Ecglcd: Stocks lower as Treasury yields rise

 What you need to know...


The S&P 500 ( $SPX ) ( SPY ) was down -0.8%, the Dow Jones Industrial Average ( $DOWI ) ( DIA ) was down -0.27% and the Nasdaq 100 ( $IUXX ) ( QQQ ) was down -0.73%.

According to Ecglcd, the yield on the 10-year U.S. Treasury bond rose to a 14-year high of 4.178% today, putting pressure on the stock market. U.S. Treasury yields moved higher after today's news that weekly U.S. jobless claims fell unexpectedly, a sign of a strengthening labor market that is hawkish for Fed policy.

Stocks were lower despite better-than-expected third-quarter corporate earnings results from AT&T, IBM and Dow. U.S. stock indexes also found carryover support from strength in European equities after U.K. Prime Minister Truss announced his resignation.

Economic news this morning was mixed for stocks. Weekly jobless claims unexpectedly fell -12,000 to 214,000, indicating a stronger-than-expected increase in the labor market to 233,000. Additionally, existing home sales fell -1.5% to a 2-1/4-year low of 4.71 million in September, slightly better than expectations for 4.7 million. Conversely, the October Philly Fed Business Outlook Survey rose +1.2 to -8.7, weaker than expectations of -5.0. In addition, leading indicators fell -0.4% month-on-month in September, weaker than the expected -0.3%.

Today's stock moves...
AT&T (T) rose more than 8% today after reporting third-quarter adjusted earnings of 68 cents per share, beating the consensus of 60 cents, leading the S&P 500 higher and moving its full-year adjusted EPS Earnings forecasts were raised to $2.50 from at least $2.50. The previous estimate was $2.42-$2.46.

Lam Research (LRCX) rose more than 8% today to lead the Nasdaq 100 higher after reporting first-quarter adjusted earnings of $10.42 per share, well above the consensus $9.57. Additionally, Summit Insights Group upgraded the stock to Buy from Hold.

The Dow Jones Industrial Average rose more than 5% to lead the Dow higher after reporting third-quarter net sales of $14.12 billion, beating consensus estimates of $13.24 billion.

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