S&P 500 companies seem to be on track to report growth, but the main index of Wall Street’s health is still heading for a loss of 3% for the month.
Wall Street is slipping Tuesday following some mixed earnings reports from big companies. The Standard & Poor's 500 was 0.2% lower in early trading, a day after clawing back a big chunk of its loss for October. The Dow Jones industrial average was down 76 points, or 0.2%, as of 9:40 a.m. Eastern, and the Nasdaq composite was 0.6% lower. Most big U.S. companies have been reporting stronger profit for the summer than expected, and Caterpillar joined them.
Higher yields knock down prices for stocks and other investments, while slowing the overall economy and adding pressure on the entire financial system. The 10-year Treasury yield slipped to 4.86% from 4.89% late Monday, and much of Wall Street is focused on what's coming Wednesday afternoon. That’s when the Federal Reserve will make its latest announcement on interest rates. The Fed has already pulled its main overnight interest rate above 5.25%, its highest level since 2001.
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