital expenditure could reach up to $40 billion in 2024, even as its first quarter revenue beat estimates.


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