U.S. Stocks Open Lower as Corporate Earnings Roll In and Yields Rise By

© Reuters.

By Liz Moyer

-- U.S. stocks opened lower as the major indexes tried to break weekly losing streaks amid an ongoing flow of corporate earnings and rising bond yields.

At 9:44 AM ET, the Dow Jones Industrial Average was down 368 points, or 1%, while the S&P 500 was down 0.8% and the NASDAQ Composite was down 0.5%.

The broad market S&P was trying to shake off a two-week losing streak, with rising bond yields being a challenge. The 10-year Treasury was up to 2.94% on Friday, approaching a three-year high. 

Federal Reserve Chair Jerome Powell talked on Thursday about the possibility of a half-point interest rate increase when the central bank meets next month, words that turned tech stocks lower. The Nasdaq has also been trying to shake off a two week losing streak.

In earnings news, Snap Inc (NYSE:SNAP) shares rose 1% despite gains in daily users. Gap Inc (NYSE:GPS) shares traded 21% lower after the retailer said it would replace the CEO of its Old Navy division and cut the outlook for Old Navy's sales. Verizon Communications Inc (NYSE:VZ)shares fell 5.5% after it reported a loss of subscribers in the first quarter.

Crude oil also fell. Crude Oil WTI Futures was down 1.1% to $102 a barrel while Brent Oil Futures crude, the international benchmark, fell 0.9% to $107. Gold Futureswas down 0.1% to $1946/oz.

 

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