Day Traders Diary


The major averages closed lower on Wednesday as Wall Street struggled to extend its rally amid a sharp rise in Treasury yields. The Nasdaq Composite lost 0.85% to close at 10,680. The S&P 500 ticked down 0.67% to 3,695.16. The Dow Jones Industrial Average slipped 99.99 points, or 0.33%, to finish the day at 30,423.81. The losses ended a two-day winning streak, though all three averages are still up for the week.

Earnings season is off to a solid start, but Treasury yields remained elevated on Wednesday, suggesting that recession fears are still intact. The 10-year Treasury yield traded as high as 4.136%, the highest level since July 23, 2008.

The impact of higher rates is being shown sharply in the housing market, where housing starts fell faster than expected in September, the Census Bureau said on Wednesday.

The rate move also weighed on more speculative tech stocks. Among the biggest losers in the Nasdaq were Chinese tech stocks, falling more than 7%, and Baidu, sinking 8.8%.

The declines for the broader market came even as Netflix shares rallied more than 13% after the streaming giant posted earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. United Airlines climbed nearly 5%

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