Earnings reports took center stage Wednesday as stocks fell, threatening a streak of recent gains.
The S&P 500 recorded its longest winning streak in two years on Tuesday after rising for the seventh consecutive session. Meanwhile, the 10-year US Treasury yield, which falls when bond prices rise, has fallen from above 5% just a few weeks ago to below 4.6%.
With a light economic data schedule this week, some traders' attention turned to the bond market. A $40 billion 10-year Treasury bond auction, scheduled for early afternoon, is expected to tests demand for US debt.
US stocks fell. The S&P 500, Dow Industrial and Nasdaq Composite fell about 0.4%.
Treasury yields fell. The 10-year yield was trading around 4.534% from 4.570% on Tuesday.
The US dollar rose for the third day in a row. The euro weakened after data showed German inflation fell to its lowest rate in more than two years.
Investors reacted to companies' earnings. Nintendo rose after announcing plans to a new live action movie, while New York Times shares rose after reporting continued digital subscriber growth. Actions of Warner Bros. Discovery fell after the company said so lost subscribers in the third quarter.
Shares of the two recently split Kellogg's businesses, W.K. Kellogg and Kellanovagot up later exceeding analyst expectations.
International stock markets diverged. In Asia, Hong Kong's Hang Seng Index and Japan's Nikkei 225 fell. In Europe, the Stoxx Europe 600 rose.
Later: Profits from companies including walt disney, Lyft and the stock of memes AMC Entertainmentwho report after the closing bell.
