From Nasdaq:

On Tuesday, the S&P 500 closed down -0.37%, the Dow Jones Industrials closed down -0.62%, and Nasdaq 100 closed down -0.01%. Stocks moved lower on mixed earnings results and negative corporate news. The 10-year T-note yield jumped to a 1-week high after comments from Fed Governor Waller. Boeing, Apple, and Morgan Stanley were among the companies that closed down.

On the positive side, Advanced Micro Devices closed up more than +8% after an analyst raised its price target on the stock. Walt Disney closed up more than +2% after reports of advanced talks with the NFL. Morgan Stanley predicts Q4 earnings growth to be almost zero, creating the potential for increased earnings-per-share.

The U.S. Jan Empire manufacturing survey general business conditions index unexpectedly plunged to a 3-1/2 year low. Markets are discounting the chances for a rate cut at the next FOMC meeting, with U.S. and European government bond yields mixed. The 10-year T-note yield climbed to a 1-week high of 4.081%.

The ECB’s Eurozone Nov 1-year inflation expectations eased to +3.2% from +4.0% in Oct, the lowest in 21 months. The German Jan ZEW survey expectations of economic growth index unexpectedly rose to an 11-month high.

Morgan Stanley (MS) closed down more than -4% after reporting Q4 equities sales and trading revenue of $2.20 billion, below the consensus of $2.26 billion. Johnson Controls International Plc (JCI) closed down more than -6% after announcing that CFO Leonetti was unexpectedly being replaced.

Boeing (BA) closed down more than -7% after Wells Fargo Securities downgraded the stock to equal weight. Delta Air Lines (DAL) closed down more than -2% after forecasting full-year adjusted earnings below its previous estimate. Additionally, Apple (AAPL) closed down more than -1% after cutting the price of its iPhone 15 in China.

In positive stock movements, Advanced Micro Devices (AMD) closed up more than +8% while Ansys (ANSS) closed down more than -5% after Synopsys agreed to buy the company. Walt Disney (DIS) closed up more than +2% after reports of advanced talks with the NFL.

March 10-year T-notes (ZNH24) on Tuesday closed down -24 ticks, and the 10-year T-note yield rose by +12.5 bp to 4.064%. Bonds were under pressure from supply and increased inflation expectations. Losses in T-notes were amplified by Fed Governor Waller’s comments.



Read more: Stocks Slip on Higher Bond Yields and Negative Corporate News