US open: Stocks lower as Treasury yields rise

Wall Street stocks were firmly in the red early on Wednesday as Treasury yields rose and earnings remained in focus.

As of 1520 BST, the Dow Jones Industrial Average was down 0.33% at 33,866.11, while the S&P 500 slipped 0.34% to 4,140.69 and the Nasdaq Composite came out the gate 0.57% softer at 12,084.45.

The Dow opened 110.52 points lower on Wednesday, extending losses recorded in the previous session following a handful of quarterly earnings reports.

Treasury yields rose in early trading, with the two-year note yielding 4.263% and its benchmark ten-year counterpart sitting at around 3.608% as market participants put money on the Federal Reserve having to again raise rates when it meets on 3 May after news from across the pond revealed inflation had risen 10.1% year-on-year in the UK.

Also in focus, streaming behemoth Netflix posted disappointing earnings overnight, with the group beating earnings estimates but falling short of revenue expectations, while investment banking giant Morgan Stanley was in the red despite beating consensus expectations on both revenue and net income.

Tesla will report earnings after the close.

On the macro front, mortgage applications slumped 8.8% in the week ended 14 April, according to the Mortgage Bankers Association of America, a stark reversal from the prior week's 5.3% rise. Applications to purchase a home tumbled 10%, while applications to refinance a home loan dropped 5.8%. MBA chief economist Joel Kan said: "Affordability challenges persist and there is limited for-sale inventory in many markets across the country, so buyers remain selective on when they act."

Still to come, the Federal Reserve's beige book will be published at 1900 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Travelers Company Inc. (TRV) $180.58 4.99%
Johnson & Johnson (JNJ) $162.15 0.71%
Walmart Inc. (WMT) $150.37 0.35%
Procter & Gamble Co. (PG) $151.35 0.09%
Goldman Sachs Group Inc. (GS) $334.07 0.05%
Apple Inc. (AAPL) $166.50 0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
Merck & Co. Inc. (MRK) $114.82 -0.01%
American Express Co. (AXP) $164.30 -0.06%
McDonald's Corp. (MCD) $290.65 -0.09%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $48.83 -2.95%
Walt Disney Co. (DIS) $98.70 -2.21%
Intel Corp. (INTC) $31.30 -1.66%
Unitedhealth Group Inc. (UNH) $496.18 -1.65%
Dow Chemical Co. (DOW) $55.91 -1.53%
Walgreens Boots Alliance, Inc. (WBA) $35.06 -1.45%
International Business Machines Corporation (CDI) (IBM) $126.06 -1.35%
Home Depot Inc. (HD) $296.01 -0.99%
Microsoft Corp. (MSFT) $285.83 -0.88%
Chevron Corp. (CVX) $169.16 -0.80%

S&P 500 - Risers

Intuitive Surgical Inc. (ISRG) $302.71 12.41%
Abbott Laboratories (ABT) $109.99 5.61%
Travelers Company Inc. (TRV) $180.58 4.99%
Teleflex Inc. (TFX) $268.79 3.50%
Nasdaq Inc (NDAQ) $57.50 3.40%
Stryker Corp. (SYK) $300.61 3.33%
Edwards Lifesciences Corp. (EW) $86.89 3.01%
United Airlines Holdings Inc (UAL) $44.22 2.74%
Zimmer Biomet Holdings Inc (ZBH) $137.88 2.65%
Charles Schwab Corp. (SCHW) $55.40 2.59%

S&P 500 - Fallers

Elevance Health Inc. (ELV) $462.12 -4.34%
Ford Motor Co. (F) $12.19 -4.24%
Western Digital Corp. (WDC) $34.45 -3.56%
Hewlett Packard Enterprise (HPE) $15.24 -3.42%
F5 Inc. (FFIV) $138.23 -3.26%
Humana Inc. (HUM) $496.90 -3.08%
Seagate Technology Plc (STX) $62.31 -3.05%
Cisco Systems Inc. (CSCO) $48.83 -2.95%
Netflix Inc. (NFLX) $324.13 -2.87%
Apache Corp. (APA) $38.30 -2.84%

Nasdaq 100 - Risers

Intuitive Surgical Inc. (ISRG) $302.71 12.41%
Idexx Laboratories Inc. (IDXX) $486.45 0.90%
Amazon.Com Inc. (AMZN) $103.11 0.79%
Hologic Inc. (HOLX) $82.97 0.56%
Vertex Pharmaceuticals Inc. (VRTX) $326.93 0.55%
Align Technology Inc. (ALGN) $348.94 0.26%
Biomarin Pharmaceutical Inc. (BMRN) $98.64 0.23%
Nvidia Corp. (NVDA) $277.04 0.13%
Dollar Tree Inc (DLTR) $149.51 0.09%
DENTSPLY Sirona Inc. (XRAY) $40.59 0.07%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.73 -8.30%
Western Digital Corp. (WDC) $34.45 -3.56%
Asml Holdings N.V. (ASML) $621.95 -3.32%
Seagate Technology Plc (STX) $62.31 -3.05%
Cisco Systems Inc. (CSCO) $48.83 -2.95%
Netflix Inc. (NFLX) $324.13 -2.87%
Paypal Holdings Inc (PYPL) $74.33 -2.73%
Tesla Inc (TSLA) $179.95 -2.37%
Baidu Inc. (BIDU) $128.25 -2.23%
Microchip Technology Inc. (MCHP) $79.04 -2.14%