24/04/24 Briefing

Stocks slipped on Wednesday, as bond yields rose and investors awaited more quarterly results from companies.

The Nasdaq Composite (^IXIC) was down about 0.2%. The S&P 500 (^GSPC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) was also off about 0.3%.

The moves lower in the major index came alongside a tick higher in bond yields, a recent headwind for stocks. The 10-year Treasury yield (^TNX) rose about six basis points to 4.66%, hovering near its highest level of 2024.

Meanwhile, Tesla shares jumped nearly 10% after the EV maker's vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.

The results from the first "Magnificent Seven" to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered.

The spotlight is now on Meta's (META) report due after the market close. The Facebook owner in focus after the President Biden passed a bill that could lead to the potential ban on rival TikTok. Microsoft (MSFT) and Alphabet (GOOG) are next up on Thursday.