Treasury yields surged again to pressure equities down despite encouraging corporate earnings reports.
Looking at Tesla Inc's corporate report, the company recorded earnings per share of $1.05 compared to the forecast of $1.03 in the 3rd quarter (Q3) but the result recorded a decrease of $21.45 billion from the forecast of $22.5 billion.
Additionally, International Business Machines (IBM) also reported Q3 corporate earnings with earnings per share rising to $1.81 from $1.79 forecast while revenue was $14.11 billion compared to $13.54 billion forecast.
As for Treasury yields, the benchmark 10-year note jumped 4.1272% from 3.998%, hitting a new 14-year high while the 30-year bond yield rose 4.1259% from 4.021%.
Accompanying the gains was the US dollar as the greenback index rose 0.7% with the Euro down 0.83% at $0.977, the Yen down 0.40% at ¥149.88 and the Pound down 0.87% at $1.122.
As a result, the Dow Jones Industrial average fell 0.33% to 30,423.81 while the S&P 500 index fell 0.67% to 3,695.16 and the Nasdaq Composite lost 0.85% to 10,680.51.
Europe's STOXX 600 index lost 0.53% and MSCI's gauge of global shares slipped 0.89%.
The opening of Asian trading saw Japan's Nikkei 225 down 0.98%, Topix down 0.56%, South Korea's Kospi down 0.78%, Kosdaq losing 0.12% and Australia's S&P/ASX 200 plunging 0.83%.
Commenting on the market situation, Peter Tuz from Chase Investment Counsel explained that the United Kingdom's inflation situation has somewhat returned concerns in addition to the weak company outlook report factor.
David Keator also gave his opinion by saying that the market is again focusing on concerns about the Federal Reserve's (Fed) rate hike in its efforts to curb inflation.
