U.S. stocks are mixed after a new round of earnings reports

• US stock markets close Wednesday’s session in mixed conditions.

• The S&P 500 index was flat and technology stocks saw bond yields rise.

• Tesla cut prices ahead of earnings and Morgan Stanley retreated after its earnings report.

U.S. stock markets were mixed on Wednesday as investors scanned banks’ financial updates while monitoring a rise in bond yields fueled by global inflation concerns.

After the declines began, Wall Street’s main indexes split directionally, although the S&P 500 and Nasdaq remained virtually unchanged. Dow’s industrial stocks were hurt in part by Disney’s stock decline. The entertainment giant is expected to start laying off thousands of workers next week, Bloomberg reports.

Tesla fell during the session after issuing a new round of price cuts ahead of its first-quarter earnings release late Wednesday. Meanwhile, Netflix shares fell after mixed results for the streaming service. It also stated that there would be a crackdown on password sharing soon.

Shares of Morgan Stanley fell after the investment bank reported a better-than-expected quarterly profit, but dealmaking at the company slowed. Among regional banks, Western Alliance rose after it said deposits stabilized amid industry turmoil following the failures of Silicon Valley Bank and Signature Bank last month.

First-quarter earnings for large-cap financial stocks were quite strong, but investors “should not be lulled into a false sense of security” based on early reports, Bryan Reilly, portfolio manager at CIBC Private Wealth US, said in a Wednesday note.

Here are the position of the American indices on Wednesday at 4:00 p.m.:

“Weakness in retail sales, industrial production and services in the first quarter showed that Fed interest rate increases were beginning to negatively impact economic growth. “Slower growth coupled with continued high costs for most companies has forced a rethink of the path of corporate profit margins,” Reilly added.

In the bond market, yields rose along with UK government bond yields after UK inflation unexpectedly stayed above 10% as food prices rose in March.

As inflation pressures continue to remain on the Federal Reserve’s radar, the 2-year Treasury yield rose 7 basis points to a five-week high of 4.26%.

Here’s what else is happening today:

For commodities, bonds and cryptocurrencies:

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