Stock Market Today: Dow Ends Lower as Yields Continue March on Fed Fears By

By Yasin Ebrahim

-- The What kind of platform is mt4, is it compliantDow closed lower Thursday, as rising Treasury yields weighed on investor sentiment even as the bulk of quarterly results continued to suggest corporate America is in better shape than feared.

The fell 0.30% or 91 points, the was down 0.61%, and the the fell 0.85%.

The jumped to fresh 14-year highs as investors weighed up fresh remarks from Federal Reserve officials calling for the central bank to remain the course on rate hikes.

Citing a "disappointing lack of progress on curtailing inflation," Philadelphia Federal Reserve President Patrick Harker said he expects interest rates will be “well above 4% by the end of the year.”

The remarks come as fewer-than-expected weekly pointed to strength in the labor market, heightening concerns about ongoing wage growth.

“Demand for labor remains quite strong […] it remains the case that workers who are let go are still having a relatively easy time finding a new job,” Jefferies said in a note.

Tech stocks managed to cut losses but remained under pressure as rising Treasury yields make growth corners of the market including tech less attractive.

International Business Machines (NYSE:), however, bucked the trend to rise more than 4% after the tech giant reported quarterly results that on both the top and bottom lines.

Tesla (NASDAQ:), meanwhile, fell more than 7% after a mixed third-quarter , though some on Wall Street touted optimism ahead for the EV maker after management said they are considering initiating a stock buyback.

“We are encouraged that management is considering a $5- $10B buyback and believe it is a constructive use of cash,” Oppenheimer said after lifting its price target on the stock to $436 from $432. “[We] believe depth of demand is outstripping most investor expectations, even when considering a looming recession,” it added.

The broader market was also pressured by a fall in travel stocks as investors weighed up quarterly results from airlines and railroad companies.

American Airlines (NASDAQ:) reported quarterly that beat estimates as travel demand continued to recover, but its shares fell more than 3%.

Railroad stocks were hurt by 's (NYSE:) weaker outlook on carload growth and stock repurchases, which offset the quarterly results on the top line.

Elsewhere, AT&T Inc (NYSE:) rallied more than 7% after the telecom reported better-than-expected and revenue and lifted its outlook on full-year earnings to $2.50 from $2.46 a share previously.

The stumble in the broader market has coincided with wild swings in either direction, a pattern that isn't likely to let up anytime soon.

"Most of these volatile moves have inflation uncertainty, and what the Fed is going to do about it, at their core," Wells Fargo said. "We feel this pattern of market behavior is unlikely to change in the near term and is not uncommon during periods of economic uncertainty," it added.

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